Welcome to Business Accountant!
Each of our clients is extremely important to us! We apply knowledge and expertise accumulated over many years to give direction and customized advice to each client. We are not merely historians but are directly involved in creating and influencing the unfolding of history. Our objectivity and overall understanding of our clients' needs enable us to provide critical business advice in a variety of situations. Please browse our site and contact us if your needs match our services.
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News added, Los Angeles, March 1st, 2008: Businesses and Outside Contractors:
The IRS will be paying closer scrutiny to businesses that may be misclassifying workers as outside contractors to save on employment taxes. The IRS has developed an electronic matching system enabling them to identify workers with 1099 payments of more than $25,000 and no other sources of income. Businesses with 5 or more outside contractors meeting these two criteria can expect to be audited in 2008.
News added, Los Angeles, February 25th, 2008: Rebate Checks:
Rebate Checks - When?
As soon as early May for April 15th filers.
Who?
2007 tax return filers with earned income.
How Much?
Married filers will receive a maximum of $1200 plus $300 for each child.
Single filer's maximum is $600 plus $300 for each child. Rebates phase out starting at $75k AGI for singles and $150k for married filers. Rebates are reduced by $50 for each $1,000 of income over these amounts.
News added, Los Angeles, February 8th, 2008: 2008 Tax News Update:
Are you curious about your chances of being audited by the IRS?
These were the statistics for your chances of audit in 2007:
Individuals overall: 1 in 97 returns (1.03%)
Individuals grossing more than $1 million: 1 in 11 returns (9.25%)
Individuals grossing over $100K but less than $1 million: 1 in 56 returns (1.77%)
Individuals grossing less than $100K: 1 in 108 returns (.93%)
S-Corporations: 1 in 222 returns (.45%)
Partnerships: 1 in 238 returns (.42%)
Small C-Corporations: 1 in 108 returns (.92%)
All categories experienced an increase in percent audited, though the increase was slight. The most significant increase occurred for individuals with over $1 million in gross income.
For 2008, there is a decreased tax rate on long-term capital gains for taxpayers in the 10-15% tax bracket, from 5% to 0%. This will not benefit children as kiddie tax age has increased to 19.
News added, Los Angeles, January 22nd, 2008: 2008 Tax Regulation Update:
For homes sold after 2007, a surviving spouse now can claim the $500,000 gain exemption if sale is within two years of the spouse's death.
The sale of land adjacent to a primary home lot can be included in the $500,000 exclusion on the sale of the home. This applies if the lot was used as part of the home and if it was sold within two years of after or preceding sale of the home.
The IRS has now made it easier to claim an unrelated child as a dependent if the child lived and year and was supported by the tax payer. The change will especially help unmarried cohabitants. This is effective retroactively to 2005.
News added, Los Angeles, January 8th, 2008: Apply for Your EIN Online!
Many business entities need to apply for an EIN (Employer Identification Number) from the IRS. Much like an individual's Social Security number, the EIN uniquely identifies separate businesses ...
News added, Los Angeles, January 4th, 2008: Social Security Tax Wage Limit Increased for 2008
Social Security taxes on employee wages and self employment income is still 6.2% and 12.4% respectively. However, the IRS sets a limit on how much income is subject to this tax. In the 2007, the wage limit was $97,500, meaning income above this amount was not taxed for social security. For 2008 ...
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Proactive tax planning to take advantage of timely tax saving opportunities.
Comprehensive business services that integrate income tax compliance
and planning with investments and insurance choices.
Consulting services that review businesses to find hidden opportunities to
increase wealth accumulation and retention.
Foreign investor tax services.
Individualized accounting system setup for new businesses.
State of the art payroll tax services and sales tax preparation.
Preparation of business and individual tax returns and financial
statements.
Budgeting and projection preparation and monitoring, facilitating the
creation and tracking of events.
Assistance in selection and installation of computer hardware and
software, ongoing monitoring and updating of systems.
