Noman Fayyaz
New Form 1099-NEC
Form 1099-NEC is a new form for tax year 2020 for nonemployee compensation of $600 or more to a payee. This form should be filed with the...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
2020 Redesigned Form 1099-MISC
The IRS revised Form 1099-MISC for the 2020 tax year to accommodate the creation of a new Form 1099-NEC. The redesigned 1099-MISC has...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients
The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income PDF, and...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
Recovery Rebate Credit and other benefits
In 2020, the IRS issued two Economic Impact Payments as part of the economic stimulus efforts. The first payments were up to $1,200...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
Employers can withhold, make payments of deferred Social Security taxes from 2020
The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
2021 Tips for taxpayers to make filing easier-Recovery Rebate Credit
File electronically and use direct deposit for the quickest refunds. Check IRS.gov for the latest tax information, including the latest...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
2021 Filing season opening-2021 efile start date
The filing season open follows IRS work to update its programming and test its systems to factor in the second Economic Impact Payments...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
2021 Key filing season dates
There are several important dates taxpayers should keep in mind for this year's filing season: January 15. IRS Free File opens. Taxpayers...
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Noman Fayyaz
- Oct 28, 2021
- 2 min
Business Tax Provisions: 2020 Info
Standard Mileage Rates The standard mileage rate in 2020 is 57.5 cents per business mile driven. Health Care Tax Credit for Small...
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Noman Fayyaz
- Oct 28, 2021
- 1 min
Individuals - Education Expense
Coverdell Education Savings Account You can contribute up to $2,000 a year to Coverdell savings accounts in 2020. These accounts can be...
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Noman Fayyaz
- Oct 28, 2021
- 2 min
Individuals - Tax Credits 2020
Adoption Credit In 2020 a nonrefundable (i.e., only those with tax liability will benefit) credit of up to $14,300 is available for...
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Noman Fayyaz
- Oct 28, 2021
- 2 min
Individual Taxpayers: 2020 Key Info.
Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for...
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