One of the first things we ask for when we obtain a new trust client is “Can you provide us with a copy of the trust agreement?”
You’d be surprised that, sometimes, the answer is, “I’m not sure where it is and I’ll have to find it and send it over later,” or, “It was created by Mom or Dad’s estate and I don’t have a copy,” and worst yet, “I’ve lost it and don’t have another copy”.
We’ve made it well past the trust filing due date of April 15th, and in reflecting back on what we noted with our trust clients, I thought it would be helpful to educate our trustees as to why we ask for certain information in preparing your trust returns.
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation.
Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.
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.
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?
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.
