Monthly Archives: January 2010

Work for Pay Credit – How much did you receive?

This credit is available in 2009 and 2010.  According to IRS instructions, taxpayers who received the $250 economic stimulus payment in 2009 (Social Security recipients, SSI, railroad retirement and Veteran’s Disability or Pension benefits) must reduce the Form 1040 credit by … Continue reading

Posted in Income Tax | 45 Comments

Work for Pay Credit 2009 & 2010

Depending on your AGI (Adjusted Gross Income – that is the bottom line of the first page of your personal Form 1040), you may be eligible for a $400 credit ($800 if married filing joint).  For 2009, if your filing … Continue reading

Posted in Income Tax | 3,723 Comments

LLC to be taxed as a Corporation?

Until you know you are going to stick with it (no offense, many clients try stuff and change their mind), I would not consider the extra paperwork involved with having the NEW LLC taxed as a corporation.  You can find more … Continue reading

Posted in General, Income Tax, LLC's, Sub S Corporations | 1,393 Comments

Tax-Exempt Organizations must file Form 990 TIMELY

Per IR-2010-010 the Pension Protection Act of 2006 REQUIRES a non-profit organiztions that does not file the necessary information form for three consecutive years to AUTOMATICALLY lose their Federal tax-empt status.  This has been in effect since January 1, 2007. … Continue reading

Posted in General, Income Tax | 4,295 Comments

Domestic Production Deduction in 2010

The deduction increases to 9% in 2010, up from 6%.

Posted in Income Tax, LLC's, Sub S Corporations | 50 Comments

ROTH IRA in 2010

Some confusion out there about Roth changes.  The following are effective in 2010…. The tax that has to be paid when you  CONVERT a REGULAR IRA to a ROTH IRA can be paid either all in 2010 all in 2011 OR … Continue reading

Posted in Income Tax, Retirement Accounts | 50 Comments

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 … Continue reading

Posted in General, LLC's, Newsletter Topics, Sub S Corporations | 2,715 Comments

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 … Continue reading

Posted in General, LLC's, Newsletter Topics, Sub S Corporations | 3,716 Comments