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5 Retirement Plan Changes in 2020
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law in December 2019 and outlined several changes to how retirement plans are required to operate. This article will discuss some of the significant provisions of this legislation.
IRS Formally Clarifies PPP Expense Position
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
Section 179: Minnesota Passes Conformity for 2020
Minnesota passed a bipartisan tax and bonding bill recently that included full conformity for all Section 179 expensing for tax years beginning in 2020. Additionally, the bill included retroactive Section 179 conformity to 2018 for assets acquired in a like-kind exchange.
Transportation Industry: Minnesota Conformity With Federal Tax Bills
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), also known as tax reform. This legislation made some of the most significant changes to the federal tax code since 1986.
IRS Resurrects Form 1099-NEC
The filing of 2020 1099 forms will be a bit different compared to years prior. The 1099-MISC Form has historically been used to report payments, including nonemployee compensation, rents, and other income, to the IRS.
Q & A Regarding recent business tax changes
On November 5, 2020 we held a free live webinar discussing the Q & A’s regarding recent business tax changes. You can click to video below to watch the webinar replay or use the button below to download the presentation slides.