Nonprofits

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PPP Loans Under $50,000

On October 8, 2020 the SBA and Treasury Department released updated rules and a new forgiveness application Form SBA 3508S…

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COVID-19 & Retirement Plans

Under the CARES Act and related Notice 2020-50 issued by the IRS, retirement plan participants affected by COVID-19 can take…

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Revised Form 941 – Employers Third & Fourth Quarter 2020 Payroll Taxes

The IRS has released a draft version of the revised Form 941 (https://www.irs.gov/pub/irs-dft/f941–dft.pdf) to be used by employers for third…

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Monitor Overtime Pay for Your Remote Workers: DOL Guidance

Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work…

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Additional Guidance on Deferral of Employee Social Security Taxes Released

On August 28th, the IRS released guidance on the President’s Executive Memorandum regarding the deferral of employees’ social security payroll…

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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….