Patriot Software Blog

Patriot Software Blog

Small Business Relief During Coronavirus Pandemic

graphic of coronavirus crashing down on business, but business is hooked up to IV bag symbolizing financial relief

Updates for Businesses & Employees

The information in this article is current as of March 27, 2020, 4:54 p.m. EST; items in bold were added at this time. As new details about the pandemic and coronavirus-related legislation emerges, this article will be updated. Bookmark this page for updates!

Our entire nation has been impacted by the coronavirus. Due to the quick spread of the virus, the economy has taken a hit. Business operations nationwide, particularly in small businesses, have been disrupted. Increased isolation means consumers aren’t buying and employees aren’t coming into work. To combat the effects of the virus, the government is working to pass legislation that would provide businesses and workers with financial relief.  Continue reading “Small Business Relief During Coronavirus Pandemic”

Closing a Business Checklist: 8 Steps for a Smooth Transition

The time may come when you want to shut down your business to retire, open a new venture, or start a new career path. Regardless of your reason, the process for closing a business is different than selling it. Although it can be overwhelming, you can de-stress with our closing a business checklist. Continue reading “Closing a Business Checklist: 8 Steps for a Smooth Transition”

What Is My State Unemployment Tax Rate?

Running payroll means staying on top of your employment tax responsibilities. In addition to withholding income and payroll taxes from employee wages, you must contribute employer taxes. Unlike some other taxes, state unemployment taxes do not have a standard rate. Read on to answer, What is my state unemployment tax rate? Continue reading “What Is My State Unemployment Tax Rate?”

Count the Ways an Electronic Funds Transfer Process Can Benefit Your Business

As a business owner, you’re likely always on the hunt for ways to save time and money. Maybe you use basic accounting software to track incoming and outgoing money. Or, maybe you automate your email marketing with a tool that sends emails to your customers or vendors for you.

If you love saving time and money, an electronic funds transfer process (EFT) may be a good fit for you. Read on to learn how EFTs can benefit your small business.

Continue reading “Count the Ways an Electronic Funds Transfer Process Can Benefit Your Business”

Make Way for the Revived Form 1099-NEC in 2020

form 1099-nec

After a 38-year absence, Form 1099-NEC is making its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.

So, move over, Form 1099-MISC. There’s a new sheriff in town and its name is Form 1099-NEC.

Continue reading “Make Way for the Revived Form 1099-NEC in 2020”

Calling All Corporations! What Is Form 1120?

what is form 1120

As a business owner, you have so many responsibilities, yet so little time. You need to handle your business’s books, manage day-to-day business operations, and keep your business on track for success. In addition to your countless other tasks, you need to file a small business tax return.

If you’re a corporation (or file as a corporation), you need to file Form 1120 for your tax return. Read on to learn what is Form 1120 and whether your business needs to file one.

Continue reading “Calling All Corporations! What Is Form 1120?”