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US House of Representatives approves Bill that will increase taxes on many small businesses
The House of Representatives recently passed a Bill (HR 4213) that would raise taxes on many small business owners who are treated as a sub-chapter S corporation for tax purposes. It is disheartening that the US House of Representatives wants to increase taxes on so many small business owners. HR4213, is now under consideration by [...]
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Expansion of 1099 rules for business to business transactions
The new health care legislation has made tremendous changes to existing laws. Many of these changes phase in over the next five years.
The National Federation of Independent Business (NFIB) has a timeline listing many of the provisions in the new health care legislation and their date of implementation.
The IRS is responsible for collecting taxes from Americans. The amount [...] -
2010 Roth IRA conversion
At SBS CPA Group we regularly work with several different high quality local financial planners. Many of our clients use a financial planner and the truth of the matter is that more of our clients should use a financial planner than currently use one.
If you have a financial planner you should talk to them about whether or not you [...] -
Indiana Department of Revenue targeting those who do not pay sales tax
Per the Indiana Department of Revenue’s website:
Effective Jan. 1, 2010, Indiana law will require the Department to post online all businesses whose registered retail merchant certificates (RRMCs) have expired due to nonpayment of delinquent sales tax. To view the list, click here.
I downloaded the list on 1/9/2010 and the list included a total of 26,158 [...] -
IRS Announces new mileage rates for 2010
You can read the IRS announcement for yourself!
The new IRS mileage rates for 2010 are:50 cents per business mile
16.5 cents for miles driven when moving (in certain cases) or medical miles
14 cents for charitable milesMike Sylvester, CPA/ABV “accredited in business valuation”
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December is your last chance to prepare for your 2009 taxes!
Tax planning is important to small business owners and December is your last chance to plan for your 2009 taxes.
Small business owners should meet with their accountant throughout the year in order to ensure that they are ready to file their 2009 taxes. There are often actions that small business owners can take in December [...] -
Indiana Energy Star Heating and Cooling Equipment Tax Credit
In calendar year 2009 and 2010 there is an energy tax credit that can be claimed by some Indiana individual taxpayers and businesses. The Indiana Department of Revenue Information Bulletin #100 provides information on this tax credit.
Some highlights include:The credit can be applied for by individuals or by small business that are Indiana businesses with less than [...]
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IRS Form 2848, Power of Attorney
I have an IRS power of attorney for many of my clients.
I am currently working on an issue for one of my business clients. To make a long story short the IRS eventually faxed me a power of attorney they had on file for my client; however, when I looked at the power of attorney it [...] -
Statement of Benefit Charges
The Indiana Department of Workforce Development is the agency charged with handling the Indiana unemployment system. Unemployment in Indiana has risen significantly and this has increased the number of employers that have past employees who are collecting unemployment benefits.
The Indiana Department of Workforce Development tracks how much each business pays into the Indiana unemployment system and [...] -
Cash for clunkers
Congress has passed and President Obama has signed into law the cash for clunkers program; H.R. 2346.
This bill is designed to spur the sale of new cars in the United States.
The program runs from July 1st, 2009 – November 1st, 2009. The program will allow up to 1 million vouchers to be issued by the Federal [...]