Here’s good news. IRS regulations allow you to claim a prorated (reduced) gain exclusion—a percentage of the $250,000 or $500,000 exclusion in select circumstances. The prorated gain exclusion equals the full $250,000 or $500,000 figure (whichever would otherwise...
Tags: Sarasota CPA, Sarasota Tax Resolution, Sarasota Personal Accountant, Tax and Accounting Services Near Me, Sarasota Tax Planner About one in 100 businesses get hit with an IRS audit each year. While that statistic might seem low, you don’t want to be on the...
Do you have a question about how to apply the tax law to a potential transaction? Wouldn’t it be great if you could get the IRS to give you an answer in advance of filing your tax return? You may be able to do so by obtaining a private letter ruling (PLR) from the...
Tags: Outsourced Bookkeeping Services, Fractional CFO, Virtual Accounting Services, Outsourced CFO, Sarasota Tax Problems If you’re new to the work of business, there’s a lot to learn. You’ve most likely heard that starting your own business is risky...
In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to more than 50...
