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

Small business owners are tasked with myriad responsibilities during the normal course of their operations. One of the most important—and stressful—of these tasks is tax preparation. Filing taxes distracts you from your other responsibilities, and the tax code is very difficult to decipher. READ MORE

From securing new clients, to managing employee productivity, many tasks are involved with running a small business. That is why you should leave payroll services, and related tax accounting work, to professionals like JHunter. By outsourcing this job function, you will free time to devote to other aspects of daily operations. Based in Cincinnati, Jarad Hunter provides Ohio business owners with strategic financial counsel and solutions to help their companies flourish. READ MORE