It will not lapse on Nov 30th. If the sales contract is signed by April 30, 2010 and CLOSED by June 30, 2010 you qualify for the extended credit. […]
Read More… from First Time Homebuyers Credit EXTENDED to April 30, 2010
If you’ve owned a home for 5 out of the last 8 years CONSECUTIVELY, you qualify for a tax credit up to $6,500 if you purchase another PRIMARY RESIDENCE aftter November 6, 2009 and before May 1, 2010. The EXISTING Home Owner’s credit of up to $6,500 and the First Time Home Buyer’s Credit of up […]
Read More… from Homebuyers Tax Credit for EXISTING Home Owners!
The Penalty for Late Filing of S Corps or Partnerships is now $195 per monthper shareholder or partner for up to 12 months (more than twice the previous penalty). It does not matter if he entity owes tax or not, this is a late filing of the paperwork. It would INCLUDE not filing an extension. DON’T WAIT TILL THE LAST MINUTE! […]
Currently, any tax preparer with 250 returns is required to e-file. After 2010 the threshold drops to TEN! […]
The current stimulus allows a small business about to default on a debt to borrow up to $35,000 from a lender to assist in making payments. The SBA (Small Business Administration) will pay the interest AND repayment of the loan principal is deferred for 12 months! This is known as the American Recovery Capital (ARC) […]
Question I have a client who owns 25% stock in an S Corp. Corp owns a parcel of appreciated real property. If S Corp files article of conversion to become an LLC and the LLC elects to be taxed as S Corp, does the old S Corp have to recognized gain on the real estate?Answer […]
CONSUMER ALERT! The Attorney General’s office is investigating “COMPLIANCE SERVICES” for soliciting new Florida corporations implying that they must send corporate minutes and $125 to a Tallahassee address for filing. There is no statutory authority for corporate minutes to be filed with any government entity. […]
Read More… from Consumer Alert – Florida Compliance Services
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase. The 2009 purchase can be carried back to 2008 for the full $8,000. Homes purchased in 2008 still have the 15-year repayment rule. The credit […]
Read More… from Housing Credit as of 02.17.09 (Stimulus Law Signed)
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase. The 2009 purchase can be carried back to 2008 for the full $8,000. Homes purchased in 2008 still have the 15-year repayment rule. The credit […]
Read More… from Housing Credit as of 02.17.09 (Stimulus Law Signed)
The following is from the IRS website and it is good information…… IRS TAX TIP 2009-11 1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS […]
