This has never been easy to explain…. here is the latest…. The penalties were increased two years ago to the following amounts: $30 per form, or per statement, if it was corrected within 30 days (maximum $250,000 per year), $60 per form, or per statement, if corrected more than 30 days after the filing due […]
Category: LLC
Cost Segregation Denied
Cost Segregation is good. It allows faster write off’s via depreciation of buildings. We have clients who have been very satisfied. Taxpayer purchased a business and properly allocated the cost to the various asset classes per the purchase agreement. Then the taxpayer paid for a cost segregation study. It was decided that the the contract’s […]
Employment Tax not paid? See what can happen
Click here to See what happens if you don’t pay payroll tax […]
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2012 IRS Forms (the most used) are almost ready for E-Filing!
WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form […]
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2013 Florida Minimum Wage
Effective January 1, 2013, Florida’s minimum wage is $7.79 per hour for all hours worked in Florida. For tipped employees the direct hourly wage is $4.77 as of January 1, 2013. […]
2013 Unemployment Tax – Florida & Federal
The FLORIDA taxable wage base for 2013 remains at $8,000. This means the first $8,000 of each employee’s wage during the calendar year to taxed for Florida Unemployment Tax Purposes. The FEDERAL wage base for the same purpose is based on the first $7,000 each employee makes during the calendar year. […]
Chartered Global Management Accountant status awarded (CGMA)
AICPA (Association of International Certified Professional Accountants) and the American Institute of Certified Public Accountants (also known as AICPA) have awarded the CGMA (Chartered Global Management Accountant) status by fulfilling all the established requirements of eligibility and demonstrating the necessary qualifications. What does that really mean? It means they think I know stuff! […]
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2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving
IRS today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business […]
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Bush-era Tax Cuts to expire at end of 2012
Reduced maximum capital gains rate expires Taxation of qualified dividends at capital gain rates will not apply Accumulated Earnings Tax increases to 39.6 (that is for “C” Corporations with lots of Retained Earnings–you know who you are) Personal holding company tax rate increases to 39.6 Additionally, social security being withheld for 2012 on payroll is […]
2012 W2 Health Care Reporting
There is a great deal of confusion on whether an employer has to include Health Insurance on the W2 of employees. You will read in many places it is mandatory. On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable care Act (PPAC). As part of its primary […]