Individuals and small businesses that work as contractors should take notice of recent changes to Form 1099-K, which will sizably increase reporting on self-employment income to the IRS, beginning in 2022. READ MORE

Earlier this year, in an effort to revitalize the restaurant industry, which was deeply-impacted by COVID-19, the Congress passed a law temporarily increasing the amount deductible for business expenses incurred at restaurants. READ MORE

A small, powerful provision was tucked into the CARES Act and extended until January 1, 2026 in December of last year. ‘Educational assistance,’ an established and authorized benefit, was expanded to include employee student loan repayment. READ MORE

Applications for a second draw of the PPP loan are now broadly-available, but the eligibility criteria is more strict. Who can apply? Generally, the second draw is available to small businesses with less than 300 employees that experienced a 25% reduction in gross receipts in a comparable quarter (2020 versus 2019). In addition, the small business must have received and used (or will use) the initial PPP loan for authorized uses. READ MORE

IRS form 1099-NEC, which stands for non-employee compensation, is the form to use this year for reporting payments of $600 or more to independent contractors. However, 1099-MISC, the form previously used to report contractor payments, still exists to report other kinds of payments, such as rents, prizes, awards, and other income. READ MORE

The IRS, acting pursuant to a Presidential Memorandum dated August 8, 2020, issued guidance last Friday on implementation of the deferral of employee Social Security taxes. The deferral period will be September 1-December 31, 2020. READ MORE