‘Business Tax’ Archives
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]
To Lease or to Buy, That is the Tax Question
If you own your business, no doubt you use your car to help you make your business go, right? Auto deductions can be a little confusing especially when you are trying to decide if leasing a car or buying it outright is the better way to go for your tax purposes. The choice [Read More]
Business 1120-S Tax Return Deadline Fast Approaching
That’s right corporate folks. The deadline is March 15 which is just around the corner. So you think you might just let it slide and file late? If you do, it can get spendy because the penalty for filing late is $195/month (up to 12) per shareholder during any part [Read More]
How To Survive The New 2011 1099 Reporting Requirements for Business
By now most business owners and independent contactors in the US are well aware of the new 1099 reporting requirements that were included in the 2010 Patient Protection and Affordable Care Act. This expansion of 1099 reporting, included to help cover the costs associated [Read More]
What you should know about the Alternative Minimum Tax
Alternative Minimum Tax (AMT) is a tax that can be imposed on individuals, corporations, estates and trusts. For individuals Alternative Minimum Tax (AMT) is calculated at 26% or 28%. For corporations it is calculated at 20%. [Read More]
IRS Webinar: Small Business Health Care Tax Credit
The Internal Revenue Service is offering a free webinar to small business owners to help you better understand the health care tax credit. [Read More]
