1099-Misc and 1099-NEC Reporting Rules in a Nutshell

Note: Beginning with the 2020 tax year, Form 1099-NEC ("nonemployee compensation") has replaced Form 1099-Misc for payments to subcontractors. Form 1099-Misc remains in use for payments to attorneys and landlords. Businesses that have a Form 1099-Misc or 1099-NEC reporting requirement must issue the forms to recipients by January 31. Here is a brief summary [...]

1099-Misc and 1099-NEC Reporting Rules in a Nutshell2021-01-20T14:46:07+00:00

All About the Expanded Employee Retention Tax Credit

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. One of the bill's key provisions is an expansion of the employee retention credit (ERC), [...]

All About the Expanded Employee Retention Tax Credit2020-12-22T13:20:39+00:00

COVID Relief Bill Extends and Expands PPP Loans

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business expenses paid [...]

COVID Relief Bill Extends and Expands PPP Loans2020-12-22T13:08:00+00:00
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