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What You Should Know About the New Form 1099-NEC for Tax Year 2020

December 28, 2020 By PWB CPAs

Form 1099-NEC

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...]

Filed Under: Alan Shaw, Business Tax, Tax Planning and Preparation

Congress Passes Pandemic Stimulus Package

December 22, 2020 By PWB CPAs

pandemic stimulus package

The United States Senate and House have reached an agreement on a $908 billion pandemic economic stimulus package. Also included in the agreement is a $1.4 trillion budget to fund the federal government through September 2021, and several tax extenders scheduled to expire at the end of 2020. … [Read more...]

Filed Under: Business Advisory Consulting, Business Tax, COVID-19 Updates, Tax Law

Why You Should Not Neglect Tax Planning This Year (Especially if You’re a PPP Recipient)

December 3, 2020 By PWB CPAs

tax planning

Has your tax situation changed over the last year? Perhaps you experienced a dramatic increase or decrease in business income, you were not able to make your quarterly estimated tax payments as planned, you received unemployment benefits for the first time, or you accepted a Paycheck Protection Program (PPP) loan. If so, it’s more important than ever to consider tax planning. … [Read more...]

Filed Under: Business Tax, COVID-19 Updates, Tax Planning and Preparation

Your Next Steps in the PPP Loan Forgiveness Process

October 28, 2020 By PWB CPAs

PPP forgiveness

The Small Business Administration (SBA) began accepting PPP loan forgiveness applications in August and began approving them in early October. As you navigate the next steps in the forgiveness process, here are a few things to consider. New $50,000 forgiveness limit Recently, SBA and U. S. Treasury announced a simplified forgiveness process for recipients of Paycheck Protection Program (PPP) loans of $50,000 or less. Included with the … [Read more...]

Filed Under: Business Tax, COVID-19 Updates, Tax Planning and Preparation

Helpful Links To COVID-19 Resources

August 27, 2020 By PWB CPAs

PPP loan forgiveness

PWB is providing helpful links to COVID-19 resources for individuals and businesses. We will update it regularly. As always, we're in this together. … [Read more...]

Filed Under: Business Advisory Consulting, Business Tax, COVID-19 Updates, Human Resources

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Recent Blog Posts

  • SBA Opening Second Round of PPP Loans This Week January 12, 2021
  • What You Should Know About the New Form 1099-NEC for Tax Year 2020 December 28, 2020
  • 2020 Was Complicated. Don’t Let Your Payroll Be, Too! December 23, 2020
  • Congress Passes Pandemic Stimulus Package December 22, 2020

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