By angilee July 03, 2014
How can I reach someone at First Coast Billing Group, are you guys just an answering service or what, I have left numerous voice messages and nobody ever returns my calls? ...read more
By RebeccaNostrant February 05, 2014
Dean is a very sincere, couteous, hard working man. Let him take care of your accounting needs. He can do your taxes also. Rebecca ...read more
By LouisRose March 11, 2013
While Mr. Green is probably competent, his office procedures are aggravating. The first time I was told my taxes were ready, they were not and I had to return a second time. This cost me a good 45 minutes of time and gasoline. The second time I discovered they did not take credit cards, something they should have told me as part of our initial interview. This combined with a general lack of courtesy by the office staff prompted me to take my business elsewhere. I suggest that you do so too, if only to avoid aggravation. ...read more
Are you ready for the year end, do you have all the information together that will save you money on your taxes this year?Few tips:If you are in the high income bracket, having your sales taxes compiled instead of taking a standard deduction will save you hundreds if not thousands of dollars. Its not that hard to figure out if you go through your personal checking account statement.Office space in your home? Most CPA's will take a standard deduction, while figuring out your expenses and square footage use will save you a lot more.Have you gone through all of your expenses?You may be missing out on more deductions .... ...read more
By Bookkeeping and Accounting of Fl Inc November 17, 2013
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, brokerages must now provide the gross proceeds AND cost basis to the IRS on stock sales. The IRS has developed a plan to help them continue their computer matching program. Starting in 2011, the IRS is proposing a new form be filled out to record the sale of securities in addition to Schedule D. Form 8949 will report the sale of all securities and the totals will flow through to Schedule D. The new filing requirement is in connection with the new basis reporting rules that went into effect for securities purchased after 2010. A separate 8949 will be required for sales of securities where the basis is reported by the brokerage firm, for sales where the tax basis isn’t reported and for the sale of securities where no information is reported to the IRS. Depending on the different classification or reporting of sale of securities you may be required to file up three different 8949, one for each classification. It will be up to individuals and their tax preparers to discover what information brokers actually sent or didn’t send to the IRS. The requirement is to make it easier for the IRS to cross reference the basis reported on the return with the information reported by the brokerage house. The IRS has not finalized the instructions or the use of the form. We will keep you updated as we move closer to the 2011 tax filing season and more information is available regarding what this means to you. ...read more
By GunnChamberlain, P.L. November 30, 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 no problems. If on the other hand you are trying to save a buck by treating employees as independent contractors, you could be in trouble. If audited, you could end up owing back payroll taxes plus interest and penalties. If you have not properly filed 1099 forms, the IRS will also subject you to a 28% backup withholding tax plus penalties&interest. Fortunately, the IRS and State of Florida are providing an amnesty program. The burden of proof is on the taxpayer to prove that the people they pay as independent contractors are in fact not employees. The IRS and state governments are itching to reclassify those contractors and have a great deal of flexibility to do so. Reclassification of workers can raise all sorts of problems. For example, The federal government and the states share information, so if one reclassifies your contractors as employees, there is a good chance the other will catch on before too long. Even though the law requires that an individual report all their income, the IRS holds employers responsible for properly filing a 1099-Misc for any individual who you pay more than $600 to during the year. If you didn’t file the 1099-Misc, you could be facing backup withholding at 28%. In other words, the IRS will charge you 28% of that contractor’s compensation, whether they paid taxes on their own individual return or not. Of course, once the IRS has done that, they can put additional penalties and interest on top as well. Even if you properly classify all your employees, you are still responsible to withhold and pay the proper amount of tax, social security and medicare on employees, include employer matching, remit payment timely in the manner the IRS requires. Are you using EFTPS by telephone or online? If you are still making tax deposits by paper coupon, you will be receiving penalty notices from the IRS for that as well. If you withhold wages for taxes and fail to pay it, the IRS can change you with a trust fund penalty that will follow you personally even if the business fails, so don’t think of your payroll liability account as an opportunity for leverage. That is a lot of bad news. Fortunately, we have some good news for you too: On Sept. 21 of 2011 the IRS launched a new program that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers. This new program will allow employers the opportunity to get into compliance by making a minimal payment covering past payroll tax obligations rather than waiting for an IRS audit. This is part of a larger “Fresh Start” initiative at the IRS to help taxpayers and businesses address their tax responsibilities. Florida already has a parallel voluntary disclosure program for Unemployment Compensation Tax. There are requirements to be allowed into the “Fresh Start” program. 1) You must have consistent treatment of workers as independent contractors. 2) You had to have actually filed the 1099-Misc Forms for the past three years. 3) You must not be currently under examination (Audit) by the IRS, Department of Labor or a State Tax Agency. Many other states also have a voluntary disclosure program to allow employers to come clean and reclassify contractors as employees. This can help you avoid monstrous penalties. It will require laying out funds for back taxes, but the amount of money you will save over the penalties incurred in a reclassification from an audit could be the difference between the life and death of your business. If you need clarification or have questions about how to come clean we will be glad to help. ...read more
By GunnChamberlain, P.L. November 09, 2011
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more
