This podcast will discuss whether you can take cash out of your company bank account for personal use. It will discuss the different types of entities and how to get it out. It will also discuss taxation of profit in pass through entities. You might be surprised to learn uou are taxed when you earn the profit and not when you take the cash out of the business.
This episode covers the 2019 tax year filing dates as well as the dates for 202 estimated tax payments. We also discuss the failure to file, failure to pay and failure to deposit penalties for not filling your tax return. We provide strategies and suggestions for people who may owe tax and are unsure of whether to file or not.
This episode covers the 2019 tax year filing dates for pass through entities for tax returns being filed in 2020. We also discuss the failure to file penalties. In addition we will discuss whether filing is required if no business was transacted or the entity had a loss.
Many taxpayers who were affected by hurricane Irma are unaware of the tax credits or tax write off’s that are available to help with some of this damage. Employers who paid employees while they were in operable or qualified to receive a portion of those wages back as a tax refund. In operable means Non-productive. Listen to this podcast for definitions and criteria to be able to qualify for this wage refund. Also listen to learn about damage to your personal residence and how that could benefit your 2017 tax return. The gotcha in this tax refund is that there is a time clock ticking for when you will be able to get this refund. Everything is contained in this podcast.
A question we often get when you sell your house and you are filing your tax return is how to report this correctly. This podcast will discuss the differences between selling your personal residence and selling your second home. It will discuss the requirements and the amount of gain that can be tax-free if you can qualify as a personal residence. It will also discuss alternative second home options such as a RV, yacht or vacation home. We will also discuss Whether it is beneficial to offset multiple sales of residences with gains and losses within the same year.
This podcast will address whether a non-US person has a US tax return filing requirement. It will also cover the specific examples of whether a rental property has an annual filing requirement or not vs. a personal use property. FIRPTA withholding requirements will be discussed and an example of how to eliminate the FIRPTA withholding based on an allowable exception to the legislation.
This episode will discuss minor details that can cause big problems. Something as simple as not filing your S Corp election correctly can be the cause of additional professional fees to get it straightened out. Doing it right the first time will save lots of time and aggravation later. In addition we will discuss when to start filing your new business tax returns and what happens if you fail to file. As a final note we will discuss expenses incurred prior to starting the business.
Getting married? Getting divorced? Both of these could possibly put you into a tax pitfall. This episode will discuss a case where a wife signed a joint tax return that ended up being fraudulent upon IRS examination. The wife was unaware of the fraud and still was on the hook for penalties and potential criminal activity. The other case we will discuss is a newlywed couple that was married late in the year. The couple did not get get advice that could have saved them thousands of dollars in health care subsidy repayments. In both cases this could have been avoided with careful tax planning.
CPAofFlorida the WOW Podcast is hosted by the mother daughter team of Janet Noack, CPA and Andrea Dillon, CPA.