Added by Martin G Meyer, CPB on October 3, 2011 at 6:40pm —
Issue Number: IRS Summertime Tax Tip 2010-03
Added by Martin G Meyer, CPB on July 14, 2010 at 6:44pm —
Yesterday was June 6th, D-Day Remembered and my internet was down. To all those World War II Veterans who are still living Thank You, we can never say that enough for what you did.
Added by Martin G Meyer, CPB on June 7, 2010 at 5:28pm —
Memorial Day is fast approaching Remember to take time out of your celebration to Remember the Real Meaning of the Day to Memorialize those Veterans who have sacrificied all so that we can live in Freedom.
If you know a Veteran, happen to see a Veteran or a current Armed Forces member while out enjoying your holiday Remember to Say Thank You for your service. They took time out of their lives to serve, and to put themselves in the position of going in to Harms Way to protect… Continue
Added by Martin G Meyer, CPB on May 27, 2010 at 1:06pm —
Do you have questions about reporting gains and losses on your tax return? Here are some facts from the IRS.
1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.
2. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.
3. You must report all capital gains.
4. You may deduct capital… Continue
Added by Martin G Meyer, CPB on February 20, 2009 at 3:58pm —
Five Important Changes for Taxpayers
Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
1. Expiring Tax Breaks Renewed
The following popular tax breaks were renewed for tax-years 2008 and 2009:
• Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
• Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
• Tuition and fees deduction on Form 8917
In addition, the… Continue
Added by Martin G Meyer, CPB on February 5, 2009 at 5:32pm —
Here's some help for closing your 2008 books this month.
In Problem 1 below, the cash received in advance was initially recorded as unearned revenue; in Problem 2, as revenue.
PROBLEM 1: Renovation, Inc. signs a $50,000 painting contract with CriCo and receives a $20,000 advance. When Renovation’s year ends, it has completed 10% of the job. What entry is recorded upon re¬ceipt of the cash? What adjusting entry is made at year end?
SOLUTION 1: The original entry… Continue
Added by Martin G Meyer, CPB on January 22, 2009 at 8:31am —
Under recent IRS guidelines, owners may not receive the full benefit of the 2008 Sec. 179 write-off of $250,000. The IRS says that the deduction applies separately to the entity v. individual owners. (Here, “owner” refers to both the S corp shareholder and the partner in a partnership.)
The amount of Sec. 179 pass-through an owner can deduct will depend on the maximum Sec. 179 deduction allowed in the owner’s tax year—not the S corp’s or partnership’s tax year. This is potentially… Continue
Added by Martin G Meyer, CPB on January 13, 2009 at 8:56am —
We had a great networking breakfast on Tuesday, Jan 6th at the Black Walnut Cafe in Sugar Land. Despite the weather we had 10 people come, enjoy socializing, and networking. I want to thank every one who participated and hope to see you again next month.
I am going to plan an another breakfast for next month and I hope to see more of you from the Southwest area attend.
This was a really nice venue, and we will probably try for a lunch meeting next month also.
Added by Martin G Meyer, CPB on January 7, 2009 at 1:17pm —
IRS audits now routinely review S corp payments to shareholders to see if payroll taxes are being avoided by treating payments to shareholder-officers as loans or shareholder distributions of cash or property.
An officer performing services for a corporation is entitled to payment; those payments are wages. For federal employment tax purposes, corporate officers are employees.
Avoiding employment taxes by treating compensation as cash distributions, expense reimbursements,… Continue
Added by Martin G Meyer, CPB on December 30, 2008 at 3:34pm —
Taxing a cash (or cash equivalent) bonus
You are required to treat any cash bonus as wages and to apply FITW, FICA, FUTA, and state and local payroll taxes. If you give the bonus separately from regular wages, or with regular wages but identified as separate, the supplemental withholding rate—25% for 2008—can be used. [26 CFR 31.3402(g)-1]
A discretionary bonus is a lump sum that the employer decides when to give and how much to give. It cannot be required by a contract,… Continue
Added by Martin G Meyer, CPB on December 13, 2008 at 4:10pm —
I would like to see the members professions listed with their names in the membership directory. I would also like to be able to do a by industry search. This is a great website with a great group of people, but there are times I may be looking for a particular industry or professional and not able to find them. The other option seems to be to go to each persons page to find out what they do.
Does anyone else agree with me, that it would be great to have the professions or industries… Continue
Added by Martin G Meyer, CPB on December 6, 2008 at 10:33pm —
i am new to the INHouston networking group, however, I do belong to other networking organizations, Brazos BNI, Cooper Connection, Houston Networking News, and Linkedin.
I would like to establish a meeting schedule for the Southwest Group.
My preference is morning meeting beginig between 7-7:30 and ending no later than 9:00 am, this way the meeting create the least interference with the rest of the day. I would like to see 2 breakfast meetings a month, and we can discuss where at a… Continue
Added by Martin G Meyer, CPB on October 5, 2008 at 11:16am —