Tax Changes – Page 11 – Fiducial Blog

S Corporations Reasonable Compensation Requirement

July 8, 2022

Many S corporations ignore the requirement that each shareholder-employee must take reasonable compensation. This has been an issue for decades.

Managing Out-of-State Employees: How to Handle Payroll Taxes

July 6, 2022

Do you have employees living in different states from where your business is located? This can create additional challenges for you around payroll taxes.

The Standard Mileage Rate Is Increasing - Here’s What You Need to Know

June 24, 2022

The IRS is providing some relief for high gas prices.The agency announced an increase in the optional standard mileage rate.

Businesses: Prepare for the Lower 1099-K Filing Threshold

June 8, 2022

In 2022, the threshold has dropped significantly for the filing of Form 1099-K. Businesses & workers in certain industries may receive more of these forms.

You Can Expense Business IT Equipment Purchases

May 18, 2022

Businesses can now expense (write off as a deduction) IT equipment. However, it must be purchased and placed in service before the end of the year.

The 2022 IRS Interest Rate Hike Went Live April 1st

April 13, 2022

Are you required to pay quarterly estimated income tax? Then, a recent interest rate hike imposed by the IRS may directly impact on you.

Good News! Fully Deduct Business Meals in 2021 and 2022

April 8, 2022

The federal government is picking up the tab for certain business meals. The usual deduction for 50% of the cost of these meals doubled in 2022 (and 2021).

Got a Side Hustle? The IRS is Cracking Down with Form 1099-K

April 1, 2022

Got a Side Hustle? The IRS is cracking down with Form 1099-K. The ARPA of 2021 included a provision to reduce the reporting threshold to $600.