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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 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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Definition:
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
Compulsory payroll tax
Definition:
An automatic tax collected from employers and employees to finance specific programs.
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