Form 1099 reporting requirements for tax year 2020
The holidays have passed, year-end work is in full swing, and 1099 reporting deadlines for 2020 are right around the corner.
Accounting
6 key provisions for Finance in new COVID relief package
The new COVID relief package has arrived, and employers have a lot to sort through. The $900 billion Consolidated Appropriations Act, 2021 makes changes that will help businesses and individuals. And both will require your company’s involvement. To ensure your company and your employees take full advantage of everything in the 5,593-page new law, CFO […]
IRS increasing focus on Form 1042-S compliance
How confident are you that your finance staff is accurately and timely filing Forms 1042-S? IRS has its eye on those information returns.
IRS announces the 2021 standard mileage rate
For most, this new year represents a clean slate, a time to reflect and refocus. For CFOs, it also brings the 2021 standard mileage rate.
2021’s legal and banking holidays, courtesy of IRS
A big part of year-end prep includes getting ready for the next year, which means figuring out where legal and banking holidays fall in 2021.
Keys for filing the new 1099-NEC this year-end
After months of hype and talk about the new 1099-NEC, it’s almost time for your A/P team to file these forms.
IRS announces 2021 first quarter interest rates in Revenue Ruling 2020-28
Let your finance team members know: They won’t have any new interest rates to contend with as we start the new year. IRS will hold the 2021 first quarter interest rates steady. That’s according to IRS Revenue Ruling 2020-28. The rates apply to your company’s federal tax payments from January through March. As a reminder, […]
IRS offers critical guidance on deducting PPP loan expenses
If your company “reasonably” expects to receive forgiveness for your Paycheck Protection Program (PPP) loan in that taxable year, you cannot deduct your PPP expenses. So says just-released IRS Revenue Ruling 2020-27. Companies have long had questions about timing of deductions when it comes to PPP loans. The new guidance should put them to rest. […]
Recent ruling clarifies unclaimed property audit boundaries
How far can states go when requesting and assessing your company’s finance records in an unclaimed property audit?
