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PPP Application Forms Released

AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised Borrower Application as well as their newest application form for the Second Draw, commonly referred to as PPP2. Revised PPP Application Form: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form.pdf Second Draw Borrower Application Form: https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf As a reminder, to be eligible, your […]

Year-End Bill Impacts Community & Economic Development Industry

AAFCPAs would like to make clients aware that the Consolidated Appropriations Act, 2021 (The Act), signed by the President on December 27th, contains several provisions impacting the Community & Economic Development Industry. We have outlined the key provisions below, for your convenience. Low-Income Housing Tax Credit 4% Permanent The Act makes permanent the floor rate […]

Tax Provisions and Extenders in the Consolidated Appropriations Act of 2021

AAFCPAs would like to make clients aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (The Act), a $2.3 trillion spending bill.  Among the stimulus package and other COVID-19 relief provisions, the Act contained several tax provisions and extenders. AAFCPAs has highlighted below some of the most impactful tax provisions and extenders […]

Employee Retention Credit Updates, Expanded Eligibility

AAFCPAs would like to make clients aware that the Employee Retention Credit (ERC), which was introduced by the CARES Act back in the Spring, has now been extended and amended as part of the Consolidated Appropriations Act, 2021. (Details related to the 2020 credit are outlined in a previous blog: Payroll Tax Credits and Other […]

Major Updates to the Paycheck Protection Program

On December 21, Congress passed the Consolidated Appropriations Act, 2021, a $2.3 trillion spending bill that includes a $900 billion stimulus package intended to provide additional financial relief to individuals and businesses impacted by the COVID-19 pandemic. The bill was signed into law on December 27, 2020. The Act contains follow-on provisions to the CARES Act […]

Tax Responsibilities for Gig Workers

Independent contractors and gig workers are part of a growing segment of the economy. AAFCPAs reminds clients who have turned to independent contract work this year that it is critical to understand the income tax consequences. To start, independent contractors are typically considered self-employed. As a result, and because an employer is not withholding money […]

When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation

Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed […]

Rolling Over Capital Gains Into a Qualified Opportunity Fund

For clients who are planning to sell a business interest, real estate, or other highly appreciated property, AAFCPAs would like to make you aware of a strategy to “roll over” capital gains into a qualified opportunity fund (QOF). What is a QOF? A QOF is an investment fund, organized as a corporation or partnership, designed […]

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

The House and Senate passed a new stimulus legislation that will include direct payments to Americans, jobless benefits, and funds for businesses and vaccine distribution, which the President signed on December 27th. AAFCPAs’ COVID-19 Task Force will continue to digest the contents of the forthcoming, 5,593-page legislation and will advise clients as appropriate on its […]

Happy Holidays from AAFCPAs

We are grateful for you! All of us at AAFCPAs wish you and your family an extraordinary, happy, healthy holiday! In lieu of a holiday card or gift, AAFCPAs will make a donation to Boston Health Care for the Homeless Program’s COVID-19 Response Fund to help with the unexpected expenses. We are extremely grateful for […]