Our goal is to provide our clients with all of the information needed to ensure success in their business. We've learned about an opportunity that impacts many industries our clients serve and want to help you capitalize on it if you're eligible! What is this Diesel Grant? The MN Pollution Control Agency (MPCA) released an RFP for a grant that reimburses 25% of the replacement cost (up to $40,000) per old diesel vehicle replaced with a new EPA-certified vehicle. The goal of this grant is to achieve significant reductions in emissions, fine particles, and greenhouse gases benefiting the entire state of Minnesota. It is also an effort by MPCA to reduce exposures to harmful air pollutants and maximize health benefits. There is a total of Read More...
May is National Military Appreciation Month!
Minnesota Department of Revenue sent this bulletin at 05/01/2019 11:45 AM CDT In honor of National Military Appreciation Month, the Minnesota Department of Revenue reminds service members and their families about Minnesota’s valuable military-related tax benefits. We will send weekly messages throughout the month to highlight some of these benefits. What military tax benefits does Minnesota offer? Visit the Members of the Military page to learn about tax benefits and how to claim them. Our military tax benefits include: Pension Subtraction You may be able to subtract military retirement pay (including pensions) from your Minnesota taxable income. Credit for Service in a Combat Zone You may qualify for this credit if you Read More...
IRS Expands Penalty Waiver – Key Threshold Lowered to 80 Percent
The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The usual percentage threshold is 90 percent to avoid a penalty. This means that the IRS is now waiving the estimated tax penalty for any taxpayer who paid at least 80 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. Taxpayers who have already filed for tax Read More...
IRS waives estimated tax penalty for farmers, fishermen who…
The Internal Revenue Service (IRS) will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019. The IRS is providing this relief because, due to certain rule changes, many farmers and fishermen may have difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them. For tax year 2018, an individual who received at least two-thirds of his or her total gross income from farming or fishing during either 2017 or 2018 qualifies as a farmer or fisherman. Further details can be found in Notice 2019-17, posted today on IRS.gov. Contact us today for additional questions relating to Read More...
IRS Warns: New Phishing Scam
The Internal Revenue Service (IRS) sounded the alarm about a new phishing scam in which cybercriminals are sending out fraudulent emails impersonating the IRS, claiming the attachments are tax transcripts, to fool recipients into clicking on and opening files containing malware that could infect their computers. The scam email bears an attachment labeled “Tax Account Transcript” or something similar and the subject line uses some variation of the phrase “tax transcript”. If you receive an email like this, do not open the email or the attachment. If you are using a work computer and you do open it, notify your company’s technology professionals as soon as possible. This malware is problematic for businesses, as the malware could Read More...
Estimated Tax Penalty Waived
The Internal Revenue Service (IRS) announced last Wednesday that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty. This relief is designed to help taxpayers who were unable to properly adjust their withholding and estimated tax payments to reflect an array of changes under the Tax Cuts and Jobs Act (TCJA), the Read More...
Who has to Send in Form 1099-MISC
We are Business Consultants At Christianson, we want to ensure that you are protected from liabilities with the IRS by giving you all the information you need to run your business in a legal and efficient manner. We want to help your business succeed! Today's tip is in relation to Form 1099-MISC and who is required to submit the form to the IRS. If, as part of your trade or business, you made any of the following types of payments of $600 or more to an unincorporated independent contractor, you will need to file Form 1099-MISC. Services performed Professional fees paid to attorneys, accountants, engineers, directors, speakers, etc Attorneys receive a Form 1099-MISC even if they are incorporated Installation Read More...
Can I Still File Taxes Despite the Government Shutdown?
In an effort to keep all of our clients aware of variables that may impact them, we want to update you with information as it becomes available. As of January 7th, 2019, the Internal Revenue Service (IRS) has stated that tax returns will be processed beginning January 28, 2019 and taxpayers will be provided refunds as scheduled (despite the government shutdown). “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, Read More...
Required Retirement Plan Distributions Deadline Approaching!
The IRS is reminding retirees born before July 1, 1948, that they must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs. This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD (up until April 1, 2019), it can be counted toward their 2018 RMD, but is still taxable in 2019. The special April 1 deadline only applies to Read More...
Mileage Rates Experience Significant Increase
A big change was announced by the IRS on Friday for the optional standard mileage rates for business use of a vehicle. This rate will increase significantly in 2019, after increasing only slightly last year. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Because the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction for unreimbursed employee business expenses from 2018 to 2025, the notice explains that the standard mileage rate can't be used to claim a deduction for those expenses during that period. However, Read More...
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