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Possible Tax Consequences of Paycheck Protection Program (PPP) Loans

Possible Tax Consequences of Paycheck Protection Program (PPP) Loans

Was your business lucky enough to get a Paycheck Protection Program (PPP) loan? Then, Fiducial has some info you may need about potential tax implications.
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Don’t Throw Away Your Notice 1444! You’ll Need It for Your 2020 Taxes

Don’t Throw Away Your Notice 1444! You’ll Need It for Your 2020 Taxes

The IRS mailed Economic Impact Payment recipients a Notice 1444. This notice includes payment amount, payment method and how to report payment not received.
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Good Records Key to Tax Deductions and Trouble-free IRS Audits

Good Records Key to Tax Deductions and Trouble-free IRS Audits

You should record expenses to claim the full amount of tax deductions you’re owed. Also, make sure you can defend your tax returns if audited by the IRS.
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Safe Harbor 401(k)s: IRS Relief for Midyear Contribution Changes

Safe Harbor 401(k)s: IRS Relief for Midyear Contribution Changes

In response to the COVID-19 crisis, the IRS issued Notice 2020-52. It offers sponsors of safe harbor 401(k) plans temporary relief from some requirements.
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IRS Guidance on “Coronavirus-related” Distributions from Retirement Plans

IRS Guidance on “Coronavirus-related” Distributions from Retirement Plans

Notice 2020-50 gives guidance on "coronavirus-related distributions" from retirement plans. Fiducial offers details employers may need.
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Paycheck Protection Program (PPP) Loan Application Period Extended

Paycheck Protection Program (PPP) Loan Application Period Extended

Miss your chance to apply for a Paycheck Protection Program (PPP) loan? Well, Congress extended the application period for PPP loans through August 8, 2020.
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Lease vs. buy? Changes to accounting rules may change your mind

Lease vs. buy? Changes to accounting rules may change your mind

Rules for reporting leasing transactions are changing. The new requirements are making companies reevaluate their thinking on the issue of lease vs. buy.
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Unraveling the Economic Impact Payments Confusion

Unraveling the Economic Impact Payments Confusion

Millions of Americans have already received their economic impact payments authorized by the CARES Act. If you have not, Fiducal has some answers for you.
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A Novel Way to Make COVID-19 Relief Donations

A Novel Way to Make COVID-19 Relief Donations

Emergency disaster declarations have benefits. Employees with unused paid vacation, sick leave, and personal time may use them as COVID-19 relief donations.
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Steer clear of the Trust Fund Recovery Penalty

Steer clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty.”
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Congress Liberalizes PPP Loan Forgiveness

Congress Liberalizes PPP Loan Forgiveness

Are you the owner of a small business that obtained a PPP Loan? Fiducial explains how to spend the loan proceeds to maximize PPP loan forgiveness.
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Post-Pandemic Trends Shifting the Economy for Small Businesses

Post-Pandemic Trends Shifting the Economy for Small Businesses

Behaviors have changed during the Coronavirus outbreak. In fact, post-pandemic trends have become opportunities waiting to take off for savvy entrepreneurs.
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COVID-19-related leave donation programs now eligible for tax relief

COVID-19-related leave donation programs now eligible for tax relief

The IRS recently announced special tax relief. It applies to leave-based donation programs set up by employers to aid those directly affected by COVID-19.
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Some Stimulus Payments Are Mistaken as Junk Mail and Thrown Away

Some Stimulus Payments Are Mistaken as Junk Mail and Thrown Away

The government began sending out its stimulus payments on debit cards mailed in plain white envelopes. Many have been mistaken as junk mail and discarded.
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Hiring independent contractors? Make sure they’re properly classified

Hiring independent contractors? Make sure they’re properly classified

Your business may be using independent contractors to lower costs during the coronavirus. Be careful these workers are properly classified for tax purposes
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Going, going, gone: Going concern assessments in the midst of COVID-19

Going, going, gone: Going concern assessments in the midst of COVID-19

Companies everywhere have closures of locations or complete shutdowns. These negative impacts have brought the “going concern” issue to the forefront.
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