Potential Income and Estate Tax Savings
The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions.
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Using Your 990 to Tell Your Story
More and more third parties are looking at not-for-profit organizations’ IRS Form 990, so don’t just report; learn how you can use your 990 to tell your organization’s story.
read more…Inflation Adjustments for 2014
The IRS recently announced 2014 inflation adjustments for several key tax provisions including the following:
read more…IRS Releases 2010 Gift Tax Form…Finally!
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.
Closer to Ohio Estate Tax Repeal
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read more…Ohio Estate Tax Repealed!
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.
Draft Form 706 for 2010 decedents reflect law changes; Released on IRS website!
The draft Form 706 was posted to the IRS website. For your convenience, here is a direct link to the form http://www.irs.gov/pub/irs-dft/f706–dft.pdf. It will only be used for decedents dying in 2010. If electing the modified carryover basis and zero estate tax, the instructions to the form still don’t explain how to make the election.
read more…Howard Kass Receives Prestigious Designation
Tax Partner Howard Kass is newly certified as an Accredited Estate Planner® by the National Association of Estate Planners & Councils, an organization focused on establishing and monitoring the highest professional and educational standards in the estate planning industry.
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Zinner & Co. Participating in National Estate Planning Awareness Week
Posted by: Howard J. Kass, CPA, AEP®
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
New Ohio Withholding Rates Take Effect Aug. 1
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