COVID-19 has permanently changed the U.S. economy. People have been forced to learn to live differently out of necessity. “We’re recovering, but to a different economy,” was recently expressed by U.S. Federal Reserve Chairman Jerome Powell. So, what has changed?
A large portion of college students have decided to take a break until this pandemic is under control. Accounting students should train to work as tax preparers to get hands-on experience.
There is a new IRS form meant for business taxpayers to utilize when they pay or receive nonemployee compensation. The 1099-NEC is being reinstated for tax year 2020 and beyond. The “NEC,” stands for Non Employee Compensation.
The tax preparation industry has an enormous amount of their number retiring in the coming years creating immense opportunities.