Tax Topic of the Day

“What are the current estate tax rates for 2010, what will the rate be in 2011 and thereafter?” For the year 2010, there is no estate tax, so you can pass your estate to your heirs tax free. Basis of assets passed to heirs will remain at the deceased’s tax basis, with limited exceptions. In 2011, unless Congress changes the tax law, an estate will be allowed a $1,000,000 exemption from the gross estate value, you may further consider the unlimited marital deduction, which can wipe out the estate tax on the first to die spouse when the second spouse dies, after the million dollar allowance for each spouse, any amount over $2,000,000 would be taxed at rates ranging from 40% to 55%.

Oklahoma Passes a Temporary Business Activity Tax (BAT)

The State of Oklahoma has passed a new Business Activity Tax (BAT) that is effective for tax years 2010 through 2012.

For tax years beginning on or after January 1, 2010, an annual flat tax of $25 is imposed on each “person” doing business in Oklahoma. Also, a 1% tax is assessed on the “net revenue” that is allocated or apportioned to Oklahoma. For tax years 2010 through 2012, any taxpayer subject to the franchise tax is not subject to the 1% tax but must pay an amount that equals their franchise tax liability for the tax period ending prior to December 31, 2010.

For individuals, the BAT is due and payable on the same date that individual income tax returns are due.
For all other “persons”, the BAT is due and payable on or before July 1 following the close of the taxable year.

For more information regarding Oklahoma’s BAT, please call Jeff Lovelady, Pancho Espejo or Brady Pipkin at 501.753.9700 or e-mail jeff.lovelady@bellandcompany.net.

Importance of Legal Documents

Many of the Bell clients have a corporate set up of a holding company, usually an S-Corp, that then owns multiple corporate entities or q subs. In your check off to do every year, be sure that your legal counsel prepares separate entity minutes for each corp. I cannot overemphasize the importance. Be sure that all lease and rental agreements, if they exist between q sub entities are currently updated and signed as well. If you have questions, please give a Bell service professional a call.

Bell and Company very own Kelly Phillips and Deanna Lovelady head to Haiti

June 1, 2010

Kelly Phillips and Deanna Lovelady went on a trip to Haiti. We headed with 27 bags full of school supplies bound for a school located in a remote village in Seguin. Where we handed out 400 school boxes that contained a ruler, pencils, sharpeners, scizzors, glue stick, crayons, a coloring book and various other items that we collected and stuck in the boxes. We also have the pleasure of working with the Seguin Cloud Forrest free medical clinic in which Dr. Clayton Bell is managing for a year. This was a trip of a lifetime and to see the looks on the kids faces as they received their school supplies is something we will never forget. If you would like more information on our trip or the chairty in which Clayton has formed go to Www.wherethestarsstillshine.org.

Or feel free to e-mail us at deanna.lovelady@bellandcompany.net. We would love to tell you more about our trip and adventures in Haiti.

Bell and Company Wins 2010 Spotlight Award

We are so proud to announce we won form the Governor's Work-life Balance Award the Spotlight Award. The Spotlight Award recognizes unique programs that address the needs of employees and their families.

We were awarded the award for our motto with emphasizes coming to work with a "healthy mind, body and spirit" we have incorporated bicycle riding into our everyday routine. Providing bikes to employees that want to ride. We are so honored to have received this award from the Governor