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Twitter Weekly Updates for 2009-11-15

  • Prescott Accountants, Schutte and Hilgendorf News > Recertification for Working Poor Credit Required in 2009 http://zknoy.th8.us #

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Recertification for Working Poor Credit Required in 2009

WORKING POOR CREDIT MODIFIED

Effective for years beginning after December 31, 2008, the Arizona tax credit for contributions to certain charities (normally referred to as the “working poor” credit is modified.  The base year test is repealed and replaced solely with the requirement that a taxpayer claiming the credit must itemize deductions for the year the credit is claimed.

Certification of organizations is also changed.  The prior purely self-certified status is removed, and replaced by more specific tests, along with the ability of the Arizona Department of Revenue to examine charities for compliance, as well as reject the initial application of a charity for qualified status.  All charities that had certified themselves as a qualifying charitable organization under prior law will be required to recertify their status in order to qualify for the credit in 2009 and later years.

Qualifying charities must submit certification statements, signed by an officer of the organization under penalty of perjury, that include the following:

*    Documentation of the entities qualification as a charity under IRC §501(c)(3) or that it is a designated community action agency that receives community services block grant money under 42 USC §9901;
*    The organization’s budget for the prior year and the amount spent on services for residents of Arizona who either a) receive temporary assistance for needy family benefits, b) are low income residents of the state or c) are chronically ill or physically disabled children, and;
*    A statement that the organization plans to continue to spend at least 50% of its budget on services benefitting the groups listed above

The Arizona Department of Revenue (AZDOR)  is granted the authority to reject applications that do not meet these requirements, and to examine an organization’s compliance with the requirements to be a qualified. (SB2286, Chapter 80, 1st Session 49th Legislature)

(Taken from ASCPA tax listserve per Ed Zollars, CPA, Phoenix Arizona)

For more information, contact Schutte & Hilgendorf, Prescott CPAs providing accounting, auditing, and tax services to individuals, business, and non-profit organizations.

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Press Release: Schutte & Hilgendorf announce sponsorship of Fill the Truck for Hunger to benefit the Yavapai Food Bank

November 9, 2009  Prescott, Arizona – Schutte & Hilgendorf, Prescott Accountants, Auditors, and Tax Preparers announced their sponsorship of Fill the Truck for Hunger to benefit the Yavapai Food Bank.  The truck sponsored by S&H will be located at the Prescott Wal*Mart located at 3050 North Highway 89 in Prescott on Saturday, November 14th, from 9:30 a.m. to 2:30 p.m.  

Since 1992, Yavapai Food Bank has been providing assistance to Yavapai County residents in need of a helping hand.  This holiday season they would like to provide each individual and family in need a healthy meal basket with meat and vegetables, and personal hygiene kit with basic necessities such as a toothbrush and soap.

S&H staff members Adam Rutherford, CPA, and Crystal Garcia, Accountant, are members of the Prescott Young Professionals and donate their time to make this Prescott-based organization a success.

S&H supports a variety of Prescott area charities and believes in giving back to the community not only with dollars but in-kind of time and accounting, audit, and tax expertise.  When asked why this particular fundraiser was important to S&H, Lois Hilgendorf, Partner, said, “we believe that PYP and Yavapai Food Bank are making a definitive difference in the lives of many families in the Prescott area who are are less fortunate this holiday season.”

Schutte & Hilgendorf is a local CPA firm serving all of Yavapai County and performs audit, tax, and accounting services for individuals, non-profits, and businesses.  S&H has specialized knowledge of HomeOwners’ Associations and non-profit filings and accounting issues.

Prescott Young Professionals (PYP) is a dynamic group of young professionals within the 21-40 age group, sponsored by the Prescott Chamber of Commerce. PYP members are young entrepreneurs serving the community in a variety of professions such as attorneys, realtors, non-profit organizations, engineers, artists, bankers, marketers, and many more! PYP’s mission is to together build a strong network of career driven individuals sharing the same passion for business, community service while striving to provide leadership for the next generation of business leaders within the Prescott area.

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Twitter Weekly Updates for 2009-11-08

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