The new 1099-NEC form is for business taxpayers that pay or receive certain types of non-employee compensation. This form must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with … Continue reading “The New Form 1099-NEC & The Revised 1099-MISC Are Due To Recipients Soon”
Month: January 2021
Getting More For Your Marketing Dollars in 2021
A new year has arrived and, with it, a fresh 12 months of opportunities to communicate with customers and prospects. Like every year, 2021 brings distinctive marketing trends to the table. The COVID-19 pandemic and resulting economic challenges continue to drive the conversation in most industries. To get more for your 2021 marketing budget dollars, … Continue reading “Getting More For Your Marketing Dollars in 2021”
Blockchain Beckons Businesses … Still
The term and concept known as “blockchain” is hardly new. This technology surfaced more than a decade ago. Bitcoin, the relatively well-known form of cryptocurrency, has gotten much more attention than blockchain itself. Blockchain is the platform on which Bitcoin is exchanged. Third-party verification makes blockchain highly resistant to errors, tampering or fraud. Blockchain is … Continue reading “Blockchain Beckons Businesses … Still”
Can Your Business Benefit from the Enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the Credit The CARES Act, enacted in March of 2020, created the ERTC. The credit: … Continue reading “Can Your Business Benefit from the Enhanced Employee Retention Tax Credit?”
Need Another PPP Loan For Your Small Business? Here Are The New Rules
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP2). This is also known as … Continue reading “Need Another PPP Loan For Your Small Business? Here Are The New Rules”
PPP Loan Updates + New Law Doubling Business Meal Deductions
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business Meal Deduction Increased The new law … Continue reading “PPP Loan Updates + New Law Doubling Business Meal Deductions”
Ring in the New Year with a Renewed Focus on Profitability
Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12 months — particularly after the arduous, anxiety-inducing nature of 2020 — creates the perfect opportunity … Continue reading “Ring in the New Year with a Renewed Focus on Profitability”
The Right Entity Choice: Should You Convert From a C to an S Corporation?
The best choice of business entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. S corporations are know to provide provide substantial tax benefits over C corporations in some circumstances. However, there are potentially costly tax … Continue reading “The Right Entity Choice: Should You Convert From a C to an S Corporation?”