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What Are the Tax Consequences of Losing Your Job?

What Are the Tax Consequences of Losing Your Job?

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances.
Wealth Transition and Succession Planning for Businesses During COVID

Wealth Transition and Succession Planning for Businesses During COVID

Thanks to COVID-19, many businesses are rethinking their ideas about wealth transition and succession planning. Do you have a plan?
Will Your Organization Offer Affordable Health Insurance Next Year?

Will Your Organization Offer Affordable Health Insurance Next Year?

Time to review if your organization is an applicable large employer (ALE) under the ACA. If so, is your health insurance affordable under the law?
Reporting Discontinued Operations Today--What You Need to Know

Reporting Discontinued Operations Today--What You Need to Know

COVID-19 has caused companies to make strategic shifts in operations. These pivot strategies may need to be reported under discontinued operations rules.
Form 1099-NEC Is Coming--Here’s What You Need to Know

Form 1099-NEC Is Coming--Here’s What You Need to Know

The IRS has resurrected the Form 1099-NEC (non-employee compensation). With this form, you may report non-employee compensation in place of the 1099-MISC.
Excess Business Losses Find Change in the CARES Act

Excess Business Losses Find Change in the CARES Act

The CARES Act made changes to excess business losses. This includes retroactive changes and opportunities for businesses to file amended returns.
DOL Revises FFCRA Rules on Paid Sick and Family Leave

DOL Revises FFCRA Rules on Paid Sick and Family Leave

A federal trial court invalidated provisions of the DOL’s temporary regulations. These regulations affected the paid leave provisions of the FFCRA.
Tax Penalties Can Add Up--Ask Fiducial How to Avoid Them

Tax Penalties Can Add Up--Ask Fiducial How to Avoid Them

Most taxpayers don’t mean to incur tax penalties. Many are not aware of the penalties or their impact. Let’s look at some penalties and how to avoid them.
Foreign Account Reporting (FBAR) Due October 15

Foreign Account Reporting (FBAR) Due October 15

Failure to file the required FBAR forms can result in severe penalties. The due date for foreign account reporting (FBAR) is October 15, 2020.
Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

The President has not revealed his future tax policies, but Joe Biden has. That is why the wealthy are strategizing for potential tax increases.
October's Extended Due Date Is Fast Approaching (And So Are Penalties!)

October's Extended Due Date Is Fast Approaching (And So Are Penalties!)

Did you complete your 2019 return by July 15? If not, and you filed a request for more time, that extended due date expires October 15, 2020.
COVID-19 Testing, Diagnostics Not Minimum Essential Coverage

COVID-19 Testing, Diagnostics Not Minimum Essential Coverage

The IRS has news regarding COVID-19 testing and diagnostics. Medicaid coverage limited to COVID-19 services does not qualify as minimum essential coverage.
Traditional IRA and RMD Opportunities to Explore for 2020

Traditional IRA and RMD Opportunities to Explore for 2020

Many people have taken financial hits this year. However, 2020 does provide some unique tax opportunities for those with traditional IRA accounts.
Health Savings Accounts (HSAs): What You Need to Know

Health Savings Accounts (HSAs): What You Need to Know

HSAs are misunderstood and underused. Congress created them so those with HDHPs could save for medical expenses not covered by insurance.
Employers Should Approach Payroll Tax Deferral Cautiously

Employers Should Approach Payroll Tax Deferral Cautiously

President Trump signed an executive memo on August 8 for a payroll tax deferral. It creates uncertainty re: administrative compliance and long-term impact.
New Opportunity For $500 Economic Impact Payments for Children

New Opportunity For $500 Economic Impact Payments for Children

The IRS reopens registration for those with children who didn't receive Economic Impact Payments. Did you receive your $500/child stimulus payment?