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Posts from November 2007.

The Department of Homeland Security (DHS) announced Friday, November 23, 2007 that it will issue a notice in the November 26, 2007 Federal Register, starting the 30 day clock for employers to begin using the new Form I-9. Thus, employers must begin using the new Form I-9 on Wednesday, December 26, 2006, or face possible fines.

 

As we explained in an earlier e-blast, DHS released a new Form ...

The U.S. Citizenship and Immigration Services (USCIS), a bureau of The Department of Homeland Security (DHS), issued a revised Form I-9 and Instructions for Completing the Form I-9 on November 7, 2007. USCIS issued the new Form I-9 to comply with the document reduction mandate Congress included in the Illegal Immigration Reform and Immigrant Responsibility Act of 1996.

 

The New Form ...

Welcome to the first rendition of our new regular column in The Kentucky CPA Journal on tax developments of interest to Kentucky CPAs. In other words, Tax in the Bluegrass. I imagine that the column will evolve over time; however, its primary focus will be what’s going on in Kentucky taxes, primarily corporation and personal income taxes, but also in the sales and use and property tax areas. Sometimes, the column will focus on a particular topic; other times, it will be an update of what’s going on, and this column attempts to do just that.

 Public companies should begin to prepare for the upcoming proxy season now. The revolutionary change in how proxy statements can or must be delivered to shareholders next year means that companies need to develop a plan of action when it comes to the proxy process as soon as possible. Those companies that wait too long may end up missing out on potentially big savings or find out they are too ...

Facts

In the recent Sixth Circuit case of Thomas v. Speedway SuperAmerica., 6th Cir., No. 06-3768, 10/30/07, the Court found that a gas station and convenience store manager was a bona fide executive exempt from overtime pay under the Fair Labor Standards Act ("FLSA") and the Ohio Wage and Hour Act even though she performed non-management tasks and was closely supervised. The ...

Posted in Tax and Finance

The Internal Revenue Code provides that life insurance proceeds generally are not subject to income tax. However, sales or certain policy transfers-for-value can result in taxable proceeds. Specifically, the Internal Revenue Code provides that if a life insurance contract is transferred for valuable consideration, the exclusion from gross income does not apply to the policy proceeds unless the transfer is to the insured, to a partner of the insured, to a partnership in which the insured is a partner or to a corporation in which the insured is a shareholder or officer. Under this transfer-for-value rule, the policy buyer will be taxed on any proceeds over the amount of consideration plus any future premiums paid by the transferee.

Sources within the Department of Homeland Security ("DHS") indicated yesterday that DHS has decided to move forward with a new Form I-9 and employer handbook as early as the week of November 5, 2007. Rather than publishing a new regulation, which was the original plan, DHS will proceed now with a Form I-9 based on the 1997/98 regulations. It plans to publish a new regulation, with a newer ...

The qualified conservation contribution (QCC) provides a useful avenue for you to complement your estate planning goals with a desire to promote conservation. The Internal Revenue Code (the Code) provides an income tax deduction equal to the fair market value of the property contributed for a conservation purpose. Due to recently enacted legislation, which gives QCCs more favorable treatment than ordinary charitable contributions, more people may now consider QCCs a great charitable giving technique.

Commonly known as “Grandfather Rights” a non-conforming right is a constitutionally based protection for uses of and structures on property that were legal until the date a law or regulation was enacted causing the use or structure to be out of compliance (illegal). Such uses or structures may generally continue “AS IS” and cannot be taken away, but are limited in that they may ...

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