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PPP Application Forms Released

AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised Borrower Application as well as their newest application form for the Second Draw, commonly referred to as PPP2. Revised PPP Application Form: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form.pdf Second Draw Borrower Application Form: https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf As a reminder, to be eligible, your […]

Tax Provisions and Extenders in the Consolidated Appropriations Act of 2021

AAFCPAs would like to make clients aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (The Act), a $2.3 trillion spending bill.  Among the stimulus package and other COVID-19 relief provisions, the Act contained several tax provisions and extenders. AAFCPAs has highlighted below some of the most impactful tax provisions and extenders […]

Employee Retention Credit Updates, Expanded Eligibility

AAFCPAs would like to make clients aware that the Employee Retention Credit (ERC), which was introduced by the CARES Act back in the Spring, has now been extended and amended as part of the Consolidated Appropriations Act, 2021. (Details related to the 2020 credit are outlined in a previous blog: Payroll Tax Credits and Other […]

Major Updates to the Paycheck Protection Program

On December 21, Congress passed the Consolidated Appropriations Act, 2021, a $2.3 trillion spending bill that includes a $900 billion stimulus package intended to provide additional financial relief to individuals and businesses impacted by the COVID-19 pandemic. The bill was signed into law on December 27, 2020. The Act contains follow-on provisions to the CARES Act […]

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

The House and Senate passed a new stimulus legislation that will include direct payments to Americans, jobless benefits, and funds for businesses and vaccine distribution, which the President signed on December 27th. AAFCPAs’ COVID-19 Task Force will continue to digest the contents of the forthcoming, 5,593-page legislation and will advise clients as appropriate on its […]

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 […]

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

In 2020, tax planning is more complicated than usual. It may be daunting to understand what to withhold, or not withhold; where to file or not file; where to retire or not retire; or where to expand or not expand. In this 1 hour webinar, AAFCPAs Tax Advisors will cover what Business Owners, CFOs, and […]

Remote Work and Income Taxes

Remote Work and Income Taxes

More Americans than ever are working remotely due in large part to the Covid-19 pandemic, a trend which may continue indefinitely. This shift in the status quo has created an unprecedented tax dilemma for employers with multi-state workers as well as those employees who may now be considered multi-state workers.

IRS Issues Guidance on Presidential Payroll Tax Deferral Memorandum

AAFCPAs would like to make clients aware that the Treasury issued IRS Notice 2020-65 which provides guidance on the August 8, 2020 Presidential Memorandum directing the Treasury to allow employee deferral of withholding, deposit and payment of certain payroll tax obligations. Which Employees are Eligible to Defer? The deferral is restricted to any employee whose […]

New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs

AAFCPAs would like to make clients aware that the U.S. Treasury and Small Business Administration (SBA) released an interim final rule Monday, August 24th, addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of non-payroll costs. Specifically, the new guidelines state that an owner-employee in a C or S corporation who […]