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Tax Planning Guides for Businesses & Individuals (2021-2022)

Tax Planning Guides for Businesses & Individuals (2021-2022)

When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]

Treasury, IRS guidance on reporting qualified sick & family leave wages

AAFCPAs would like make clients aware that the Treasury Department and the IRS issued guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. The notice provides guidance under recent legislation, including: the Families First Coronavirus Response Act (FFCRA), as […]

Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021

Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021

AAFCPAs would like to make clients aware that the Treasury Department and the Internal Revenue Service issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in […]

SBA Requests to Withdraw Requirement for Loan Necessity Questionnaires

In a letter submitted to the Office of Management and Budget (OMB) on June 21, 2021, the U.S. Small Business Administration (SBA) requested to discontinue the use of the Forms 3509 & 3510, Loan Necessity Questionnaires. The SBA’s withdrawal of the loan necessity questionnaires was discussed June 24 on the AICPA’s Town Hall webcast. A […]

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 […]

Where Do We Go From Here?

Where Do We Go From Here?

COVID-19 has impacted our lives and businesses in ways that none of us have experienced before. Nonprofits are reacting to challenges & opportunities that continue to evolve rapidly. Nonprofit CEOs & CFOs Want to Know: What does our “new normal” look like? What aspects of remote work and programming will we keep when we “return” […]

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 […]