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2020 Taxes, 1099s, & PPP Forgiveness

It’s compliance time and Stage 1 is here to help!

Don’t get caught out on 2020 taxes, PPP forgiveness and 1099s. Sign up today​!

2020 Corporate Taxes

Did you know Stage 1 Financial offers professional tax consulting, return preparation and filing services?

Watch our Coffee Break on how to manage your business’s taxes.

What does this mean for your company?

All Stage 1 clients will receive a FREE 15-minute consultation that will result in a personalized tax processing estimate.

Our Tax and Technical Accounting experts will review your accounting files prior to every consultation to ensure optimal results in both quoting hours and developing a customized strategy.

Consultations start Nov. 19th.

PPP Forgiveness Compliance​

Service Offers for 2020

Who needs to file for PPP Forgiveness?

All companies who received greater than $50k in PPP

Sign up for PPP Services

Flat Fee - $1,000/ per entity

Stage 1 will support PPP compliance by providing the following:

  • SBA/Bank Requirements:​ Completion of Form(s)​ & Submission of Form(s) to Bank​
  • Payroll Details:​ Download Activity and Perform Calculation to verify the 60% Payroll Requirement​ & Save Copies for Audit Purposes​
  • Utilities:​ Copies of Checks or Other Payment Source​ & Copy of Bank Statement with Payment Date/Amount​
  • Rent:​ Copies of Checks or Other Payment Source​ & Copy of Bank Statement with Payment Date/Amount​
  • Interest Payments:​ Copies of Checks or Other Payment Source​ & Copy of Bank Statement with Payment Date/Amount​
  • Submit any other miscellaneous back up the bank may require (Rent Agreement, Line of Credit Agreement, etc)​
  • Prep for Potential Audit/ Diligence*
*All the above info will be required in an instance where you would be audited.  Included would be all the backup Bank Statements, Check Copies, and Payroll Registers to submit to an auditor.

1099 Filing Services

Service Offers for 2020

Only current partners for whom Stage 1 processes Accounts Payable are eligible for 1099 services.

$75.00 base fee + $12.00 per 1099

  • Stage 1 will review all payees for 2020, create a list of vendors missing documentation and send an approval list to the client before processing.
  • 1099’s completed and mailed to vendors
  • File and resend 1099 correction requests

Sign up for 1099 Processing

Signup deadline: December 31, 2020 (offer has expired)

Federal Law states fines as: $50 per 1099, if you file within 30 days of due date; maximum penalty of $186,000. $100 per 1099, if you file more than 30 days after the due date but by August 1; maximum penalty of $532,000. $260 per 1099, if you file after August 1; maximum penalty of $1,064,000. Please note these fines are NOT being created by Stage 1, but by the Federal Government. Stage 1 is not responsible for any late filing fines due to client negligence in reporting vendors or unresponsiveness to time-sensitive questions not replied to by clients or their vendors.

Stage 1 recommends that you do your best to stay on top of tax prep all year round but let’s face it, you’re all busy growing companies! With realism in mind, we suggest getting your end of year tax prep ready early November. The more prepared you are now, the more you can enjoy the holidays with your family.


By offering both personal and business income tax filing as well as 1099 processing for all our clients, we can let you focus on sales while we close out this year. Don’t get slapped with unnecessary late fees – our tax team helps ensure proper entity structure, strategy and timely filing of taxes. Plus combining tax under one consolidated umbrella saves time and money.

Frequently Askes Questions:

YES! By Federal law, all companies are required to file and send W-2’s and 1099’s to any employees, attorneys, landlords, vendors, and contractors.

  • W-2’s must be filed and given to all Payrolled Employees – your payroll processor can do this upon request
  • 1099’s must be filed and given to all attorneys, landlords, vendors, and contractors paid more than $600 this year

All 1099’s and W-2 must be filed and sent to their recipient (your vendor/employee) by January 31.

There is a window of opportunity to make corrections if a recipient disputes the amount filed and corrections can be made up to April 1st without a fine. But this only applies to corrections. If a form was not filed, federal fines start at $50 per missing document.

No! Even if we have processed your tax filings in the past, you will need to sign up for these services every year.

While we love working with you, we don’t want to assume that you require our services without official confirmation. This means if you have not filled out a request form, we are not prepared to do them. If you are concerned, please reach out to your main point of contact right away or use the links above to sign up now.