IRS Launches New Form Replacing 1099-MISC for Contractors

WageFiling, LLC recently announced a change to the way non-employee compensation is reported. Up until now, businesses have used Form 1099-MISC to report calendar-year payments that have exceeded $600 to non-employees who performed business services. This includes independent contractors, freelancers, and consultants. The new Form 1099-NEC will be used to report payments made to non-employees who…

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BGBC Welcomes New Hire

The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the addition of Skyler Rodts to their professional team. Skyler joins as a Staff Accountant in the Emerging Business Solutions department. Skyler is currently a student at Indiana University – Purdue University Indianapolis where he is studying accounting. Prior to BGBC, Skyler…

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Coping with the Restrictive Insurance Market

For the first time in decades, skyrocketing insurance costs threaten the ability of businesses to follow through on their growth and expansion plans—and sometimes even to meet their basic obligations. Even before the global pandemic, businesses were facing steep increases in premiums coupled with dramatic reductions in coverage. This situation was only worsened by the…

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Optimizing Operations: Uncover Tax Relief Opportunities

Although companies that have managed to survive up to this point will have overcome immediate safety and cashflow problems, they still face an uncertain future. No one can predict how long the downturn will last, whether the world will revert into crisis mode or whether the path towards long-term recovery has begun. Despite the persistent…

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How to Plan for Succession: Preserving, Protecting, and Passing on Wealth

Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members,…

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Small Business Restart Fund

The Small Business Restart Fund, which was approved by Governor Holcomb in May, makes federal funding received through the CARES Act available to small businesses to help accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to COVID-19. Eligible Indiana small businesses can seek reimbursement for qualified business…

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SBA and Treasury Release New PPP Waiver

On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less. The agencies published a new interim final rule offering guidance for recipients of PPP loans equal to or less than $50,000 (“eligible…

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BGBC Welcomes New Hires

The Indianapolis-based CPA and advisory firm BGBC Partners, LLP is pleased to announce the addition of Marissa Chabes and Mark Umstead to their professional team. Marissa Chabes joins the team as a Staff Accountant. She is recent graduate of IUPUI, where she studied accounting and completed multiple internships in tax and international tax. Originally from…

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