COVID-19 – Page 9 – Fiducial Blog

IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

December 11, 2020

The IRS significantly revised Form 941-X. This form allows for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941

Preparing for 2021: Tax Planning Strategies for Small Business Owners

December 4, 2020

If you are a small business owner, every penny counts. So, you not only want to optimize your revenue but also minimize your expenses and your tax liability

How to Report COVID-19-related Troubled Debt Restructurings (TDRs)

November 27, 2020

Banks are working with borrowers on loan modifications. Recent guidance confirms that short-term changes due to COVID-19 won’t be subject to rules for TDRs.

Do You Know Unemployment Benefits Are Taxable?

November 23, 2020

Some workers are receiving unemployment benefits for the first time. They may not know that the benefits are taxable for federal purposes & in some states.

Can Employers Provide Disaster Relief for COVID-19?

November 13, 2020

Many employees have suffered financial hardships due to the COVID-19 pandemic. In response, employers may consider disaster relief as a fringe benefit.

Closing Your Business Amid the Pandemic? Know Your Tax Obligations

November 11, 2020

Has the pandemic forced the closing of your business? If so, Fiducial will assist you in taking care of the tax obligations that must be met.

The SBA Issues a Simplified PPP Loan-Forgiveness Application

November 9, 2020

PPP loan forgiveness is not a given--you must apply for it. The borrower must submit a request to the lender or the lender that services the loan.

Has the IRS Cashed Your Check? The Problem Is an IRS Mail Backlog

November 4, 2020

During the pandemic, the IRS furloughed employees or had them work from home. IRS offices remained shuttered for months. This caused an IRS mail backlog.