How a Strong Firm Culture Keeps CPAs Focused in Difficult Times

How a Strong Firm Culture Keeps CPAs Focused in Difficult Times

This tax season is a challenging time for CPA firms, and the goal posts seem to continue to move further away. While the IRS was initially steadfast in maintaining regular tax deadlines in 2021, that is giving way to new discussions about extending the filing season in a fashion similar to 2020. This extension may […]

IRS Provides Clarity on Paid Sick Leave & Family Leave Credits

AAFCPAs reminds clients that the COVID-related Tax Relief Act of 2020, enacted on December 27, 2020, extends the availability of the tax credits created by the Families First Coronavirus Response Act (FFCRA) to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The […]

Guidance on Identity Theft Involving Unemployment Benefits

In a recent announcement, the IRS urged taxpayers who received Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment […]

PPP Application Forms Released

AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised Borrower Application as well as their newest application form for the Second Draw, commonly referred to as PPP2. Revised PPP Application Form: Second Draw Borrower Application Form: As a reminder, to be eligible, your […]

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 […]

Employee Retention Credit Updates, Expanded Eligibility

AAFCPAs would like to make clients aware that the Employee Retention Credit (ERC), which was introduced by the CARES Act back in the Spring, has now been extended and amended as part of the Consolidated Appropriations Act, 2021. (Details related to the 2020 credit are outlined in a previous blog: Payroll Tax Credits and Other […]

PPP Safe Harbor Extended to May 18

AAFCPAs would like to make clients aware that in their most recent Paycheck Protection Program (PPP) Loan Frequently Asked Questions (FAQs), the Treasury and the Small Business Administration (SBA) announced an additional extension of the “safe harbor” deadline for recipients of PPP loans. PPP loan borrowers are now allowed to return the money to the […]

SBA FAQ Indicates Good Faith Assumed for PPP Loans Under $2M

In a dramatic turn of events the Small Business Administration (SBA) released Paycheck Protection Program (PPP) Loans FAQ #46 today, May 13th regarding how the organization will review borrowers’ required good-fair certification concerning the necessity of their loan request. Loans Under $2 Million The FAQ reads “Any borrower that, together with its affiliates, received PPP […]

CARES Act Healthcare Provider Relief Fund

AAFCPAs would like to make healthcare providers aware that as part of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, $100 billion in Provider Relief Funds was pledged to hospitals and other healthcare providers. These funds are designed to reimburse healthcare-related expenses and lost revenue related to COVID-19, and to guarantee uninsured Americans […]

Unemployment Relief for Self-Insured Nonprofits as part of CARES Act

Update June 8th, 2020: Unemployment Insurance: 120-Day Deadline Extension for Nonprofits AAFCPAs would like to make clients aware of a provision in Section 2103 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides emergency unemployment relief for governmental entities and nonprofit organizations. Emergency Unemployment Relief (Section 2103): The Act provides for additional […]