Fiducial Blog – Page 25

Household Employee or Contractor? Fiducial Explains the Difference

December 13, 2021

The IRS requires employers to withhold taxes for employees and issue them W-2s. So, what is the difference between a household employee and a contractor?

IRS Information Letters Share Helpful Details on HDHPs + HSAs

December 10, 2021

Does your organization offer employees an HDHP and an HSA? If so, two recent IRS information letters provide insight into some finer points of plan administration.

Should You Deduct Your Business Start-Up Expenses?

December 8, 2021

Are you a new business owner? You may be helped by a tax provision allowing you to deduct start-up expenses and organizational costs.

Form W-2 or 1099-NEC? Employees vs. Independent Contractors

December 6, 2021

You’ll need to decide whether to use a W-2 or a 1099-NEC to report each worker's wages. How you categorize the relationship between a worker and a business?

The Work Opportunity Tax Credit (WOTC) Explained

December 3, 2021

You may be able to claim a Work Opportunity Tax Credit (WOTC). This is an income tax credit, unlike pandemic-related credits on employment taxes.

EINs: Change Contact and Responsible Party Information in 60 Days

December 2, 2021

The IRS is reminding entities with EINs to update information. IRS regulations require EIN holders to update responsible party information within 60 days.

Considering Married Filing Separately Status? Better Read This.

December 2, 2021

Married taxpayers have 2 options when filing their 1040 or 1040-SR taxes. Fiducial has some of the issues related to filing as married filing separately.

4 Key Questions About Employer-Mandated COVID-19 Vaccinations

December 1, 2021

Is your organization subject to the new OSHA rule requiring employee COVID-19 vaccination or submission of weekly testing? Fiducial has the key details here.

Thinking about participating in your employer’s 401(k) plan? Here’s how it works

December 1, 2021

If you’re fortunate to have an employer offering a 401(k) plan, you may wonder if you should participate. Here are the basic features of these plans.

EEOC Updates Guidance on Employer COVID-19 Vaccine Incentives

December 1, 2021

The EEOC has updated its guidance on whether employers are limited in how they can incentivize employees to get vaccinated against COVID-19. Fiducial has the details here.

Tax Strategizing Now May Be Wise as New Tax Proposals Loom

November 19, 2021

Fiducial has a list of potential tax strategies that may benefit you. Every taxpayer’s situation is unique; not all of these strategies will apply to you.

Don't Have a Retirement Plan? Maybe an SEP Is the Answer

November 17, 2021

There are a number of retirement plans available, like Keogh plans and 401(k)s. But, Fiducial thinks a simplified employee pension plan (SEP) may be best.

Never Make These 9 Mistakes with Exempt Employees

November 15, 2021

The FLSA allows for exemptions from the overtime requirement for certain employees. To be considered "exempt," employees must generally satisfy three tests

Surviving a Business Audit with Audit Techniques Guides (ATGs)

November 12, 2021

To prepare for a business audit, the IRS researches the industry & issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).”