There is a lot of mis-information out there about Health Insurance being taxable…….. Starting in 2011, (next year folks), your W-2 tax form sent by your employer will beincreased to show the value of whatever health insurance you are given by the company. It does not matter if that’s a private concern or governmental body […]
Category: LLC
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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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 […]
2009 Mileage Rates
MAGIC.pdfMAGIC.pdf2009 Standard Mileage rates for the use of a car (includes Pickups, Vans and Panel Trucks): 55 cents per mile for business miles driven (decreases to 50 cents per mile in 2010) 24.0 cents per mile driven for medical or moving purposes (decreases to 16.5 in 2010) 14 cents per mile driven in service of charitable organizations (same […]
Domestic Production Deduction in 2010
The deduction increases to 9% in 2010, up from 6%. […]
Annual Minutes do NOT need to filed with State of Florida
CONSUMER ALERT! Please be aware that COMPLIANCE SERVICES (not to be confused with the Florida corporation, Compliance Services, Inc.) is mailing notices to new business entities wanting “Annual Minutes” and a fee of $125. be paid for filing. These notices are NOT from the Dept. of State, Division of Corporations. “Annual Minutes” are NOT required […]
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Fictitious Name in Florida
NEW LAW! Effective July 1, 2009, the intention to register a fictitious name must be advertised at least once in a newspaper in the COUNTY in which the principal place of business will be located. Your local newspaper should be contacted for advertising information. […]
Late Filing of S Corps and Partnerships
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! […]
Tax Preparers Beware
Currently, any tax preparer with 250 returns is required to e-file. After 2010 the threshold drops to TEN! […]
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 […]