Tax Central – Page 47 – Fiducial Blog

Tax Penalties Can Add Up--Ask Fiducial How to Avoid Them

October 7, 2020

Most taxpayers don’t mean to incur tax penalties. Many are not aware of the penalties or their impact. Let’s look at some penalties and how to avoid them.

Foreign Account Reporting (FBAR) Due October 15

October 5, 2020

Failure to file the required FBAR forms can result in severe penalties. The due date for foreign account reporting (FBAR) is October 15, 2020.

Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

October 2, 2020

The President has not revealed his future tax policies, but Joe Biden has. That is why the wealthy are strategizing for potential tax increases.

October's Extended Due Date Is Fast Approaching (And So Are Penalties!)

September 30, 2020

Did you complete your 2019 return by July 15? If not, and you filed a request for more time, that extended due date expires October 15, 2020.

COVID-19 Testing, Diagnostics Not Minimum Essential Coverage

September 28, 2020

The IRS has news regarding COVID-19 testing and diagnostics. Medicaid coverage limited to COVID-19 services does not qualify as minimum essential coverage.

Traditional IRA and RMD Opportunities to Explore for 2020

September 25, 2020

Many people have taken financial hits this year. However, 2020 does provide some unique tax opportunities for those with traditional IRA accounts.

Health Savings Accounts (HSAs): What You Need to Know

September 23, 2020

HSAs are misunderstood and underused. Congress created them so those with HDHPs could save for medical expenses not covered by insurance.

Employers Should Approach Payroll Tax Deferral Cautiously

September 21, 2020

President Trump signed an executive memo on August 8 for a payroll tax deferral. It creates uncertainty re: administrative compliance and long-term impact.