COVID-19 Resource Center
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, […]
Uniform Data System COVID Reporting
Many health centers have increased virtual visit capabilities during the COVID-19 pandemic. AAFCPAs would like to make Federally Qualified Health Center (FQHC) clients aware that the Health Resources and Services Administration’s Bureau of Primary Health Care (BPHC) recently provided updated guidance on the Uniform Data System (UDS) reporting framework in response to the COVID-19 pandemic. […]
Relaxed Limit on Business Interest Deductions
AAFCPAs would like to remind clients that the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense in an effort to provide tax relief to businesses suffering during the COVID-19 pandemic. TCJA Created New Limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were […]
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 […]
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.
PPP Loan Forgiveness Application Forms Released
AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised PPP Loan Forgiveness Application Forms. The Forms Are Available Here: SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508S Paycheck Protection […]
Extensions for LIHTC Program
AAFCPAs would like to make clients aware on January 15, 2021, the IRS issued Notice 2021-12, which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects. Temporary relief from certain requirements was originally extended earlier in 2020 under Notice 2020-53 due to the COVID-19 pandemic. This notice also provides […]