Q: I am starting a new business. What type
of entity should I set up?
A: If you are forming a small business, you
face several choices. Sole Owner, Partnerships, corporation or
S-Corporation, Limited Liability Corporation and Limited Liability
Partnership. These entities have certain tax consequences that you
need to be very aware of. An appointment with Bob Cohen will help
you decide which entity would be the most tax advantage for you.
Call for a free consultation.
Q: What is an Intangible Personal Property
Tax?
A: Florida’s intangible personal property tax
is an annual tax based on current market value, as of January 1, of
intangible personal property owned, managed or controlled by Florida
residents or persons doing business in Florida.
Q: What can I do if I cannot pay my Federal
Income Tax?
A: This is a common problem for many
taxpayers. IRS allows taxpayers to pay their tax liability on an
installment basis. You must attach form 9465 to request this
arrangement. You can request to make monthly payments. Although
this is helpful to the taxpayer it is important to note that
interest will continue to accrue and possibly a late payment penalty
will be assessed.
Q: How long should I keep my records?
A: Normally, your records should be kept for a
minimum of 3 years after the year, which they are applicable; since
the IRS generally has 3 years from the date your return is filed to
audit your return. Some authorities advise to keep record for at
least 6 years since in some cases where income has not been
reported, the IRS may go back as far as six years to question a tax
return.
Q: I have just received an inheritance. Do
I have to pay taxes on this?
A: Normally not.
