Newsletters
Virus Relief Includes Tax Breaks and PPP Expense deduction
Posted December 2020
The relief bill that passed the House and Senate on Monday, December 21 includes help for small businesses, the jobless, and direct payments to most Americans. It also provides funding for vaccine distribution, food assistance, tax breaks, and money for education and child care.
Tax Filing Reminders – December 2020
December 31st
February 1st
March 1st
PPP LOANS TOTALING $2 MILLION OR MORE REQUIRE ADDITIONAL DISCLOSURE
Posted December 2020
The SBA has recently proposed guidance for entities receiving Paycheck Protection Program (PPP) loans equaling $2 million or more.
GET READY FOR THE NEW FORM 1099-NEC
Posted December 2020
There is a new IRS form for business taxpayers that pays or receives nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.