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PPP forgiveness simplified for loans of $50,000 or less

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000...

WA State Employers who pay Unemployment Taxes

A recent notice to Washington State Employers who pay unemployment taxes indicates you might be eligible for a benefit charge offset.   You can apply to offset part of your benefit charges, which might reduce your 2021 tax rate. A state law that passed in March provides $25 million to a newly created COVID-19 Unemployment Account....

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? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600...

IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs...

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