The world of accounting is never boring, and 2021 is already proving this to be true. Here are several updates and deadline extensions for individuals and businesses to consider. IRS extends April 15 deadline to May 17 The IRS has extended the April 15 deadline to Monday, May 17. This extension does not apply to estimated tax payments for businesses or individuals, corporate income tax payments and return filings, and trust income tax … [Read more...]
PPP, ERC & SVO: To Apply or Not to Apply? That is the Question!
By Michael Blazei, CPA As the impacts of the COVID pandemic continue to affect businesses, Congress and the Small Business Administration (SBA) have teamed up to provide another round of loan and credit options. The challenge for business owners lies in determining which options to explore. Some are exclusive. Some work in tandem. And in some cases, the rules are still being defined. Following is a quick recap on programs currently … [Read more...]
SBA Opening Second Round of PPP Loans This Week
Updated guidance on the Paycheck Protection Program (PPP) was released by the Small Business Administration (SBA) this week, with details on the “first draw” program and the recently enacted “second draw” program. PPP loan program first draw applications will reopen the week of January 11 for new PPP borrowers. Second draw PPP loan applications also will be available the week of January 11, 2021. Second draw loans are limited to $2,000,000 … [Read more...]
What You Should Know About the New Form 1099-NEC for Tax Year 2020
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...]
2020 Was Complicated. Don’t Let Your Payroll Be, Too!
By Jeremy Kiecker, CPA Does thinking about doing payroll make you want to cringe? If so, you’re not alone. Many business owners find payroll to be a struggle. But failing to give it the attention it requires, particularly when it comes to the myriad of payroll tax rules and filing obligations, can put your business in a precarious situation. This is where a third-party payroll provider can help. … [Read more...]
