Monthly Archives: November 2009

Disclosure Authorization

Client Disclosure Authorization Effective January 1, 2009, before we can present ANY of your information to outside parties for any reason, we must have your WRITTEN authorization in our files per Internal Revenue Code § 301.7216-3.  We have our Authorization Form on … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 49 Comments

What does USA Patriot Act stand for?

Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism

Posted in General | 3,796 Comments

Amending 2008 for the $8,000 First Time Homebuyer Credit

Yes, you can do that HOWEVER we are advising clients NOT to do it….. The IRS has announced that an amended return (for any reason) is taking 16 to 20 weeks to process (it is because of this $8,000 credit … Continue reading

Posted in Income Tax | 3,367 Comments

Can I still qualify for the $500,000 exemption if my spouse died?

A Married Filing Joint couple can sell their home and not pay tax on $500,000 of GAIN if they’s lived in the home 3 out of the last 5 years.  There is no requirement to invest in a home of … Continue reading

Posted in Income Tax | 138 Comments

What if I owe the IRS and Can’t Pay in Full?

Set Up an Installment Agreement.  You really don’t need to hire anyone.  Some general rules… If you owe Personal Income Tax of less than $10k, divide the amount by up to 36 months and offer to pay this… it is … Continue reading

Posted in Income Tax, Payroll Tax | 3,209 Comments

Small Business Loans (SBA)

The current stimulus allows a small business about to default on a debt to borrow up to $35,000 from a lender to assist in making payments. The SBA (Small Business Administration) will pay the interest AND repayment of the loan … Continue reading

Posted in General | 3,079 Comments

Tax Preparers Beware

Currently, any tax preparer with 250 returns is required to e-file.  After 2010 the threshold drops to TEN!

Posted in General, Income Tax, LLC's, Sub S Corporations | 389 Comments

Late Filing of S Corps and Partnerships

The Penalty for Late Filing of S Corps or Partnerships is now $195 per month per shareholder or partner for up to 12 months (more than twice the previous penalty).  It does not matter if he entity owes tax or … Continue reading

Posted in Income Tax, LLC's, Sub S Corporations | 128 Comments

Homebuyers Tax Credit for EXISTING Home Owners!

If you’ve owned a home for 5 out of the last 8 years CONSECUTIVELY, you qualify for a tax credit up to $6,500 if you purchase another PRIMARY RESIDENCE aftter November 6, 2009 and before May 1, 2010. The EXISTING … Continue reading

Posted in Income Tax | 190 Comments

First Time Homebuyers Credit EXTENDED to April 30, 2010

It will not lapse on Nov 30th.  If the sales contract is signed by April 30, 2010 and CLOSED by June 30, 2010 you qualify for the extended credit.

Posted in Income Tax | 5 Comments