Webinar: Year Round Strategies for Making Tax Law Work for You

W E B I N A R

Year Round Strategies for Making Tax Law Work for You

Tuesday, December 8, 2009
3:00 p.m. to 4:00 p.m. (Eastern Time)
$139 per logged on computer

Tax planning is a year-round event if you want to minimize your business’ tax bill. Whether it’s surviving an audit, capitalizing on business deductions, or finding a tax-friendly way to run your business, this webinar will help reduce your tax obligations and make paying taxes less anxiety provoking

What will the hour cover?
Business Tax Planning:
 Accelerating Depreciation
 Net Operating Less Deductions
 Project Your Income
 Manufacturer’s Deduction
 Auto Tax Breaks
 Tax Credits and Incentives

Individual Tax Planning:
 Income and Deduction to Consider at Year End
 Tax Planning for Families
 Tax Planning for Investors
 Retirement Tax Planning
 Estate Planning and Gift Tax Exclusions

And Information on Tax Document Record Retention

ABOUT THE SPEAKERS:
Elizabeth Grubb; Beth specializes in tax planning, tax compliance and business valuations for gift and estate tax planning, charitable contribution and income tax planning, buy / sell agreements, business purchase and sale, and S corporations. She has been with the firm since 1995.

Brian Schneider; Brian has more than 10 years of Big 4 public accounting experience. Brian has been involved in all aspects of state taxation planning including income / franchise tax, tax credits and incentives, property tax and sales and use tax. Brian’s experience includes working with SEC clients and privately held companies with expertise in manufacturing and distribution industries.

Beth and Brian are with Battelle & Battelle, LLP, located in Dayton, OH.

The webinar is being hosted by Turnkey Programming. Prior to the webinar, you’ll be contacted by Turnkey with the webinar phone number and password, as well as instructions for logging onto the website to view the webinar live.

Click the picture to enlarge and use the registration form.

NLBMDA News - IRS Highlights Taxability of Personal Use of Employer-Provided Cell Phones

A recent issue has been highlighted by the IRS in the personal use of employer-provided cell phones. A little-known rule currently requires that where an employee uses the employer-provided cell phone for personal purposes (i.e., only a portion can be substantiated as business use), the fair market value of such personal use is includable in the employee's gross income. Read more.

NLBMDA News - Contact Your Legislators on the Form 1099 Tax Gap Proposal

As announced in last week's NLBMDA alert, President Obama's FY2010 budget proposal contains numerous tax hikes on employers and small businesses. One such proposal, which may be considered as a method to pay for the high cost of the Democratic health care overhaul or other programs, is one that would require that all businesses issue 1099 Forms to all of their service providers, including corporations. Read more.

NLBMDA News - Form 1099 Tax Gap Proposal Not What it Seems

Earlier this year, the President proposed as part of his fiscal year 2010 budget request that all businesses should be required to issue Form 1099's, which report payments made for services rendered, to all their service vendors, including all corporations. The Treasury Department estimated that over a ten-year period, corporations would see the error of their ways and would stop underreporting their income and that tax revenues would increase by at least $9 billion. Congress' Joint Committee on Taxation (JCT) has completed its estimate of the revenue potential of the proposal. The JCT came up with a figure of just over $3 billion. While the state of the economy may have impacted the drop in projected revenue, a two-thirds drop is difficult to explain completely. Perhaps requiring business to flood their vendors with 1099s was not going to generate much revenue because corporations are not underreporting income to the degree alleged. While JCT analysis may dampen enthusiasm for the 1099 proposal, NLBMDA will continue to make Congress aware of the tremendous burden such a proposal would have on businesses for very little return. Original source.

Deadline Draws Near for FHUT 2290

By: Larry Marler

The deadline for filing the Federal Highway Use Tax 2290 is close at hand - July 1. If you have never heard of this, it may be because you haven’t operated a truck of 55,001 GVWR or larger until now.

Many of our members have upgraded over the years and are now subject to the law requiring businesses to file the FHUT 2290. The links listed show the graduated scale based on the actual weight of the maximum load carried and the weights of the actual vehicles as a total actual taxable gross weight.

An example of a vehicle you might think would pay the fee would be a truck GVWR rated for 65,000 but was needed for volume to haul loads of Styrofoam. This may not gross out but to 45,000 lbs and would not fall under the requirement if the vehicle only hauled the maximum as noted.

Note: Don’t fudge on this, there are too many ways to be caught and that can result in large fines and assessment for payments from previous years, as well.

Other points to consider:

►Strongly encourage efiling at www.irs.gov , if you have 25 or more vehicles you must efile.

►Due date is July 1st

►Period of filing without penalty by August 31st

►Be sure to get proof of payment on all used purchased vehicles or you will be liable for the total time of taxes for the tax year July1 – June 30.

►Must show proof of paying the tax when purchasing new truck tags.

►Filing forms change each filing year.

Other links for full instructions and forms are:

www.irs.gov/instructions/i2290/index.html

www.irsgov/pub/irs-pdf/f2290.pdf