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Bertke and Sparks CPAs presents
a monthly report to help you prepare for your financial future, keep
more of what you earn by minimizing your taxes, and build an
extraordinary business!
FEBRUARY 2010
2010 CONTRIBUTIONS TO HAITI RELIEF EFFORTS
MAY BE DEDUCTED IN 2009 On
January 22, 2010, President Obama signed into law H.R. 4462—the Haiti
Assistance Income Tax Incentive Act—allowing donors to accelerate the
income-tax benefits for charitable cash contributions toward the relief
of victims of the January 12 Haiti earthquake. This provision applies
to monetary donations, not goods, services or other non-cash
contributions.
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HAROLD KREMER TO SPEAK AT CHAMBER MEETING Harold Kremer CPA, CVA, a partner with Bertke & Sparks, Inc., will be speaking at the Northern Kentucky Chamber
of Commerce on Wednesday Feb. 17, 2010 from 3:00 – 5:00pm. He will
provide a business valuator’s perspective at the program “Due Diligence in Buying or Selling a Business” . The event is free for Chamber members and $25 for others. Call the Chamber at 859-578-8800 for reservations. FOR MORE INFO
2010 MAY BE THE YEAR FOR A ROTH CONVERSION Effective
1/1/10, the rules governing eligibility for converting a traditional
IRA or rollover from a qualified employer plan to a Roth IRA have
changed. The $100,000 adjusted gross income (AGI) cap that
prevented many people from converting to a Roth and limitations
preventing taxpayers who filed as married filing separately have been
repealed.
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KENTUCKY AND OHIO TAX ISSUES The foundation for Kentucky and Ohio income
tax law lies within the Internal Revenue Code. Typically,
federal rules and regulations are applicable unless the state
specifically defines a difference or has not adopted the current code
for the tax year involved. Case in point, Kentucky and Ohio offer additional tax incentives that can be taken on the state income tax returns.
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FEDERAL ESTATE AND GENERATION-SKIPPING TRANSFER TAX REPEALED IN 2010 Congress
failed to address pressing estate and generation-skipping transfer tax
matters before it adjourned in December. Consequently, as of 1/1/10,
the provisions of 2001 federal tax legislation (the “2001 Act”) will
cause the federal estate and federal generation-skipping transfer (GST)
taxes to be repealed for one year, starting on 1/1/10.
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If you have any questions or would like to learn more about these topics please contact us:
Paul J. Colgan, CPA
Director of Tax Services
Office: (859) 344-6400, ext 120
Email: pjc@bertkesparks.com
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Janet M. Lavey, CPA
Manager
Office: (859) 344-6400, ext 115
Email: jml@bertkesparks.com |
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Tabitha Buchert Tolliver, MACC
Senior Accountant
Office: (859) 344-6400, ext 103
Email: tbt@bertkesparks.com
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