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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 […]

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: […]

Non-Profits Eligible for ERTC, up to $19,000 per Employee

The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, is expanding eligibility for the Employee Retention Tax Credit (ERTC) by allowing those who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. For nonprofits, the ERTC is taken against […]

Self-Employed Individuals to Claim COVID-19 Sick & Family Leave Tax Credits on IRS Form 7202

AAFCPAs would like to make clients aware that the IRS recently released Form 7202 for eligible self-employed individuals to determine their qualified sick and family leave equivalent tax credits. As a reminder, the Families First Coronavirus Response Act (FFCRA) provides small and midsize companies—as well as self-employed individuals—with refundable tax credits that reimburse them, dollar-for-dollar, […]

Relaxed Limit on Business Interest Deductions

AAFCPAs would like to remind clients that the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense in an effort to provide tax relief to businesses suffering during the COVID-19 pandemic. TCJA Created New Limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were […]

IRS Provides Clarity on Paid Sick Leave & Family Leave Credits

AAFCPAs reminds clients that the COVID-related Tax Relief Act of 2020, enacted on December 27, 2020, extends the availability of the tax credits created by the Families First Coronavirus Response Act (FFCRA) to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The […]

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 […]