If you usually give your subcontractors a 1099 at the end of the year reporting the amount of money you paid them, you should be aware the tax form has changed for 2020.  You will now issue them Form 1099-NEC. 

Original Article Source Credits:   The Balance , https://www.thebalance.com/

Article Written By:  Beverly Bird

Original Article Posted on:  September 17, 2020

Link to Original Article:  https://www.thebalance.com/tax-preparation-fees-deduction-3192843

Original Article Source Credits:  CPA Practice Advisor , https://www.cpapracticeadvisor.com/

Article Written By:  NA

Original Article Posted on:  Sep 16th, 2020

Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21154482/the-tax-blotter-sept-2020

Residents of the United States are ranked as among the most generous in the world according to some surveys.  However, many charitable organizations are now experiencing a decline in donations given as we find ourselves dealing with a public health crisis.

Accounting is the systematic recording of financial transactions to track income, expenses, ensure statutory compliance, and offer management, investors, and the government quantitative financial information. These monetary details are also used to make critical business decisions, evaluate performance, and create budgets and future projections.

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Kelly Phillips Erb

Original Article Posted on:  Aug 20, 2020

Link to Original Article:  https://www.forbes.com/sites/kellyphillipserb/2020/08/20/irs-releases-draft-form-1040-heres-whats-new-for-2020/#5ee05a193356

Original Article Source Credits:   Journal of Accountancy , https://www.journalofaccountancy.com/

Article Written By:  Ken Tysiac

Original Article Posted on:  October 9, 2020

Link to Original Article:  https://www.journalofaccountancy.com/news/2020/oct/ppp-forgiveness-simplified-for-loans-50000-less.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=09Oct2020&utm_content=button

Accurately filing annual returns on time is essential to comply with the tax authorities. On many occasions, you will also be able to claim rebates, so it’s critical to stay on top of your books. However, if it’s your first time filing taxes, you may have tons of questions about the process but may find it tricky to get all the answers that you’re seeking.

On August 28, 2020 the Treasury Department and the Internal Revenue Service released guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on August 8th. 

Whether you’re a business, corporation, or individual (above the age of eighteen), paying taxes to the government is mandatory. To ensure your tax filing process is efficient, you must practice sound bookkeeping. However, if you lack expertise in bookkeeping and tax filing, it’s essential to enlist a professional to handle these processes.

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