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What do you do when you find yourself “underwater” on your loans, meaning the property you own is worth less than the loan balance you owe?

In 2010, the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked.

The IRS has issued final 2009 versions of Forms 990 and 990-EZ. The new Form 990 is designed to promote more uniform reporting by exempt organizations, and it uses questions and answers to offer assistance and clarification. Some of the new features include a glossary of terms, a sequencing list, a compensation table and many illustrative examples.

There are a few basic records for tax purposes that everyone should keep, including documents that provide evidence of income and expenses. In addition, if you own a home or have investments, you should hang onto related records.

Many people may not realize it but selling your home is actually a taxable event. 

In an effort to bring greater awareness to the general public about the need for estate planning, Congress created National Estate Planning Awareness Week when it enacted HR 1499 in 2008.  At that time, Congress recognized there was a need for mainstream consumers to understand estate planning, its need, and how to find a qualified team of professionals to assist. 

Although the Internal Revenue Code provides that dollar limitations on benefits and contributions will be annually adjusted for cost-of-living increases, the limits for 2011 remain the same as the limits for 2010. The Internal Revenue Service recently announced the 2011 cost-of-living adjustments applicable to the dollar limitations on contributions and benefits for retirement plans for the 2011 calendar year.

In a unanimous decision, the U.S. Supreme Court ruled that inherited IRAs are not considered retirement funds and therefore are not protected in bankruptcy.

The sales tax increase on September 1, 2013 will affect all businesses that collect or pay sales or use tax in Ohio.

The franchise tax phase-out was complete with the filing of the 2009 franchise tax report (based on the taxable year ending in 2008). Most corporations are not subject to the franchise tax for tax years (report years) 2010 and thereafter. Corporations that are not subject to the franchise tax because of the phase-out are not subject to the minimum fee and have no franchise tax payment or filing obligation after the filing of the 2009 franchise tax report.