Aiken Warner Leonard PLLC, CPAs

Aiken Warner Leonard PLLC, CPAs

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✨Big News!✨ You voted The Aviary Girls to the Top 5 for Best of Loudoun in Art Instruction! 🥂🎉❤️
Keep reading for the story behind the balloons. 🤣
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So, here we go again....The final round of voting starts TODAY! If you love crafting with us, we would be so grateful for your vote.
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https://www.loudountimes.com/best/#/gallery/322856772
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And, as promised, the background on the balloons. 🎈Last year, after winning Best of Loudoun 🎉, we hosted a Client Appreciation Happy Hour to thank you (some of you remember the one) at WineStyles South Riding🥂 with Aiken Warner Leonard PLLC, CPAs I ordered these balloons, which I thought were champagne and Aviary blue as party decor from delivery from Party City. Well, they got delivered to the wrong address. They ended up on someone’s doorstep. The person was kind enough to post about the missing balloons in a neighborhood community group, mostly because she thought they might be for a gender reveal or baby announcement. The comments were great, everyone had a theory about the balloons. 🕵️I started to get texts from party guests and friends letting me know the whereabouts of my balloon order (they’d heard me lament about the missing balloons quite a bit during the Happy Hour). So, at 10 pm I collected them. I posted this pic in the community group to let everyone know the exciting conclusion to the balloon saga. 🤣🤗
A heartfelt thank you to the sponsors of 's Run 2021! Without your generous support, this event would not be possible.

Beyond Wellness
Anthem Healthkeepers Plus
Aiken & Company, PC, CPAs
Happy Sunday! I wanted to share some love for and a belated Congratulations to two small business owners who won Best of Loudoun! Congratulations Aviary Girls and Aiken & Company, PC, CPAs ! I was so happy to capture your celebration!
✨THANK YOU✨ 🥂🥰🎉
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We are so honored & excited & touched by this award. The very first award this little business has ever won and it means the world to us because it’s from you. 🏆💕 Thank you to for running this thing. 🙌🏽
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Thank you for supporting us in this & in everything. YOU guys are the best. Seriously. We hope you know that we ❤️you so much.
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So .....when’s the party?! 😂 We’re partnering with the Best Accountant in Loudoun Aiken & Company, PC, CPAs 🙌🏽 & some of our other favorite, local small businesses to host the celebration on July 19. Cheers!
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*toneverything @ Loudoun County, Virginia
We would like to give a HUGE thank you to Joe Aiken and Aiken & Company, PC, CPAs for supporting the One Walk as a Gold Level sponsor. We have a very special video from Eli & Eva Aiken from Team Eli Rock the Diabetes Squad!

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 Warner Leonard, 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 Warner Leonard is determined never to lose that perso

08/08/2022

We are proud supporters of the Loudoun and Fauquier County(s) based Cherry Blossom Breast Cancer Foundation, a local organization set up with the goal of detection, treatment, education , and elimination of breast cancer.

Please consider donating at :

https://cherryblossombreastcancerfoundation.org/get-involved/donate/

08/07/2022

Loving our promotional lemon shortbread cookies made by Kelly Kyriacou at Busy Bee Bakery of Fauquier County!

07/26/2022

Military Benefits Subtraction beginning as of January 1, 2022 expected to be signed by the Governor

Introduced by Delegate John, J. McGuire, III (R) - House District 56, HB 1128 & SB 528 as a compromise bill passed and swill likely be signed by the governor Glenn Youngkin. The Bills establish an income tax subtraction for up to $20,000 of military benefits in taxable year 2022, up to $30,000 in taxable year 2023, and up to $40,000 in taxable year 2024 and each year thereafter. The bill defines military benefits to include military retirement income and benefits paid to the surviving spouse of a veteran. The bill contains an emergency clause.

07/13/2022

SDAT Raises Business Personal Property Exemption From $2,500 TO $20,000

BALTIMORE, MD – The Maryland State Department of Assessments and Taxation (SDAT) today announced that HB268, which raises the exemption from personal property assessment for all Maryland businesses from $2,500 to $20,000, has taken effect. This legislation will save 14,217 businesses from paying taxes on $44.2 million in assessment, and is an extension of HB90, which SDAT sponsored in 2018 and exempted 28,493 businesses from $10.8 million in assessment.

“Thanks to these legislative efforts, 42,000 of Maryland’s smallest businesses will not have to pay taxes on $55 million in assessment,” said SDAT Director Michael Higgs. “The department remains committed to playing a role in reducing taxes, supporting businesses and changing Maryland for the better.”

HB268 took effect on June 1, 2022, and is effective for tax years starting after June 30, 2022, and includes annual filings submitted as early as January 2022. SDAT will automatically adjust assessments of filings that were submitted between January 1, 2022, and June 30, 2022 so that reported business personal property less than $20,000 is not assessed.

Late filing penalties previously billed on 2022 business personal property returns reporting less than $20,000 have been abated and filers who have already paid a late filing penalty billed on a return filing reporting less than $20,000 are being mailed a refund check for the penalty paid.

Beginning in 2023, filers with a total original cost of personal property less than $20,000 will also be able to self-attest on their Annual Report that their personal property falls within the exemption range and will no longer be required to submit a return detailing their personal property.

Estates can now request late portability election relief for 5 years 07/12/2022

Estates can now request late portability election relief for 5 years

Estates can now request late portability election relief for 5 years The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

02/21/2022

We are proud sponsors of the incredible work Sprout Therapeutic Riding and Education Center does for the community. The program helps individuals with special needs have hope, heal, recover, and become empowered through a partnership with horses. The team of trainers, employees, and volunteers work miracles out of their Loudoun based barn!

02/04/2022

Big news on the Virginia Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) front!

01/13/2022

We are excited to announce that Naomi A. Warner and John S. Leonard have joined Joe Aiken as partners of Aiken & Company, PC. To celebrate the addition of Naomi and John and to reflect the growth in the practice we are renaming the firm Aiken Warner Leonard PLLC. Our primary goal remains to continue to provide the same level of professional care to our valuable clients. Your continued trust in our firm is our greatest compliment and the reason that we can celebrate 36 years of success!

We are also pleased to announce that after more than 50 years in public accounting, our founding partner Tony Aiken has decided to fully retire and spend his time doing what he loves most – woodworking, reading, fly fishing, drinking fine wine, volunteering in the community, and spending time with his grandchildren. We hope to carry on Tony’s commitment of excellence to the profession, to the clients, and to the community, and are thankful for his wisdom and guidance that shaped our personal and professional lives.

Please note that all previously executed engagement agreements with Aiken & Company, PC will remain in effect, and our address, phone and fax numbers are not changing. Email addresses will be updated with the upcoming launch of AWL CPAs new website, but no worries, emails to the current domain will be forwarded.

It is always a pleasure serving you, our valued clients, and we look forward to 2022 and beyond!

Best,

Joe, Naomi, & John

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.

11/16/2021

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.

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.

Check out Aiken & Company, PC, CPAs. 01/08/2021

Check out Aiken & Company, PC, CPAs.

Check out Aiken & Company, PC, CPAs. 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.

Template for requesting penalty abatement available from AICPA 10/27/2020

Template for requesting penalty abatement available from AICPA

Template for requesting penalty abatement available from AICPA 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.

IRS puts cryptocurrency front and center of 2020 tax return - Decrypt 08/23/2020

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

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

Telephone

Address


3975 University Dr, Ste 200
Fairfax, VA
22030

Opening Hours

Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm
Friday 8:30am - 5:30pm

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