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Plan to Succeed - Celebrating Entrepreneurship

 

Friday, April 10, 2015

 

     
Plan to Succeed   Upcoming Events

Plan Your Success - Celebrating Entrepreneurship
Entrepreneurship is flourishing in South Florida. Have you noticed? Economic adversity encourages business start-ups and has been a positive consequence of the last several years. People who have lost well-paying jobs are more willing to venture out on their own.

Entrepreneurs make creative solutions to old problems and the world is made better. New services bring value, economic health and wealth to our community. Entrepreneurs are just the kind of positive influence our region needs. They help turn our economic wheels by transforming their unique inspirations into valuable and concrete businesses that create employment and encourage new ventures.


Remember May 15, 7:30 am at the Global Event Center of the First Baptist Church, your Chamber will be hosting its Small Business of the Year Awards - Presented by TD Bank. Nominations are being accepted until April 24th. Click Here to nominate yourself or another worthy small business.

Your Chamber is a dynamic organization ready to help innovate entrepreneurship. Connect with us; learn who we are and how we can help each other match inspiration with business success.

"You were born to win, but to be the winner you must plan to win and prepare to win. Then and only then can you legitimately expect to win." ~ Zig Ziglar


April

April 14, 5:30 pm - 7:00 pm
Trustee Reception

April 16, 5:30 pm - 7:00 pm
Business After Hours

April 17, 8:00 am - 9:00 am
Member Orientation

April 22, 11:30 am - 1:00 pm
BOD/Trustee Luncheon

April 23, 7:30 am - 9:00 am
Downtown Council Breakfast


Our monthly networking events are yet another way to EXPERIENCE. BETTER. BUSINESS. Pick one from one of the upcoming events above or visit us at www.ftlchamber.com and Plan to SUCCEED!


 

 
Peer 2 Peer - Tips From The Experts
By Members For Members
Repair Regulations – this will impact you and your tax return
Submitted by: Lisa Montejo and Alicia Koross, Morrison, Brown, Argiz & Farra, LLC

The IRS recently finalized mandatory regulations that help distinguish capital expenditures from supplies, repairs, maintenance, and other deductible expenses. These regulations require a significant investment in time and talent to assure compliance. Virtually every business that acquires, produces, or improves tangible property must comply with these new rules for the tax year beginning on or after January 1, 2014.

The new rules are “taxpayer friendly” from the standpoint of providing guidance for accelerating deductions for certain tangible property expenses under new criteria for treating expenses as materials and supplies, repairs and maintenance, or improvements to tangible property.

Businesses will need to address the new tangible property regulations beginning with their 2014 tax return. This will require each business to adopt new accounting methods with the IRS. This change in the Regulations will mean that most Taxpayers will be required to file Form 3115-Application for Change in Method of Accounting for the 2014 year. This Survey is intended to help us identify what your needs may be. Recently, new guidelines were issued to simplify the process for adopting the new rules for some businesses. These regulations can be retroactively applied to previously capitalized assets to determine if a catch-up adjustment should be made in the current year. Businesses which elect to apply the new rules to previous years need to file additional forms with the IRS to adopt these regulations and claim the adjustment on their 2014 tax return.

The application of the new regulations provides value to you by increasing your ability to deduct tangible property expenses sooner than you have previously. The benefit of adjusting prior year capitalized expenses is only available for a 2014 tax return.

We believe these mandatory regulations will impact you and your tax return. In answering the survey questions, we are hoping that in most cases you will not have to refer to your records but answer these items using your best recollection. If you are unsure about how to respond to any of the questions or if the questions create any concern on your part, please contact Alicia Koross, Principal, MBAF, 954.760.9000 or akoross@mbafcpa.com.


To submit a potential article, or if you have any questions, please visit www.ftlchamber.com/newsarticle
Or contact: Cristina Agnone, 954.462.4139 | Cristina@ftlchamber.com.

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Greater Fort Lauderdale
Chamber of Commerce

512 NE 3rd Avenue
Fort Lauderdale, FL 33301
954.462.6000

Info@ftlchamber.com
cristina@ftlchamber.com

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