Changes are in store this tax season for the more than 70 percent of filers in 2019 who reported information in Box 7 of Form 1099 MISC. Beginning for the tax year 2020 there is a new Form 1099 NEC to report nonemployee compensation. In the past, payments of at least $600 to…
Author: Lois Vankat, CPA
Employee Retention Credit – An Alternative to the Paycheck Protection Program Loan
The Employee Retention Credit is an alternative to the Paycheck Protection Program Loan. The CARES Act includes a payroll tax credit called the Employee Retention Credit. Employers who did not obtain a PPP loan can take advantage of this credit. The following Shannon Alert provides details on the credit. What is it? Which employers Qualify? How does this credit work with other available relief? And more.
Charitable Giving Strategies in light of Tax Reform
Charitable donations are still deductible in 2019, however fewer Individual taxpayers will itemize in 2019 due to the increase in the standard deduction. The standard deduction for married couples…
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