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Get Em" Done Tax Preparations provides you with respectable and certified accounting services that you demand. The services we offer meet a wide range of both corporate and personal needs. After working with us, you’ll be able to leave your accounting worries behind and get back to focusing on the things that matter most in your life.

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KEY TAX LAW CHANGES FOR TAX YEAR 2020

February 2, 2023

This past year has been a busy one on the tax legislation front with the following tax bills passed by Congress: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act; Setting Every Community Up for Retirement Enhancement (SECURE) Act; and the Taxpayer Certainty and Disaster Tax Relief Act of 2019.

The below gives a review of the higher impact tax law changes and tax form changes, and what they mean for the tax year 2020 filing season to ensure accurate preparation of tax returns.

Taxpayers also received a $500 EIP for each qualifying child, and the IRS issued Notice 1444 within 15 days after the EIP was sent out, showing how the payment was made. The payment is not includible in gross income, and will not reduce a refund or increase the amount owed.

Taxpayers who didn’t get some or all of the EIP they were entitled to will be able to claim the difference as a Recovery Rebate Credit on their 2020 tax return. According to the IRS, there is no provision in the law that would require individuals who qualify for a Payment based on their 2018 or 2019 tax returns, to pay back all or part of the payment, if based on the information reported on their 2020 tax returns, they no longer qualify for that amount or would qualify for a lesser amount.

PAYCHECK PROTECTION PROGRAM LOANS

February 2, 2023

The Paycheck Protection Program (PPP) provides low-interest loans to eligible small business owners and other eligible businesses (including nonprofits) to cover payroll and other expenses (mortgage interest, rent, and utilities) for a 24-week period. The Small Business Administration may forgive these loans, in whole or in part, if PPP funds are spent on eligible expenses during the Loan Forgiveness Covered Period. Lenders are responsible for determining loan forgiveness eligibility.

For tax purposes, loan forgiveness amounts are excluded from gross income, but forgiven expenses are not deductible (IRS Notice 2020-32). Lenders are not supposed to file and report forgiven amounts on Form 1099-C, Cancellation of Debt (Announcement 2020-12).

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FORMS 1099-MISC AND 1099-NEC

February 2, 2023

To reduce confusion around filing deadlines, Form 1099-MISC (Miscellaneous Income) has been redesigned, and Form 1099-NEC for reporting nonemployee compensation has been reintroduced in tax year 2020. Prior to the change, non-employee compensation on Form 1099-MISC, box 7, needed to be filed with the IRS by Jan. 31, and all other payments on Form 1099-MISC needed to be filed with the IRS by Feb. 28 for paper filers (March 31 for electronic filers).

Beginning in tax year 2020, Form 1099-NEC (Nonemployee Compensation) must be filed with the IRS by Feb. 1, and Form 1099-MISC must be filed with the IRS by March 1 if filing on paper (March 31 if filing electronically). Both Forms 1099-MISC & 1099-NEC must be furnished to the recipient by Feb. 1. Payments of more than $600 in nonemployee compensation, including independent contractors, attorneys, and golden parachute payments, will be reported on Form 1099-NEC, box 1.

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