For Business – Page 58 – Fiducial Blog

Form W-2 reporting of COVID-19-related sick leave and family leave

August 24, 2020

In Notice 2020-54, the IRS provided new guidance. The guidance advises employers on Form W-2 reporting of qualified sick leave and family leave wages

Social Security Taxes Deferred: What Does It Mean for Your Business?

August 21, 2020

The President signed a Presidential Memorandum to defer employee's Social Security taxes. The action only defers the taxes; they’ll be paid back eventually.

Possible Tax Consequences of Paycheck Protection Program (PPP) Loans

August 17, 2020

Was your business lucky enough to get a Paycheck Protection Program (PPP) loan? Then, Fiducial has some info you may need about potential tax implications.

Good Records Key to Tax Deductions and Trouble-free IRS Audits

August 12, 2020

You should record expenses to claim the full amount of tax deductions you’re owed. Also, make sure you can defend your tax returns if audited by the IRS.

Paycheck Protection Program (PPP) Loan Application Period Extended

August 5, 2020

Miss your chance to apply for a Paycheck Protection Program (PPP) loan? Well, Congress extended the application period for PPP loans through August 8, 2020.

Lease vs. buy? Changes to accounting rules may change your mind

August 3, 2020

Rules for reporting leasing transactions are changing. The new requirements are making companies reevaluate their thinking on the issue of lease vs. buy.

A Novel Way to Make COVID-19 Relief Donations

July 29, 2020

Emergency disaster declarations have benefits. Employees with unused paid vacation, sick leave, and personal time may use them as COVID-19 relief donations.

Steer clear of the Trust Fund Recovery Penalty

July 27, 2020

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty.”