Topic
Employee Retention Credit Updates, Expanded Eligibility
AAFCPAs would like to make clients aware that the Employee Retention Credit (ERC), which was introduced by the CARES Act back in the Spring, has now been extended and amended as part of the Consolidated Appropriations Act, 2021. (Details related to the 2020 credit are outlined in a previous blog: Payroll Tax Credits and Other […]
Major Updates to the Paycheck Protection Program
On December 21, Congress passed the Consolidated Appropriations Act, 2021, a $2.3 trillion spending bill that includes a $900 billion stimulus package intended to provide additional financial relief to individuals and businesses impacted by the COVID-19 pandemic. The bill was signed into law on December 27, 2020. The Act contains follow-on provisions to the CARES Act […]
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 […]
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 […]
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 […]
Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients
The House and Senate passed a new stimulus legislation that will include direct payments to Americans, jobless benefits, and funds for businesses and vaccine distribution, which the President signed on December 27th. AAFCPAs’ COVID-19 Task Force will continue to digest the contents of the forthcoming, 5,593-page legislation and will advise clients as appropriate on its […]
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 Provides Guidance on Safe Harbor Plans
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to […]
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 […]