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.
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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.
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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.
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