Dear Clients and Friends, President Biden has signed into law the new economic relief package. This $1.9 trillion American Rescue Plan (ARP) provides a wide-array of tax-related benefits for individuals. Here is a look at the final version of the key tax provisions: Recovery rebates (Cash “stimulus payments”) The new maximum payment is $1,400 per …
If you’ve paid independent contractors in 2020, you’ll need to complete the new form 1099-NEC instead of a 1099-MISC. Businesses need to use this form if they made compensation payments totaling $600 or more to a nonemployee (independent contractor) during 2020. Form 1099-NEC’s are due to the nonemployee and IRS by Jan 31 (just like …
IRS FORM 1099-NEC – NEW FORM!! – FILING DEADLINE JAN 31 (January 8, 2021) Read More »
June 25, 2021 Re: Important changes to the child tax credit; please contact me with questions. If you are not affected, please feel free to past this along to your friends and family who are! Dear Valued Clients and Friends, Recently, there were changes made to the child tax credit that will benefit many taxpayers. …
