A second round of funding for Paycheck Protection Program loans is now available for small businesses. “Second-draw” loans are available for small businesses that meet certain requirements and have used or will use the full amount of their initial PPP loan. The second round of funding will also be available for businesses who did notContinue reading “Paycheck Protection Program Loans – Second Draw”
Starting for tax year 2020, amounts paid as non-employee compensation will now be reported on Form 1099-NEC. These payments had previously been reported on Form 1099-MISC. Additionally, there are new due dates for each type of Form 1099. Please reach out to us for more details about reporting requirements and upcoming deadlines.
As we approach the end of this crazy year it is more important than ever to consider some year-end tax planning strategies to better position yourself for the upcoming tax season. In addition to your normal year-end planning, it is important to also consider new legislation. The Coronavirus Aid, Relief and Economic Security (CARES) Act includesContinue reading “Year-End Tax Planning”