COVID-19
Multi-State Worker Tax Considerations
AAFCPAs would like to make clients aware that Congress has introduced a bill under H.R. 7968 that would limit a state’s ability to tax nonresident telecommuters. The general rule is that an employee pays income taxes to the state where wages are earned, which can be different than the state where the employee lives. This […]
IRS Deadline to Return RMDs is Aug. 31
AAFCPAs reminds clients who are IRA owners, beneficiaries or workplace retirement plan participants and received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs […]
HUD Announces COVID-19 Supplemental Payments for Properties
AAFCPAs would like to make clients aware that the U.S. Department of Housing and Urban Development (HUD) recently announced (in Notice H 20-8) the availability of funds for COVID-19 Supplemental Payments (CSPs) for properties receiving project-based rental assistance under the Section 8, Section 202, or Section 811 Programs. Who is eligible? Property owners who currently […]
Nonprofit Organizations Now Eligible for the Main Street Lending Program
AAFCPAs would like to make nonprofit clients aware that the Federal Reserve announced changes to its Main Street Lending Program to “provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.” Which Nonprofits Are Eligible? The Main Street Lending Program is now open to tax-exempt organizations established under […]
AAFCPAs Shares Financial Strategies During COVID-19 with WBJ Finance Community
Janice O’Reilly, CPA, CGMA, Partner and Leader of AAFCPAs’ Managed Accounting Solutions practice will share business strategies for managing financial resources during a crisis as an expert panelist in the Worcester Business Journal’s (WBJ) Coping with COVID-19 Webcast Series, Wednesday, July 22. To stay resilient during today’s economic turbulence means your business must have full […]
Unemployment Fraud Persists
AAFCPAs reminds clients that fraudsters continue to capitalize on hardships created by the pandemic. State Departments of Unemployment Assistance (DUA), including Massachusetts, are reporting an onslaught of fake unemployment claims, which appear to use identities constructed from a huge cache of information taken in national data breaches in recent years. Employee Fraud Alert The DUA […]
Tax Relief for Low-Income Housing Tax Credit and Bond Participants
AAFCPAs would like to make clients aware that, in response to the COVID-19 pandemic, the Internal Revenue Service announced it is providing low-income housing tax credit (LIHTC) participants temporary relief from key program requirements. The relief is detailed in Notice 2020-53 released on July 1st, 2020. This guidance relaxes certain LIHTC requirements under Section 42 of […]
Stock Market Volatility Complicates Investment Advice
It’s been a worrying few months financially since the coronavirus pandemic hit in March – and that’s for those who’ve kept their job or their business in operation. A recession began in February and worsened quickly when businesses were forced to close in an effort to curtail the spread of the virus and sent the […]
Guidance for Businesses Navigating the Financial Crisis
As you may be aware, the Senate and House have both passed an extension to the deadline for businesses to apply for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan program. The measure will now go to the President for his signature. Still, much uncertainty remains, including the promise of another federal aid […]