Blog | TJS Deemer Dana

Businesses: Get ready for the new Form 1099-NEC

Date29 Jul 2020

There’s a new IRS form for business taxpayers that pay or receive non-employee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Non-employee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report...

Reopening concepts: What business owners should consider

Date24 Jul 2020

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing...

After you file your tax return: 3 issues to consider

Date13 Jul 2020

After you file your tax return: 3 issues to consider The tax filing deadline for 2019 tax returns has been extended until July 15 this year (in just 2 days), due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still...

6 key IT questions to ask in the new normal

Date08 Jul 2020

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d...

What qualifies as a “coronavirus-related distribution” from a retirement plan?

Date29 Jun 2020

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money...

Businesses revise sales compensation models during pandemic

Date15 Jun 2020

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses...

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