Progress continues on PPP deductibility ‘fix’
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
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IRS creates new Form 1099-NEC for filing year 2020
The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.
IRS issues interim guidance on backlog of fuel credit claims
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
IRS issues guidance on 401(k) and 403(b) Plans
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
Payment and deduction of CARES Act employer Social Security deferral
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.