Category Archives: Special Announcements

Unreimbursed Corporate Business Owners (Shareholders) Expenses

Please be aware that the IRS requires that specific documentation be maintained and made available regarding the deductibility of business expenses in the event that an examination is performed. When out-of-pocket expenses are incurred by shareholders of corporate businesses, an accountable plan … Continue reading

2016 and 2017 Retirement Plan Limits

Retirement Plan Limits 2016 2017 401(k) – 403(b) and 457 $18,000 $18,000 SIMPLE IRA $12,500 $12,500 Catchup for over 50  401(k) $6,000 $6,000 Catchup for over 50  SIMPLE $3,000 $3,000 Defined Contribution Plan $53,000 $54,000

2016 and 2017 tax planning suggestions

The following tax planning strategies through out the year and close to the end of year for consideration: During the 2016 tax year, taxpayers in the 10% and 15% tax brackets will continue to enjoy no tax on LT capital gains … Continue reading

Corporate Annual Report Due by May 1st

All Florida Corporate Annual Report are due on or before MAY 1, 2017.  File online at www.Sunbiz.Org.

Organizing Your Business Tax Return Information

Presenting your business tax return information in a complete and organized manner will expedite the completion of your tax return and will reduce the amount of time necessary to prepare the return.  What is the benefit to you of organizing … Continue reading

S Corporations – Critical Information Re: Shareholder Compensation

Salary The IRS requires that all S Corporations must pay a salary to shareholder/employees(if profit supports it), or risk recharacterization of shareholder distributions and be subject to penalties.  We strongly recommend that all of our S-corporation clients pay a reasonable salary to all … Continue reading