![](<img width="1920" height="1080" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Video-Cover-Form-1099-NEC-vs-1099-MISC-CT-4653-2.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Video-Cover-Form-1099-NEC-vs-1099-MISC-CT-4653-2.jpg 1920w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Video-Cover-Form-1099-NEC-vs-1099-MISC-CT-4653-2-1280x720.jpg 1280w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Video-Cover-Form-1099-NEC-vs-1099-MISC-CT-4653-2-980x551.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Video-Cover-Form-1099-NEC-vs-1099-MISC-CT-4653-2-480x270.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) and (max-width: 1280px) 1280px, (min-width: 1281px) 1920px, 100vw" />In 2020, the IRS introduced the Form 1099-NEC for reporting nonemployee compensation. Learn about the form 1099-NEC and how it differs from the form 1099-MISC.)
![](<img width="1200" height="677" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-US-Capitol-Building-2-657.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-US-Capitol-Building-2-657.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-US-Capitol-Building-2-657-980x553.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-US-Capitol-Building-2-657-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.)
![](<img width="1200" height="678" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-United-States-Federal-Reserve-building5-794.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-United-States-Federal-Reserve-building5-794.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-United-States-Federal-Reserve-building5-794-980x554.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-United-States-Federal-Reserve-building5-794-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.)
![](<img width="1200" height="678" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Silo-towers2-88.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Silo-towers2-88.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Silo-towers2-88-980x554.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Silo-towers2-88-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.)
![](<img width="1200" height="678" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Workers-and-boxes-839.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Workers-and-boxes-839.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Workers-and-boxes-839-980x554.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Workers-and-boxes-839-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.)
![](<img width="1200" height="677" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Bank-Exterior-with-Columns-839.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Bank-Exterior-with-Columns-839.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Bank-Exterior-with-Columns-839-980x553.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Bank-Exterior-with-Columns-839-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.)
![](<img width="1099" height="620" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-RSM-Image-sm-game-changing-updates-ppp-tax-video.png" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-RSM-Image-sm-game-changing-updates-ppp-tax-video.png 1099w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-RSM-Image-sm-game-changing-updates-ppp-tax-video-980x553.png 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-RSM-Image-sm-game-changing-updates-ppp-tax-video-480x271.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1099px, 100vw" />Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.)
![](<img width="1200" height="678" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Retail-bakery-and-worker-791.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Retail-bakery-and-worker-791.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Retail-bakery-and-worker-791-980x554.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Retail-bakery-and-worker-791-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.)
![](<img width="1200" height="677" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Customer-in-boutique-shop-151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Customer-in-boutique-shop-151.jpg 1200w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Customer-in-boutique-shop-151-980x553.jpg 980w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Customer-in-boutique-shop-151-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw" />SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.)
![](<img width="800" height="452" src="https://knowledge.lhd.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Tropical-Golf-Course-157.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" loading="lazy" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Tropical-Golf-Course-157.jpg 800w, https://3w3f721owsir3u87l91yiu87-wpengine.netdna-ssl.com/wp-content/uploads/2021/01/Lewis-Hooper-Feature-Image-Tropical-Golf-Course-157-480x271.jpg 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 800px, 100vw" />The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.)
Blog
LHD Client Portal
To our friends and valued clients, We are keeping a close eye on updates of the COVID-19 cases. We want to remind you of our online Client Portal. …
2021 Predictions in Agriculture
Like most industries, the agricultural industry has been shaped and formed in many different ways due to the pandemic. However, by staying on top of different trends such as how…
Tips for Administering CARES Act Funding for Governmental Organizations
The CARES Act made extra funds available to state and local governments. A recent article from Government Technology offers advice to finance directors for allocating the available funds in a…
OMB Releases Single Audit Guidance; GAQC Publishes Helpful Explainer
Late last month, the Office of Management and Budget (OMB) released new guidance regarding single audits in the form of a compliance addendum. A recent article from the Journal of…
Newsletter
Sign up for our Newsletter to get all of the latest updates delivered straight to your inbox!