January flurries are coming—and not just the white, fluffy kind that descend from winter skies. For business owners, the new year also brings a whirlwind of paperwork as they prepare for 1099 filing. Get ready for 1099s with these tips and changes.
This year has been a topsy-turvy one with an unending barrage of change. But taxes are a sure thing—even this year. Because of COVID-19 relief measures, there are many opportunities available to taxpayers, as well as some variables that could significantly change a person’s typical tax scenario. Know your options and be prepared with these tax updates for 2020.
With the economy destabilized by the Covid-19 pandemic, the U.S. government has spent trillions of dollars attempting to reduce the impact on American workers, families, and small businesses. Many Americans have received a stimulus check from the federal government, and many are hoping for another one this fall.
- Have not received an economic impact payment? Expecting a check in the mail? Check the status of your payment with this IRS web app: "Get My Payment"
- PA unemployment claims reach 1.67 million, state encourages online filing.
- Paycheck Protection Program has been refunded with an additional funding package
Your Guide to Compliance and Benefits
Your business or farm may be impacted by new tax laws passed by Pennsylvania and other states.
To make it quick and easy for you to learn about these changes, we’ve outlined the essential information here in this newsletter. You should be familiar with these new laws to make sure your operation is maintaining compliance with state law and taking advantage of any tax benefits available to you. If you have questions about your tax situation, please contact your tax advisor.