Category Archives: Sub S Corporations

PENALTY ABATEMENT – FTA – A VERY BIG DEAL!

If you file or pay late… and you have been compliant for the last three years (that means you filed and paid on time), there is a little known program called FTA for First-Time Abate program.   You must REQUEST … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 5,382 Comments

2012 SUV Depreciation

If in 2012 you purchase and put into use a$60,000 SUV with a gross vehicle weight greater than 6,000 pounds, you can expense $25,000.  Then, half of thre remaining  $35,000 cost ($17,500) qualifies  for 50% bonus depreciation.  Finally, you can … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 7,598 Comments

Meals & Entertainment Deduction

IRS says….    Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. A meal expense includes the cost of food, beverages, taxes, and tips … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 7,350 Comments

Completed-Contract Method of Accounting

The completed-contract method of accounting is used by contractors and manufacturers. Unlike the percentage-of-completion method which recognizes revenues and gross profit in the applicable periods of the construction or manufacturing process, and not only in the period when the construction … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 6,055 Comments

Sales Tax Collection Allowance in Florida eff. July 1, 2012

New law requires sales and use tax dealers to file and pay tax electronically to receive a collection allowance For sales and use tax returns and payments due on or after July 1, 2012, dealers may deduct a collection allowance … Continue reading

Posted in General, Income Tax, LLC's, Sub S Corporations | 6,937 Comments

Income Tax – the first law

July 1, 1862 First Income Tax bill President Abraham Lincoln signed the first income tax bill, levying a 3% income tax on annual incomes of $600-$10,000 and a 5% tax on incomes over $10,000. Also on this day, the Bureau … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Sub S Corporations | 4,275 Comments

1099s – Should I do them?

Some companies prepare 1099’s for everyone eventhough it may not be required. If you paid any individual more than $600 for personal services, then a 1099 is required (that includes paying an unincorporated landlord). When we say individuals, that may … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 2,348 Comments

Sale of Business BUT What did you Sell?

You don’t buy or sell a business. You buy or sell either Ownership position in a corporation is evidenced by Stock.  It is like selling stock in a publically traded corporation.  The business is not selling assets.  The ownership of … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 2,619 Comments

Florida State Unemployment Tax Rates 2012

Florida Contribution Rates For 2012, the minimum rate is 2.02% and the maximum rate is 5.4%, except that employers participating in the short-time compensation program will be subject to a maximum rate of 6.4%. New employers pay 2.7% in 2012. … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 4,765 Comments

2011 Health Insurance MUST be on W2 for >2% Sub S shareholder

HERE IS HOW TO REPORT IT  Health Insurance for the entire family goes on Shareholder’s W2 Box 1 & Box 14 (Does not affect FICA). W3 Box 1 only Form 941 Box 2 only (Does not affect FICA). Form 940 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 4,141 Comments