Changing situations and new legislation are rapidly altering business operations as society shifts to a new normal during the COVID-19 pandemic. Workplaces are also changing drastically as many companies are working from home, necessitating rapid technology improvements.
AAFCPAs has assembled this resource page to keep you up to date, and assist you in navigating in this time of crisis. As a firm we are dedicated to helping you solve business, regulatory, and technological challenges to keep your company operating optimally in the short term and long term.
Key Focus Areas
COVID Loans and Funding
- American Rescue Plan: Provisions for Individuals
- American Rescue Plan: Provisions for Businesses
- Shuttered Venue Operators Grant Program Opens April 8
- Biden Relief Package: Employee Retention Credits
- Charter Schools Webinar OnDemand: Understand COVID Funding Compliance
- CARES Act Eases Loss Limitation Rules
- Non-Profits Eligible for ERTC, up to $19,000 per Employee
- Self-Employed Individuals to Claim COVID-19 Sick & Family Leave Tax Credits on IRS Form 7202
- 10 Things I Know About… How the December Stimulus Impacts PPP Borrowers
- Major Updates to the Paycheck Protection Program
CARES Act
AAFCPAs has formed a Task Force dedicated to studying and advising clients on the business implications of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020. Our CARES Task Force includes senior leadership and advisors from diverse segments of our organization, bringing the necessary talent together to best advise on the changing dynamics caused by the Coronavirus.
- Tax Planning Guides for Businesses & Individuals (2021-2022)
- Treasury, IRS guidance on reporting qualified sick & family leave wages
- Biden Relief Package: Employee Retention Credits
- CARES Act Eases Loss Limitation Rules
- S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits
- “Small” Is Bigger Than Ever
- Relaxed Limit on Business Interest Deductions
- IRS Provides Clarity on Paid Sick Leave & Family Leave Credits
- Employee Retention Credit Updates, Expanded Eligibility
- When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation
OnDemand Webinars
- Tax Planning Guidance: COVID-19 & The CARES Act
- Accounting & Audit Impact of COVID-19
- Guidance on the SBA’s PPP Loan Forgiveness Application
Tax
In the midst of tax season, there are many questions about meeting regulatory requirements while operating under unusual circumstances.
- Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021
- IRS Provides Clarity on Paid Sick Leave & Family Leave Credits
- Extensions for LIHTC Program
- How Will New COVID-19 Legislation Affect Your Taxes?
- Tax Provisions and Extenders in the Consolidated Appropriations Act of 2021
- When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation
- Remote Work and Income Taxes
- IRS Issues Guidance on Presidential Payroll Tax Deferral Memorandum
- New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs
- Multi-State Worker Tax Considerations
View all COVID-19 Tax Alerts and Insights>>
Technology & Operations
How effectively does your organization support remote work? This Coronavirus pandemic is testing many businesses’ ability to remain productive and effective while remote. Many are experiencing difficulty, slowness, or inability to execute critical business processes in this time of social distancing.
- Five Internal Control Modifications Needed in Response to the ‘New Normal’
- How to Move Critical Business Processes to the Cloud
- Coronavirus: Business Impacts and Planning
Cybersecurity
An ever-present concern for businesses. AAFCPAs would like to remind clients that cyber criminals and other bad actors are often poised to capitalize on a crisis. In this case, cyber criminals and foreign governments are using the Coronavirus (COVID-19) pandemic as a theme to lure individuals into making harmful clicks or actions.
- Cyber Actors Target K-12 Distance Learning
- Overcome Cyber Security Challenges of a Remote Workforce
- Economic Impact Payments: Beware of Schemes
- Cyberattacks, Foreign Disinformation Campaigns Leverage Coronavirus Theme
All COVID-19 Related Alerts & Insights
- OSD Clarifies UFR Reporting of COVID-Related Funds
- PPP Payment Due Dates Approaching
- Tax Planning Guides for Businesses & Individuals (2021-2022)
- Treasury, IRS guidance on reporting qualified sick & family leave wages
- Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit
- Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021
- Paid leave credit available for providing leave to employees caring for individuals obtaining or recovering from a COVID-19 immunization
- SBA Requests to Withdraw Requirement for Loan Necessity Questionnaires
- IRS Offers Safe Harbor for Claiming PPP Loan Deductions
- Where Do We Go From Here?
How AAFCPAs is Operating – What Clients Need to Know
- The Coronavirus outbreak is a human tragedy affecting hundreds of thousands of people. Our thoughts are with all those impacted.
- All AAFCPAs team members have been encouraged to work remotely to slow the spread of the coronavirus. Our Westborough, Wellesley, and Boston offices will only be occupied by critical employees with special responsibilities requiring them to maintain their normal work schedule. This will remain the case until the Centers for Disease Control provide updated guidelines.
- AAFCPAs has invested heavily in technology that allows us to serve you from wherever we are working.
- We are monitoring closely and taking several precautions related to the health, safety and well-being of our clients and employee team members—which is of highest importance to us.
- We are able to meet face-to-face as needed with clients via video conferencing technology. We use a tool that does not require you to download software or an application.
- We have several ways to send you your e-file authorization forms, and to capture your signature digitally.
- Tax documents may be easily transferred digitally.
- Payments to the IRS may be made online.
- AAFCPAs offers easy and secure online payment options available for your convenience.
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