Tax Preparers Beware
Currently, any tax preparer with 250 returns is required to e-file. After 2010 the threshold drops to TEN! […]
Author: LONYOUNG
Posts by LONYOUNG
Small Business Loans (SBA)
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) […]
S Corp Conversion to LLC
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 – Florida Compliance Services
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. […]
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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 […]
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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 […]
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Identity Theft
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 […]
Bad Debt Expense
If you are on CASH BASIS, and you never rec’d payment, you have no write off because you only declare it when you receive it.. never received it, never declared it, no write off. If you are on ACCRUAL BASIS, then you declared the revenue when the invoice was generated. NOW, you can write off […]
First Time Homebuyer Credit (as of 02.16.09)
First Time Homebuyer Credit We understand there are many questions about this new refundable tax credit. How Much is the Credit? AS CURRENTLY WRITTEN (this is the tax law today.. at least it was this morning 02.16.09!) the credit amount is the lesser of $7,500 or 10% of the purchase price of a principal residence […]
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Health Insurance for Greater than 2% Shareholder of Sub S
Per IRS Notice 2008-1, Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees, health insurance must be included in the shareholder employee’s 2008 Form W-2 in order to take the self-employed health insurance deduction for shareholder employees owning greater than two percent of the S Corporation. The requirement existed in prior years but there was […]
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