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Currency versus Money
What is the purpose of money? What are its characteristics? To easily exchange goods or services. Money (the dollar bill) itself is of no value. It is the utility of the gold or silver it represents that is of value. Is there a difference between money and currency? Yes. Money = gold or silver. You…
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1099s – Should I do them?
Some companies prepare 1099’s for everyone eventhough it may not be required. If you paid any individual $600 or more for personal services, then a 1099 is required (that includes paying an unincorporated landlord). When we say individuals, that may be confusing. Clearly if you wrote the check to JONES, INC, that is a corporation but I’d get…
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Sale of Business BUT What did you Sell?
You don’t buy or sell a business. You buy or sell either Ownership position in a corporation is evidenced by Stock. It is like selling stock in a publically traded corporation. The business is not selling assets. The ownership of the business changed but not the assets nor the liabilities. The new owners just operate the business…
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Florida State Unemployment Tax Rates 2012
Florida Contribution RatesFor 2012, the minimum rate is 2.02% and the maximum rate is 5.4%, except that employers participating in the short-time compensation program will be subject to a maximum rate of 6.4%. New employers pay 2.7% in 2012. The noncharge ratio is .0057, the excess payment ratio is .0089, the gross benefit ratio is…
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IRS Names… guess who to IRPAC!
Wednesday, January 26, 2011 IRS Names 10 New Members to IRPAC The Internal Revenue Service today announced the selection of 10 new members in 2011 for the Information Reporting Program Advisory Committee (IRPAC). “Members of IRPAC provide industry perspective and recommendations that assist the IRS in making decisions about third-party information reporting, which is important…