LeMastusMcDonough, PA is a full service Certified Public Accounting firm. The firm provides Audit, Income Tax and Business Consulting services. Located in Orlando, Florida the firm works with businesses of all sizes across a broad range of industries.

Formed by partners with senior management experience at the international firm of KPMG, LeMastusMcDonough strives to bring the “Big Four” experience and skill level to small and medium size businesses throughout Florida.

RECENT TAX HIGHLIGHTS:

Is a tax credit for job creation likely? Probably not, even though there’s lots of talk about approving one to get firms to hire the unemployed. Concerns about the credit’s effectiveness, which nixed the break earlier this year are resurfacing. Critics fear unscrupulous firms could abuse the credit, for example.

Will lawmakers resort to a national sales tax to pay for health care reform? There is talk about passing one, but it won’t amount to anything. That idea is being floated by House Democratic leaders as an alternative to the Senate’s plan for an excise tax on insurers and self-insured firms that offer high cost health plans.

Putting S Corporation stock in a Roth IRA kills the S company tax status, the Tax Court says. Instead, the company is taxed as a regular corporation since a Roth is an ineligible S shareholder.

In the cards this fall: Action on the estate tax so that it does not disappear as scheduled in 2010. The $3.5-million estate tax exemption and 45% rate in effect for 2009 will apply for 2010, too. That will help pay for extending other tax breaks.

The IRS has announced recently that it will shift some of its audit focus to higher-grossing proprietorships. But they don’t plan to let small proprietors off the hook entirely, even if examinations of them aren’t as productive. Since Schedule C filers have had high levels of noncompliance in the past, the IRS doesn’t want to signal to small proprietors that it’s ok to fudge on their taxes.