Recent News & Blog / Business Tax
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile.
The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021.
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences.
Important Reporting Reminders When Preparing 2020 Forms W-2
By Peter O. McDonald, CPA, Member of the Firm
Bonuses Under FLSA and Calculation of Overtime
By Laura L. Stover, SHRM-SCP, SPHR, HR Manager Terri R. Enfusse, Payroll Supervisor
New for 2020: Tax Form 1099-NEC
January 7, 2021 By: Kevin B. Stouffer, CPA - Member of the Firm Mandy L. Walls - Senior Associate
New law doubles business meal deductions and makes favorable PPP loan changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses.
The right entity choice: Should you convert from a C to an S corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another.