Supporting Our Neighbors
Serving our community is at the heart of everything we do.
About Sarah Scheffer
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Entries by Sarah Scheffer
Two LMR Employees Pass the CPA Exam & Earn CPA License
We are pleased to announce that Christine Chrysafidis, Robert Franger and Eddie Eseppi have earned their Certified Public Accountant designations.
Filing Form 1099-NEC Beginning in Tax Year 2020
The IRS has released Form 1099-NEC, a new informational form that beginning in tax year 2020 will change how entities report miscellaneous payments made to payees.
Unemployment Fraud in New Hampshire
The FBI has seen a spike in fraudulent unemployment insurance claim complaints related to the ongoing COVID-19 health crisis. While fraudulent claim schemes are occurring across the country, in New Hampshire, there has also been a surge in fraudulent claims with more than 6,000 of them being filed using stolen identities.
No 1099-Cs Issued for PPP Loan Forgiveness
The IRS recently notified lenders that they should not file “cancellation-of-debt” information returns or furnish payee statements to borrowers. Section 6050P of the Internal Revenue Code generally requires that a lender who forgives $600 or more of a borrower’s indebtedness to file “Form 1099-C, Cancellation of Debt.”
The Bottom Line – Fall 2020
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Promotion Announcement
We are pleased to announce the promotions of Kimberly McLaughlin to Supervisor, and Christine Chrysafidis and Joseph Payne both to Senior.
The Taxability of COVID-19 Financial Relief Funds
The rules have been set and the New Hampshire Department of Revenue Administration (NHDRA) is helping taxpayers understand the tax implications.
Massachusetts Imposing Income Tax On Remote Working Granite Staters
New Hampshire is demanding that Massachusetts cease collecting state income tax on Granite State residents who, since the pandemic, have been working remotely from their homes for Massachusetts companies. The State of New Hampshire does not impose a personal income tax on its citizens.
Amended Tax Returns Can Now Be Electronically Filed
Taxpayers can now submit amended tax returns (Form 1040-X) electronically.
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