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CHANGES TO FORM 1099 – FORM 1099-NEC

Posted in Small Business, Tax News on December 16, 2020

Beginning with the 2020 tax year, the IRS will require business taxpayers to report amounts paid as nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC as was required in previous years. Generally, businesses will need to…

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LIMITED CHARITABLE DEDUCTIONS ALLOWED – MAKE DONATIONS BY DEC 31st

Posted in Tax News on December 7, 2020

  The CARES Act, which went into effect last spring, established a new “above-the –line” deduction for charitable giving.   The “line” is your adjusted gross income “AGI” which is your income after deductions, last year line 11b on your…

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Connecticut Enacts Paid Family & Medical Leave Law Effective January 1, 2021

Posted in Small Business, Tax News on December 3, 2020

On June 25, 2019, the State of Connecticut enacted the Paid Family and Medical Leave Authority, which created a comprehensive paid family and medical leave insurance program in Connecticut.   The paid leave benefit will be funded by a 0.5…

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15th Annual MACC FOOD DRIVE Proudly Completed

Posted in Events, Firm News on November 24, 2020

Local CPA firm Borgida & Company, P.C. holds its 15th Annual Food Drive to benefit MACC Charities & Food Pantry and raises $3,850.   The holidays may look different this year but Borgida & Company staff, clients, family & friends…

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NOW OPEN: New Grant Money for CT Small Businesses

Posted in Small Business, Tax News on November 13, 2020

As of Thursday, November 12th at 8:00pm, grant application NOW open.    CT GOVERNOR LAMONT CREATES NEW GRANT FOR CT BUSINESSES STILL AFFECTED BY COVID   Governor Ned Lamont today announced that he is creating the Connecticut CARES Small Business…

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