COVID-19 Tax Insights and Alerts
2023
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07.13
Employee Retention Credit: Amend the Proper Return
The Employee Retention Credit (ERC) is a refundable pandemic-related tax credit for eligible employers who were fully or partially suspended due to a governmental order or who had a qualifying decline in gross receipts between March 2020 and September 2021 for comparable quarters. The credit may be claimed by filing an amended 941 for the […]
2022
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11.17
Schools Eligible for the Employee Retention Credit
AAFCPAs would like to remind independent schools of the availability of the Employee Retention Credit (ERC). The ERC provides significant refundable payroll tax credits to eligible employers for both the 2020 and 2021 tax years. It is not too late to submit a claim for the ERC! WHAT IS THE EMPLOYEE RETENTION CREDIT? The ERC […]
2022
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07.07
Watch Now: Reassess Eligibility for the Employee Retention Credit
AAFCPAs’ Webinar: Reassess Eligibility for the Employee Retention Credit is now available OnDemand. This webinar was recorded live on June 28th, 2022 to provide clients with guidance on this widely misunderstood tax benefit. Businesses & Charities across the Country are Failing to Take Advantage of the ERC! “IRS anticipates that approximately 70%-80% of small and […]
2022
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02.08
Child Tax Credit Advance Payments: IRS Letter 6419
AAFCPAs would like to make clients aware that the IRS has started mailing copies of its Letter 6419, which outlines Advance Child Tax Credit payments that may have been received by taxpayers between July 2021 and December 2021. Taxpayers will need this letter when filing 2021 taxes and to claim the remaining credit. Reporting the […]
2021
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10.11
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 […]
2021
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09.20
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 […]
2021
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08.12
Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit
AAFCPAs would like to make clients aware that the Treasury and the IRS recently issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; Shuttered Venue […]
2021
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08.06
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 […]
2021
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08.03
Paid leave credit available for providing leave to employees caring for individuals obtaining or recovering from a COVID-19 immunization
AAFCPAs would like to make clients aware, the IRS updated frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible employers can claim the credits for providing leave to employees to accompany a family or household member or […]
2021
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03.29
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 […]