Tax Central – Page 42 – Fiducial Blog

What Happens if I Receive an IRS CP2000 Notice?

February 24, 2021

There are few things that can send a chill down your spine more than mail from the IRS. If you open the mail to find a CP2000 notice inside, don’t panic.

The Importance of S Corporation Basis and Distribution Elections

February 22, 2021

An S corporation can provide tax advantages over a C corporation in certain circumstances. Do you expect the business will incur losses in its early years?

Sold or Thinking of Selling Your Home? Here’s What You Need to Know

February 17, 2021

With the housing market booming, have you sold or are you thinking of selling your home? Fiducial has a list of tax-related issues to consider.

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

February 15, 2021

You might claim a lower deduction for vehicle-related expenses for 2021. This is the second year in a row that the cents-per-mile rate has decreased.

How Biden's American Rescue Plan Might Impact Your Taxes

February 12, 2021

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals to address the COVID-19 pandemic and economic crisis.

payroll. Wooden letters on dark background

Updated Guidance on the Employee Payroll Tax Deferral

February 10, 2021

In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).

What You Need to Know about Taxes on Partners and Partnerships

February 8, 2021

Taxation of partners and partnerships can stump you. In a given year, you may pay taxes on more partnership income than you received from the partnership.

How Can the Saver's Credit Help You Save for Retirement?

February 1, 2021

Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. This credit is called the saver's credit.