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.
Textbooks are Eligible for an IRS Tax Credit
The National Association of College Stores is urging students and their families to take advantage of the American Opportunity Tax Credit, which applies to textbooks and other course materials in 2009 through 2012.
The credit covers textbooks and other course material expenses —as well as tuition and fees not covered by scholarships or grants up to $2,500 each year for the first four years of college. Forty percent of the credit is refundable.
The NACS has created a Web site, www.textbookaid.org, to provide information about how to best take advantage of the program, according to NACS director of government relations Rich Hershman.
The association has also developed brochures and a Facebook page in partnership with the Internal Revenue Service. It includes a summary of the AOTC, explanatory examples, answers to frequently asked questions about the credit, and direct links for further information from the IRS.
For more information, contact Howard J. Kass, CPA, Partner, at hkass@zinnerco.com.
The credit covers textbooks and other course material expenses —as well as tuition and fees not covered by scholarships or grants up to $2,500 each year for the first four years of college. Forty percent of the credit is refundable.
The NACS has created a Web site, www.textbookaid.org, to provide information about how to best take advantage of the program, according to NACS director of government relations Rich Hershman.
The association has also developed brochures and a Facebook page in partnership with the Internal Revenue Service. It includes a summary of the AOTC, explanatory examples, answers to frequently asked questions about the credit, and direct links for further information from the IRS.
For more information, contact Howard J. Kass, CPA, Partner, at hkass@zinnerco.com.
The Dreaded 1099 Reporting Rules are Repealed!
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.
read more…
E-Verify New Employees
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…Levy On LLC Assets For Sole Member Taxes
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…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…What the FBAR are you talking about?!?!?!
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?
International Financial Reporting Standards (IFRS)
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…
IRS Increases Mileage Rate to 55.5 Cents per Mile
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.
What Documentation to Provide to Your Accountant at Year End
Posted by: DeAnna DeWitt
read more…
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.
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