Magda Abdo-Gomez, Attorney at Law

December 31

Posted By: Magda Abdo-Gomez
Posted In: Businesses , IRS News
Date: December 31, 2024
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The Corporate Transparency Act: To File or not to File

In my newsletter of October 2023, I informed you of the Corporate Transparency Act and its requirement that corporations, limited liability companies and other entities created or registered to do business in the United States, with limited exceptions, report information about the beneficial owners ...

August 08

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Hobbies
Date: August 8, 2024
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- 343

Hobbies and Businesses: What you need to know

From wine making to collecting trading cards, many taxpayers have activities they are involved in. If the activity generates income, is the activity considered a business? Is the income taxable? Are expenses incurred in carrying on the activity deductible? The answer to these questions and their tax...

October 02

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Tax Laws - Changes
Date: October 2, 2023
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- 905

New Filing Requirements for Many Businesses

In Florida, the formation of a business as a corporation or limited liability company is a matter of public record. However, while the public record contains information about the registered agent, officers/directors and manager/members, no disclosure is required regarding the ownership of the entit...

February 02

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Tax Planning
Date: February 2, 2022
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- 750

Tax Responsibilities when Closing a Business

A business may be closed by its owner for different reasons. However, regardless of the reason for the closing, the business must fulfill its tax responsibilities and notify the IRS of its plans. The following steps must be taken by the business in order to meet its obligations to the IRS. File a fi...