Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.

Second Round of PPP Loans

The SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers.

New 1099-NEC Nonemployee Compensation

Starting tax year 2020, any business that pays at least $600 for services performed by a person who is not their employee is required to file the new Form 1099-NEC. Previously, nonemployee compensation was reported in Box 7 on Form 1099-MISC.

Correct COVID-19 Related Employment Tax Credits

The revised Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, allows employers to correct COVID-19 related employment tax credits and other tax relief related to COVID-19.

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