Small Business Archives - Page 3 of 8 - John R. Dundon II, Enrolled Agent

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Small Business

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19 Dec S Corp Late Filing Penalty Excused IRC 6699 Ensyc Technologies v. Commissioner

Posted at 00:00h in IRS Collections, IRS Enforcement, IRS Penalties, IRS Penalty and Interest Abatement, Penalty, Small Business, Sub-chapter S, Tax Court, Tax Guidance & Preparation, Tax Relief

Regarding S Corp Late Filing Penalty Excused IRC 6699Â Ensyc Technologies v. Comm'r, T.C. Summary 2012-55 (6/14/12) - considering the scope of the reasonable cause language to the Code Sec. 6699 penalty for late filing of anÂ S corporationÂ return, the Tax Court determined that the failure to...

03 Dec IRS Form 1040 Line 21 and Subsequent CP2000 Notices

Posted at 00:00h in Self Employ, Small Business

IRS CP2000 notices are annoying for a wide variety of reasons but mostly because the IRS assumes that most all items reported on line 21 of IRS From 1040 are subject to self-employment (SE) tax. Much of what goes on line 21 (trustee fees for executors,...

25 Oct Self Employed Health Insurance Insurance Deduction: Worksheet v. IRS Publication 535

Posted at 00:00h in Deductible Expense, Health Insurance, Partnership, Self Employ, Small Business, Sub-chapter S

If you qualify to take the deduction, use the Self-Employed Health Insurance Deduction Worksheet to figure the amount you can deduct. However useÂ IRS Publication 535Â instead if any of the following applies. You had more than one source of income subject to self-employment tax. You file...

25 Jul IRS Forms 8941 + 3800 Calculating + Claiming Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Tax Credit

For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of premiums paid.Â Beginning in 2014,...

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04 Jun US Treasury SS-8 Determination of Worker Status for Purposes of Federal Employment Tax

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Business Expense, Employee Business Expense, Employment Tax, FICA, Payroll Tax Problems, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, United States Treasury, Worker Classification

In my dealings with the US Treasury Department regarding worker classification disputes I have learned that although in reality there may be shades of gray distinguishing between what constitutes an employee and what constitutes an independent contractor the US Treasury has some very specific positions....

11 May IRS Rules for Providing K-1’s Electronically: Rev. Proc. 2012-17

Posted at 00:00h in Corporation, Income, Partnership, Small Business, Sub-chapter S, Tax Guidance & Preparation

Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners.Â The IRS estimates that partnerships filed almost 26 million K-1s during 2011.Â Revenue Procedure 2012-17Â provides new rules describing when partnerships may provide K-1s electronically to partners. These...

08 Feb IRS Form 1040 Schedule C: Profit or Loss from Business

Posted at 00:00h in Accounting Method, Business Expense, Business Income, Car expense, Depreciation, Disallowed Expenses, Employee Business Expense, Entity Classification, FICA, Health Insurance, Hobby, Home Office, Husband/Wife, IRS Form 1040 Schedule C, Medicare, Net Operating Loss, NOL, Passive Activity, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through.Â Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up...

18 Nov Late Filing 1120 Penalties

Posted at 00:00h in Small Business, Sub-chapter S

For those of you just now starting to get failure to timely file notices for your Subchapter S Corporation, the only relief available to the S corporation for the failure to timely file penalty under Â§6699 is reasonable cause. There are no provisions like those in...

16 Nov IRS Form 8941 Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Self Employ, Small Business, Sub-chapter S, Tax Credit

Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may...

04 Nov What Are The Tax Benefits Available to a Self Employed Individual with a 401(K)

Posted at 00:00h in Retirement, Self Employ, Small Business

The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed individualâ€™s compensation for 2011 and 2012. Through...