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2020 Individual Tax Filing and Payment Deadline has Been Extended
The Internal Revenue Service and the Treasury Department announced last week that due to ongoing financial hardships resulting from the pandemic, the federal 2020 individual tax filing and payment deadline has been extended to May 17, 2021. The previous deadline was...
How to Report Nonemployee Compensation for 2020
The IRS has released form 1099-NEC (Non-Employee Compensation) for reporting money a business pays to independent contractors. This new form will replace box 7 on the 1099-MISC form. Most businesses will have to file two separate forms, as employers will still need to...
What is the Employee Payroll Tax Deferral?
On Aug. 8, 2020, President Donald Trump ordered the U.S. Department of Treasury (the Department) to defer collecting certain payroll taxes from wages earned between Sept. 1 and Dec. 31, 2020. On Aug. 28, 2020, the Internal Revenue Service (IRS) issued Notice 2020-65...
