Tax Law Changes

• Form 1099 - NEC - Non employee compensation will no longer be reported on Form 1099-MISC

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• Form 8915 - E - Used to report distributions and repayments to the CARES Act.

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• Form 5884 - A - Used to report refundable credit that employers may receive under CARES Act for retaining employees when their business were required to shut down due to COVID

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• Form 7202- Used to calculate the refundable credits for sick and family leave cause by the COVID-19 outbreak.

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• Reporting Cryptocurrency - The IRS has taken the position that virtual currency is considered investment property, and any transaction involving the sale or exchange of virtual currency must be accounted for on the tax return just as a taxpayer would account for the sale of any other investment. This will most likely involve a reportable transaction on Form 8949.