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Articles

Ethics: It’s Not Just for Elected Officials

by Jeffrey Fanger

If you’re like most people, you’ve watched the unraveling stories of corruption by government officials with strong emotions, from stunned indignation to cynical despondency. When our elected representatives engage in extortion or accept bribes and favors in exchange for allocating public resources, we all have a right to feel cheated.

Are You Ready for the New 990?

by Jeffrey J. Fanger

The 2008 tax year is the first year that all nonprofits will be required to file IRS Form 990. Are you ready?

Even if you have been filing this form for years, you should be aware that the IRS has revised Form 990 to expand the data collected, with an eye toward developing new compliance initiatives.

Is Your Business Model Broken?

by Jeffrey Fanger

Unless you started your business in the past 45 days, chances are you based your business model on an economic system that no longer exists. Cheap credit? No way! Easy access to credit? Not likely. Growth markets? Few and far between.

Revised Uniform Partnership Act Defines “Partnership”

Intended or Not, Soon “Co-owners” = Partnership
If you own a business with another person and have not formed a separate entity (such as a Limited Liability Company), under the new Ohio Revised Uniform Partnership Act (“RUPA”) you are likely “partners” with specific rights and responsibilities.

Keep Your Real Property Out of Probate

Transfer on Death Deeds Save Money, Headaches
Did you know that real property in Ohio can be transferred directly at the property owners death, avoiding probate, by creating a Transfer on Death Deed? A Transfer on Death Deed is simply a real estate deed that allows real estate to be transferred on the death of the property owner to the person designated on the deed.

LLCs Now Recognized as Nonprofits Under Ohio Law

Jeff Fanger Instrumental in This, Other Changes with Secretary of State
A new major benefit to non-profit organizations in Ohio was enacted when House Bill 160 became law in June. Under the new provisions, Ohio now will recognize the formation of nonprofit Limited Liability Companies, avoiding the increased costs and reporting requirements of a corporation in order to gain corporate protections.

Three Keys To Dealing With Litigation

By Jeffrey J. Fanger

As a small business attorney, I often have clients who face litigation for the first time. Sometimes they choose to go to court and sometimes it is an unpleasant surprise. Either way, it is often a frustrating and tense time for a business owner unfamiliar with the process.

New Commercial Activity Tax Rules Released

CAT 2007-03 - Commercial Activity Tax: Commercial Activity Tax Credits, Explained - Issued December 2007; Revised March 2008; Revised June 2008

The Tax Commissioner promulgated this rule to explain the different credits available under the commercial activity tax (CAT) and the order in which such credits must be claimed.

New IRS Filing Requirements for Non-Profits

Important information regarding New Annual Electronic Filing Requirement for Small Non-Profits

New Annual Electronic Filing Requirement for Small Non-Profits

Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax periods beginning after December 31, 2006.

Organizations that do not file the notice will lose their tax-exempt status.