Tax Planning & Compliance
IRS Issues Early Drafts of International Tax Reporting Forms, Form 5471 & FINCEN 14
AAFCPAs would like to make clients aware that the IRS has issued early drafts of revisions to international tax Forms 5471 and FINCEN14 (formerly known as FBAR). What’s New with Form 5471? Internal Revenue Service Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations (CFC), has been in existence for many […]
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
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 […]
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 […]