Monthly Archives: June 2010

State of Florida Annual Filing Fee

EFFECTIVE IMMEDIATELY!  The Division of Corporations no longer has authority to waive the $400 late fee for annual reports filed after May 1st. The provision for waiver in s. 607.193(2)(b),F.S. was repealed during the 2010 Legislative Session. All business entities … Continue reading

Posted in General, International Taxation, LLC's, Sub S Corporations | 78 Comments

Spouse & Homebuyer Credit

If a spouse had not owned a home within the past three years, could that spouse qualify as a first-time homebuyer for the credit even though the wife would not qualify? No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since … Continue reading

Posted in Income Tax | 12 Comments

Homeless Person – I gave money – can I deduct it?

If you gave money to a homeless person or anyone needing assistance, thank you but that is not a 501(c)(3) deductible charitable organization.  Nice gesture but no deduction.  

Posted in Income Tax | 1,674 Comments

Proof in an Audit

How do you prove a deduction? First, a cancelled check, credit card charge or cash receipt.  BUT, that only proves you paid for something. Second, an invoice showing what was paid.  For example, you have a cancelled check to an … Continue reading

Posted in Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 7 Comments

Recourse vs. Nonrecourse Debt

Recourse vs. Nonrecourse When a debt is canceled by any means (deed in lieu of, foreclosure, short sale, cancellation of debt), the tax impact depends on the type of debt. Debt for which the borrower is personally liable is “recourse … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 2,448 Comments