ESSER Funds May Subject Charter School to Federal Single Audit

In response to the COVID-19 pandemic, federal funding has been available to charter schools through the Massachusetts Department of Elementary and Secondary Education (DESE) under the Coronavirus Aid, Relief and Economic Security (CARES) Act.  The most significant of this funding is the Elementary and Secondary School Emergency Relief (ESSER) funds. While these funds are and […]

Updated Reporting Requirements for the CARES Act Provider Relief Fund: What Providers Need to Know

Updated Reporting Requirements for the CARES Act Provider Relief Fund: What Providers Need to Know

On Sept. 19, the U.S. Department of Health and Human Services (HHS) issued updated guidance relating to general and targeted distributions made under the Provider Relief Fund (PRF). There were some significant changes as a result, including to the information that must be reported and how lost revenue should be calculated. The changes generated significant attention and […]

AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals

In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]

HHS Updates Reporting Requirements for Provider Relief Funds

On September 19, 2020, the U.S. Department of Health and Human Services (HHS) issued a Post-Payment Notice of Reporting Requirements (the Notice) relating to General and Targeted Distributions made under the Provider Relief Fund (PRF). This notice updates the initial notice issued on July 20, 2020. There are some significant changes as a result of […]

Deadline to Apply for PPP Loan is June 30, 2020

AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]

AAFCPAs Guidance on SBA Loan Forgiveness Application

UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]

IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan

AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]

New SBA Guidance Requires PPP Funding Recipients to Consider Returning the Funds by May 18

Update May 14th, 2020 The initial allocation of $349 billion in Paycheck Protection Program (PPP) funds, made available on April 3rd, 2020, were disbursed to 1.6 million applicants in just 14 days. As part of the loan process, borrowers were required to make a good faith certification “that the uncertainty of the current economic conditions […]

Businesses May Defer Social Security Tax Up Until PPP Loan is Forgiven

UPDATED 6.5.2020: On June 5, 2020, the President signed into effect the Paycheck Protection Program (PPP) Flexibility Act, which would provide greater flexibility in how businesses may spend PPP loan proceeds. This includes allowing businesses participating in the PPP loan to defer social security taxes without limitation. The purpose of PPP and the payroll tax […]

Paycheck Protection Program Loans: Tracking Costs

AAFCPAs has provided the following guidance and a tracking template to ensure clients who secured a Paycheck Protection Program (PPP) loan or are currently pursuing the loan are maximizing their opportunity for debt forgiveness. Maximum Loan Value Calculation Clients are advised to assess and familiarize yourself with the calculation of the maximum loan value used […]