You will receive an email from Florida Division of Corporations in January to pay the Annual Fee by May 1st. If you are late in making this payment below are the late filing penalties. […]
Category: Sub S Corporations
Sales Tax Florida Oct 1, 2025
As of late 2025, Florida has permanently eliminated sales tax on commercial leases and made several sales tax holidays permanent. There was also a proposal in the legislature to permanently lower the overall sales tax rate, but it was not passed. New permanent tax law effective October 1, 2025 Elimination of commercial lease tax: House […]
DUE DATES EXTENDED
DUE DATES EXTENDED For all of the State of Florida, the extended due date for 2023 is May 1 2025 AND the filing due date for 2024 is May 1 2025 IRS announces tax relief for victims of Milton; various deadlines postponed to May 1, 2025 in all of Florida | Internal Revenue Service Regarding […]
02-18-21 IRS behind in Processing 11 million 2019 returns!
A group of Republicans on the House Ways and Means Oversight Subcommittee sent a letter Wednesday 02.18.21 to IRS Commissioner Charles Rettig complaining about the backlog of approximately 11 million unprocessed tax returns from the 2019 tax year. The backlog of unprocessed mail from the pandemic has created a ripple effect that’s continuing into this year’s tax-filing […]
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IRS Commissioner-BACKLOG of UNOPENED
November 20, 2020 Currently, the IRS has approximately three million pieces of mail and one million returns that remain unprocessed, IRS Commissioner Charles “Chuck” Rettig said. The IRS mail backlog is down from where it sat at over five million last month. Testifying before the House Ways and Means Oversight Subcommittee on November 20, Rettig […]
SEP for 2020
In 2020 the MAX SEP is changed to 20% of earned income up to max of $57,000. […]
CAPITAL LEASE v TRUE LEASE
There are two kind of leases. Let’s say you “lease” a copier for three years. Sales tax is paid (per Florida lease rules) and at the end of the three years you can buy it for one dollar. That is called a CAPITAL LEASE. It is really just another form of financing. In that case […]
Sub S Basis Reporting 2018 Forward
2018 Form 1040 U.S. Individual Income Tax Returns that have an S Corporation K-1 are required to check a box on line 28 of Schedule E to attach a basis computation. This applies to corporations reporting a loss, stock disposal, receive a loan repayment or DISTRIBUTION! […]
SUB S OWNERSHIP CHANGE
If a shareholder terminates his or her interest in an S corporation during the tax year, the S corporation, with the consent of all affected shareholders (including those whose interest is terminated), may elect to allocate income and expenses, etc., as if the corporation’s tax year consisted of 2 separate tax years, the first of which ends […]
2018 20% Pass-through Deduction
MUCH CONFUSION NOW! In general the new tax law allows self-employed and owners of pass-through entities (partnerships and S Corps) to deduct 20% of “qualified business income“. The law is COMPLEX with limitations, exceptions and undefined terms. Needs to define “qualified business income” more clearly. Specified service entities are subject to high income limitations. There […]