4 Questions Business Owners Should Consider for Their 2020 Taxes
If 2020 wasn’t challenging enough, this season’s tax-filing is even more complicated than usual. Here are 4 questions you should ask about 2020's taxes.
How Biden's American Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals to address the COVID-19 pandemic and economic crisis.
Updated Guidance on the Employee Payroll Tax Deferral
In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).
New Form 1099-NEC and Revised 1099-MISC Deadline Are Approaching
Payers must complete Form 1099-NEC to report any payment of $600 or more to a recipient. Use Form 1099-MISC to report certain other payments to recipients.
Didn’t Receive Your EIP? Claim It on Your 2020 Return
Congress called them recovery rebates. You may know them as the Economic Impact Payments (EIP).Didn't get yours? Claim it on your 2020 tax return.
PPP Loans Have Reopened: Let’s Review the Tax Consequences
The SBA announced that the PPP reopened the week of January 11. Are you wondering about the tax consequences of PPP loans received during the pandemic?
The Enhanced Employee Retention Tax Credit (ERTC)
COVID-19 has caused widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls may meet qualify for a refundable ERTC.