Accountability Services LLC

Accountability Services LLC

Category: Content
Type: Blog Article

Generated 2 months ago

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  • How to Pay the IRS

    If you owe a balance to the IRS and do not want to physically send a check, we recommend paying online.  To do that, go to *Make sure to have your most recent tax return on hand.  You will be asked to enter tax return verification information. Choose  “Make a Payment” Select the dropdown for Reason To pay your balance for 20xx:Key words:    1040  >  Tax Ret...

  • Taxation of Gifts - Gifted Property

    Figuring the tax gain or loss on gifted property can be tricky.First, one must determine its basis. If you received property as a gift, having paid neither money nor other property for it, your cost basis would not be $0.  Instead, you would use what is referred to as a substituted basis of the property. The general rule is that the basis for determining gain on property received by gift is the sa...

  • Tax Issues Related to S-Corp Officer Health Benefits

    If your company DOES NOT pay for officers’ health insurance, there is no need to read further. If your company DOES pay for officers’ health insurance, please read on…ISSUE / CONCERN:If your corporation pays for your officers’ health insurance premiums, and those officers own 2% or more stock in the company, and you want to deduct those premiums as business expenses, they must be paid by your corp...

  • Employee Stock Options

    As part of a compensation package, employees may receive stock options. The tax treatment depends on the type of options received. Incentive Stock Options (ISOs) An employee is not taxed on the receipt of these options. When the option is exercised, the difference between the option price and the fair market value of the shares (called the “spread”) is not subject to income tax. But when the optio...

  • 2016 Tax Policies of the Major Presidential Candidates

    Americans go to the polls November 8, 2016, to elect the 45th President of the United States. The next President will play a key role in shaping tax policy and possibly reforming the entire Tax Code. This special briefing describes the tax policies of the candidates of the two major parties: Hillary Clinton, the Democratic candidate for President and Donald Trump, the Republican candidate for Pres...

  • Retirement Plans for Businesses

    Defined Contribution Retirement Plans for Businesses SEP IRA Advantages:Best way to go for self-employed without other employeesInexpensiveAllows contributions up to 25% of W-2 compensation or $53,000 whichever is lessContributions can be made up to the date tax return is filed (including extensions) Disadvantages:Must contribute for all employees who have worked for business in 3/5 last years.Emp...

  • How to Request an S-Corporation Acceptance Letter From the IRS

    An S-corporation business structure is an elected structure for tax purposes. In most cases, an S-corporation is initially formed as a different type of entity in its state of operation before the election is made, such as a C-corporation or Limited Liability Company.You'll use Internal Revenue Service Form 2553 to elect S-corporation treatment. After the IRS processes your request, you will recei...

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