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2020 Tax Update for Businesses

FEB. 01, 2021

This article will get you up to speed on the latest developments related to S corporation, partnership and C Corporation returns for 2020.

    1. New 1099-NEC form

    2. Reporting Partners' Capital Accounts on tax basis starting 2020.

    3. Small Business Taxpayers may use Cash Method and Inventory Simplified rules (proposed regs).

    4. Accounting Method Change

    5. Start-up Cost

    6. Meals and Entertainment

    7. Employee Retention Credit

    8. Employer Payroll Tax Deferral (6.2%)
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