Preservation Society of Charleston Oyster RoastPosted on January 12th, 2012
The Charleston Navy Yard Officer’s Quarters Historic District has many historic structures suffering from neglect and in need of significant repair work. One specific historic building, known as “Quarters A”, needs major work. This building was built in 1905 as served as the house for the Commandant of the Charleston Navy Base, but has been vacant since the Base closed in 1996.
Along with historical significance, this building has personal significance to Ben Newton, one of our CPAs here at Legare Bailey & Hinske. Ben’s grandfather, Rear Admiral Herman J Kossler, served his last naval tour as Commander of the Sixth Naval District in Charleston, from which he retired in 1973. As such, Admiral Kossler and his family (which included Ben’s mother, four aunts, one uncle, and of course his grandparents – Admiral and Mrs. Kossler), lived in Quarters A from 1968 – 1973.
While the structure is in dire need of repair, help is on the way. The Preservation Society of Charleston (PSC) is holding its Membership Oyster Roast at the Navy Yard Officer’s Quarters Historic District, and the proceeds will support Quarters A through PSC’s Seven to Save Initiative, which seeks to establish an adaptive use plan for the building and to assist with locating resources for stabilization. The event is February 4th from 2pm – 5pm, and there will be food, music, as well as a Navy Yard Powerhouse Tour available. Tickets are $35 ($45 after February 2nd). Please consider attending and helping to support saving this historic structure.
The Preservation Society of Charleston is a local non-profit organization dedicated to cultivating and encouraging interest in the preservation of our historic buildings, sites and structures in Charleston. It is the nation’s oldest non-profit community and membership preservation organization. For more information, please visit their website or call 843-722-4630.
Tax changes effective in 2012Posted on January 10th, 2012
There are many important tax changes taking effect in 2012. These changes are the result of tax law passed in prior years or triggered by effective dates in regs, rulings and other guidance or will occur simply because there was no Congressional action. Here are a few that will effect our clients the most:
Work Opportunity Credit (WOTC) – This credit is no longer available except for employers that hire qualified veterans who begin work for the employer before January 1, 2013.
Longer write off period for certain property – The write off period for specialized realty assets (qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property) placed in service after 2011, goes up from 15 years to 39 years.
Reduced bonus depreciation – For the year 2012, this deduction goes from 100% first year depreciation to 50% first year depreciation for qualified property acquired and placed in service.
Reduced Section 179 expense – In 2012, Section 179 expensing is reduced to $139,000 with a $560,000 investment-based ceiling. In 2013, it is further reduced to $25,000 with a $200,000 investment-based ceiling. Also, expensing can no longer be claimed for qualified real property.
Reduced AMT exemption amounts – Absent another AMT “patch”, the AMT exemption amounts beginning in 2012 are reduced to $33,750 for unmarried taxpayers, $45,000 for joint filers and $22,500 for married filing separately filers.
Reduced adoption credit – This credit is reduced from $13,360 to $12,650 and is no longer refundable.
These are some provisions that expired on December 31, 2011. Note that Congress may retroactively reinstate some of these rules:
Please contact us if you have any questions!
Transferring funds from IRA to a charityPosted on December 20th, 2011
From now until December 31, 2011, certain taxpayers may transfer funds from their IRA to an eligible charitable organization. Here are nine things taxpayers who are thinking about making such a donation will need to know.
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