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AAFCPAs’ John Buckley to Serve on Board of Worcester State Foundation
AAFCPAs Partner John Buckley, CPA, CGMA has been appointed and agrees to serve on the Board of Directors of Worcester State Foundation. John will serve as a fiduciary of the Foundation, providing strategic direction and financial advice to help the organization achieve its mission to promote the growth and progress of Worcester State University beyond […]
IRS Provides Clarity on Paid Sick Leave & Family Leave Credits
AAFCPAs reminds clients that the COVID-related Tax Relief Act of 2020, enacted on December 27, 2020, extends the availability of the tax credits created by the Families First Coronavirus Response Act (FFCRA) to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The […]
Guidance on Identity Theft Involving Unemployment Benefits
In a recent announcement, the IRS urged taxpayers who received Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment […]
GameStop Market Manipulation: What Clients Need to Know
GameStop, Reddit, and Robinhood have dominated the headlines in the past couple weeks. AAFCPAs Wealth Management fielded several questions recently and outlines below what clients need to know. What Happened? GameStop Corp. (ticker: GME) is an American video game, consumer electronics, and gaming merchandise retailer. Some of the major Wall Street hedge funds had short positions on […]
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 […]