Blog
Our Blog acts as a great resource of topical information for the finance community. Use the search function to find specific topics or browse our categories to benefit from our past shared learnings.
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
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 […]
Is a Roth IRA Conversion Right for You This Year?
The COVID-19 pandemic has caused significant instability in the global markets and the U.S. economy. In these uncertain times, AAFCPAs reminds clients to consider measures to protect your retirement nest egg over the long term. One strategy our clients are considering is converting a traditional IRA to a Roth IRA. Traditional vs. Roth First, let […]
IRS Provides Guidance on Safe Harbor Plans
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to […]
IRS Issues Final Regulations on 1031 Exchanges
AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]
Cyber Actors Target K-12 Distance Learning
AAFCPAs would like to make education clients aware that the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) have assessed that malicious cyber actors are targeting kindergarten through twelfth grade (K-12) educational institutions, leading to ransomware attacks, the theft of data, and […]
AAFCPAs’ #GivingTuesday Employee Match Donates Over $32K to Charities
In 2020, AAFCPAs celebrated our fifth annual participation in #GivingTuesday, a global generosity movement unleashing the power of people and organizations to transform their communities and the world. Collectively, AAFCPAs’ 240+ team members and our Charitable Foundation’s Employee Matching Gifts program donated over $32,000 to mission driven nonprofits during the 2020 #GivingTuesday drive! AAFCPAs’ five-year […]