As you may know, President Biden recently signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA). AAFCPAs has outlined below key provisions for individuals & families. Direct Checks The package includes $1,400 Recovery Rebate payments (also known as stimulus checks) for adults and their dependents. As with prior stimulus payments, the economic impact […]
As you may know, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on Thursday, March 11th. AAFCPAs has outlined, below, the key provisions for businesses, including those related to: Employee Retention Credits The Paycheck Protection Program Family and Sick Leave Credits Targeted Economic Injury Disaster Loans The Restaurant […]
Shuttered Venue Operators Grant Program Opens April 8
AAFCPAs would like to make clients aware that the U.S. Small Business Administration (SBA) will accept applications for the Shuttered Venue Operators Grant (SVOG) program beginning April 8th, 2021. Eligible entities include live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators*, motion picture theater operators, and talent representatives. *The Act […]
As you may know, President Biden signed the $1.9 trillion American Rescue Plan (ARPA) into law on Thursday, March 11th. AAFCPAs has outlined, below, the adjustments to the employee retention credit (ERC). The amendments to the ERC made by the ARPA are effective for calendar quarters after June 30, 2021. What You Need to Know: […]
Watch Now: Charter Schools, Understand COVID Funding Compliance
In response to the COVID-19 pandemic, Charter Schools have gained access to various forms of government funding. Schools who expended certain government funding in excess of $750,000 in fiscal year 2021 are subject to an audit in accordance with Uniform Guidance. For some charter schools, this may be your first exposure to this rigorous Federal […]
AAFCPAs would like to make clients aware that, to provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. AAFCPAs has provided an outline, below, of the—mostly temporary—modifications. Liberalized Rules for NOL […]
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 […]
Self-Employed Individuals to Claim COVID-19 Sick & Family Leave Tax Credits on IRS Form 7202
AAFCPAs would like to make clients aware that the IRS recently released Form 7202 for eligible self-employed individuals to determine their qualified sick and family leave equivalent tax credits. As a reminder, the Families First Coronavirus Response Act (FFCRA) provides small and midsize companies—as well as self-employed individuals—with refundable tax credits that reimburse them, dollar-for-dollar, […]
10 Things I Know About… How the December Stimulus Impacts PPP Borrowers
Stay in contact with your trusted advisors. Your CPA, lawyer, and banker are typically on top of all the benefits, requirements, and everything in between on the Paycheck Protection Program. AAFCPAs anticipates a flurry of new applications.
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