Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form?
Communicate with Customers: QuickBooks and Microsoft Word
The pandemic has forced businesses to find new ways to connect with customers. QuickBooks has built-in tools that can help.
6 key IT questions to ask in the new normal
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others.
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements.
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.
A win-win proposition: A CRT can benefit you and your favorite charity
Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your favorite charity — all in one fell swoop.
Assessing productivity as you cope with the pandemic
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed?
DOL Issues Bulletin on FFCRA Leave for Closure of Summer Camps and Programs
The Families First Coronavirus Response Act (FFCRA) requires covered employers to provide eligible employees with up to twelve weeks of childcare leave when the employee is unable to work or telework due to a need to care for a child whose school or place of care is closed due t
Avoid pitfalls when splitting gifts with your spouse
The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion to $30,000 per beneficiary if you elect to split the gifts with your spouse.