Meals Will Now Be 100% Deductible In 2021 And 2022

On December 27, 2020, the President signed into law The Consolidated Appropriations Act, 2021, which is made up of the omnibus spending bill for the 2021 federal fiscal year and also $900 billion of stimulus relief for the COVID-19 pandemic in the United States.  According to Section 210 of the stimulus relief package, there will be a “temporary allowance of full deduction for business meals.”

Continue Reading

 

Tips to Help People Stay Safe Online

The IRS has issued Tax Tip 2020-163, which provides guidance and suggestions on how to best ensure taxpayers’ security and to keep people safe online.  As the world becomes increasingly digital and we spend more time online, while navigating new technologies, everyone should be mindful of security risks, tax scams, consumer alerts, and fraudsters.

Continue Reading

 

1099-NEC Replaces 1099-MISC for Payments to Independent Contractors, Vendors

For our clients who in previous years issued a 1099-MISC (reported in box 7) to independent contractors, vendors, freelancers & consultants, beginning Tax Reporting Year 2020, you must issue and file a Form 1099-NEC (nonemployee compensation) to these recipients instead. The other traditional uses for a Form 1099-MISC (i.e. rents, gross proceeds paid to an attorney, other income payments) remain in effect and Form 1099-MISC will continue to be used for these purposes. 

Continue Reading

 

Maryland Dept. of Labor New IT System - BEACON 2.0 Launch

As of September 21, 2020, Maryland Division of Unemployment Insurance ("DUI") will be launching a new and modernized IT system. The existing system will shut down on September 16, 2020 at 5pm. Employers and third party payroll agents that process quarterly reports and maintain the current unemployment insurance account can now activate the account in the BEACON 2.0 system.

Continue Reading

 

The New Charitable Deduction for Nonitemizers

Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act intended to provide some relief for charitable organizations, who are seeing a decline in contributions due to the recent economic turmoil. The CARES Act permits eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions as an "above-the-line" deduction, i.e., as an adjustment in determining adjusted gross income (AGI), for tax years beginning in 2020.

Continue Reading

 

Pages

The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

Certifications / Associations