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An excellent on source how to compute depreciation for commercial real estate. Depreciation is the loss in value of an asset or building over time. The cost of reproducing an income-generating property can be recovered over the life of the asset. Depreciation is treated as an expense and is a deductible item on an income statement. Depreciation can only be…
Be it enacted by the General Assembly of Virginia: 1. That §§ 13.1-634 and 13.1-637 of the Code of Virginia are amended and reenacted as follows: § 13.1-634. Registered office and registered agent. A. Each corporation shall continuously maintain in this Commonwealth: 1. A registered office that may be the same as any of its places of business; and 2….
HB 5241 To create a more positive business environment for small businesses by repealing the tax on LLCs, LLPs, Limited Partnerships and S corporations. Current Bill Status: February 14, 2008 Referred to Joint Committee on Finance, Revenue and Bonding. HB 5247 To eliminate the two-hundred-fifty-dollar annual tax on limited liability companies, limited liability partnerships, limited partnerships and S corporations. Current…
Record Retention The IRS required that taxpayers maintain accounts or books of record capable of enabling a reviewer to establish the correct income, deductions, credits or other matters affecting tax or informational returns. No specific recordkeeping requirements are contained in the IRS Code; however, the following guide complied by the American Institute of Certified Public Accountants can help. Retain Permanently…
Here is the question I got regarding situation when company starts doing business in multiple states. I had a client call who wants to know which is better to do a foreign qualification of his NV corp into New York or just to incorporate all over again in New York, and have one pay the other. I said the usual,…
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