New 1099 Forms for 2020

December 21, 2020

While the regulations are far more extensive than this quick summary, you are required to provide a “1099” to anyone who performs services for you that is paid more than $600 a year, people to whom you pay rent, doctors, lawyers, and more. All of this has been reported on a 1099-Misc for years. Beginning […]

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It’s Not Junk Mail!

May 26, 2020

Watch your mail closely. The IRS is now sending out checks in different envelopes and using cards instead of checks. Some people have just thrown them away thinking they’re junk mail. Don’t. It takes a lot of time and effort to get replacement checks or cards.

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1099-MISC Changes

May 16, 2020

There’s a big change in the 1099 requirements for subcontractors for 2020. Instead of using 1099-MISC, you’ll be using 1099-NEC. You’ll still use 1099-MISC to report all of the other kinds of income like rent, royalties, legal fees, etc. The due date for the 1099-NEC to be filed with the IRS is the end of […]

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PPP Loan Forgiveness Applications are out

May 16, 2020

Click here for the Paycheck Protection Program Loan Forgiveness Application. It’s possible that your lender will contact you or help you but it’s up to you to stay on top of it. The complete application for forgiveness including instructions is 11 pages.

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IRS Enforcement is Back

May 12, 2020

Tax seminar on IRS and resolving tax problems: The IRS has taken off the gloves and will be going after uncollected taxes in a big way. They historically attack small taxpayers who are easy to catch. Make sure you keep your documentation for EVERYTHING. Audits are done through correspondence – all automated – enforcement is […]

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CT DRS Issues

April 28, 2020

Keep an eye on CT DRS. I’ve seen a couple of really weird things happening – personal refunds hijacked to pay liabilities that never showed and do not exist for a company that’s been closed for two years and dates on forms online not resetting or presenting correctly. All tax agencies are absolutely overwhelmed and […]

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If You Need Something, Let Me Know

April 1, 2020

As you can imagine, this coronavirus pandemic is making a mess for small business clients and their employees. I am behind and will stay behind for a bit because of time spent on researching as the fine print on everything gets published, then working on actually getting money for people who are in tough straits […]

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HSA and IRA Funding Deadlines

March 28, 2020

Funding deadlines have been extended to match filing deadlines.

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IRS Filing and Payment Deadlines Questions and Answers

March 28, 2020

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

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CT Extends SOME Business Tax Return Filing Date

March 25, 2020

From the CT DOR Website: Effective Immediately DRS Extends Filing Deadline for Certain Annual State Business Tax Returns (Hartford, CT) – The Connecticut Department of Revenue Services (DRS) is using their statutory authority to grant an automatic extension of Connecticut filing deadlines for certain annual tax returns in order to support businesses during the COVID-19 […]

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