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“Small” Is Bigger Than Ever

Is Your Business Eligible for Expanded Tax Benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 […]

5 Tips for Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan may be a viable solution. But if not properly executed, such loans can carry negative tax consequences, such as unexpected taxable income, gift tax, or both. AAFCPAs Outlines Five Tips to Help Avoid Unwelcome Tax Surprises with Intrafamily Loans: Create a Paper Trail. In general, […]

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). […]

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 […]

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 […]

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 Issues Final Regulations on 1031 Exchanges

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 […]