The IRS has issued its annual Data Book, 2010 (fiscal year 10/1/2009 through 9/30/2010).

Apparently, I can't link to the IRS site so click and paste:

http://www.irs.gov/pub/irs-soi/10databk.pdf    

(See page 22 for the audit rate of particular returns.)

There is a ton of information here including…returns filed, taxes collected and examinations to name a few.

Worried about an audit?  Well, according to this table, page 22, there is about a 1% chance of audit of a 1040 tax return.  Within that 1% category, your chances increase 2 to 3 times if you file a Schedule C  and your chances increase a lot

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Get your tax return prepared for $49.95…

Well there are more tax preparation businesses out there offering to prepare tax return for $49.95.  

Within the last month, I have heard on the local radio and now in print advertising, tax preparation firms offering to prepare tax returns for $49.95. Wow!   At least the second offer in print, limits the price to seniors, over 55, and limits the forms to Schedule A, Schedule B and Schedule D, with a few caveats.  The radio ad earlier this month, as I remember, said  "....any tax 1040 tax return...." I hope they had fun!

 Watch for the “lost leader

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Do you know what fees are included in your 401k plan?  If not, you should ask!

The Orlando Sentinel published a great front page article on Monday, February 21, 2011 about the hidden fees in 401k plans and how difficult it can be to really determine what the cost structure of the 401k plan.

Full disclosure of fees and commissions make it easier for Orlando small business owners to compare plans and determine the best plan for their business.  And the plan that is most cost efficient.

Remember there is no such thing as a “free” 401k.  There are fees somewhere so don’t be fooled.

The new disclosure

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Several weeks ago, Orlando Sentinel business columnist Beth Kassab wrote an article that basically said that lower taxes don’t matter to businesses in their re location decisions.  There was some discussion about Jet Blue and why they would stay put in New York (unfortunately, I can’t find that post on Beth’s Orlando Sentinel blog, www.orlandosentinel.com/thebottomline ).

There were the normal arguments that people who DON’T run a small business make when arguing that lower taxes don’t matter.  Such as   businesses want to re locate to areas that have art centers,

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Orlando small business CONSUMER ALERT!  Look out for the following scam!

These small business consumer reports come right off the Florida Department of State Divisions of Corporations website, www.sunbiz.org

CONSUMER ALERT!   Arvitas, LLC is a private company sending e-mails to businesses in Florida offering to file annual reports.   ARVITAS IS NOT AN AGENT OR REPRESENTATIVE FOR THE FLORIDA DEPT. OF STATE,DIVISION OF CORPORATIONS.   Arvitas is acting on its own to solicit business for its own company.   It is offering to file annual reports for business entities in Florida at an inflated

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There is an easy read regarding unemployment taxes by Sara Murray of the The Wall Street Journal.

http://blogs.wsj.com/economics/2011/02/08/qa-how-do-unemployment-taxes-work/

Note in the last paragraph of this Wall Street Journal article  that theUS Labor Department estimates that Florida small businesses will have to pay higher federal unemployment taxes by the end of 2011.

Currently, Michigan, Indiana and South Carolina have increased their federal unemployment tax rate.

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No, our firm does NOT prepare federal tax forms for $49.95, are you kidding?

Well, imagine my surprise when I heard an advertisement on a local Orlando AM radio station for 1040 tax preparation services for ALL schedules (see below for more info on forms) for only $49.95! 

Amazing.

 As Ross Perot said, the devil is in the details.  It is what you have to do to get the $49.95 tax preparation deal! 

Remember there are NO FREE LUNCHES and you get what you pay for!

You have to sign up with an investment firm, listen to their pitch, likely on annuities and after that you are home free with your

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Are you thinking about your tax savings?  Contact us, visit the the IRS Website

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The State of Florida is beginning to mail out the assessements to all contributing small businesses (all contributing businesses in Florida for that fact, not just small businesses) to collect the amount needed to pay the interest due on federal loans made to the State of Florida to fund the Unemployment Compensation Fund.

 Our clients have begun receiving the assessement notices on Form UCT-27Fi.  The assessment payment is due on or before June 30, 2011.  This leaves the small business owner plenty of time to make the payment.  As a matter of fact, since the payment is due so far in the

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First of all, not all CPAs are the

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