Tax Central – Page 28 – Fiducial Blog

Complications to the Qualified Charitable Distribution (QCD) Provision

February 2, 2022

The tax code includes a provision called a Qualified Charitable Distribution (QCD). This allows retirees to make contributions for significant tax benefits.

Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

January 31, 2022

The IRS has been engaged in a virtual currency compliance campaign for 3 years. The campaign addresses tax noncompliance related to cryptocurrency use.

How to Defer Tax with a Like-Kind Exchange

January 28, 2022

One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. A like-kind exchange doesn't sell the property, it exchanges it.

Cost Segregation Study: Get Your Piece of the Depreciation Pie Now

January 26, 2022

Is your business depreciating over a 30-year period the cost of constructing the building housing your operation? Then consider a cost segregation study.

Businesses with Employees Receiving Tips May Be Eligible for Tax Credit

January 21, 2022

Are you an employer with a business where tipping is customary for providing food and beverages? Then you may qualify for a federal tax credit.

IRS Issue Snapshot: Combination Retirement Plan Deduction Limits

January 19, 2022

What is a combination retirement plan? It occurs when an employer provides both a defined contribution (DC) and defined benefit (DB) retirement plan.

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

January 17, 2022

Do you use independent contractors for your business? Have you paid $600+ to each one for the year? You must issue the worker and the IRS a Form 1099-NEC.

Retroactive Termination of the Employee Retention Credit

January 14, 2022

Did you claim the employee retention credit in the Q4 2021? Congress has adopted a retroactive change affecting the ERC for the Q4 2021.