Licensed Real Estate Agents – Real Estate Tax Tips

Most real estate professionals operate their business as a sole proprietorship. This means that you are not someone's employee, you haven't formed a partnership with anyone, and you have not incorporated your business. Statutory Nonemployees Licensed real estate agents are statutory nonemployees and are treated as self-employed for all Federal tax purposes, including income and [...]

By | January 14th, 2017|Uncategorized|0 Comments

Reasonable Compensation

S corporation required to pay reasonable compensation. S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly. The [...]

By | January 2nd, 2017|Uncategorized|0 Comments

Form 1099-MISC, Miscellaneous Income

File this form for each person to whom you have paid during the year: at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest; at least $600 in: rents; services performed by someone who is not your employee; prizes and awards; other income payments; medical and health care payments; crop [...]

By | January 2nd, 2017|Uncategorized|0 Comments

Why Do We Need Accounting?

A good recordkeeping system includes a summary of your business transactions. Business transactions are ordinarily summarized in books called journals and ledgers. A journal is a book where you record each business transaction shown on your supporting documents. You may have to keep separate journals for transactions that occur frequently. A ledger is a book [...]

By | November 28th, 2016|Uncategorized|0 Comments

NTPI Fellow

For Immediate Release 89 Tax Practitioners Complete Rigorous National Tax Practice Institute™ and Earn Elite Designation Washington, DC, November 18, 2014 – Eighty-nine tax practitioners have earned the prestigious Fellow designation from the National Association of Enrolled Agents (NAEA), America’s tax experts, for completing the three levels of the National Tax Practice Institute™ (NTPI®). This [...]

By | January 7th, 2016|Uncategorized|0 Comments

Corporate Tax Preparation – Basic Information

There are three categories of business: small, medium, and large. A small business corporation can be defined as having a stock value of under $1 million at its inception and annual gross income of less than $2 million. There are several reasons why a business owner would choose to incorporate. The most common reasons cited [...]

By | January 4th, 2016|Uncategorized|0 Comments

What Information Is Needed for Tax Returns?

A tax return is a document you must file with the government showing how much income you earned in a particular year. For personal federal income tax filings, there are three forms to choose from: Form 1040, Form 1040A and Form 1040EZ. All taxpayers can choose to file using Form 1040; however, if you prefer [...]

By | December 16th, 2015|Uncategorized|0 Comments

Helpful Hints When Choosing a Return Preparer

Be cautious of tax preparers who claim they can obtain larger refunds than other preparers. Avoid preparers who base their fee on a percentage of the amount of the refund. Use a reputable tax professional who signs your tax return and provides you with a copy for your records. Consider whether the individual or firm [...]

By | December 5th, 2015|Uncategorized|0 Comments

How to Avoid Tax Preparer Fraud

As the federal income tax season gets into full swing, the IRS warns taxpayers to beware of falling victim to paid income tax preparers who file fraudulent tax returns on behalf of their customers. Return Preparer Fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or [...]

By | December 5th, 2015|Uncategorized|0 Comments

Department of Justice News. Tax Return Preparer Sentenced for Filing False Tax Returns

Florida Tax Preparer Pleads Guilty to Identity Theft and Wire Fraud Ernst Pierre, a Port St. Lucie, Fla., tax preparer, pleaded guilty today to wire fraud and aggravated identity theft, the Justice Department and Internal Revenue Service (IRS) announced. Pierre was charged with a scheme to file false federal income tax returns using stolen identity [...]

By | December 5th, 2015|Uncategorized|0 Comments
Load More Posts