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 Feb. 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with forms for tax year 2020. Payers must complete Form 1099-NEC to report any payment of $600 or more to a recipient. February 1 is also the deadline for furnishing Form 1099-MISC to report certain other payments to recipients. There’s no automatic 30-day extension to file 1099-NEC but an extension may be available under certain hardship conditions. Contact us for help.
Key Financial Ratios for Manufacturing Companies
A manufacturing company requires efficient use of inventory, equipment, and personnel to develop its products. A company uses the following financial ratios to evaluate its business. These ratios can also be used to gauge the appropriateness of operations and to determine how well the manufacturing process is going. These financial ratios are equally useful to […]
Care for Your Employees
Cultivating a strong brand results from investing in the customer experience while concentrating on employee needs. Here’s how you can enrich the lives of your employees and their families to build a promising future. Concentrate on culture The difference between a good company and a great one is culture. This is a fact. According to […]
Five ways to jumpstart operations in the next normal.
In the wake of radical and rapid disruptions from Covid-19, organizations have a window of opportunity to rewrite and transform their entire operations strategies The coronavirus pandemic has challenged supply and demand norms across sectors, and the speed of disruption exposed points of weakness and fragility in global supply chains and service networks. Yet at […]
Ways to Prevent Staff Discipline and Termination in Self-Storage and What to Do When You Can’t
Staff discipline can be unpleasant but necessary. Handled correctly, it’s an opportunity for team improvement. Learn ways to prevent the need for corrective action in your self-storage operation and how to proceed when it becomes inevitable. The most unfortunate part of being a self-storage supervisor is having to occasionally discipline or even terminate employees. The […]
Top 5 Midwestern Markets for Multifamily Development
Construction projects in five metros account for more than 60 percent of the region’s units underway, according to Yardi Matrix data. As the COVID-19 pandemic presents larger challenges for all real estate asset types, development in the Midwest’s multifamily sector continues to move forward. Although fewer new projects are breaking ground and construction timelines are being […]
Americans on the Move: How We Relocated in 2020
Each year, United Van Lines surveys its customers on how its trucks and vans are used for relocation. In 2020, trends regarding Americans on the move mirrored recent years with a clear uptick in relocation from city life associated with COVID-19. The company’s 44th Annual National Migration Study, reveals in 2020 that Americans continued to move […]
What type of real-estate investment is right for you?
5 strategies to consider Investing in real estate could be a smart financial decision with proper planning and budgeting. Real estate tends to appreciate in value over time, can act as a hedge against stock market volatility, offers great tax advantages and can provide a stable monthly income. All things considered, buying property represents one […]
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration 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. The CARES Act, which passed in March of 2020, didn’t address whether expenses paid with the proceeds of PPP loans could be deducted on tax returns. The IRS took the position that these expenses weren’t deductible. However, the new Consolidated Appropriations Act allows expenses paid from the proceeds of PPP loans to be deducted. Contact us with questions or if you need help with the PPP loan application or forgiveness process.
One reason to file your 2020 tax return early
The IRS is opening the 2020 individual income tax return filing season on Feb. 12. (This is later than in the past because of a law that was recently enacted.) Even if you usually don’t file until closer to the April 15 deadline (or you file an extension), consider filing early. It can potentially protect you from tax identity theft. In these scams, a thief uses another person’s personal information to file a fraudulent return early in the filing season and claim a bogus refund. Another benefit of early filing is that if you’re getting a refund, you’ll get it faster. And if you were eligible for an Economic Impact Payment last year and didn’t receive it, you can claim it on your 2020 return.
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