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IRS Offers Safe Harbor for Claiming PPP Loan Deductions

AAFCPAs would like to make clients aware that the IRS has recently released a revenue procedure (Rev. Proc. 2021-20) that provides a safe harbor for certain businesses claiming Paycheck Protection Program (PPP) loan deductions. The Rev Proc is applicable for taxpayers that received a PPP loan but did not deduct certain otherwise deductible expenses paid […]

How to Repay Deferred Payroll Taxes

To give businesses a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security (CARES) Act, signed by the President in March 2020, allowed employers (ER) to defer payment of the employer’s (ER) share of Social Security tax. In addition, IRS Notice 2020-65, issued in August 2020, allowed employers (ER) to defer withholding and payment of the employee’s (EE) […]

PPP Extended, Again

AAFCPAs would like to make clients aware that the President’s Paycheck Protection Program (PPP) Extension Act of 2021 extends the program again, to May 31* instead of the current March 31 deadline. *The bill extends the program through June 30, 2021; however, for the final 30 days of the program, no “new” applications may be […]

American Rescue Plan: Provisions for Individuals

As you may know, President Biden recently signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA). AAFCPAs has outlined below key provisions for individuals & families. Direct Checks The package includes $1,400 Recovery Rebate payments (also known as stimulus checks) for adults and their dependents. As with prior stimulus payments, the economic impact […]

American Rescue Plan: Provisions for Businesses

As you may know, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on Thursday, March 11th. AAFCPAs has outlined, below, the key provisions for businesses, including those related to: Employee Retention Credits The Paycheck Protection Program Family and Sick Leave Credits Targeted Economic Injury Disaster Loans The Restaurant […]

Shuttered Venue Operators Grant Program Opens April 8

AAFCPAs would like to make clients aware that the U.S. Small Business Administration (SBA) will accept applications for the Shuttered Venue Operators Grant (SVOG) program beginning April 8th, 2021. Eligible entities include live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators*, motion picture theater operators, and talent representatives. *The Act […]

Webinar OnDemand: Claiming the Employee Retention Credit

Webinar OnDemand: Claiming the Employee Retention Credit

The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, expanded eligibility for the Employee Retention Credit (ERC) by allowing those—including tax-exempt organizations—who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. The expanded eligibility is retroactive, and as a […]

AAFCPAs Announces Promotions and Peer Nominated Awards

“Our people are our greatest asset! Therefore, AAFCPAs hires exceptional people at all levels, develops them faster and provides opportunities for personal and professional growth. Our culture ensures they feel a genuine sense of being cared about; and that care extends to how graciously we serve our clients, and communities.” said Carla McCall, CPA, CGMA, […]

Biden Relief Package: Employee Retention Credits

Biden Relief Package: Employee Retention Credits

As you may know, President Biden signed the $1.9 trillion American Rescue Plan (ARPA) into law on Thursday, March 11th. AAFCPAs has outlined, below, the adjustments to the employee retention credit (ERC). The amendments to the ERC made by the ARPA are effective for calendar quarters after June 30, 2021. What You Need to Know: […]