Author Archive
Fredrick James Partners with ADP®
Fred Daus, CEO of Fredrick James Accounting, announced this week the acceptance of a preferred partnership with ADP, the largest provider of payroll services in North America with over 60 years of experience in the industry. This agreement allows Fredrick James to offer [Read More]
Bush Tax Cuts Set to Expire
Everyone will pay more in taxes if the Bush Tax Cuts are left to expire at the end of 2012. Some changes will be subtle and others will be very dramatic. All of this depends on where you fall into the tax code. The Bush tax cuts were passed in 2001 as the Economic Growth [Read More]
Refund Delays?
Why is it taking so long to get my Tax Refund??? Your IRS refunds are going to be delayed by an extra week this year. The culprits are the fraudulent tax returns and the modernized E-File system initiated by the IRS in 2009 Fraudulent Tax Return filing has been on the rise [Read More]
Will YOU Get Audited in 2012?
The probability of being selected by the IRS for a federal income tax audit this year is going up. Overall audit rates for 2010 were 7.4%. This meant 7 out of 100 tax returns were picked for audit. At the recommendation of the Treasury Department the IRS is updating their [Read More]
IRS Audits to Hit Small Business Harder in 2012
The Treasury Inspector General for Tax Administration (yes, even the IRS has a big brother!) performed an audit on IRS procedures for conducting audits of corporate tax returns in 2011. This procedural audit showed that Small Business/Self-Employed Division IRS examiners [Read More]
2012 Unemployment Tax Increases Affect Florida Businesses
For 2012 Florida businesses will see tax increases over 2011 in three distinct areas. This is all related to the poor economy and high unemployment of the past few years. Simply stated, the state of Florida’s Unemployment Compensation (UC) Trust Fund is in debt to the [Read More]
Extended Payroll Tax Cut Could Benefit Small Business Owners
We’ve discovered some good news for the savvy small business owner. The IRS has extended a 2011 payroll tax cut through the end of February 2012. This tax cut is a 2% reduction in Social Security tax from 6.2% o 4.2%. (which they assure us will have no effect on our [Read More]
1099-K, Merchant Account Payments and You
What is a 1099-K and why am I receiving it? The 1099-K is a new form for 2011 for reporting payments to the IRS that are received by a person or a business from a Merchant (Visa, Mastercard, American Express, Discover) and/or a Third Party Network, (PayPal, Google Checkout, [Read More]
Unemployment Tax changes affect Florida Businesses
The condition of the US economy over the past few years has left Florida (and 19 other states*) in debt to the Federal Unemployment Insurance system. Florida’s Unemployment Insurance debt is on the order of $2 Billion dollars! The grace period for repayment of these funds [Read More]
New 2012 Mileage Rates
The IRS posted Notice 2012-1 announcing the 2012 standard mileage rate for business miles, charitable miles, medical miles and moving miles. Details below! 2012 Mileage Rates (Notice 2012-1) Business Miles: 55.5 cents per business mile Charitable Miles: .14 cents per [Read More]
