Regulatory Alerts (All)
How Will New COVID-19 Legislation Affect Your Taxes?
The Consolidated Appropriations Act, signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, including another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program for businesses and other employers. The legislation also includes some tax relief for businesses and individuals. AAFCPAs […]
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 […]
When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed […]
IRS Provides Guidance on Safe Harbor Plans
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to […]
IRS Issues Final Regulations on 1031 Exchanges
AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]
IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]
IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes
On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]
MA OSD Provides Automatic Extension of UFR Deadline to 1/15/2021
AAFCPAs would like to make clients aware that with the Massachusetts Uniform Financial Statements and Independent Auditor’s Report (UFR) filing deadline of 11/15/2020 being extended to 1/15/2021, UFR filers are not required to file a request for extension. FY2020 Supplier Diversity Program (SDP) Form Filings While the deadline for the full UFR filing has been […]
AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals
In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]