August 2020

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PPP Loan Forgiveness Expenses – Update on Owner Compensation and Related Party Expenses

On August 25th the Treasury Department issued additional guidance related to owner-employees and related party rents and mortgages. The Small…

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1099 Reporting Change for 2020

Beginning with reporting for the 2020 tax year, payments made for non-employee compensation will no longer be reported in box…

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Executive Order Delaying Payments of Employee Social Security Taxes

On August 8, 2020, President Donald Trump issued a presidential memorandum allowing employees to defer the social security portion of…

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Additional PPP Forgiveness Guidance Released

On August 11th the SBA released additional Frequently Asked Questions specifically related to the expenses eligible for PPP loan forgiveness. …

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New Regional Sales and Use Tax in Central Virginia Region

Effective Oct.1, 2020, a new 0.7% regional retail sales and use tax will be levied in localities in Central Virginia….

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Employees Working at Home? Rethink Your Space Needs

For some employees, working from home is a personally liberating experience that contributes to greater productivity. For others, not so…

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Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs….

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Monitor These 3 Things as Your Nonprofit’s Priorities Change

Several months into the COVID-19 crisis, most not-for-profit organizations have formulated at least a temporary plan for sustaining operations. But…

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ERISA Notices During the COVID-19 Crisis

Here’s a question about the timing of ERISA Group Health Plan communication during the pandemic. Q: We understand that the…

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401(k) Plan Amendments Due to COVID-19

Here’s a question from a company about waiving the required minimum distribution (RMD) requirement for their 401(k) plan participants. Q….