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]

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]

1099 Reporting for Business and Rental Owners Repealed!

The House, Senate and the President signed a law on April 14, 2011 that repeals the expanded “1099” reporting requirement for business and rental owners.  The repealed law signed in under the Affordable Care Act removed the requirement for business and rental owners of [Read More]

Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long. Obviously businesses have a more extensive list of record keeping requirements than individual do [Read More]

Small Business to be Hit Hard by New SECA Rules

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To avoid paying the 15.3% tax, S Corporations have for years taken advantage of paying cash to shareholders as distributions instead of wages—not exactly what the IRS had in mind. Don’t forget that S Corps also avoid corporate level income taxation too because that [Read More]

Bad Debts Gone Wild: Part III, Business Debt

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In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usually quite complex and hard to [Read More]