February 13, 2012
Every year the Taxpayer Advocate’s office releases the most pressing concerns involving the IRS from a taxpayer perspective. This year, with IRS efficiency at an all time low, the TAS (Taxpayer Advocate Service) has picked up on the pain many of us are feeling when dealing with the IRS. It all boils down to this: the […]
January 18, 2012
Accounting Firm Review from 32225: Elite Realty Group: Peace of Mind. Working with Joel and his staff has given me the peace of mind to continue with running my real estate company. I use to dread the new year because of all the paper work but truly now it’s simplified. This will be my 3rd […]
January 12, 2012
Accounting Firm Review from 32225: Reimagine: Highly recommend Joel and his staff to provide knowledgeable and courteous service and expertise. Always open to speaking with you and never makes you feel like he doesn’t have the time (even though you get the feeling he may have already put in a 12 hour day!). I started […]
January 11, 2012
Accounting firm review from a client in zip 33405 I have known Joel now for well over 5-years – his sincere and professional approach makes me come back year after year. In fact I moved away to Atlanta for almost 2-years and upon my return I started using Joel again. Look forward to working with […]
January 11, 2012
Accounting Firm Review from 32082: Joel & Don and the rest of the team are outstanding. Was audited by the IRS (taxes not done by Chamberlin & Assoc) Joel and Don took care of everything, made a Stressful situation much less. They have since started doing all my Tax returns. Money well spent for their […]
January 11, 2012
Accounting Firm Review from 32258: Joel and his staff are excellent. I honestly cannot tell you how they do what they do, but I can tell you they do it well. We have thrown some pretty ugly things their way in the past and every time they get it turned around quickly and accurately. Valued […]
November 29, 2011
The IRS is facing budget cuts and is looking for new ways to shift the reporting burden to the taxpayer. Currently, the IRS matches gross proceeds information received from brokerage firms with what is reported on Schedule D of individual tax returns, while basis is tracked by individuals and their brokerages. Due to law changes, […]
November 21, 2011
Out of $447 billion in stimulus proposals, Congress has come together and passed two small impact items with cost offsets that will result in approximately $2 billion in savings. The veteran bill will also provide a tax credit for employing Veterans and repeals a withholding requirement for government contracts. In exchange, fees on government mortgages […]
November 8, 2011
Do you have individuals working for you as independent contractors? Do you know the requirements that determine how an independent contractor is classified? For many businesses, it is time to come clean. If you have issued 1099’s to individuals who provide work for you and have met the IRS’s definition of independent contractors you have […]
November 3, 2011
The IRS, after being bombarded with public comments, has decided to reverse their decision to eliminate the High Low Method of calculating per diem deductions. We had written about this previously this year, and at the time the IRS had not received public comments regarding their plan to eliminate the method. Since then they have […]
September 26, 2011
The IRS is continuing to step up the number of audits and enforcement of tax laws. If you receive a scary letter from the IRS, or worse yet, if an agent shows up at your home or place of business, don’t panic. It may be the case that you have done nothing wrong. However, it […]
September 9, 2011
Computers are wonderful things especially when combined with a point of sale system. Gone are the days of counting back to make change, matching the drawer to your printer tape, and in some cases even 10-key. Instead, when you place an order, the cashier simply pushes the button that corresponds to the product or service and […]
August 17, 2011
In December of 2002, Norma Coronel gave birth to one child; but that’s not what her tax return says.. Coronel was indicted on 35 counts and arrested after claiming 19 children, 18 fake dependents on her tax return. Unbelievable we know, but this type of activity happens everyday due to the earned income credit. She was caught […]
August 11, 2011
About 20,000 individuals and 24,000 businesses have been randomly chosen and will soon get letters from the IRS. Don’t panic, these are not collection letters. These IRS surveys will help them update their estimates of what sort of burden they place on you. They are looking to see how much time you spend on filling out IRS […]
August 4, 2011
The IRS is increasing audit examinations of tax exempt organizations, specifically with regard to related party lending. They are looking for disqualified transactions to disqualified people who are personally involved with the not for profit or tax-exempt organization. This includes lending between the non-profit and any of its directors or staff, related party lending, especially […]
August 2, 2011
Remember when “revenues” meant what your company makes? It’s one of those words that makes entrepreneurs feel warm and fuzzy inside and more revenues usually are a good thing. Politicians in Washington have latched on to the good feelings this word produces and are now using it as a buzzword to replace another word that […]
July 22, 2011
What’s the difference between a delinquent taxpayer and the IRS? Delinquent taxes are due right away, but the IRS now has a 16 week waiting period to even process most amended returns or other claims for refund. In addition to amended returns, paper filed returns are also subject to these extended wait times. Certain credits, […]
July 18, 2011
The IRS is eliminating the high low method of per diem for substantiating lodging, meal and incidental expenses incurred while traveling away from home. The IRS will soon publish new guidance providing rules for substantiating these expenses without the high low method. The IRS had requested public comment on the continuing need for the high-low method, […]
June 21, 2011
If you have a financial interest in a foreign bank account, you should be familiar with filing Form TD F 90-22.1. Regulations regarding this form have changed as recently as June 6, 2011 . These changes affect a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, […]
May 24, 2011
The IRS has released new statistics on audits for 2010 and your chance for an audit is the highest it has been since 1997. For individual returns, 1.11% of all returns were audited. For upper income earners, the statistics were even worse. Filers with income between $200,000 and $1 million were audited at twice that […]
May 16, 2011
Florida has built in a system where the minimum wage is to be adjusted with changes in cost of living. This has been true since an amendment was added to the Florida State Constitution in 2004 and resulted in the florida minimum wage rising to it’s current rate of $7.25. However, the rate was not […]
April 13, 2011
E-filing can speed up the tax filing process, and that is really nice…sometimes. When they process your return before they process your extension, that can cause some headaches in the form of IRS Notices. Already we are starting to see late filing notices go out for corporate returns that we filed in the last half […]
April 8, 2011
We are now about 15 hours away from the deadline. No, I’m not talking about the tax deadline, I am talking about the deadline for the government to pass a funding bill to prevent a government shutdown. Many of us, frustrated with how poorly Washington has done at coming together to pass this budget, might […]
March 24, 2011
The Internal Revenue Service has agreed with recommendations in a newly released government report urging the agency to increase its examinations of individual tax returns that report rental real estate losses. For many Americans this could mean a decrease in the amount of tax losses they report on their tax returns and increases in income […]
March 16, 2011
Much of tax accounting makes sense. You get income, you pay expenses, you pay taxes on the net income. Other tax accounting issues are not so simple, namely S-corp flow through taxes. In some cases, the difference between paying twice as much tax or not being able to take a significant deduction are simply a […]
February 14, 2011
With the administration budget revealed, and it appears taxes and deficits are going up. At least that’s the plan if the President’s budget passes as is. President Obama will try once again to increase taxes by limiting mortgage, tax and charitable deductions for upper income earners. This proposal did not pass a Democrat majority in […]
February 4, 2011
Unfortunately, the unemployment compensation bills you received in the mail from the State of Florida is not another scam. Florida has had to borrow from the Federal Government to fund unemployment benefits. Now all Florida businesses who employ workers and pay wages are being billed for the interest. Florida businesses who pay unemployment taxes are […]
January 26, 2011
The Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010 provided much needed direction in the area of U.S. estate tax law. This act, which had lawmakers on both sides of the isle compromising and defending themselves to constituents, has provided a window into some of the most exciting estate planning opportunities in […]
January 19, 2011
Taxpayers who are age 70 1/2 or older can make tax-free distributions to a charity from an Individual Retirement Account (IRA) of up to $100,000. These distributions aren’t subject to the charitable contribution percentage limits since they are neither included in gross income nor claimed as a deduction on the taxpayer’s return. These tax-free distributions […]
January 6, 2011
Would you be willing to lose your credits and deductions including mortgage interest deduction, charitable giving deduction, education credits, child tax credits, IRA deduction and tax free health benefits from your employer? What if it meant cutting your marginal tax rate in half and making tax prep easier? The only thing growing at a faster rate […]
December 17, 2010
The tax compromise bill passes! After the House defeated an amendment to remove the Estate Tax fix and an all nighter of debate, they passed the original Senate bill 277-148. What are the implications? Tax rates will not go up for anyone until 2013. The Estate Tax will have an exemption of $5 million starting […]
December 16, 2010
Honestly, we didn’t see this coming. For people who are excited about the potential for a reduction of 2% on their Social Security taxes, you might not realize why the President put this into the compromise. President Obama’s Making Work Pay Credit is expiring January 1, 2011 and it now looks as though it will […]
December 8, 2010
I was hoping to write a tax relief blog this morning about the pending political compromise between the White House and Congressional Republicans that would extend current tax rates for all Americans, set a $5 million exemption for the Estate Tax, cut Social Security taxes, and extend unemployment benefits. While I think some version of this […]
November 24, 2010
Will there be another 2011 tax hike? While many are baulking at the $700 billion over 10 years to renew the 2001 tax cuts for families who make over $250,000, and no decision has been made on these tax cuts for everyone else in America, there is another tax break that is set to expire […]
November 17, 2010
In case you thought your LLC was safe from creditors, think again. Florida’s Supreme Court has recently ruled that interests in single member LLCs can be taken in a charge order to satisfy the owner’s personal debts and judgments against them. The real kicker though is that this judgment may affect multi-member LLCs as well. […]
November 14, 2010
Do you have your eye on an office condo? Thinking of offering a discounted price due to the current market conditions. You might have an additional hurdle to clear that you didn’t think of. Did you know that many condo associations have a “Right of First Refusal” clause, which has the ability to hand your […]
October 28, 2010
This year we are once again participating in the Light the Night Walk to raise money for the Leukemia & Lymphoma Society! Visit our company’s team page to find out how you can participate. Want to come walk with us? Great! Here are the details: We will be meeting in front of Chicago Pizza (on […]
October 21, 2010
As the midterm election storm is brewing, we are closely watching the potential effects of party and committee changes on taxes and tax law. One thing is for certain, this election has the potential to have a big impact on your wallet through the stay or repeal of recently passed health care bill. More of a […]
October 8, 2010
It’s scamming season again! Last year about this time an email was going around about unreported income claiming to be from the IRS. This year’s scam alert is an email claiming that your EFTPS payment didn’t go through. The IRS will never send unsolicited email. This email starts by saying Your Federal Tax Payment ID:(some made […]
October 1, 2010
Did you enjoy the rain from Tropical Storm Nicole? We are in one of those weather patterns where every morning there is a new storm to read about. As Congress goes on vacation, the pattern of tax storms heading right towards us remains uninterrupted as well. Last time we talked about tax rates and personal […]
September 27, 2010
The latest small business tax bill won’t bail anyone out, keep any company from failing, or help stagnant companies grow. However, if you are already expanding and need capital the Small Business Jobs and Credit Act of 2010 will help. The latest small business tax bill to help grow jobs and stimulate the economy offers two ways […]
September 16, 2010
Quickbooks Online has recently updated their Quickbooks online payroll module and moved the data to a new platform. While this was intended to be a seamless process, some clients have experienced loss of data, changes to the way accounts are linked and payroll items behave, and in some cases have been required to resubmit e-filing […]
September 13, 2010
In most cases, tax-exempt organizations have little to be excited about when the government starts handing out cash. Since they don’t pay taxes, they usually don’t get tax deductions or credits. A tax refund for tax-exempt organizations is highly unusal to say the least. Fortunately, for most tax-exempt organizations, the Affordable Care Act has them […]
August 13, 2010
Before you go burnin’ down the house for the tax write off, make sure you’re affairs are in order. At least that’s what one couple may discover after their charitable deduction was denied for their $330,000 home that they donated to the local fire department. ESPN commentator Kirk Herbstreit and his wife claimed the charitable […]
July 30, 2010
If you are hoping to find out if your taxes are going up next year, you might have to wait until next year. The sluggish economy, mixed with election year politics and increasing deficits, are making good tax policy and the future of tax law more and more difficult to nail down or anticipate. While the […]
July 16, 2010
If you have a profitable S Corporation, then we have probably already discussed the importance of taking a reasonable salary for the services you perform. Well, in case you have forgotten, I wanted to take a moment to remind you about S corp wages before the State of Florida does. Florida is once again cracking down on […]
July 7, 2010
A couple times a year, the Taxpayer Advocate Service files a report showing the trends and concerns they have with how the IRS is doing business and treating taxpayers. The midyear report recently submitted shows that the IRS is difficult to deal with, moreso now than previously. Fortunately, recognition of this problem could help lead […]
July 1, 2010
If you haven’t signed that contract, don’t get your hopes up. However, if you signed a contract before April 30, 2010 and haven’t managed to close by the July 1 deadline, there still is hope. Congress has passed an homebuyer credit extension for people who had signed contracts in place before April 30 to now […]