Business Advisory | Albin, Randall and Bennett

SBA Continues to Rollout the Second Round of the PPP

      Starting today, Friday, January 15th, the SBA is accepting applications for the second round of Paycheck Protection Program (PPP) funding from smaller financial institutions. On Tuesday, January 19th, they will begin accepting applications from all financial institutions. To apply for the second draw PPP (PPP2), you must meet the following criteria:  


COVIDTRA for Businesses & Nonprofits: A Closer Look at Certain COVID-19-Related Tax Relief

On December 27th, President Trump signed the COVID-Related Tax Relief Act (COVIDTRA), a $908 billion relief package, into law. Among other provisions, the legislation includes a number of notable tax provisions and extenders for businesses and nonprofit organizations.  PPP Provisions One of the biggest wins in this round of legislation affects PPP loan recipients, both


Form 1099-NEC & the IRS’s New Nonemployee Compensation Reporting Requirements

Beginning with 2020 information reporting, the IRS is reintroducing Form 1099-NEC, a form that was previously used until the early 80’s for reporting nonemployee compensation. The IRS hopes the form will help avoid fraudulent reporting, deadline confusion, and filing errors. In addition to new filing requirements, Form 1099-NEC has resulted in a redesigned Form 1099-MISC.