If you’ve recently opened a business in the state of Florida, there are a number of IRS notices you might receive. If you do, you’ll need to be able to understand what the notice means and figure out what to do about it. Typically, that amounts to finding a certified public accountant who is qualified to assist you.
Florida Tax Preparation and Planning
Unfortunately, when it comes to legalities, in the state of Florida (as well as in any other state), ignorance is no excuse. Just because you don’t know or understand what kind of notice you’ve been given, does not give you the option to ignore it. You will have a limited time to tend to your business so it’s imperative to know what to do and who to turn to for help. You’ll need an expert in the field of accounting for new business in Florida.
If you have not filed a Florida Department of Revenue and Unemployment form, you will undoubtedly receive a notice. Although you may have an employee doing your payroll just fine, you’ll want to enlist the help of a small business accountant to follow up on forms such as the Unemployment one or your business could be shut down before it fully gets started.
Florida sales and use tax is another area where you can land in big trouble. Once you have filed for a tax number, you also must begin filing sales tax reports. If you don’t do so, you will be penalized. Soon, the notices will begin to stack up while you are still trying to figure out how to file the initial one. A certified public accountant will stay on top of filing sales and use taxes and other required actions so you are slapped with penalties. In fact, by avoiding penalties, you’ll more than pay for your small business accountant.
Turning in tax reports to the Internal Revenue Service is yet another task you’ll be required to follow through with when accounting for new business in Florida. State obligations, county permits, city permits, and a slew of other vital accounting must be attended to. You are required to do so whether you understand them or not and… whether you know they exist or not. If you don’t, you can rest assured you’ll be notified in no uncertain terms.
You will want to make sure the information is completely correct and is filed in a timely manner. When you turn to a professional for tax preparation and planning, you’ll be able to do what you do best-run your business. Leave the accounting to the experts who are generally able to tend to taxes so efficiently, the money you save pays for the service.
Accounting and taxes for new businesses in Florida can be complicated. Miss a beat and you’ll be fined. Miss two beats and you risk having your business shut down entirely. Don’t take chances. Rely on the services of a seasoned professional for your small business accounting needs.
If you are a small business owner in Florida and have received a notice or would like to make sure you don’t, contact us at Complete Small Business Solutions, Sarasota for excellent services in small business accounting.