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Tax Relief for Low-Income Housing Tax Credit and Bond Participants

AAFCPAs would like to make clients aware that, in response to the COVID-19 pandemic, the Internal Revenue Service announced it is providing low-income housing tax credit (LIHTC) participants temporary relief from key program requirements. The relief is detailed in Notice 2020-53 released on July 1st, 2020. This guidance relaxes certain LIHTC requirements under Section 42 of […]

Regulatory Alert: Unemployment Scams & Snail Mail Stimulus Payments

Nationwide Unemployment Scam Targets Massachusetts Claimants AAFCPAs would like to make clients aware that on May 27th, 2020, the Massachusetts Department of Unemployment Assistance (DUA) announced that criminal enterprises in possession of stolen personal information from earlier national data breaches have been attempting to file large amounts of illegitimate unemployment claims through the Massachusetts DUA […]

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 […]

Webinar: Accounting & Audit Impact of COVID-19

Webinar: Accounting & Audit Impact of COVID-19

OnDemand Webinar Recorded May 4th, 2020 The Coronavirus pandemic has required businesses to quickly make changes to how employees work, and in many cases, has had a significant impact on Revenue & Expenses. These changes to processes, procedures, and finances may have exposed your organization to new risks and have had an impact on your […]

Economic Impact Payments: Beware of Schemes

AAFCPAs reminds clients to be on the lookout for a surge of calls and email phishing attempts related to the Coronavirus (COVID-19). These contacts can lead to tax-related fraud and identity theft. The Internal Revenue Services issued a reminder to taxpayers that they are NOT going to call you asking to verify or provide your […]

US Treasury Announces 90-Day Delay in Tax Payment Deadline

AAFCPAs would like to make clients aware that the U.S. government announced on Tuesday, March 17, 2020 that certain individuals and corporations may delay their tax payments for 90 days from the April 15 deadline —or until July 15th—due to the coronavirus (COVID-19) pandemic. Individuals may defer up to $1 million in payments for 90 […]

Employment Tax Liability Not Shifted to Professional Employer Organizations

AAFCPAs would like to remind cannabis clients using or considering use of a Professional Employer Organization (PEO) that the employment tax liability is most often not shifted from your company, its management and owners, to the PEO. This is a common misconception, so much so, that the Internal Revenue Service issued regulations to help address […]

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

As the cannabis industry matures in Massachusetts, and investors begin to reap what they sowed, AAFCPAs reminds clients classified as Subchapter C corporations who paid distributions to shareholders in 2019 of their potential Form 1099-DIV compliance filing due to the Internal Revenue Service (IRS) by February 28, 2020 (or March 31, 2020 if e-filing). In […]

Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN

AAFCPAs would like to remind cannabis business clients of their potential January 31, 2020 Form 8300 reporting obligation. If you filed a Form 8300 in 2019, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

AAFCPAs is excited to share with our nonprofit clients and their dedicated employees, on December 17, 2019, the House of Representatives passed an agreement (cited as the Taxpayer Certainty and Disaster Tax Relief Act of 2019, originally introduced in June 2019), which includes much welcomed provisions to repeal the tax on nonprofit transportation fringe benefits […]