What to Expect from a Florida Tax Audit

The day your business receives a DR-840 notice from the Florida Department of Revenue will be one that you won't soon forget. This is the state's infamous Notice of Intent to Audit Books and Records. Your first action might be to crumble up the notice, toss it on the floor, and yell, "Why me?" This might feel good, but it's not going to prevent the state from auditing your business.

How Tax Reform Changed Accounting Methods for Small Businesses

The Tax Cuts and Jobs Act – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter.

New Business Tax Credit for Employers Providing Paid Family & Medical Leave

Eligible employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 might qualify for a new business tax credit.

This new employer credit for family and medical leave is part of tax reform legislation passed in December 2017.

The intent of the business tax credit is to encourage companies to offer paid time to their employees for family responsibilities, offer relief of some financial pressure. Under the guidelines, employers can get a tax credit equivalent to a percentage of the wages normally paid to employees during any period for up to 12 weeks, who are on family or medical leave.

Employers setting up or updating a leave policy may also be eligible for retroactive credit.

Is It Better to Use a Bookkeeper, CPA or Enrolled Agent to File Your Taxes?

During tax season the same question always resurfaces among executives, business owners, and independent contractors – who should prepare my taxes?

While this question depends on each circumstance, the primary benefits of using a tax professional will always be time savings and improved accuracy. Individuals with more complicated tax needs will obviously benefit more from hiring someone to do their taxes, but everyone will benefit to some extent.  

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