PPP And 1099 Updates That Could Affect Your 2020 Taxes

The Oil & Gas Accounting Podcast

In today’s episode, Tom and Phil are talking about some changes that were included in the new stimulus bill that was just released by Congress. Companies can now apply for a second round of the Payment Protection Loan but there are some new requirements. They also discuss some changes that were made to the 1099 form and how that may affect filing and reporting your 2020 taxes.

Highlights:

1:38 Changes in 1099 filing and reporting in 2020

2:57 The new 1099 form

3:33 Tom and Phil reminisce on the year 1982

7:36 New guidance from Congress on the Paycheck Protection Loan

8:24 Changes in eligibility for the PPP loan

9:57 New maximum loan amount

11:04 Simplified loan forgiveness

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About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

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