Category Corporations

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1099 Rule Repealed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 …

18
Feb

House Votes To Defund Health Bill

When it comes to the health bill, taxpayers may have nothing to fear from the mandate to buy insurance in last year’s healthcare legislation.  Unless IRS agents want to work for free, individuals and businesses may end up having no need to purchase or report health insurance when the insurance mandate kicks in.  The House …

4
Feb

Unemployment Compensation Bills Hitting Florida Businesses

Unfortunately, the unemployment compensation bills you received in the mail from the State of Florida is not another scam. Florida has had to borrow from the Federal Government to fund unemployment benefits. Now all Florida businesses who employ workers and pay wages are being billed for the interest. Florida businesses who pay unemployment taxes are …

3
Feb

1099 Reporting Requirement Hanging By Thread

Technically, Obama’s healthcare law is now void after a federal judge in Pensacola, FL ruled the entire law unconstitutional.  However, the law is now headed for the appeals process and eventually the Supreme Court.  In the meantime though, repeal efforts are being bounced back and forth between the Republican controlled House and Democrat controlled Senate.  …

17
Nov

The Future of Florida LLCs after Olmstead

In case you thought your LLC was safe from creditors, think again.  Florida’s Supreme Court has recently ruled that interests in single member LLCs can be taken in a charge order to satisfy the owner’s personal debts and judgments against them.  The real kicker though is that this judgment may affect multi-member LLCs as well. …

21
Oct

Taxes they are a rising … Third wave

As the midterm election storm is brewing, we are closely watching the potential effects of party and committee changes on taxes and tax law.  One thing is for certain, this election has the potential to have a big impact on your wallet through the stay or repeal of recently passed health care bill. More of a …

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