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“Small” Is Bigger Than Ever

Is Your Business Eligible for Expanded Tax Benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 […]

Alabama Makes Significant Changes to Income Tax Structure

Alabama Makes Significant Changes to Income Tax Structure

AAFCPAs would like to make clients doing business in Alabama aware of significant changes to the state’s income tax structure.  On February 12th, Alabama enacted H.B. 170 which may affect 2020 tax returns as well as 2021 tax liability. AAFCPAs Highlights Alabama’s Tax Law Changes Below: Effective for Tax Years Beginning On or After January […]

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 […]

Extensions for LIHTC Program

AAFCPAs would like to make clients aware on January 15, 2021, the IRS issued Notice 2021-12, which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects. Temporary relief from certain requirements was originally extended earlier in 2020 under Notice 2020-53 due to the COVID-19 pandemic. This notice also provides […]

How Will New COVID-19 Legislation Affect Your Taxes?

The Consolidated Appropriations Act, signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, including another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program for businesses and other employers. The legislation also includes some tax relief for businesses and individuals. AAFCPAs […]

R&D Tax Credit Underutilized by Construction Contractors

AAFCPAs would like to make construction clients aware of potential tax savings that are available to contractors through the use of Research & Development (R&D) Tax Credits. The R&D Tax Credit is a government-sponsored tax incentive that rewards companies for conducting R&D in the United States. It is a common misconception that the R&D credit […]

AAFCPAs Welcomes Ciprian Barna, CPA, MST as Partner in Business Tax Practice

AAFCPAs Welcomes Ciprian Barna, CPA, MST as Partner in Business Tax Practice

Boston, MA (January 13, 2021) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced that Ciprian Barna, CPA, MST, joined the firm as a Partner in their growing Commercial Tax practice. Ciprian is an experienced commercial business tax professional with […]

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 […]

When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation

Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed […]