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10 Things I Know About… How the December Stimulus Impacts PPP Borrowers
Stay in contact with your trusted advisors. Your CPA, lawyer, and banker are typically on top of all the benefits, requirements, and everything in between on the Paycheck Protection Program. AAFCPAs anticipates a flurry of new applications.
IRS Issues Early Drafts of International Tax Reporting Forms, Form 5471 & FINCEN 14
AAFCPAs would like to make clients aware that the IRS has issued early drafts of revisions to international tax Forms 5471 and FINCEN14 (formerly known as FBAR). What’s New with Form 5471? Internal Revenue Service Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations (CFC), has been in existence for many […]
Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN
AAFCPAs would like to remind cannabis business clients of their potential January 31, 2021 Form 8300 reporting obligation. If you filed a Form 8300 in 2020, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]
PPP Loan Forgiveness Application Forms Released
AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised PPP Loan Forgiveness Application Forms. The Forms Are Available Here: SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508S Paycheck Protection […]
Extensions for LIHTC Program
AAFCPAs would like to make clients aware on January 15, 2021, the IRS issued Notice 2021-12, which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects. Temporary relief from certain requirements was originally extended earlier in 2020 under Notice 2020-53 due to the COVID-19 pandemic. This notice also provides […]
How Will New COVID-19 Legislation Affect Your Taxes?
The Consolidated Appropriations Act, signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, including another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program for businesses and other employers. The legislation also includes some tax relief for businesses and individuals. AAFCPAs […]
AAFCPAs’ David Consigli to Present on Financial Valuation of Business Assets in Divorce
David Consigli, Jr., CPA, ABV, CPVA, CDFA, AAFCPAs’ Director of Business Valuations, will lead a complimentary educational webinar on Thursday, January 21st, titled “Legal Strategy and Financial Valuation of Business Assets.” Dave, and a panel of vetted professionals, will share strategies when dealing with the financial valuation of business assets, family businesses, marital assets, and […]
Download Checklist: IT & Cybersecurity HealthCheck
AAFCPAs designed this comprehensive IT & Cybersecurity HealthCheck to assist clients in surfacing, understanding, and managing priority IT risks that may be mitigated to better secure your organization’s Personally Identifiable Information (PII), client records, proprietary information, and/or other sensitive data.
R&D Tax Credit Underutilized by Construction Contractors
AAFCPAs would like to make construction clients aware of potential tax savings that are available to contractors through the use of Research & Development (R&D) Tax Credits. The R&D Tax Credit is a government-sponsored tax incentive that rewards companies for conducting R&D in the United States. It is a common misconception that the R&D credit […]