Small Business
The most frequently asked tax questions related to Small Business
In a merger , what is the Pooling of interests accounting method ?
Asked Friday, January 12, 2001 by an anonymous userCPA Answer:
Pooling of interests is an accounting method for reporting acquisitions accomplished through the use of equity. The combined assets of the merged entity are consolidated using "book value", as opposed to the Purchase method, which uses "market value". The merging entities financial results are combined as though the 2 entities have always been a single entity.
W-2 - Company out of business
Asked Tuesday, January 09, 2001 by an anonymous userCPA Answer:
Go to your local CPA or go to the IRS website to obtain Form 4852 which is a substitute for form W-2 the wage and tax statement. Using your pay stubs and bank deposit slips calculate to your best ability your gross wages, federal and state withholding, social security and Medicare withholdings. You will then attach Form 4852 to your tax return.
Independent Contractor Audit guide - website
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
You can find out what to expect on an udit as an independent contractor by going to www.irs.gov/bus_info/tax_pro/tax-law.html
Is there a website to get a calendar for small business filings ?
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
Yes. http://www.irs.gov/businesses/small/
Is there a website to contact an appraiser ?
Asked Monday, January 08, 2001 by an anonymous userCPA Answer:
Yes. www.appraisers.org. The American Society of Appraisers (the “Society”) is a multi-discipline non-profit international organization of professional appraisers (valuers). The mission of the Society is to foster the public trust of our members and the appraisal profession through compliance with the highest levels of ethical and professional standards. The American Society of Appraisers:
Power company Lineman - foul weather gear
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
The costs of your foul weather gear is deductible as an itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Plumber - gloves and boots
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
The costs of safety equipment such as special gloves and shoes or boots as a plumber are deductible as an itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
What is the current years 179 deduction limitation ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
Self employed individuals and other small businesses will be entitled to immediately write off up to $500,000 of business equipment purchases in 2010 and 2011 without having to depreciate the costs over a period of years. The amount of the 179 deduction is reduced by the cost amount in excess of 2 million dollars.
How much income earned abroad can be excluded ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
For Americans working abroad, the first $97,600 of their current year foreign earnings will be exempt from U.S. income tax,