Allen, Gibbs & Houlik, L.C., CPAs & Advisors

Pursuant to federal regulations imposed on practitioners who render tax advice ("Circular 230"), we are required to inform you that any discussion of tax matters contained herein (including any attachments unless expressly stated otherwise) is not intended or written to be tax advice, and cannot be relied upon as such, nor can it be used for the purpose of: (i) avoiding tax penalties that may be imposed by the IRS or states, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. If you seek definitive tax advice on a matter, please request a written tax memorandum from your AGH tax advisor.

Information in each of these documents was obtained by Allen, Gibbs & Houlik, L.C. from sources believed to be reliable and correct on the date shown on the document. However, AGH does not guarantee the accuracy nor completeness of any information or that no changes have occurred since the document's date. This communication does not and is not intended to provide legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly, AGH assumes no liability whatsoever in connection with its use.

2012

February 17, 2012 - Consider tax benefits of S corp election

January 31, 2012 - Time to re-evaluate tax strategy possibilities

2011

December 15, 2011 - Action may be needed before year-end to lock in tax benefits which may expire

June 21, 2011 - DOL gives guidance about what is considered "timely."

May 26, 2011 - Kansas legislature increases threshold to qualify for growth incentive.

April 28, 2011 - Bill repeals expanded 1099 reporting requirements.

February 25, 2011 - IRS offers tax amnesty for unreported offshore income; amnesty period ends Aug. 31, 2011

2010

December 17, 2010 - Individual/Estate Tax Alert: Massive tax bill extends tax cuts; compromise includes higher estate/gift tax exemption and keeps capital-gains tax rate at 15%

December 17, 2010 - Business/Organization Tax Alert: Massive tax bill extends tax cuts; compromise includes bonus depreciation and keeping capital-gains tax rate at 15%

December 17, 2010 - Pre-Dec. 31 deadline for 401(k) and 403(b) retirement plan sponsors to notify retirement plan recordkeepers if Roth rollover option will be added in 2010; Roth option offers tax-advantaged investments to employees

November 3, 2010 - Planning becomes more important as uncertainty continues with estate tax laws

October 15, 2010 - C (and some S) corporations: Consider increasing dividends in 2010 if tax rates increase in 2011

September 29, 2010 - New jobs bill provides extended or new tax breaks for businesses

September 15, 2010 - Possibility of tax cuts expiring for 2011 makes conversion to Roth IRAs more attractive

September 10, 2010 - New legislation impacts reimbursement of OTC drugs through Health Care Flexible Spending Accounts

August 9, 2010 - Tax amnesty period September 1 - October 15, 2010, allows many delinquent Kansas taxpayers to catch up without penalty

August 3, 2010 - Business and Jobs Development income tax credit ("K-34") repealed July 1 in Kansas metropolitan counties for tax years beginning after December 31, 2010

June 30, 2010 - Compliance with credit/debit card data security standards required to avoid penalties and maintain ability to accept cards

June 23, 2010 - Employers must act by July 1 to comply with new Kansas no-smoking laws; Kansas DOL audits increasing

April 27, 2010 - Consider waiting to file 2010 Consumer Credit Notification Renewal until you receive revised memo on additional fees

March 29, 2010 - New jobs creation act provides social security tax "holiday" plus tax credits for hiring and retaining formerly unemployed

March 25, 2010 - Health care reform act impact phasing in over next four years; information-sharing and small business tax credits effective in 2010

March 18, 2010 - Employers should notify employees of potential for under-withholding 2010 taxes due to "Making Work Pay" tax credit

March 10, 2010 - New required reporting/notification of any Colorado sales; significant penalties for noncompliance

March 8, 2010 - Economic environment increases fraud risk; preventative/mitigation measures more critical than ever

February 12, 2010 - Mandated electronic filing of retirement and welfare plan Form 5500s requires timely registration for EFAST2 credentials, coordination with plan auditors

January 14, 2010 - Roth IRAs now an option for high earners; Consider benefits of converting traditional IRAs to Roth IRAs

January 7, 2010 - Estate tax currently repealed as of January 1, 2010. Review your estate plan now to evaluate options

2009

December 29, 2009 - Partnerships and LLC's complex tax environment requires careful planning to avoid unanticipated taxes

December 23, 2009 - Health insurance premiums for S corporation must be included in W-2 shareholder income for shareholders to receive deduction

December 3, 2009 - "Red flags" rules enforcement deadline extended to June 2010; increased likelihood of fraud in business requires increased vigilance

October 26. 2009 - Corporations with lower income or losses in 2009 tax year may benefit from "quick refund" opportunity; losses could generate refunds

October 7, 2009 - Likely estate-tax law changes make family wealth transfer timely before end of 2009

September 23, 2009 - IRS notifications regarding 2007 federal unemployment taxes sent out due to Kansas Department of Labor system error - DO NOT PAY assessment!

September 14, 2009 - New accounting standard requires closer coordination with your auditors related to uncertain tax positions for financial statement audits (S Corp/LLC or C Corp)

September 2, 2009 - International transaction reporting requirements broader than many businesses may realize -- and subject to noncompliance penalties

May 11, 2009 - June 15 deadline to claim sales or use tax refunds

April 15, 2009 - Organizations extending credit to consumers must have identity-theft prevention programs in place by May 1, 2009

March 20, 2009 - Increased State audits highlight need for Kansas businesses to register and pay Kansas Consumers' Compensating Use Tax

March 13, 2009 - Employers' defined-contribution retirement plans' required minimum distribution waived for 2009

February 23, 2009 - Stimulus Bill Adds and Extends Numerous Tax Incentives for both businesses and individuals -- short-term focus requires timely consideration and action

2008

December 10, 2008 - Employers' retirement plan risks increase with market volatility; Manage risk with education and accountability

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November 11, 2008 - 2009 tax law changes call for planning now to capture tax advantages before year-end

October 27, 2008 - Tax issue roundup for fall 2008 - good communication with your tax professional essential to effective and timely tax planning

October 13, 2008 - Bailout bill delivers tax benefits; many tax incentives renewed or expanded

September 8, 2008 - Property in 24 Kansas counties placed in service on or after May 5, 2007 could be eligible for two major tax incentives

July 30, 2008 - Companies with $2 million + in export sales should consider tax-saving benefit of an "IC-DISC" in 2008 while benefit still applies

July 2008 - Seven-business-day "safe harbor" period proposed for small plans to deposit employee retirement plan contributions; large-plan safe harbor under consideration as well

May 2008 - Texas franchise tax requirements expanded; any company doing business in Texas may need to file

February 25, 2008 - Updated and redesigned Form 990 for tax-exempt organizations released

February 2008 - Bigger tax breaks for many businesses buying capital assets or placing them into service in 2008

January 21, 2008 - IRS exams rise significantly; IRS requires higher standards of proof for certain tax positions on 2007 returns

2007

October 1, 2007 - Deadline for non-qualified deferred compensation plan updates extended to December 31, 2008 - but designation of compliant time/form of payment deadline and operational compliance still required by year-end 2007

June 29, 2007 - Tax reductions approved in 2007 Kansas Legislative session

May 14, 2007 - IRS issues final regulations -- December 31, 2007 deadline for non-qualified deferred compensation plan updates

January 31, 2007 - Tax-related changes for tax-exempt and governmental entities

January 24, 2007 - Kansas' investment tax credits and jobs credits could be eliminated for all but the largest companies

2006

December 20, 2006 - Long-distance telephone tax reversal organizations now have a formula to estimate tax savings

November 2, 2006 - Expanded reporting requirement for S corporations, partnerships and limited liability companies requires Schedule M-3 for 2006 returns

October 20, 2006 - Taxpayers eligible for refunds on 2006 tax returns IRS concedes on long-distance telephone tax issue

October 16, 2006 - IRS again extends deadline for amending non-qualified deferred compensation plans

March 11, 2006 - March 15 deadline for accrued charitable contributions