One of the changes businesses will see during the upcoming tax season is a redesign of the 1099 series of information reporting forms. This year, taxpayers must use a new Form 1099-NEC (Nonemployee Compensation) to report payments to nonemployees such as independent contractors, freelancers, and other service providers, rather than reporting them on Form 1099-MISC as they did in years past.
Given the recent challenges and changes brought by COVID-19, many companies have faced varying forms of economic disruption. As a result, the COVID-19 pandemic will require many common assets to be tested for impairment. Companies should consider the following relating to potential impairments:
(Kirkland, WA) This week Sweeney Conrad, PS, has announced their fall promotions. This year 20 employees have been promoted:
Target date funds (TDFs) have become an increasingly popular investment choice for many retirement plan participants. According to a recent estimate by Bloomberg Law, participants currently hold about $1.4 trillion in TDFs.
Topics: Audit & Assurance
How long must plan sponsors maintain records? The easy answer is: “For a long time.” The more nuanced answer is: “It depends.”
Although ERISA does not specify a penalty for failing to properly maintain records, the same civil and criminal penalties apply as with knowingly violating any other ERISA provision.
In the report below, we lay out the tax policies of both of the major presidential candidates. This report was intended to be factual*, nonpartisan, and unbiased. As both candidates’ campaigns evolve, proposed policies may change from what is documented below.
As companies take a hard look at their expenses, one area to examine is the accounting function. Many companies benefit from outsourcing their accounting, which can be a cost-effective way to get required expertise and flexibility without hiring a full- or part-time employee.
As the sponsor of a qualified retirement plan, you’re subject to certain fiduciary responsibilities. These include administration functions like maintaining the plan’s financial records and filing an annual report for the plan.
Topics: Audit & Assurance
Sweeney Conrad Principal, Bea Nahon, was recently honored by the Washington Society of CPAs with the 2020 CEO Award for Leadership and Dedication to the WSCPA and the accounting profession in Washington State. This prestigious award recognizes an individual (or organization) who has made a significant contribution to the success of the profession.
As post-COVID recovery efforts gain momentum, many businesses are taking a fresh look at some federal stimulus and tax relief programs they had not previously considered. One such program, the employee retention credit contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, could be especially useful in helping companies bring back furloughed or laid-off employees.