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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...

How to Apply for Paycheck Protection Program Loan Forgiveness

The Greater Yakima Chamber of Commerce and the Yakima County Development Association are partnering with Alegria & Company presenting a Free Zoom webinar on Tuesday, May 26th @ 9:00am.   Travis Lorton and Brian Newhouse of Alegria & Company Certified Public Accountants will walk step-by-step through the Small Business Administrations’ application for PPP loan forgiveness. The U.S....

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