Category: Accounting

SBA reopens EIDL program to small businesses and nonprofits

  Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able…
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Answers to questions about Economic Impact Payments

IRS Economic Impact

  Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to…
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4 new law changes that may affect your retirement plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…
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Small businesses: Get ready for 1099-MISC reporting

Small businesses get ready 1099-MISC reporting

  A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay non-employee compensation, as well as file copies with the IRS. This task can be time consuming…
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Many businesses have received “no-match” letters from Social Security Administration

Many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose is to alert employers of a discrepancy between the agency’s files and data reported on W-2 forms. Specifically, they point out that an employee’s name and Social Security number (SSN) don’t match the government’s records. According to the…
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