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IRS Proposes LIHTC Average Income Test Regulations

On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]

IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes

On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]

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 […]

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 […]