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Client Alerts
11.10.20
Move Over 1099-Misc, The IRS Has Released a New 1099-Nec Form for 2020
The IRS has released a new form for the tax year 2020 – Form 1099-NEC – which you will need to become familiar with. This Client Alert will provide you with some general guidelines and resources to help you determine which form you need to file. It will also address questions that we often receive from clients.
10.09.20
Paycheck Protection Program Revised Forgiveness Application for Small Loans
On October 8, 2020, the Small Business Administration (SBA) provided a simplified PPP loan forgiveness application, Form 3508S, for borrowers with loans of $50,000 or less and new guidance concerning these small loans along with form instructions.
09.29.20
Compare and Contrast: How do the Republican and Democratic Tax Plans Differ?
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals.
09.02.20
Providing Employees With Tax-Free COVID-19 Assistance: What Employers Need to Know
Are your employees struggling with unexpected medical, work-from-home, childcare or other expenses as a result of the COVID-19 pandemic? If so, a little-known tax law allows you to make tax-free payments to employees to help them cover these expenses.
09.01.20
Pitfalls of Executive Payroll Tax Deferral
The IRS issued guidance (Notice 2020-65) implementing President Trump’s executive action to defer the employee portion of the Social Security payroll tax. The guidance is brief, leaving employers with questions about whether, and how, to implement the deferral.
08.12.20
What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?
On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they will still have to be paid at a later date.
06.24.20
Paycheck Protection Program New Guidance Clarifies When to Apply for Forgiveness and Owner-Employee Limits
Borrowers that received PPP funds prior to June 5, 2020 have the option to use either a 24-week forgiveness period or an 8-week forgiveness period. On June 22, 2020, the SBA issued updated guidance that provides an additional option allowing a borrower to apply for forgiveness before the 24-week period ends.
06.19.20
Paycheck Protection Program Revised Forgiveness Applications
On June 17, 2020, the Small Business Administration (SBA) issued updated guidance to reflect the Payroll Protection Flexibility Act. The SBA also provided a revised PPP loan forgiveness application, Form 3508 and instructions, along with a simplified Form 3508 EZ and instructions for qualified borrowers.
06.08.20
Message from Managing Director Mark Thomson
Over the past two weeks, I have watched the many peaceful protests across the City of Chicago, our local communities and across the nation. People of all backgrounds are speaking out against the continuing injustice against people of color, specifically Black people.
06.04.20
Paycheck Protection Program Flexibility Act of 2020
On the evening of June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. President Trump is expected to sign it into law soon. As its name implies, the Act provides PPP loan recipients with significantly more flexibility to use the funds and receive forgiveness.