Uncategorized
S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits
The S corporation remains a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. However, these benefits come at a price: S corporations must comply with strict requirements that limit the number and type of shareholders, prohibit complex capital structures, and impose other restrictions. Advantages […]
Non-Profits Eligible for ERTC, up to $19,000 per Employee
The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, is expanding eligibility for the Employee Retention Tax Credit (ERTC) by allowing those who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. For nonprofits, the ERTC is taken against […]
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, […]
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 […]
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 […]
AAFCPAs’ New Remittance Address
AAFCPAs would like to make clients aware that we have opened a lockbox service with People’s United Bank to streamline the processing of client payments. In order to ensure the highest level of service to all clients, we are kindly asking that you please update your records to reflect our new remittance address and send […]
AAFCPAs Announces Promotions
AAFCPAs, a preeminent CPA and consulting firm based in New England, is pleased to announce promotions for the following team members in recognition of their competence, commitment, and superior performance serving our diverse client base in their respective areas of practice. New Director and Managers: Amy Staunton, CPA is a senior member of AAFCPAs’ Managed […]
Why Nonprofits are Outsourcing Accounting
Skilled accounting and finance talent is scarce and in high demand, especially for nonprofits who often struggle with expectations to keep “overhead” low. These labor challenges are national and expected to intensify over time. Knowledge-intensive industries like financial and business services are expected to continue to be hit hard by the talent crunch. Nonprofits also […]