Bill Sittig is a CPA with 30 years of experience.
"I am a CPA certified by the American Institute of Certified Public Accountants and licensed by the State of Florida. With degrees in Finance (FSU '81) and Accounting (FAU '86), I possess a unique combination of education and experience to provide my clients with superior service in the areas of Tax, Accounting, Retirement, Insurance and Estate Planning."
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Federal & State Taxes
There are a bevy of tax forms and requirements published by the IRS. Our firm strives to stay on top of all these changes by focusing on continual training for all staff. Below is a sample of commonly used forms and schedules:
- Individual Income Tax Returns (Form 1040)
- Child Tax Credit (Form 8812)
- Itemized Deductions (Schedule A)
- Interest & Ordinary Dividends (Schedule B)
- Profit or Loss from Business-Sole Proprietors (Schedule C)
- Capital Gains & Losses (Schedule D)
- Supplemental Income & Loss (Schedule E)
- Profit or Loss from Farming (Schedule F)
- Credit for the Elderly or Disabled (Schedule R)
- Self-Employment Tax (Schedule SE)
Business Tax Preparation
Although Florida does not have a personal income tax, there are other tax reporting requirements that may affect you, particularly if you’re a business owner. The primary reporting for the state is a corporate income tax. There is re-employment tax (formerly unemployment tax) levied on the first $7,000 of wages for each employee and is paid 100% by the employer. Florida also has a state and discretionary sales surtax that requires monthly remittance and reporting. The state sales tax rate is 6% with some counties imposing a discretionary sales surtax with the rate depending on the county in which you operate. For example, Leon County (Tallahassee) has a surtax of 1.5% making the total sales tax rate in this locale 7.5%.
The Florida corporate income tax return is filed annually. The Florida re-employment tax has a quarterly reporting and remittance of tax due. We can set your business up to transmit the return and remittance electronically at the end of each quarter upon your instruction. Please refer to our Bookkeeping/Payroll section for a complete discussion on payroll related taxes. Sales taxes are generally reported and remitted by the business owner.
There are several ways to establish your business for individual needs and tax reporting purposes.Below is a sample of commonly used tax forms:
- Return of Organization Exempt from Income Tax (Form 990)
- Exempt Organization Business Income Tax Return (Form 990-T)
- U.S. Return of Partnership Income (Form 1065)
- U.S. Income Tax Return for an S Corporation (Form 1120S)
- U.S. Corporation Income Tax Return (Form 1120)
- Florida Corporation Income Tax Return (Form F-1120)
- Florida DOR Employer's Quarterly Report (Form RT-6)
- Florida Sales & Use Tax Return (Form DR-15 or DR-15EZ)
If you are just starting out, we will work closely with you and your attorney to select the business structure that will allow you to accomplish your goals with consideration of the potential tax implications.
If your business is well established, we will analyze the equity reconciliations to advise you of the tax effect your business is currently facing vs. what we may be able to suggest. Bill’s wide and varied experiences make him an invaluable resource for your business needs. He looks forward to sitting down and working with you. Give Bill a call now at 850-386-2639.
S-Corporations & Partnerships
S-Corporations are called such because they were created under Subchapter S of the Internal Revenue Code. The basic framework is a corporate structure with no more than 100 shareholders. There is no income tax at the corporate level (unlike regular Subchapter C corporations) as all income flows through to the investors/owners for reporting on their individual income tax returns.
There are advantages to this. It eliminates the double taxation that regular corporations are exposed to where their income is taxed at the corporate level and then again as dividend income at the individual shareholder level. Another benefit is the personal protection of corporate status which serves to shield the individual owners from personal commercial liability of the S-corporation.
Partnerships have been around a long, long time and the rules and requirements for tax reporting are well defined and established. In a partnership, each partner is entitled to his or her percentage of profits and losses based on the individual’s investment (or another accepted basis). Profits and/or losses can be shared in different ratios from their investments if the partners all agree. There is no income tax at the partnership level as all income flows through to the partners for reporting on their individual income tax returns.
It is possible for a partner to be a limited or general partner. Limited partners are personally protected from the actions of the general partner or the partnership due to their “limited” involvement in the day-to-day activities of the partnership and their losses are limited to their investment. General partners have full liability for the actions, debts and obligations of the partnership.
BILL SITTIG CPA in Tallahassee is experienced in tax issues related to S-Corporations and Partnerships. Call now to schedule a complimentary consultation at 850-386-2639.
With the advent of computers, the days of your accountant poring over penciled ledgers with an adding machine to get to the bottom line are long gone. Today, almost all accounting and bookkeeping is done on the computer and one of the most widely accepted programs for accounting is QuickBooks by Intuit, Inc.
At BILL SITTIG CPA, LLC we are QuickBooks ProAdvisor’s and have been supporting Quickbooks products for many years. We have taught clients how to install quickly and begin to use it immediately to their benefit. Everyone who has converted to this easy-to-use software has been very happy with the ease of reporting and the significant time savings over other reporting systems.
At the end of each month (or quarter or annually) you send us an electronic copy of your Quickbooks file and we analyze and review the data for proper coding and reporting. We generate Compiled Financial Statements for your business to give you the necessary financial information to make sound decisions going forward. This includes:
Income Statement: This shows revenue (income) and expenses with the bottom line being profit or loss.
Balance Sheet: The balance sheet lists your assets, less your liabilities to arrive at your business’ equity or net worth.
Statement of Cash Flows: This statement tells you exactly where your cash resources come from and where your cash is spent.
With timely, accurate financial information you can confidently move forward with business decisions such as applying for a bank loan or establishing credit terms with a supplier. We look forward to sitting down with you, determining your needs, and working with you. Give Bill a call today at 850-386-2639.
Payroll, once a tedious and complicated process, is no longer that due to the amazing performance of QuickBooks software from Intuit, Inc. We are QuickBooks ProAdvisor’s and have been supporting QuickBooks products for many years.
At BILL SITTIG CPA, LLC we have taught clients how to install quickly and begin to use QuickBooks immediately to their benefit. Everyone who has converted to this easy-to-use software has been very happy with the ease of reporting and the significant time savings over other reporting systems.
Two days before payday you enter the time or salary for each employee, enter any payroll deductions, and transmit the pay data electronically to directly deposit into the employee’s checking account. Then you can electronically transmit the taxes due to the proper taxing authorities.
At quarter and year-end, you can electronically transmit any and all payroll related tax forms such as:
- Employer’s Quarterly State Tax Return (Form RT-6)
- Employer’s Annual Federal Unemployment Return (Form 940)
- Employer’s Quarterly Federal Tax Return (Form 941)
- Annual Summary & Transmittal of U.S. Information Returns (Form 1096)
- Miscellaneous Income (Form’s 1099)
- Annual Wage & Tax Statement (Form’s W-2)
- Transmittal of Wage & Tax Statements (Form’s W-3)
BILL SITTIG CPA, LLC of Tallahassee wants to help with your payroll responsibilities. We look forward to introducing you to QuickBooks. Give Bill a call today at 850-386-2639.
Welcome. My name is Bill Sittig and I want to help you with your organization’s financial issues. With degrees in both Finance and Accounting, coupled with over 30 years of practical experience in these fields, I am well qualified to assist your organization. My experiences are well-rounded which gives me the necessary tools to provide a wide range of accounting and financial services for my clients.
I started out of college as a commercial banker specializing in credit analysis, went back to school at night and became a CPA. I then served as an auditor for a Big Four firm specializing in financial institution audits. From there I was V.P.-Finance for a state-wide financial institution trade association and later as SVP/CFO for a large public-private partnership between the state and industry promoting tourism in the state of Florida.
My lifetime goal has been to own my own professional services firm and in 2007 I purchased the practice of a well-established CPA practitioner in Tallahassee. I have grown the business to include consulting as many companies find themselves in need of financial and/or accounting expertise on a limited or short-time basis. Some of the services I provide at an hourly rate include:
- annual budgets,
- cost analysis,
- expense allocations, and
- management and supervision of administrative functions until a permanent solution has been developed.
In addition, I write Policies & Procedures as well as Process’ & Forms. I have experience appearing before the Board of Director’s and their supporting committees such as the Audit Committee and the Finance & Budget Committee. I can meet with and negotiate products and services (i.e.: insurance, information technology, etc...) for your business or organization.
I also perform controllership functions of administering accounting processes from accounts receivable billing and collection to accounts payable processing and payment. Other accounting responsibilities which are of a high level and require regular duties which I perform include: maintaining independent reconciliations of your bank and investment accounts as well as accounting for high-value and sensitive assets.
I am very familiar with several accounting software packages and can be productive in a very short time. I can be available to assist with your auditors by preparing reconciliations and summary schedules before they arrive for their fieldwork. I have saved clients many hours of billings from their independent auditors.”
Payroll functions I provide include payroll processing and tax reporting to maintain compliance. Please see our Bookkeeping/Payroll topic for additional information regarding payroll requirements.
As a Certified Public Accountant, I have the experience to assist you with a myriad of financial issues. I look forward to providing services for you whether you live here in Tallahassee or any of our surrounding communities. Give me a call today at 850-386-2639.