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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...
How Will the Coronavirus Relief Bill Affect Businesses?
House of Representatives Passes Coronavirus Relief Bill The U.S. House of Representatives overwhelmingly voted to pass a coronavirus relief bill – the Families First Coronavirus Response Act – in the early morning hours of Saturday, March 14, 2020. President...
