Aiken & Company, PC, CPAs

Aiken & Company, PC, CPAs

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A heartfelt thank you to the sponsors of @Shelane's Run 2021! Without your generous support, this event would not be possible.

Beyond Wellness
Anthem Healthkeepers Plus
Aiken & Company, PC, CPAs

If you are looking for a balance of experience, unparalleled personal service and financial expertise, then you have come to the right place.

At Aiken & Company, you will always have the opportunity to speak with a knowledgeable professional. We take pride in our personalized service and quick response time, both of which can be rare in today’s fast-paced business environment. Monumental advances in technology are both exciting and increase our efficiency as a society, yet Aiken & Company is determined never to lose that personal touch.

Operating as usual

Tax provisions in the Build Back Better act 11/19/2021

Tax provisions in the Build Back Better act

Big news!

Tax provisions in the Build Back Better act The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.

[11/16/21]   We at Aiken & Company PC are proud supporters of the Fairfax Bar Association Paralegal Section’s annual food drive to support FACETS. Thank you to our friends at Blankingship & Keith, P.C. for collecting our donations !

Fundraising Powered by OneCause, creator of BidPal 09/21/2021

Fundraising Powered by OneCause, creator of BidPal

We are proud sponsors of the Sprout Therapeutic Riding & Education Center in Aldie, Virginia. They do amazing work with the children of our community. Their annual gala is coming up and the silent auction is packed with all sorts of great items and services provided by generous donors. Check them out!

Fundraising Powered by OneCause, creator of BidPal

Perspective | The government wants to pay your Internet bill for a few months. Here’s what you need to do. 05/25/2021

Perspective | The government wants to pay your Internet bill for a few months. Here’s what you need to do.

Thank you Jonathan Rick for highlighting that many taxpayers can take advantage of the $3.2B Emergency Broadband Benefit and receive up to a $50 discount from their ISP each month to help subsidize the cost of working from home.

https://www.washingtonpost.com/technology/2021/05/12/emergency-broadband-benefit-faq/

Perspective | The government wants to pay your Internet bill for a few months. Here’s what you need to do. A surprising number of Americans can get $50 each month from the new $3.2 billion Emergency Broadband Benefit. That includes tens of millions who lost work during the pandemic.

Photos from The Aviary Girls's post 05/07/2021

Looking forward to co-hosting with Lindsay Garey of The Aviary Girls a little celebration in July!

02/23/2021

We here at Aiken & Company want to alert you to a few recent IRS developments that may be of interest, as highlighted by The Kiplinger Tax Letter:

1. Deferring Capital Gains: You can defer capital gains on the sale of business or personal property by investing the proceeds in Qualified Opportunity Funds. This means that you could actually sell stocks, mutual funds, or a painting in your house for $1 million, invest the proceeds tax free and watch it grow.
2. Family-Owned Businesses Take Note: For estate and gift tax purposes the Biden administration will probably bring back the elimination of valuation discounts on intra-family transfers. If you are considering splitting up your company into smaller pieces for estate purposes, you may want to think about doing it in the next year or two.
3. Meals Are Back on the Table: Beginning in 2021 and ending after 2022, business meals (food and beverages) are 100% deductible. However the meals must be provided by a restaurant (delivery counts!)
4. Changes to Itemized Deductions: If you itemize, a few updates to be aware of – the threshold on medical expenses has been permanently set at 7.5% of adjusted gross income (rather than the 10% it was set to revert to). Mortgage insurance premiums are deductible through 2021. And even if you will be taking the standard deduction, $300 of charitable donations can be deducted in addition to the standard deduction; and for 2021 only, the deduction is $600 for married filing jointly returns.
5. Have You Moved? It’s worth filing Form 8822 Change of Address with the IRS; in case of any subsequent deficiency notices. They are required to mail them to your last known address.

As always, if you have any questions or concerns about these changes, please feel free to reach out to your CPA here at the firm for assistance.

We here at Aiken & Company want to alert you to a few recent IRS developments that may be of interest, as highlighted by The Kiplinger Tax Letter:

1. Deferring Capital Gains: You can defer capital gains on the sale of business or personal property by investing the proceeds in Qualified Opportunity Funds. This means that you could actually sell stocks, mutual funds, or a painting in your house for $1 million, invest the proceeds tax free and watch it grow.
2. Family-Owned Businesses Take Note: For estate and gift tax purposes the Biden administration will probably bring back the elimination of valuation discounts on intra-family transfers. If you are considering splitting up your company into smaller pieces for estate purposes, you may want to think about doing it in the next year or two.
3. Meals Are Back on the Table: Beginning in 2021 and ending after 2022, business meals (food and beverages) are 100% deductible. However the meals must be provided by a restaurant (delivery counts!)
4. Changes to Itemized Deductions: If you itemize, a few updates to be aware of – the threshold on medical expenses has been permanently set at 7.5% of adjusted gross income (rather than the 10% it was set to revert to). Mortgage insurance premiums are deductible through 2021. And even if you will be taking the standard deduction, $300 of charitable donations can be deducted in addition to the standard deduction; and for 2021 only, the deduction is $600 for married filing jointly returns.
5. Have You Moved? It’s worth filing Form 8822 Change of Address with the IRS; in case of any subsequent deficiency notices. They are required to mail them to your last known address.

As always, if you have any questions or concerns about these changes, please feel free to reach out to your CPA here at the firm for assistance.

02/12/2021

Reminder! The 2021 annual Business, Professional, and Occupational License (BPOL) and related tax are due in most Virginia counties on or before March 1, 2021!

01/31/2021
01/20/2021

We are hiring! We are looking to immediately fill a seasonal temporary-to-possible permanent administrative position, 20-30 hours per week, both in office and/or remote, $20 per hour, strict Covid safety policy.

northernvatimes.secondstreetapp.com 01/08/2021

Check out Aiken & Company, PC, CPAs.

northernvatimes.secondstreetapp.com Vote once per day for your favorites in and or all categories now through Friday, January 22. Then, come back in March to vote to determine the ultimate winners and finalists. Spread the word to your friends, family and neighbors to show some love for local businesses when they need it most!

11/19/2020

Some interesting tax news from this past week!

1. There are new life expectancy tables for the Required Minimum Distribution (RMD) which allows taxpayers to spread it distribution over a longer period. Taxpayers should consider alerting their administrators they they wish to use these new tables for the 2021 RMD.

2. The IRS is still accepting electronically filed amended returns for 2019. Filing an amended return does not speed up the IRS processing of this form. It still takes 16 weeks to process. Taxpayers can call the telephone number 866-464-2050 to check on the processing status.

3. The latest scam is a text message that reads “you have received a direct deposit of $1,200 from COVID-19 treasury fund. Further action is required to except this payment to your account.” Then it links the unwary to a fake site mimicking the IRS get my payment tool. Don’t respond to the text or even open it instead you supposed take a screenshot and email it to the IRS [email protected]

4- Finally if a taxpayer gets a letter from the IRS saying that they owe more taxes they can scan in the QR barcode and it will take them directly to the IRS website for information on resolving the balance due online.

journalofaccountancy.com 10/27/2020

Template for requesting penalty abatement available from AICPA

journalofaccountancy.com The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.

decrypt.co 08/23/2020

IRS puts cryptocurrency front and center of 2020 tax return - Decrypt

decrypt.co You won’t be able to overlook the question this time: the US agency wants to know if you’ve transacted with virtual currency.

08/10/2020

As of August 8th, President Donald J. Trump signed an executive order to defer payroll taxes from September 1st, 2020 through December 31st, 2020. This payroll tax deferral will include all workers who earn less than $4,000 per pay period (about $104,000 annual salary). Employers have already had 50% of their portion of payroll tax payments due during the period that begins on March 27, 2020, and ends Dec. 31, 2020, delayed until Dec. 31, 2021, and the other 50% until Dec. 31, 2022, by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Amounts deferred from this executive order shall be deferred without any penalties, interest, additional amount, or addition to the tax. Please note this is not a cancellation of payroll taxes; this executive order defers the payroll taxes, which are still expected to be due and paid at a later date.
It is still being debated with Congress to make the deferral into a permanent tax cut and avoid repayment of these deferred taxes. Trump added that he would change federal rules next year to make the deferred payments into a permanent tax cut if he wins reelection.

As these laws and procedures evolve, we at Aiken & Company are here to serve and support our clients in navigating these changes. Businesses across the nation have raised questions such as procedures, liability to repay, effect on employees’ paychecks and employer payroll processing. We will be closely monitoring this story to ensure we are providing the needed support to all of our clients. Please do not hesitate to reach out to us with any questions or concerns.

Procedures:
1.) The employer assumes that Congress will eventually act by waiving the deferred payroll taxes and implements the payroll tax holiday by passing the benefits on to employees. If Congress later fails to act, then the employer would either have to claw back money from employees or use its own money to pay the employee’s share of payroll taxes (on top of the gross pay already remitted). And because this would be compensation, as well, the employer would have to gross-up the amount and withhold more payroll taxes on that payment.
2.) The employer could withhold the tax but not pay it to the government, instead using it as an interest-free loan. This would defeat the purpose of the executive order as it would deny any benefit to employees and could have potential negative public relations consequences because the employer effectively retains its “employee’s money.”
3.) The employer could withhold the tax and remit it to the government, effectively ignoring the executive order altogether. Not only would this deny any benefit to employees, it would position the employer itself in potential noncompliance with a presidential executive order.

Employers must proceed with caution and carefully evaluate options concerning any payroll tax holiday implemented via executive order. Each of the various options comes with its own risk and potential consequences. The only option that comes with no potential adverse consequences requires an employer to assume that Congress will enact future legislation. Keep in mind although an employer could be in non-compliance with the executive order; there is no guarantee that the employees will be absolved of their payroll taxes and may be liable at a future date.

journalofaccountancy.com 06/24/2020

Rollover relief for required minimum distributions

journalofaccountancy.com The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

06/09/2020
sba.gov 05/16/2020

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application | The U.S. Small Business Administration | SBA.gov

sba.gov Washington—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

04/30/2020

Divine Wine Tours of Virginia

Time to start thinking about MOM!! We have a one stop shop for you. Partnering with Sunset Hills Vineyards, 50 West, Makeup by Melissa Franklin, Alice's Table NoVa In Full Bloom, and The Conche to deliver an awesome package that mom will LOVE. Support small. Support local. Support Mama.

There are no delivery restrictions within Northern Virginia for this particular package! Order yours here:

https://www.sunsethillsvineyard.com/product/DiVine-Wine-Mother-s-Day-Delivery

04/21/2020

Aiken & Company, PC, CPAs

politico.com 04/21/2020

The IRS is drowning in unopened tax refund requests amid pandemic

Taxpayer refunds will take weeks more than usual to process this year.

politico.com While some IRS employees are telecommuting, it’s not enough to fill the breach.

04/12/2020

For those who celebrate, we wish you and your family a happy Easter!

[04/09/20]   A lot of people have asked about the new due dates for 2019 IRA, HSA, and employer plan contributions. The new due date for contributions has moved from 4/15 to 7/15.

wsj.com 04/05/2020

Millions Are Suddenly Working From Home. Can They Claim a Tax Break?

Under IRC Sec. 139, "Disaster Relief Payments", a company can reimburse their employees for working at home, the employee does not report income, and the employer receives a deduction without paying F**A/Medicare on amounts paid to employees. In other words, the payments are not treated as wages, but rather, reimbursements. There is a great article in this weekend's edition of the Wall Street Journal, Section B5, "Millions are Suddenly Working From Home - Can They Claim a Tax Break?"

wsj.com Americans who are forced to work remotely due to the new coronavirus can’t deduct the expenses of a new computer or an ergonomic chair. But their company can.

taxfoundation.org 04/03/2020

Understanding the Paycheck Protection Program in the CARES Act

Most banks go live today with online applications to qualify for SBA Paycheck Protection Program Relief! Many payroll companies, including ADP and Paychex, have created pre-formatted reports to supplement the application process. Keep in mind that the banks are absolutely flooded today, and they only had 4 days to put together a system that would allow small business taxpayers to apply for the funding, so wile the application process takes 1/2 hour or less, working with your banker could be a challenge!

taxfoundation.org Many small business owners are seeking guidance as they apply for loans backed by the Small Business Administration (SBA) to help maintain cash flow and retain workers even as more states announce new quarantine and shelter-in-place orders.

04/02/2020

Journal of Accountancy

The IRS issued a new form and draft instructions for employers to use to obtain advances of three tax credits that were enacted in response to the coronavirus pandemic: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit, all of which are offset against a business’s payroll taxes.

vcwnorthern.com 04/01/2020

SSG Announces New Rapid Response COVID-19 Business Support Grants to Help Employers during the COVID-19 Crisis

As our friend Sharon Nelson of Sensei Enterprises, Inc. pointed out, dont forget that Governer Northam also sugned the Workforce Innovation and Opportunity Act (WIOA) on March 17th, 2020 to allow companies to purchase supplies and equipment allowing employees to work from home. Check out the link below:

vcwnorthern.com Rapid Response Assistance To Support Impacted Northern Virginia Employers During The Covid-19 Outbreak On March 17, 2020, Virginia Governor Ralph Northam announced new measures to combat the Novel Coronavirus (COVID-19) outbreak, including the release of Workforce Innovation and Opportunity Act (WIO...

irs.gov 04/01/2020

FAQs: Employee Retention Credit under the CARES Act | Internal Revenue Service

CARES Act Summary

Our own Anthony Aiken summarized the CARE Act below in to 11 bullet points:

1) Early plan distributions are currently penalty free (no 10% excise tax) AND related tax is payable over a 3 year term.

2) Required Minimum Distributions are waived for tax year 2020

3) Charitable contributions up to $300 are a direct deduction from gross income - in other words "above the line", whether a taxpayer normally itemizes or not.

4) There is a business and personal Adjusted Gross Income allowance increase for charitable contributions , meaning the 50% AGI limitation is suspended for 2020 for individuals and corporations.

5) Up to $5,250 of employer paid student loan payments are not taxable to the student employee.

6) The SBA has announced the Paycheck Protection Program (PPP) (SEE other posts)

7) There is a refundable payroll tax credit through the Internal Revenue Service for employers to incentive continued employment for "qualified wages" (see link below for more information)

8) The IRS has allowed for deferred F**A payments to 2022.

9) Net Operating Losses (NOLs) carrybacks for 5 years are back for tax years 2018-2020 and NOT subject to normal income limitations.

10) There is an increase in the allowable amount of deductible interest from 30% to 50% of Adjusted Gross Income (AGI) for 2019 and 2020.

11) The qualified improvement property depreciation drafting error has been corrected and retroactive to tax year 2018.

irs.gov The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit)...

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