In 2020, as part of the CARES Act, Congress changed the rules and added an up to $300.00 deduction for those taxpayers that don’t itemize but make charitable contributions. This is only applies to Charitable Contributions made in 2020 and only those contributions made in cash. Non-cash contributions won’t qualify for this deduction. This makes …
Starting for tax years 2020 the Internal Revenue Service is requiring anything that would have traditionally been reported on the 1099-MISC Box 7 “Non-Employee Compensation” to be reported on the brand new for 1099-NEC. Due Date: February 1st to both the IRS and the recipient The threshold for Non-employee compensation basically stayed the same at …
The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of a new simplified loan forgiveness Application, Form 3508S, for borrowers that received a PPP loan of $50,000 or less. The new form exempts borrowers from reductions in loan forgiveness amounts …
As of 6/3/2020 the House and Senate both passed changes to the PPP Forgiveness criteria. There are three major changes: Now instead of 8 weeks to spend the money on qualified expenses you have 24 weeks. The new law changed the percentage that needs to be used on Payroll to 60% down from 75%. Now …
In this unprecedented time we are living in and with the passage of the CARES Act that provided enhanced Pandemic Unemployment Assistance, we are seeing a massive uptick in the number of fraudulent unemployment claims. On 5/26/2020 The Oklahoma State Bureau of Investigation (OSBI) issued an advisory due to the amount of fraud in Oklahoma. …
Welcome to my new blog! Fun Fact, in addition to being an accounting nerd, I’m also a computer nerd. I can’t tell you how many times I have built the hello world program in various programming languages. If you don’t know what I’m talking about, then I’ll save you a google search and give you …
