What Happens if I Receive an IRS CP2000 Notice?
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
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
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
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
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.
Updated Guidance on the Employee Payroll Tax Deferral
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
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.