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S Corp Shareholder Sells – Short Year Accounting
Taxpayer decided to sell his stock in the company, as opposed to an asset sale. This means the buyer has the responsibility to prepare the corporate tax return. Taxpayer has agreed to do an accounting of the year up to the date of sale and present this information to the buyer. In the contract, please…
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Pools & Hot Tubs Deduction
There is a great deal of mis-conception about the deductibility of Hot Tubs & Pools. First, you must have a doctor’s prescription. Second, how much did it really cost you? The theory is the Pool or Hot Tub has added value to the home. Let’s say the item cost $15,000. It has not added $15,000…
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HIRE ACT
SUMMARY The Hiring Incentives to Restore Employment Act. Businesses can receive two tax incentives for each new worker. To qualify the employee must have been unemployed during the 60 days before beginning their new job or worked fewer than 40 hours during that 60 day period. It applies to anyone hired between February 3rd and December 31st of…
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State of Florida Annual Filing Fee
EFFECTIVE IMMEDIATELY! The Division of Corporations no longer has authority to waive the $400 late fee for annual reports filed after May 1st. The provision for waiver in s. 607.193(2)(b),F.S. was repealed during the 2010 Legislative Session. All business entities except non-profit corporations must pay the late fee if the annual report is filed after May…
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Spouse & Homebuyer Credit
If a spouse had not owned a home within the past three years, could that spouse qualify as a first-time homebuyer for the credit even though the wife would not qualify? No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior…