Small Business Advocates recognizes that small businesses are the job creators that our community depends on for economic health and to meet our needs for local goods and services. This Team unites consumers, small business owners and entrepreneurs to take action on burdensome government proposals and laws that adversely impact the consumer and our local small businesses.
If you support small business in the American spirit of free enterprise or are a small business owner, you are a Small Business Advocate.
Meeting announcements sent by emails to members.
Location: Jacksonville, FL
Latest Activity: Feb 9, 2015
2014 Annual Reports
Email reminders should be arriving in regards to 2014 Annual Reports. File your 2014 Annual Report online at www.sunbiz.org by May 1st, 2014. If you file after May 1st, you will incur a $400 non-negotiable late fee. Failure to file this report will result int he administrative dissolution or revocation of your entity by September 4th, 2014.
Issue Form 1099 for 2013
Remember to issue Form 1099 to any vendors that you have paid $600 or more in service or rental payments, or paid $10 or more in royalties to during 2013. While you do not need to issue Form 1099 to corporations, you must file a Form 1099 for individuals or partnerships (any business with "LLC" in their name) so they may accurately report income to the IRS.
57 Federal Tax Provisions Set to Expire With No Prospect of Extension
Expiring tax provisions for individuals:
deductions for teachers' out-of-pocket expenses
state and local general sales taxes
qualified tuition and related expenses
mortgage insurance premiums
discharge of indebtedness on principal residence excluded from gross income of individuals
deduction for qualified tuition and related expenses
tax-free distributions from individual retirement plans for charitable purposes
Expiring tax provisions for businesses:
R&D tax credit
the work opportunity tax credit
15-year straight line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements
empowerment zone tax incentives, including empowerment zone employment credit
Also, Bonus depreciation allowances will not be available for taxpayers after December 31, 2013. Only $25,000 of business assets can be expensed compared to $500,000 in 2013.
Enhanced first year vehicle write-offs due to bonus deprecation will not be available for 2014 unless Congress extends bonus depreciation, which generally expires at the 50 percent level after December 31, 2013.
The Senate is taking baby steps on tax reform. Sen. Max Baucus (D-MT), the top Senate taxwriter, has begun releasing discussion drafts on various issues.
This proposal affects tax administration. Preparers would be targeted: IRS' power to regulate unenrolled preparers would be restored. In January, a federal court said the Service lacks the power to require unenrolled preparers --those who aren't attorneys, CPAs or enrolled agents -- to pass a competency exam and take continuing education courses so they can prepare tax returns. This case is now on appeal. If IRS ends up losing, tax overhaul would reverse that decision.
In addition, all paid preparers would have to e-file unless they can demonstrate hardship.
Many preparers will be getting visits from IRS agents in the coming months. The most important of these checks involve the earned income tax credit. Several hundred preparers who have filed questionable returns claiming the credit will have face-to-face meetings with agents to discuss the rules requiring preparers to document how they determined that a client's claim for the credit was valid.
The new mileage rates for the use of a vehicle in 2014 is:
56 cents per mile for business miles driven
23.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
Florida Announces 2014 Minimum Wage Effective January 1, 2014, Florida’s minimum wage will be $7.93 per hour. This is an increase of 14 cents over the 2013 minimum wage of $7.79 per hour. The minimum wage for tipped employees will increase by the…Continue
Started by Vic Cirillo Oct 23, 2013.