By Alan Shaw, EA As if this year didn’t give business owners enough surprises, in September the IRS rolled out one more: Form 1099-NEC. This new form changes the way organizations will report income and expenses for tax year 2020. Here’s what you should know about it. Use Form 1099-NEC instead of Form 1099-MISC to report payments to independent contractors and vendors. The IRS requires all businesses to report payments made in the course … [Read more...]
Could the Employee Retention Credit Benefit Your Business?
By Alan Shaw, EA Over the past couple months, we’ve heard much about the business relief provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). One such provision, however, has largely escaped the limelight: the employee retention credit. … [Read more...]
