Category Corporations

2
Aug

Tax Increase has a New Synonym!

Remember when “revenues” meant what your company makes?  It’s one of those words that makes entrepreneurs feel warm and fuzzy inside and more revenues usually are a good thing.  Politicians in Washington have latched on to the good feelings this word produces and are now using it as a buzzword to replace another word that …

18
Jul

IRS Eliminates High Low Method

The IRS is eliminating the high low method of per diem for substantiating lodging, meal and incidental expenses incurred while traveling away from home.  The IRS will soon publish new guidance providing rules for substantiating these expenses without the high low method. The IRS had requested public comment on the continuing need for the high-low method, …

23
Jun

IRS Increase in 2011 Mileage Rate

The IRS may be feeling your pain at the pump.  The result is an increase in the 2011 mileage rate.  The standard mileage rate is going up to 55.5 cents for business miles driven between July 1 and December 31 of 2011.  This is a 4.5 cent increase over the current effective rate of 51 cents.  …

21
Jun

Foreign Bank Account Regulation (FBAR) Deadline Approaching

If you have a financial interest in a foreign bank account, you should be familiar with filing Form TD F 90-22.1. Regulations regarding this form have changed as recently as June 6, 2011 . These changes affect a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, …

16
May

Florida Minimum Wage Going Up

Florida has built in a system where the minimum wage is to be adjusted with changes in cost of living.  This has been true since an amendment was added to the Florida State Constitution in 2004 and resulted in the florida minimum wage rising to it’s current rate of $7.25.  However, the rate was not …

20
Apr

1099 Rule Repealed

It’s official: businesses will not be required to file 1099s for payments to other corporations.  You will still be required to file 1099 forms for individuals who receive $600 or more in non-employee payments. The highly criticized 1099 rule was part of the healthcare law and was designed to help the IRS track down illegitimate …

13
Apr

IRS Notices increase: check twice before you pay!

E-filing can speed up the tax filing process, and that is really nice…sometimes.  When they process your return before they process your extension, that can cause some headaches in the form of IRS Notices.  Already we are starting to see late filing notices go out for corporate returns that we filed in the last half …

8
Apr

Government Shutdown and Tax Refunds

We are now about 15 hours away from the deadline.  No, I’m not talking about the tax deadline, I am talking about the deadline for the government to pass a funding bill to prevent a government shutdown.  Many of us, frustrated with how poorly Washington has done at coming together to pass this budget, might …

16
Mar

Two simple ways to cut your S-Corp flow through taxes

Much of tax accounting makes sense.  You get income, you pay expenses, you pay taxes on the net income.  Other tax accounting issues are not so simple, namely S-corp flow through taxes.  In some cases, the difference between paying twice as much tax or not being able to take a significant deduction are simply a …

6
Mar

Just over a month to go; tax deadline approaches!

The corporate tax deadline is just about a week away.  That will mark just over one month until the individual tax deadline.  The deadline is April 18th this year because of Emancipation Day, a local holiday in Washington DC. Have you submitted your tax information to your accountant yet?  If not, here are some tips to …

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