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You Snooze, You Lose. Preserve Wealth Before Legislation Eliminates Opportunities

As you know, AAFCPAs anticipated changes on the horizon to the Estate Tax Exemption. On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act,” which, if passed, would establish a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over $3.5 million in wealth. It is […]

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 […]

IRS Extends Federal Income Tax Filing Deadline for Individuals

AAFCPAs would like to make clients aware that the Treasury Department and the IRS recently announced that the federal income tax filing deadline for individuals will be postponed to May 17, 2021 from April 15, 2021. It is still AAFCPAs’ intention to complete individual filings by April 15th, unless you have heard otherwise from your AAFCPAs tax professional.  What You Need […]

How a Strong Firm Culture Keeps CPAs Focused in Difficult Times

How a Strong Firm Culture Keeps CPAs Focused in Difficult Times

This tax season is a challenging time for CPA firms, and the goal posts seem to continue to move further away. While the IRS was initially steadfast in maintaining regular tax deadlines in 2021, that is giving way to new discussions about extending the filing season in a fashion similar to 2020. This extension may […]

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: […]

CARES Act Eases Loss Limitation Rules

CARES Act Eases Loss Limitation Rules

AAFCPAs would like to make clients aware that, to provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. AAFCPAs has provided an outline, below, of the—mostly temporary—modifications. Liberalized Rules for NOL […]

Changes Proposed to Healthcare Privacy Rules

AAFCPAs would like to make healthcare clients aware that the Department of Health & Human Services’ Office for Civil Rights (DHHS OCR) proposed new regulations to modify the Standards for the Privacy of Individually Identifiable Health Information (Privacy Rule) under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Health Information Technology […]

S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits

The S corporation remains a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. However, these benefits come at a price: S corporations must comply with strict requirements that limit the number and type of shareholders, prohibit complex capital structures, and impose other restrictions. Advantages […]