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New IRS Forms Deadline Approaching
New IRS Form 1099-NEC & Revised 1099-MISC Deadlines Approaching For several years, the IRS has been working to require Form 1099-NEC to be issued by businesses making certain payments. In conjunction with that, due dates for this and other 1099 forms have been in flux. These changes are now effective for the 2020 tax year. Businesses that historically prepared only a 1099-MISC to independent contractors (and certain others), now need to decide if they need to use the new IRS Form 1099-NEC and/or the newly
Consolidated Appropriations Act (CAA) Effect on PPP and EIDL
The Consolidated Appropriations Act (“CAA”) signed into law on December 27, 2020, included several business relief provisions and had a notable effect on PPP and EIDL funding. The CAA includes a variety of tax provisions, extensions and modifications to both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), which are administered by the Small Business Administration (SBA). While more guidance is needed from the Treasury and IRS, which could alter current interpretations of the
Updates On Payroll Tax Exempt Rules
In response to Congress’ delay in providing additional relief in the wake of COVID-19’s economic impacts, on August 8, 2020, President Trump issued an executive order to the Department of Treasury to allow deferral of employee Social Security (SS) taxes. The Secretary of the Treasury is authorized under Section 7508A of the Internal Revenue Code to defer certain payroll tax obligations. No matter the size of a business, each employee’s compensation is subject to various withholdings, including SS, which is
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