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Bruner-Cox LLP Not-for-Profit Update
As part of Bruner-Cox LLP’s ongoing commitment to maintain communication with our valued clients and Firm friends, we would like to inform you of the following updates for not-for-profit organizations. Please do not hesitate to contact us if you have questions or concerns.
February 2012 State and Local Tax Newsletter
Bruner-Cox LLP is pleased to offer this informative State and Local Tax Newsletter. Click the links below to read this month’s featured articles:
Bruner-Cox LLP To Host Oil & Gas Seminar February 25
Are you receiving oil and gas land leasing money? Are you aware of the tax, legal, estate planning and investment implications?
Join us for an informative discussion on:
- Tax strategies for oil and gas income
- Legal and estate planning
- Financial planning
- Real estate investment potential
Join us for the Canton Estate Planning Forum March 14, 2012
The Canton Estate Planning Forum, sponsored by Bruner-Cox LLP, a program designed to present timely topics on estate planning and the opportunity to network with area peers, will feature new and improved programs.
Join us March 14, 2012 for an informative program on Beneficiary Controlled Trusts, presented by Brian Layman, JD, CPA, MT. Brian is a principal with Layman, D’Atri & Associates LLC. He is certified as a Specialist in Estate Planning, Trust and Probate Law by The Ohio State Bar Association.
Bruner-Cox LLP and CFS Announce New Team Members
Bruner-Cox LLP is pleased to announce the following new team members:
- Melissa A. Sidebotham joins the team as a marketing assistant. Melissa is a graduate of Kent State University with a Bachelor of Science degree in public relations. She supports the Firm’s internal and external marketing efforts through database management, presentation development, collateral/promotional material development and internal and external communication coordination.
- Emily A. Kleinknecht joins the team as a tax intern. Emily is currently attending Walsh University to receive a Bachelor of Arts degree in accounting.
- Jamie A. Schmidt joins the team as a tax intern. Jamie is currently attending The University of Akron to receive a Bachelor of Science degree in accounting.
- Kimberly K. Slone joins the team as a tax intern. Kim is currently attending The University of Mount Union to receive a Bachelor of Arts degree in accounting with minors in Spanish and economics.
Managing Partner Featured in February Edition of Smart Business
Smart Business talked with managing partner Steven O. Pittman, CPA, MBA, about incorporating the message of “We” into Bruner-Cox LLP’s mission.
Ohio Quarterly CAT Return Deadline February 10th
As a reminder, the 4th Quarter 2011 Ohio Commercial Activity Tax return is due February 10, 2012 for registered quarterly CAT taxpayers. The tax rate is 0.26%.
Marcellus and Utica Shale Oil Tax Savings: What You Need to Know
By: Daniel R. Riemenschneider, CPA, CMA, Tax Partner
Landowners in eastern Ohio and western Pennsylvania are experiencing significant one time windfalls as a result of activities related to exploration and drilling in the Marcellus and Utica Shale mineral deposits by various oil and gas related companies. These initial windfalls are primarily a result of a bonus payment for the use of the land and royalty payments on production once drilling commences. Given these significant increases to taxable income of the landowners, Bruner-Cox LLP suggests that you carefully plan now for the future. We encourage you to ask questions and seek professional advice in order to properly plan for and report any income received as a result of these activities.
Year-end Payroll Reminder – S Corporation Shareholder Health Insurance Premiums
With year-end payroll quickly approaching, we would like to remind you about the required reporting for heath and accident insurance premiums paid on behalf of greater than two percent S corporation shareholder-employee. Such payments are deductible and reportable by the S corporation as wages for income tax withholding purposes on the shareholder-employee’s Form W-2 and should not be characterized as an employee benefit expense of the corporation.
These benefits are not subject to Social Security, Medicare (FICA) or Unemployment (FUTA) taxes. The additional compensation is included in Box 1 (Wages) of the Form W-2, Wage and Tax Statement, issued to the shareholder-employee, but would not be included in Boxes 3 and 5 of Form W-2. A 2-percent shareholder-employee is eligible for an Adjusted Gross Income (AGI) deduction for amounts paid during the year for medical care premiums if the medical care coverage is established by the S corporation and the shareholder meets the other self-employed medical insurance deduction requirements. If, however, the shareholder or the shareholder’s spouse is eligible to participate in any subsidized health care plan then the shareholder is not entitled to the AGI deduction.
For more information, contact your BC Engagement Executive or call our office at 330.497.2000.
