August 9, 2012
Hurricane season started early this year. Unlike most hurricane seasons, this year has been especially active for Jacksonville, Florida. However, whether it is a hurricane, snow storm, flood, lightning, or simply aging equipment, businesses should assess their hurricane and contingency planning strategies, and how they can preserve their documents and records in the case of a […]
May 31, 2012
Call it an incentive, or call it a loophole, but when IC-DISC and foreign sales are paired, tax advantages aboutnd. IC-DISC corporations are a way that foreign export companies both big and small can help their shareholders significantly reduce their tax rates. Companies that sell US sourced products overseas can trade ordinary income tax for […]
March 2, 2012
If you thought that filing early would guarantee a speedy return of your tax refund, think again. The IRS is reporting tax refund delays of up to two weeks beyond their normal 10 day return maximum due to computer troubles with their new anti-fraud detection system. The IRS is working extra hard this year to […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
May 20, 2010
Last time we wrote about the new provisions in the HITECH Act that could provide medical providers with up to $44,000 in Medicare credits or up to $65,000 in Medicaid credits by switching to electronic medical records (EMR). In order to qualify for these credits, you need to be able to show that you meet […]
May 3, 2010
The HITECH Act passed on February 17th, 2009 could stimulate some medical practices to make changes in the way they do business in 2010. This act allows physicians to qualify for up to $65,000 in Medicaid incentives and $44,000 in Medicare incentives for the adoption an Electronic Health Record (EHR) system. In this series of […]
March 19, 2010
If you’re getting ready to hire someone whose been unemployed for 53 days, you might want to give it another week. Congress has passed the HIRE Act giving tax credits to employers who hire people who have been in the unemployment lines for at least two months. Here are the details: The hiring period is […]
January 6, 2010
While business owners are scraping together money to grow and hire new employees, Florida is among many of the states increasing payroll taxes to cover the unemployed. There could be an unemployment tax increase of 1000% for some companies. State unemployment taxes have been on the first $7,000 of each individual’s wages and had recently […]