Topic
Low Income Housing Tax Credit Program Extensions
AAFCPAs would like to make clients aware that on January 11, 2022 the IRS issued Notice 2022-05 which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects, originally extended earlier in 2020 & 2021 due to the COVID-19 pandemic. For your convenience we have outlined some of the key […]
AAF Wealth Management Quarterly Update
2021 was a year of big expectations, big headlines, and even bigger returns in the world’s financial markets. With hopes of putting pandemic lockdowns in our past, 2021 looked capable of ushering in a new era. There were no shortages of headlines to divert our attention away from the economy. From political changes, to headlines […]
Venmo, PayPal, Zelle must report $600+ in transactions to IRS
AAFCPAs would like to make clients aware that as of 1/1/2022 the IRS has changed the threshold on the reporting requirement for Form 1099-K, Payment Card and Third-Party Network Transactions. This will specifically affect: anyone who receives digital payment for services or goods; anyone who accepts payments via credit card or third-party network. Any individual […]
Cannabis Business Owners: Multi-State Tax Considerations for Multi-State Operators
Cannabis legalization continues to gain momentum across the country, with several new states having legalized marijuana in 2021. As of this post, the number of states in which recreational marijuana is legal is 18, and 16 other states allow for medical use only. Cannabis business owners and investors are hopeful this momentum has set the […]
2021 Round-up: AAFCPAs’ Top 7 Most-Read Content
How can we do more with less? Over the past year, AAFCPAs published a wide array of alerts & insights that explore topics ranging from compliance, to productivity & business intelligence, to data security. In this end-of-year roundup, we share key insights and trends from our most-read content of 2021: Tax Planning Guides for Businesses […]
Business Process, IT Security Professionals Join AAFCPAs’ Consulting Practice
Boston, MA (01/04/22) – AAFCPAs, a best-in-class CPA and consulting firm known for assurance, tax, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Sandra Simonsen, CISA, Yashoda Sookraj, and Alex Santiago. These talented professionals join the firm’s growing Business Process & IT Consulting practice, which provides business intelligence & […]
IRS Clarifies 4% Floor Ruling for LIHTC
AAFCPAs would like to make clients who engage in Affordable Housing projects aware of recent IRS Revenue Rulings 2021-20 and 2021-43, which aims to clarify the eligibility of Low-Income Housing Tax Credit (LIHTC) projects to qualify for the new 4% floor ruling. The IRS has published three situations listed below: Situation 1 A project is […]
Guidance on New Lease Accounting Standard
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]
OSD Clarifies UFR Reporting of COVID-Related Funds
AAFCPAs recently received clarification for UFR filers related to reporting of certain COVID-related funding. (As a reminder, due to COVID-19, the Operational Service Division (OSD) granted a 30-day extension to the Uniform Financial Report (UFR) FY2021 filing deadline, now due December 15th. UFR filers are not required to file a request for this extension.) AAFCPAs […]