This month's Special Delivery E-Newsletter includes the following articles:
- Fourth Annual Survey of Northeast Ohio Real Estate and Construction Industries
- Significantly Reduce Your Not-for-profit Audit and Tax Expenses
- Stay Within Charitable Deduction Boundries
- Roth IRA Conversions: Time to Decide
- New Estate-tax Relief: It's Complicated
- Aurum Capital Markets Summary and New Web Site
- Does Your Business Have an Ohio Use Tax Account
- April Audio Group - Audio Book Club Meeting
- College Planning One-on-One Advisory
Fourth Annual Survey of Northeast Ohio Real Estate and Construction Industries
Skoda Minotti's Real Estate and Construction Group has launched its fourth annual survey of the Northeast Ohio real estate and construction industries. To complete either survey, visit - http://www.skodaminotti.com/survey.html.
Significantly Reduce Your Not-for-profit Audit and Tax Expenses
Skoda Minotti is currently requesting nominations for The Skoda Minotti Community Connection - a new program that will save one Northeast Ohio not-for-profit organization a total of 100% of one year's fees for audit and tax work over a three-year period. This program will also provide volunteer help, publicity and monetary donations for the organization during that time.
If you are a member, volunteer or supporter of a not-for-profit organization, we highly encourage you to nominate the organization for the Community Connection.
Click here to download the nomination form. Further details are included on the nomination form or in the Delivering on the Promise section of this e-newsletter.
Deadline is March 31. Contact Herzl Ginsburg at 440-449-6800 with any questions.
Stay Within Charitable Deduction Boundries
As a general rule, you can deduct all of your charitable contributions made to qualified organizations (but not contributions for "the use of" qualified organizations). However, deductions for charitable donations may be limited if you give extra-generous gifts or you donate appreciated property. Here's a brief summary of the main rules.
Roth IRA Conversions: Time to Decide
April 18, 2011, is a red-letter day for some retirement-savers. It's the tax return deadline for deciding whether or not to "split" a Roth IRA conversion that occurred in 2010. (The usual April 15th due date has been extended because of the Emancipation Day holiday in Washington, D.C., and the subsequent weekend.) The decision should reflect several key factors.
New Estate-tax Relief: It's Complicated
At long last, revisions to the estate-tax rules were included in the new federal tax legislation signed late last year. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010-or "Tax Relief Act of 2010," for short-creates several estate- and gift-tax breaks for families with a significant amount of assets. But the new law provisions are only temporary-they expire after 2012 unless Congress takes any further action.
Aurum Capital Markets Summary and New Website
Aurum Wealth Management Group has launched a new website at www.aurumwealth.com. The design and development of the site was completed by Skoda Minotti Marketing Services.
Please click here for a summary from Aurum Wealth Management Group on the performance of the major market indices through the end of December as well as a recap of the significant events influencing the markets.
Does Your Business Have an Ohio Use Tax Account
Here is what you need to know:
Ohio Use Tax Education Program (UTEP)
Under the program, the Department plans to aggressively identify and contact use tax non-filers beginning in the second half of 2011, informing them of their responsibility to remit use tax. These businesses, once notified through the UTEP, will be able to: (1) register and begin remitting use tax prospectively; and (2) clear up past use tax liabilities by entering into an agreement to pay use tax plus applicable interest on untaxed purchases for up to the last four years, depending on when the business started in Ohio. In turn, the Department, in the absence of fraud, will waive use tax liability for all years beyond the look-back period and will not apply the 15% penalty applicable for the unpaid tax.
Why Should You Care?
Many businesses are unaware of their responsibility to remit use tax to the State. Use tax is a complement to the sales tax. If you have not paid Ohio sales tax when you purchase an item, then you have a responsibility to remit Ohio use tax directly to the State.
Historically, when Ohio encountered non-filers of use tax they would apply a seven year look-back period for audit and assessed both penalties and interest. Under the UTEP program, Ohio is applying a four year look-back period and waiving all penalties.
Is There Another Option?
In lieu of the UTEP, businesses can proactively enter into the Ohio voluntary disclosure agreement program. An additional advantage to using this program is that it limits the look-back period to three years instead of four.
If you have questions about your possible use tax obligations or which alternative would best fit your needs, please contact our SALT group at 440-449-6800 or SALT@skodaminotti.com.
April Audio Book Discussion Series
Join area business professionals at the Skoda Minotti office as we continue our monthly audio book discussion with the help of David B. Rust, President of Audio Group, A business audio book club for time-starved people.
April's featured audio book: Swim with the sharks without being eaten alive - by Harvey Mackay
Meeting Details
- April 5, 2011
- 7:30-9:00 a.m. - A light breakfast will be provided
- Skoda Minotti Office, Mayfield Village, Ohio
- $45 per session
- Meeting Facilitator - David B. Rust, Audio Group President
College Planning One-on-One Advisory
In case you have not had an opportunity to attend one of our recent college planning seminars, we'd like to extend the opportunity to attend a no-cost, one-on-one college planning advisory session to discuss your specific college planning needs.
For more information on these one-on-one advisory sessions, please contact Lou Trivisonno or Michael Van Himbergen at 440-449-6800. Or, you can visit our web site to learn more about our College Planning Services.
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