Internal Revenue Service Alerts (IRS)
Historic Tax Credit: Changes Proposed to Make it More Accessible, Attractive
On March 2, 2023, Senators Cardin (Maryland), Cassidy (Louisiana), Cantwell (Washington), and Collins (Maine) reintroduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO). This legislation was originally proposed back in 2021. HTC-GO has many beneficial proposed changes to the current historic tax credit program. The four proposed permanent provisions are: 30% tax credit increased […]
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
IRS Delays Implementation of $600 threshold for 1099-K
AAFCPAs would like to make clients aware, the IRS recently announced a delay of the new 1099-K reporting requirements for calendar year 2022. As a part of The American Rescue Plan Act of 2021 (ARPA), third-party settlement organizations (e.g., PayPal, Venmo, etc.) were required to issue a form 1099-K for those receiving more than $600. This requirement […]
The Inflation Reduction Act of 2022
On August 16, 2022, President Biden signed into law Public Law Number 117-169, the Inflation Reduction Act of 2022 (the Act). AAFCPAs has highlighted below some of the most impactful tax provisions in the Act, including, but not limited to, provisions and credits affecting clean energy, a significant monetary reinvestment into the IRS, and a […]
Inflation Reduction Act Tax Credit Incentives for Contractors
On August 16, 2022, President Biden signed the Inflation Reduction Act. Both existing and expired energy efficiency tax incentives including 179D Deductions and 45L Credits have been expanded significantly. AAFCPAs would like to make Real Estate and Construction clients aware of the following provisions: Section 179D Tax Deduction The Inflation Reduction Act aims to invest […]
May 16 is filing deadline for many tax-exempt organizations
AAFCPAs would like to remind nonprofit clients of an upcoming filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt […]
Holders of Foreign Bank & Financial Accounts Must File FBAR by 4.15
AAFCPAs would like to remind clients of the IRS’s April 15th deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR), which applies to U.S. citizens, resident aliens and any domestic legal entity. For additional information about filing deadlines, filers are encouraged to visit the Financial Crimes Enforcement Network’s (FinCEN) website. Filers […]
Should Your Nonprofit Accept Cryptocurrency Donations?
With a current total market cap of all cryptocurrencies now exceeding $2 trillion dollars, nonprofits who refuse to accept, or do not have adequate policies in place for accepting crypto donations may be missing out on a large and growing funding stream. While accepting crypto donations may seem like an unwanted headache for nonprofit organizations, […]
New Schedules K-2 & K-3 affecting all flow-through entity tax returns
AAFCPAs would like to make clients aware that the IRS has released final versions of two new Schedules K-2 & K-3 that should be included with tax returns of pass-through entities. These schedules were originally perceived as being required to be filed only by entities reporting items of international relevance. However, in its recent January […]