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.
read more…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.
read more…It appears that we may be one step closer to repeal of the Ohio Estate tax. On May 5, the Ohio House of Representative approved H.B. 153. Within this bill, was the inclusion of language eliminating Ohio’s estate tax, effective January 1, 2013.
read more…FBAR, otherwise known as Foreign Bank Account Reporting Form TD 90.22-1, is a separate filing from the U.S. Income tax return. Its purpose is to inform the federal government of the existence of foreign financial accounts in which you have an interest. Why do they want to know about this? To protect against international terrorism, combat money laundering and other crimes and to identify illicit funds or income escaping federal income tax because the money is being hidden outside the US!
Who is required to file?
by Joe Ramey, ATS Manager
The SEC recently released a work plan for how International Financial Reporting Standards (IFRS) might be worked into the U.S. financial reporting system, stressing that the SEC has not yet committed to convergence of U.S. GAAP with IFRS.
The plan drew a picture of how dramatically Financial Accounting Standards Board’s (FASB) role may change in standard setting.
read more…
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
Posted by: DeAnna DeWitt
read more…Posted by: Courtney Ockenden, CPA
Does your vehicle get used for business?
Early in June, we posted a blog entry indicating how Ohio was moving closer to an Estate Tax Repeal. With the signing of the biennial budget by Governor Kasich last Thursday, June 30, 2011, repeal is now official! The Ohio Estate Tax has been eliminated effective January 1, 2013.
Previously, Ohio held the dubious distinction of having the lowest state estate tax exemption amount in the country, at $338,333. That distinction will soon belong to New Jersey, with an estate exemption amount of $675,000.
We don’t know exactly how local governments will react to this change. It is projected that, over the long term, additional revenue to the state will be generated as a result of Ohioans not relocating to other states to avoid the estate tax. This, in turn, will have the effect of feeding the Ohio economy and job market, making up for the lost estate tax revenue.
Keep in mind though, that deaths occurring in 2011 and 2012 will still be subject to Ohio Estate tax at a potential rate of as much as 7%.
Needless to say, you should contact us or your estate attorney to determine how this change may affect your current estate plan.
Posted by: Brett Neate, CPA
The Ohio Budget Bill signed by Governor Kasich on June 30th includes a massive tax break for businesses delinquent in filing Use Tax returns. Not only will interest and penalties be waived, but the tax itself will be abated for all pre-2009 periods! The amnesty period runs from October 1, 2011 to May 1, 2013 and offers benefits to both registered and unregistered taxpayers.
While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster. Language in the SECURE 2.0 Act of 2022 has the ability to allow employers to...
On Jan. 1, new rules targeting the origin of electric vehicle battery materials from countries considered hostile to the U.S. went into effect and limited the number of EVs eligible to receive U.S. tax credits. As part of the Inflation Reduction Act, the guidelines...
Recently passed legislation will benefit nonprofit organizations by repealing an unpopular unrelated business income tax (UBIT) on expenses of nonprofits that provide transportation fringe benefits to their employees. The “Parking Tax,” which was imposed under I.R.C....
In late December, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit (ERC) claims in error. According to the IRS website, the program runs...
Ohio’s annual sales tax holiday is right around the corner. This year’s weekend-long temporary tax break will begin Aug. 4 at midnight and end Aug. 6 at 11:59 p.m. Initially introduced in 2019 to provide relief for families preparing for the back-to-school season, the...
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