Blog & Newsroom

Posted by: Colleen Kaminsky

Last night was one of the most excited and nervous I have felt in a long time! As a CPA, I am used to stressful deadlines, but I rarely fear the threat of personal injury. A paper cut is at the top of my danger list, and it can seriously ruin my day. But, staring through the glass wall into the beautiful commercial-grade kitchen at Cleveland's next hot spot, Pura Vida located in downtown's historic May Co. building, I realized that I would soon be surrounded by flames and sharp knives as I competed with my teammates against some of Cleveland's finest lawyers and professionals. I was a little intimidated to say the least.

Revised instructions to ICE Form I-9 for new employees includes guidance on the E-Verify procedure. E-Verify provides an automated link to federal databases to help employers confirm the employment authorization of new hires. E-Verify is free to employers and is available in all 50 states.

Even though a one-member limited liability company (LLC) is treated as a “disregarded entity” for income-tax purposes, under state law the LLC is still a separate property owner.

The much awaited repeal of the 1099 reporting rules has finally come true.

The Senate approved the retroactive repeal of the expanded 1099 reporting requirements and the legislation was signed by President Obama. The signing of this legislation is sure to put a
smile on the faces of CPAs and business owners everywhere.

Posted by Reggie Brewington Jr.

Posted by Reggie Brewington

Due to the late changes in the Federal Gift and Estate Tax law included in the 2010 Tax Relief Act passed on December 17, 2010, IRS Form 709 underwent significant revisions to incorporate those changes.

With the recent increase in the lifetime generation skipping tax exemption to $5 million, effective for 2011 and 2012, you may be thinking that there is no way that this could apply to you (or your spouse). While this may only affect a smaller portion of taxpayers than before for those with potential exposure, let me explain how this works, as simplistically as possible.

Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009.