Employers and the ACA
My Brandon, Florida CPA firm provides expert accounting services and tax preparation for individuals, businesses and non-profit organizations at reasonable rates. The firm also audits not-for-profits. I strive to sweat the details so that my clients don't have to. My CPA firm is based out of Brandon FL 33511 but is not limited to the Brandon area. If you need tax preparation, accounting services or advice, this CPA can help! Call me at (813)657-4137 or email at: email@example.com
IRS accepted another Offer in Compromise that my office prepared! Great for us and my client!
Some good news to report, our firm is on the cusp of having another Offer in Compromise accepted by the IRS. This is good news for us and it is GREAT news for our client! If you could use the assistance of an Offer in Compromise, and you meet the stringent guidelines, we can help! Call today!
In the course of performing audits, I am often asked what the problem is with having one person do many different tasks for an organization. Here is a brief explanation of some of the problems that are borne out of a single person performing incompatible duties and some things you can do to prevent fraud
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.)
1. Enter the total amount of the debt immediately prior to the foreclosure.___________
2. Enter the fair market value of the property from Form 1099-C, box 7. ___________
3. Subtract line 2 from line 1.If less than zero, enter zero.___________
The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.Step 2 – Figuring Gain from Foreclosure
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________
5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________
6. Subtract line 5 from line 4. If less than zero, enter zero.
1. Enter the total amount of the debt immediately prior to the foreclosure.___$220,000__The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040.
2. Enter the fair market value of the property from Form 1099-C, box 7. ___$200,000__
3. Subtract line 2 from line 1.If less than zero, enter zero.___$20,000__
4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__
5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__
6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__
On February 23, 2015, the Treasury Department stated that the individuals who had filed their tax returns when they received their incorrect 1095A forms would not be required to file amended returns.
Contributions can not exceed the amount necessary to provide for the qualified education expenses of the beneficiary. If you contribute to a 529 plan, however, be aware that there may be gift tax consequences if your contributions, plus any other gifts, to a particular beneficiary exceed $14,000 during the year.
Biggest Tax Breaks Extended for the Middle Class!
A trust is a separate legal entity for income tax purposes, and must file its own tax forms. A trust that is required to distribute all its income currently is considered a simple trust; otherwise the trust is a complex trust.
Here is a listing of various tax effects having to do with the Affordable Care Act...
Original Art work valued at over $1,000 could become exempt from Florida sales taxes. To be eligible, works can't be numbered, must cost at least $1,000, and be sold by the artist. HB:89 is the proposed bill and will be voted on in 2015.
According to the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act Committee Report the following provisions are under consideration:
Year-end uncertainty highlights need for reform