PPP LOAN
The Paycheck Protection Program
PPP provides small business funds to pay up to 8 weeks' cost of payroll, benefits, mortgage interest, and utilities.
Retirement Plan Changes
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10% Penalty waived for related distributions
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Increase Loan amount to $100,000
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No required minimum distribution (RMD)
NEW FORM 941
Now employers can defer social security taxes. It is available for social security on wages paid from March 27 to December 31. Half of the amount due to this concept is due on December 31, 2021, and the other half is due on December 31, 2022.
VIRTUAL CURRENCY
The IRS states Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns.
Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.
NEW W-4 FORM
The biggest change: no more allowances
This new form asks for filing status, income projections, and tax credit such tax credits for dependents.
This new version must be filled out for new employees who started in January 2020.
