Tax Central – Page 46 – Fiducial Blog

Did you Know That the Social Security Wage Base Is Increasing in 2021?

November 6, 2020

Is your business planning payroll next year? Be aware that the Social Security wage base is increasing. The max earnings subject to SS tax will increase.

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.

What Happens if I Missed the October 15th Tax Extension Deadline?

November 2, 2020

With the hustle and bustle, you realize that the October 15th tax extension deadline has passed. And you still haven’t filed. What should you do now?

Tax Deductions for Charity Volunteers

October 30, 2020

Did you volunteer time for a charity or governmental entity during the COVID-19 pandemic? You may qualify for tax deductions.

The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

October 28, 2020

IRS audit rates are historically low, according to the latest data. However, that’s little consolation if your return is among those selected.

What Are the Tax Consequences of Losing Your Job?

October 26, 2020

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.

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

October 16, 2020

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

October 14, 2020

The CARES Act made changes to excess business losses. This includes retroactive changes and opportunities for businesses to file amended returns.