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...]
Why You Should Not Neglect Tax Planning This Year (Especially if You’re a PPP Recipient)
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...]
4 Financial Lessons Learned from COVID for Your Audiology Practice
By Jeremy Kiecker, CPA The saying “hindsight is 20/20” has never rang truer than in 2020. It’s safe to say no one planned for a global pandemic. But now that we’ve been hit with one, we’ve seen firsthand how it’s impacted businesses across a number of industries, including those within the audiology industry. Because PWB specializes in serving the audiology industry, we’ve had a front-row seat to the struggles audiology practice … [Read more...]
Your Next Steps in the PPP Loan Forgiveness Process
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...]
Answers To Your Payroll Tax Deferral Questions
By Christina J. Herzog, CPA In August, the President of the United States released a memorandum implementing a payroll tax deferral that is effective for payroll paid during the period September 1, 2020 through December 31, 2020. There were a lot of questions and confusion about this program when the memo was issued, and recently the IRS issued Notice 2020-65 (the Notice) providing additional guidance. The following questions and answers … [Read more...]
