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. The PPP loan program first draws 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 … [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 the 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 … [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...]
Congress Passes 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...]
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...]
