On December 15, 2020, Congress introduced two bipartisan COVID-19 relief bills, the COVID-19 Emergency Relief Act of 2020 ($748 billion) and the State and Local Support and Small Business Protection Act of 2020 ($160 billion), that contain payroll-related provisions. Congress included additional benefits to small businesses compared to the first
There are many ways to evaluate how to spend your income earned: a portion on fixed expenses, another percentage on discretionary expenses, and the balance to future savings. But what happens when you have more than one savings goal? How should the total amount saved be allocated among goals? This
Gifts-in-Kind and the Importance of Donor Acknowledgement of these gifts for Taxes Purposes Happy Holidays from the Barnes Dennig family to yours. As we are quickly approaching the end of 2020, it’s a good time to evaluate recent standards updates and implementation plans. While a lot of focus has been
The Paycheck Protection Program (PPP), unveiled this spring by the Treasury and Small Business Administration (SBA) as a result of the CARES Act, came as major relief to businesses and business owners reeling from the effects of the COVID-19 virus, and assisted them in keeping their workforce employed. However, several
The Form 1099-MISC has been used in the past to report nonemployee compensation and other miscellaneous payments to recipients and the IRS. According to the IRS website, payers should file for each person to whom you have paid during the year: At least $10 in royalties or broker payments
Many companies have had to make very difficult employment decisions during 2020. Those that were fortunate enough to receive a Paycheck Protection Program (PPP) loan may have been able to defer employment reductions in the short term. Unfortunately, for many businesses, the COVID-19 environment has lasted longer than the PPP