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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 The provision for waiver in s. 607.193(2)(b),F.S. was repealed during the 2010 Legislative Session.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…
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Homeless Person – I gave money – can I deduct it?
If you gave money to a homeless person or anyone needing assistance, thank you but that is not a 501(c)(3) deductible charitable organization. Nice gesture but no deduction. […]Read More… from Homeless Person – I gave money – can I deduct it?
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Proof in an Audit
How do you prove a deduction? First, a cancelled check, credit card charge or cash receipt. BUT, that only proves you paid for something. Second, an invoice showing what was paid. For example, you have a cancelled check to an insurance company. It only proves you paid for something. You might have paid your Grandmothers…
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Recourse vs. Nonrecourse Debt
Recourse vs. Nonrecourse When a debt is canceled by any means (deed in lieu of, foreclosure, short sale,cancellation of debt), the tax impact depends on the type of debt. Debt for which the borrower is personally liable is “recourse debt,” all other debt is “nonrecourse debt.” RECOURSE debt holds the borrower personally liable for any unsatisfied amount owed…