Regulatory Alerts (All)
Alabama Makes Significant Changes to Income Tax Structure
AAFCPAs would like to make clients doing business in Alabama aware of significant changes to the state’s income tax structure. On February 12th, Alabama enacted H.B. 170 which may affect 2020 tax returns as well as 2021 tax liability. AAFCPAs Highlights Alabama’s Tax Law Changes Below: Effective for Tax Years Beginning On or After January […]
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, […]
Deduction Limit Increased for Corporate Cash Contributions for Disaster Relief; IRS Provides Recordkeeping Relief
AAFCPAs would like to make clients aware that the IRS recently announced how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020), […]
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 […]
Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN
AAFCPAs would like to remind cannabis business clients of their potential January 31, 2021 Form 8300 reporting obligation. If you filed a Form 8300 in 2020, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]
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 […]