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5 Tips for Safe Intrafamily Loans

If a relative needs financial help, offering an intrafamily loan may be a viable solution. But if not properly executed, such loans can carry negative tax consequences, such as unexpected taxable income, gift tax, or both. AAFCPAs Outlines Five Tips to Help Avoid Unwelcome Tax Surprises with Intrafamily Loans: Create a Paper Trail. In general, […]

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, […]

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 […]

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 […]

Tax Responsibilities for Gig Workers

Independent contractors and gig workers are part of a growing segment of the economy. AAFCPAs reminds clients who have turned to independent contract work this year that it is critical to understand the income tax consequences. To start, independent contractors are typically considered self-employed. As a result, and because an employer is not withholding money […]

Rolling Over Capital Gains Into a Qualified Opportunity Fund

For clients who are planning to sell a business interest, real estate, or other highly appreciated property, AAFCPAs would like to make you aware of a strategy to “roll over” capital gains into a qualified opportunity fund (QOF). What is a QOF? A QOF is an investment fund, organized as a corporation or partnership, designed […]

Is a Roth IRA Conversion Right for You This Year?

The COVID-19 pandemic has caused significant instability in the global markets and the U.S. economy. In these uncertain times, AAFCPAs reminds clients to consider measures to protect your retirement nest egg over the long term. One strategy our clients are considering is converting a traditional IRA to a Roth IRA. Traditional vs. Roth First, let […]

IRS Issues Final Regulations on 1031 Exchanges

IRS Issues Final Regulations on 1031 Exchanges

AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]

2020 Tax Planning Webinar: Guidance for Individuals

2020 Tax Planning Webinar: Guidance for Individuals

In 2020, tax planning is more complicated than usual. It may be daunting to understand brackets and rates, where and when to retire, capital gains, and what to do with retirement plans. In this 1 hour webinar, AAFCPAs Tax & Wealth Advisors cover what taxpayers need to know for 2020 year-end, as well as year-round […]

Sunsetting Tax Exemption: $11.58M Estate Tax Exemption Could Decrease to $3M on Jan, 1, 2021

“When I first started practicing tax law in 2000, the federal estate tax exemption was $675,000,” said Josh England, LLM, Esq., AAFCPAs’ Consulting Tax Attorney.  “Today that exemption is $11,580,000.” The federal estate tax exemption is the amount you may give away during your lifetime and own at your death without subjecting it to a […]