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1099’s – can we just do them?
For many things processed at www.USATaxHelp.com, we will need to submit your authorization in the form of a Power of Attorney (POA). If it is an income issue, audit issue, etc we will need one type POA (F2848)… if it is authorization to file payroll tax forms… IRS has another form (F8655) as does State of Florida (DR600)…..…
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Exchange – not Sale to defer tax
SUMMARY OF IRS LINK https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031 You cannot sell ANYTHING and defer taxes… You can EXCHANGE (qualified intermediary is hired.. you don’t get your hands on the money)… subsequent property is identified within 45 days… and have a total of six months from sale date to purchase like kind property. When the exchange is done, if you…
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Tax Code – How Big
Internal Revenue Code (IRC) was 26,300 pages in 1984. As of April, 2106 it is 74,608 pages… and if ever tried to read it you would know why they call it code! There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579…
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Long Term Care Premiums in S Corps
Can you deduct Long Term Care Preimums the same as Health Insurance for the greater than 2% Shareholder. Answer is …. sort of…. The way the math works……. Let’s say LTC is $6,000 Age based LTC for age 61 to 70 is $3,900 Step 1: The S Corp deducts the entire $6k (even if the…
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FBAR (now Fincen 114)
FBAR Foreign Bank Account Report FBAR Penalties. The penalties for failure to file an FBAR are worse than tax penalties. Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in…