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2020 has been an unprecedented year in so many ways, and taxes are no exception.  To assist your business, we want to make sure you aware of payroll compliance items that may need your attention before the end of the year:

  • There is a new 1099-NEC form that businesses are required to use to report Non-Employee Compensation.

  • There have been COVID-19 related tax relief processes put in place that could possibly bring tax credits to your business.

  • Business owners may be required to take a salary, pay payroll taxes, and receive a Form W-2.

  • Health insurance benefits may need to be included in Form W-2.

  • Group term life insurance benefits may need to be included in Form W-2.

  • Retirement Plan Contributions may need to be included in Form W-2.

  • Personal use of business vehicles may need to be included in Form W-2.

  • Other insurances, benefits, and even gifts may need to be included in Form W-2.

  • Section 125-plans should be reviewed for further savings and compliance.  

  • Your business should have vendor Form W-9 on file for Form 1099 compliance reporting.

  • Your business should retain all proper identification, opt-in, and opt-out Forms for all employees.

The items above can carry significant penalties for non-compliance, so we want to help. 

If any of these items apply to you or if you have any questions, please contact your Payroll Specialist at Biel Fisette Iacono, LLP.

Patty Lotz

T (972) 633-2622 ext. 113
Direct (469)638-4228
F (214)380-9364
plotz@cpa-solution.com