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Taxation Legal News
Improper Payments Of Comp Time/Overtime In Engineer’s Department
Auditor of State Betty Montgomery today released the annual financial audit of Perry County. The audit makes findings for recovery totaling more than $8,720 for improper payments of compensatory time (or “comp” time) and overtime to 21 employees in the county engineer’s department. The audit also reviewed allegations brought by the outgoing county auditor that property values had been improperly altered by the incoming county auditor (a former county auditor employee). Montgomery’s review of these allegations found that the county auditor’s office failed to have changes properly approved by the Perry County Board of Revision in certain cases that required board approval.
“Ohio law puts in place rules governing the expenditure of public funds to ensure that our public officials make proper use of taxpayer dollars,” Montgomery said. “As public officials, we must ensure that these rules are followed to the letter in order to preserve the public’s trust in government.”
Auditors reviewed employee time cards at the county engineer’s department. The review found several problems relating to the accrual of comp time and/or overtime, including the following. Read more at auditor.state.oh.us.
Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
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Understanding the Tax Gap
The Internal Revenue Service developed the concept of the tax gap as a way to gauge taxpayers’ compliance with their federal tax obligations. The t... Read more >
Definition:
The self-employment tax rate on net earnings remains the same for 2003. This rate, 15.3%, is a total of 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Gross income
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
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