Last used in 1982, and to alleviate confusion caused by the PATH Act, the IRS has reinstated Form 1099-NEC which will be used to report Nonemployee Compensation (NEC) for tax year 2020. The new 1099-NEC is used to report any payment of $600 or more to payees which was previously reported in Box 7 on Form 1099-MISC. While the 1099-NEC remains largely unchanged, the new form 1099-NEC will only be used for reporting NEC.Read POST
There are three components to becoming a CPA: education, examination, and experience. For most candidates, examination is the most intimidating part. The Uniform CPA Exam – standardized nationally – is comprised of four sections: Auditing and Attestation (AUD) Business Environment and Concepts (BEC) Financial Accounting and Reporting (FAR) Regulation (REG) Each exam is made up of multiple-choice questions and task-based simulations “SIMS”. BEC includes a written communication portion as well.Read POST
With real estate costs across Idaho continuing to rise, the prospect of home ownership for many first-time homebuyers may seem more financially daunting than ever for some Gem State taxpayers. Thankfully, beginning in 2020, a new law has passed in an attempt to aid first-time homebuyers in the state of Idaho through potential tax benefits. Idaho Code section 63-3022V: Deduction For First-Time Home Buyers, allows individuals who open a First-Time Home Buyer Savings Account deductions on their Idaho return equal to their contributions into the account (maximum $15,000 a year for single filers, $30,000 for married couples), with a lifetime deduction limit of up to $100,000.Read POST
On March 18th, with Americans experiencing the economic impact of the COVID-19 virus, President Trump signed into law the Families First Coronavirus Response Act in an effort to ease the financial strain being dealt to working people across the country. Two key provisions of the bill (HR 6201) are: 1) the Emergency Family and Medical Leave Expansion Act (EFMLEA) which amends the Family and Medical Leave Act (FMLA) to allow paid leave for employees whose child care has been disrupted due to COVID-19, and 2) the Emergency Paid Sick Leave Act (EPSLA) which increases the number of employees with access to paid medical sick leave.Read POST
In an effort to help ease the burden of student loan debt across the country, the SECURE Act, which was passed last December, has increased the scope of 529 educational savings plans to allow for distributions to help pay for qualified student loan debt. Prior to the passage of the SECURE Act, 529 plans in the state of Idaho could be used for many educational expenses, including K-12 and college tuition payments, but student loan debt was conspicuously excluded as a qualifying expense.Read POST
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