Regulatory Alerts (All)
Treasury, IRS guidance on reporting qualified sick & family leave wages
AAFCPAs would like make clients aware that the Treasury Department and the IRS issued guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. The notice provides guidance under recent legislation, including: the Families First Coronavirus Response Act (FFCRA), as […]
Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit
AAFCPAs would like to make clients aware that the Treasury and the IRS recently issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; Shuttered Venue […]
Treasury, IRS Provide Additional Guidance on Employee Retention Credit, Including for the Third and Fourth Quarters of 2021
AAFCPAs would like to make clients aware that the Treasury Department and the Internal Revenue Service issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in […]
Texas Franchise Tax Gross Receipts Sourcing Reform
AAFCPAs would like to make clients aware that the Texas Comptroller of Public Accounts has adopted revisions to Franchise Tax apportionment rules proposed on November 2, 2020 under 34 Tex. Admin. Code section 3.591. The revisions seek to align statutory law with prior Court rulings, and to provide industry-specific updates. The changes may affect receipts […]
SBA Requests to Withdraw Requirement for Loan Necessity Questionnaires
In a letter submitted to the Office of Management and Budget (OMB) on June 21, 2021, the U.S. Small Business Administration (SBA) requested to discontinue the use of the Forms 3509 & 3510, Loan Necessity Questionnaires. The SBA’s withdrawal of the loan necessity questionnaires was discussed June 24 on the AICPA’s Town Hall webcast. A […]
IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns
AAFCPAs would like to make clients aware that the IRS recently released long awaited guidance detailing how a taxpayer must change the method of computing depreciation to provide a 30-year recovery period under the alternative depreciation system (ADS) for some properties controlled by a business that started renting before 2018. Rev. Proc. 2021-28 explains how […]
How and When to Make Quarterly Estimated Tax Payments, Pay Online
As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the […]
You Snooze, You Lose. Preserve Wealth Before Legislation Eliminates Opportunities
As you know, AAFCPAs anticipated changes on the horizon to the Estate Tax Exemption. On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act,” which, if passed, would establish a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over $3.5 million in wealth. It is […]
IRS Extends Federal Income Tax Filing Deadline for Individuals
AAFCPAs would like to make clients aware that the Treasury Department and the IRS recently announced that the federal income tax filing deadline for individuals will be postponed to May 17, 2021 from April 15, 2021. It is still AAFCPAs’ intention to complete individual filings by April 15th, unless you have heard otherwise from your AAFCPAs tax professional. What You Need […]