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African American man in antiviral mask gesturing thumb up during coronavirus vaccination, approving of covid-19 immunization. Young doctor giving vaccine injection to male patient

Employers are incentivizing employees to get COVID-19 vaccinations

People are wondering whether employers can mandate that employees get vaccinated against COVID-19. The short answer is, generally, yes — with exceptions.
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You Should Be Keeping Home Improvement Records

You Should Be Keeping Home Improvement Records

The gain from a home’s sale can be substantially higher than the allowable exclusion. Home improvement records can be beneficial and save on taxes.
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Penalty Notice sign

More Relief from Failure-to-Deposit Employment Tax Penalties

An employer would typically be penalized for failing to deposit federal employment tax. Examples include deposits of withheld income taxes and FICA taxes.
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SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

An expansion of the COVID-19 EIDL program is having big impacts. Nonprofits and small businesses may now borrow up to $500,000 for up to 24 months.
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Tax Court Decision Holds Potential Impact for Travel Deductions

Tax Court Decision Holds Potential Impact for Travel Deductions

Many professions require extensive travel and time in paid lodging.Traditionally, taxpayers claim these as travel deductions. However, new rules are coming.
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Tax Advantages of Hiring Your Child at Your Small Business

Tax Advantages of Hiring Your Child at Your Small Business

Did you know that you can save family income and payroll taxes by putting your child on the payroll? If you own a small business, read on!
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Are SIMPLE and SEP Plans the Right Options for Your Small Business?

Are SIMPLE and SEP Plans the Right Options for Your Small Business?

Are you thinking about setting up a retirement plan for yourself and your employees? Two options to consider are the SEP or the SIMPLE.
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Do You Owe Taxes and Can't Pay by the Due Date?

Do You Owe Taxes and Can't Pay by the Due Date?

What do you do if you end up owing money on your taxes? The IRS encourages you to pay the full amount by imposin penalties and interest on late payments.
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Looking for a Tax Credit? Don’t Miss out on These!

Looking for a Tax Credit? Don’t Miss out on These!

A tax credit is a tax benefit that offsets your actual tax liability. Check out Fiducial's list of tax credits available to individual taxpayers for 2020.
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Switching Entities: Should You Convert from a C to an S Corporation?

Switching Entities: Should You Convert from a C to an S Corporation?

An S corporation can provide substantial tax benefits over a C corporation at times. However, costly tax issues may exist that you should assess.
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Good News! Big Increase in Child Tax Credit For 2021

Good News! Big Increase in Child Tax Credit For 2021

An increased child tax credit is part of the ARPA. The IRS will pay a portion of the credit in advance in monthly payments from July through December.
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Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage

Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage

The ARPA includes a provision for the federal government to pick up the cost of COBRA health coverage. Read on to learn more about this program.
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Buckle Up for 2021: 4 Compliance Trends to Watch

Buckle Up for 2021: 4 Compliance Trends to Watch

In a matter of months, COVID-19 forced organizations to make seismic shifts in their operations. How will the legal and compliance landscape evolve?
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Mother doing home schooling with child while wearing surgical face mask for coronavirus

Cafeteria-Plan DCAPs Get Temporary Boost from COVID-19 Relief Act

Employers use cafeteria plans to offer employees a menu of benefits. Among the most popular are enrollment in dependent care assistance programs (DCAPs).
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Another Round of Economic Impact Payments Approved by Congress

Another Round of Economic Impact Payments Approved by Congress

The American Rescue Plan Act includes an economic impact payment (EIP). This will be the third round of economic impact payments since the pandemic began.
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Good news! Solar Tax Credit Extended for Two Years

Good news! Solar Tax Credit Extended for Two Years

A federal solar tax credit fhas been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the installation. It drops to 22% for 2023.
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