Hi there! We hope to see you at the upcoming 2013 Southwest Dental Conference held on Jan. 17 – Jan. 19, 2013. If you are heading out, please stop by and visit us at our booth, # 910. Robert, Lynn, myself and others from the firm would love to see you and/or your staff.
Hope to see you next week!
Some of you have received the 2012 Economic Census form HC-62105 and have asked if it is legitimate? This is simply a request for information that’s part of an effort to measure the US, and local, economies. Feel free to do so if you wish, otherwise you can disregard. It is a legitimate request, just up to you to decide if you want to provide the government with that information, as I know it’s very detailed and time consuming.
Business tax extenders
The act also extended many business tax credits and other provisions. Notably, it extended through 2013 and modified the Sec. 41 credit for increasing research and development activities, which expired at the end of 2011. The credit is modified to allow partial inclusion in qualified research expenses and gross receipts those of an acquired trade or business or major portion of one. The increased expensing amounts under Sec. 179 are extended through 2013. The availability of an additional 50% first-year bonus depreciation (Sec. 168(k)) was also extended for one year by the act. It now generally applies to property placed in service before Jan. 1, 2014 (Jan. 1, 2015, for certain property with longer production periods).
Other business provisions extended through 2013, and in some cases modified, are:
• Temporary minimum low-income tax credit rate for non-federally subsidized new buildings (Sec. 42);
• Housing allowance exclusion for determining area median gross income for qualified residential rental project exempt facility bonds (Section 3005 of the Housing Assistance Tax Act of 2008);
• Indian employment tax credit (Sec. 45A);
• New markets tax credit (Sec. 45D);
• Railroad track maintenance credit (Sec. 45G);
• Mine rescue team training credit (Sec. 45N);
• Employer wage credit for employees who are active duty members of the uniformed services (Sec. 45P);
• Work opportunity tax credit (Sec. 51);
• Qualified zone academy bonds (Sec. 54E);
• Fifteen-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements (Sec. 168(e));
• Accelerated depreciation for business property on an Indian reservation (Sec. 168(j));
• Enhanced charitable deduction for contributions of food inventory (Sec. 170(e));
• Election to expense mine safety equipment (Sec. 179E);
• Special expensing rules for certain film and television productions (Sec. 181);
• Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico (Sec. 199(d));
• Modification of tax treatment of certain payments to controlling exempt organizations (Sec. 512(b));
• Treatment of certain dividends of regulated investment companies (Sec. 871(k));
• Regulated investment company qualified investment entity treatment under the Foreign Investment in Real Property Act (Sec. 897(h));
• Extension of subpart F exception for active financing income (Sec. 953(e));
• Lookthrough treatment of payments between related controlled foreign corporations under foreign personal holding company rules (Sec. 954);
• Temporary exclusion of 100% of gain on certain small business stock (Sec. 1202);
• Basis adjustment to stock of S corporations making charitable contributions of property (Sec. 1367);
• Reduction in S corporation recognition period for built-in gains tax (Sec. 1374(d));
• Empowerment Zone tax incentives (Sec. 1391);
• Tax-exempt financing for New York Liberty Zone (Sec. 1400L);
• Temporary increase in limit on cover-over of rum excise taxes to Puerto Rico and the Virgin Islands (Sec. 7652(f)); and
• American Samoa economic development credit (Section 119 of the Tax Relief and Health Care Act of 2006, P.L. 109-432, as modified).
Many of you have had questions about where to get your insurance during the start-up process, during the process of applying for loans, etc. Now we, RT Edwards and Associates, can offer you that service!
Matt Winebrenner is working closely with our clients to provide for their insurance needs. Matt knows and understands the insurance industry and how this will better provide what our clients need, all under one roof. If you have any insurance needs, please give Matt a chance to analyze your situation and provide you a competitive quote. Remember too, that a cash value insurance policy can supplement your retirement plan savings.
Please contact Kristi Smith in our office today at 972-267-9191 to set up an appointment.
Thank you and have a great day!
Director of Client Relations
As a courtesy to our clients, we want to remind you that foreign account forms are due to be received by the IRS by June 30, 2012. If this might apply to you please continue reading.
If you have a financial interest in or signature authority over a foreign financial account(s), including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account that, combined, exceeded $10,000 at any time during the calendar year 2011, the Bank Secrecy Act requires you to report the account to the IRS by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. This must be RECEIVED by the IRS by JUNE 30, 2012 and cannot be extended. Penalties for failing to file are $10,000 per account for non willful violations and may be as high as $100,000 per account for willful violations.
Please contact us immediately with the following information for each account if you need to make this disclosure so that we can prepare the needed forms in time for you to meet the filing deadline.
• Maximum value of account during the year in US dollars and/or foreign currency including currency type.
• Type of account, such as bank or securities.
• Name of financial institution where account is held.
• Account number.
• Mailing address of financial institution including country.
• Who owns the account—you, your spouse or joint.
Also, if you have signature or other authority only over a foreign financial account, in addition to the above information, we will need the following:
• Name or organization name of the owner.
• Tax identification number of owner.
• Address of owner.