Businesses

In recent years, end of year tax planning for businesses has been further complicated by uncertainty over the future availability of many tax incentives. The 2013 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2013 tax strategies include concerns over expiring provisions. But 2013 is also unique due to changes that are affecting businesses.

For example, as part of its primary purpose to facilitate health care reform, the Patient Protection and Affordable Care Act (PPAC<) includes key tax provisions that affect businesses. Some requirements are already in effect, while other provisions apply starting in 2013 or later. Higher tax rates may be imposed on distributions to owners and the net investment income regulations have the potential to impact individuals who are owners of pass-through entities. In addition, the U.S. Supreme Court's ruling in mid-July on the unconstitutionality of the federal Defense of Marriage Act (DOMA) means changes to retirement plans and employee benefits for same-sex marriages. Also, compliance with final repair regulations affects virtually all businesses.

“The hardest thing in the world to understand is the income tax”
- Albert Einstein

Fifty states, and fifty ways of doing things. Plus the complexities of doing business in multiple states? Not a problem—we've been doing it for years and have clients throughout the country. We're not interested in restricting our boundaries and neither should you.

Clients must file their Florida Annual Reports after January 1st, and before May 1st. 

The Florida government's website is:  http://www.sunbiz.org<

There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. See our special list of tax tips< for the self employed or those who wish to be<.

The IRS has issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Patient Protection and Affordable Care Act (PPAC<). The proposals are a response to an ongoing dialog with representatives of employers, insurers, other reporting entities and individual taxpayers.

Provisions under PPAC< require reporting by insurers, self-insuring employers, and other parties that provide health coverage; and also require information reporting by employers that are large enough to be subject to the employer shared responsibility provisions. In early July 2013, the Obama Administration announced a postponement of PPAC’s mandatory employer and insurer reporting requirements for one year. As a result, the reporting requirements have been delayed until 2015.

Although the IRS released final regulations that refine and simplify the rules for determining whether an expense may be deducted as a repair or must be capitalized, the Service chose not to finalize the regulations governing general asset accounts (GAAs) and the disposition of depreciable property under the Modified Accelerated Cost Recovery System (MACRS). Instead, proposed regulations were issued that make significant changes within this highly-controversial area.

Background

By letting us handle your accounting needs, you can be assured that things will be handled correctly and that our advice can help you maximize your profit and growth.

There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed.
Here are six key points the IRS would like you to know about self-employment and self- employment taxes:

We have been contacting our business clients to assist them in receiving stimulus funds. Every industry, whether directly or indirectly, is being severely impacted by the effects of COVID-19. Frankly the law changes and various programs can seem overwhelming, but do not get lost in the deluge of misinformation that is being released.

Here are three steps you have to do *now* in order to receive the first wave of business stimulus:

In general, if you use your vehicle in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, "car" includes a passenger vehicle, van, pickup or panel truck.

Personal vs. business miles. Business use of your car can include traveling from one work location to another work location within your tax home area; visiting customers; attending a business meeting away from the regular workplace; and traveling from home to a temporary workplace if you have one or more regular places of work. The costs of travel between home and a regular place of work, however, are nondeductible commuting expenses.