The Small Business Tax Help Blog

Posts Tagged ‘florida’

Question: Executor of mother’s estate-condo-cleared about $87000-probated. Split equally with 3 sibs. What tax forms?

Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.

Answer: The basis of the condo is stepped up to the fair market value as of the date of your mother's death. If you sold it shortly thereafter, after figuring in sales costs, you may actually have a long term capital loss for tax purposes. You should file a fiduciary income tax return, IRS Form 1041 to report the sale and distribute any "paper proceeds" to the beneficiaries.

NEWS / AKTUELLES

Die rekordbrechende Kälte in Florida und anderen Teilen des Südostens treibt die Preise und die Nachfrage für alles von Tomaten bis Erdbeeren nach oben, die aus Kalifornien und Mexiko geliefert werden.

florida urlaub ein traum

Question: Do I need a license or degree to provide accounting services??

I am currently in the process of completing my Bachelor’s in Accounting. I would like to start my home based business for bookeeping, taxes, payroll etc. In the state of Florida, is it REQUIRED to have the degree or license. I know I will have more clientel once I graduate, but for now I have about 20 customers for taxes and would like to start my business.
I know that once I graduate, more people will confide in my services. For now I just want to be informed about wether or not I need a license…thanx.

Answer: You don't need a degree or certification to keep books or do taxes or payroll. You only need them if you're auditing books, and certifying the results of your audit. And if you're doing the audit under the supervision of someone who's already a CPA, you don't even need them then.

Fitch Affirms South Florida Water Management District's COPs at 'AA-'; Outlook Stable

NEW YORK----Fitch Ratings takes the following rating action on South Florida Water Management District, Florida's certificates of participation as part of its continuous surveillance effort:

Business Management & Leadership Skills : How to Create an Employee Recognition Certificate