Blog

The Employee Retention Credit (ERC) became more relevant for many employers with the passage of recent tax laws.  The credit is now eligible for Paycheck Protection Program (PPP) borrowers and the credit extends through December 2021. The IRS recently issued guidance on the 2020 credit, such as eligibility requirements and...

The IRS has changed the 1099 reporting requirements related to nonemployee compensation.  Nonemployee compensation will now be reported on Form 1099-NEC rather than Form 1099-MISC.  As was the case under the old rules, only payments for services of $600 or more require a 1099-NEC. If the recipient is taxed as...

The employee retention credit (ERC) was created as part of the CARES Act from March 2020. The latest COVID relief law includes important changes to the ERC and extends the credit through 6/30/2021. Employers must still meet one of two tests in 2021 to qualify for the credit: Full or...

The COVID-related Tax Relief Act of 2020 was signed by President Trump as part of the Consolidated Appropriations Act.  A second round of stimulus checks was included in this new law. Taxpayers are eligible for a rebate payment up to $600 ($1,200 for joint filers) plus $600 for each qualifying...

A new COVID-19 relief package was passed by the House and Senate on 12/21/2020 and is awaiting the President’s signature.  It includes changes to the existing PPP program and approves a second round of the PPP funding. Original PPP Loan Changes The new law includes a long-awaited fix regarding the...