Did you know that there have been changes to the 1099 Forms starting in 2020? Fortunately, these are changes that shouldn’t be difficult to deal with.
Starting for the 2020 filing year, the IRS has introduced the 1099-NEC Form, which is to be used to report Non-Employee compensation, previously recorded on line 7 of the 1099-MISC Form. Currently, the definition of non-employee compensation refers to payments to individuals not on payroll, but rather on a contract basis to complete a project or assignment.
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Employment Tax,
1099-Misc,
1099,
Taxes,
1099-NEC,
IRS Form,
2020 IRS Form 1099
This has been a rough year for many businesses in a broad range of industries - perhaps including your company. As the New Year beckons, you might want to reward employees who rose to 2020's considerable challenges and outperformed. One approach is to reward loyal workers with year-end bonuses.
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employee benefit program,
year-end bonuses,
employee incentives,
reward employees,
bonuses,
morale-building
For a robust bottom line, teach all staff members in your company how and why customers make purchases. The better your employees work with customers, the brighter your profit picture will likely be. This article shows you four key areas to include in a training program. Part of this process means having veteran sales people work with newcomers to help them learn.
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staff training,
cross training,
sales,
sales support,
training,
productivity,
sales opportunities
With all of the changes in tax laws, and with more to come, do you know if you are taking advantage of all possible savings?
Whether you do your own taxes or have had the same accountant for the past 10, 20 or 30 years, it can be beneficial to have someone else take a look at your tax situation and make sure that you are not losing out on deductions that are allowed to you.
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Tags:
Tax,
tax savings,
business tax,
business tax savings
The U.S. Small Business Administration (SBA) has released a new, simpler loan forgiveness application for the Paycheck Protection Program (PPP) loans of $50,000 or less. The new form streamlines the PPP forgiveness process by providing financial and administrative relief to America's smaller businesses.
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Tax,
coronavirus
Presented by Rex Ours, CPA and David Knecht, CPA, CVA, MAcc
You have your PPP loan, the clock has started, now what? The next step is to spend it during your eight week window in a way that maximizes loan forgiveness. How do you do that? Watch and see below.
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Tax,
coronavirus
The Boston Consulting Group (BCG) has recently made available their Rapid Response Checklist to help navigate through this Coronavirus crisis. This checklist provides numerous timely suggestions for dealing effectively with this crisis. BCG lists out a number of suggestions and issues to consider. Reviewing this checklist might help to be sure you have not overlooked critical components needed to successfully traverse this rocky terrain which will likely continue for a while.
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MKW News,
Accounting,
Updates,
Forecasting,
coronavirus,
financial crisis
Managing cash flow is one of the biggest challenges involved in running a small business. Thankfully, there are a few secrets you can use to keep the dollars flowing.
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Tax,
Accounting,
cloud accounting
Budgeting and forecasting are necessary evils to keep a company on track to meet their short-and long-term goals. Unfortunately, the process can be time-consuming and complicated. As CEO, you will want to make this yearly task move as quickly and painlessly as possible.
These six tips will act as a better way forward when completing your budget and forecast for the coming year.
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Tags:
Tax,
Accounting,
budgeting,
Forecasting
The cooler weather is hinting that the holidays are right around the corner, which means that the end of the year is upon us. Now is the right time to plan your year-end tax strategy in order to maximize your savings before December 31st!
Below are a variety of tax-saving strategies individuals and/or business owners should consider implementing:
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Tax,
Accounting
