IRS is warning taxpayers of a new twist on an old phone scam The IRS is urging taxpayers to remain alert to tax scams year round, but especially immediately following the tax deadline. The Internal Revenue Service is warning taxpayers that criminals are now using a new twist on an old phone scam where criminals use telephone numbers that appear to be IRS Taxpayer Assistance Center (TACs) numbers to trick taxpayers into paying fictitious tax bills. In this newest phone scam, criminals call claiming to be from a local IRS Taxpayer Assistance Center. The scammers have programmed their computers to display the TAC telephone number, which will appear on the taxpayer’s Caller ID. When the taxpayer questions the legitimacy of the call, Read More...
Do my Children Qualify for the Child Tax Credit?
At Christianson, we often get similar questions from our clients that we feel should be addressed on a larger scale. We believe that the question may be something that is asked universally, and not just in our office. The Child Tax Credit is a topic of discussion, especially now that the recent Tax Reform Bill has made a modification to the credit amount. Changes Taking Place in 2018 Under the Tax Cuts and Jobs Act, the Child Tax Credit will change as outlined below per the IRS. Please note that the qualifiers are listed below the changes so you know who may be eligible for this credit. The CTC has gone up to $2,000 per qualifying child as opposed to the previous credit of $1,000. The refundable portion is limited to $1,400. This Read More...
Sec. 199A “Grain Glitch” Fix Proposed
Sec. 199A "Grain Glitch" Fix Proposed In January, we announced a change in the Tax Reform Bill that had a very large impact on the agriculture industry, with the heaviest of the impact placed on cooperatives and private grain firms. This change was Sec. 199A. A few weeks after sharing that article, while anxiously anticipating change (but preparing nonetheless) we published a "next steps" article. It was finally announced on Tuesday this week that House and Senate lawmakers have come to an agreement that a portion of Sec. 199A must undergo a revision. The original version of Sec. 199A (the portion about the deduction based on the sale to cooperatives) was added very last-minute and lawmakers have addressed that it was an admitted Read More...
Deadline for Retirement Plan Distributions Approaching!
When do I have to Take My My First Retirement Plan Deduction? After you turn 70.5, you typically start receiving the required minimum distributions (RMD) from your retirement plans, individual retirement accounts (IRAs), and from employer-provided retirement plans. If you turned 70.5 in the year 2017, we want to remind you that APRIL 1st is the deadline to take the first of your required retirement plan distributions. What Employer-Sponsored Plans are Included The answer is simple: ALL employer-sponsored retirement plans are included in this Sunday, April 1st deadline. This includes: Profit-sharing plans 401(k) plans 403(b) plans 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as: Read More...
2018 Tax Filing Deadline on April 17th
We wanted to share a gentle reminder that the tax filing deadline this year has once again shifted away from April 15th. When is the Tax Filing Deadline? For individual taxes, the final date to file your taxes is Tuesday, April 17th, 2018. This goes against the traditional April 15th deadline for individual tax returns. The shift is due to April 15th falling on Sunday as the tax deadline cannot land on a Sunday. Also, since Monday April 16th is Emancipation Day (which is a legal holiday for the District of Columbia), the filing deadline will be pushed to Tuesday, April 17th, 2018. This gives you a couple of extra days to meet the deadline. Where's My Refund? Once taxes are filed, a common question we get is "where is my refund?". The Read More...
IRS Withholding Calculator
IRS Withholding Calculator How well do you know your paycheck and what is being deducted from it? With major changes in 2018 tax laws, the IRS is encouraging taxpayers to do a paycheck double check to ensure you're having the appropriate amount of taxes withheld. You can do this by simply using their handy Withholding Calculator! Why Should I Check My Withholding? Many taxpayers are wondering why they should take the time to double check their withholding amount and the answer is simple: This will help protect against having too little tax withheld and having to pay in when you file your taxes next year. Also, you may prefer to have less tax withheld up front and receive more in your paycheck. How Do I Use The Read More...
Taxpayers Claiming EITC and ACTC
Funds for Taxpayers Claiming EITC and ACTC Funds are being released for taxpayers who are claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) after additional scrutiny to protect against tax fraud and scams. Please keep in mind that this is for those who chose direct deposit for their refund and barring any other issues relating to your tax return. It's understood that these funds have been released and will be appearing in bank accounts this week or next. Traditionally, the IRS says, you will receive your refund (again, barring any unforeseen circumstances) within about 21 days of filing. If you don't receive your refund in what you feel is a reasonable time frame, you can go to the following websites Read More...
Another SCAM the IRS Wants You to be Aware of
Another SCAM the IRS Wants You to be Aware of Last week, the IRS put out a press release warning tax payers of yet another SCAM. Previously, we posted about the Form W-2 scam that urged payroll personnel to take extra precautions when it comes to protecting the information of their employees. This time, the target of these scammers is the money that is deposited into the taxpayers' account! This scam involves erroneous tax refunds being deposited into bank accounts. These criminals steal client data from tax professionals and file fraudulent tax returns. From here, they use the taxpayers' real bank accounts for the deposit. Once the funds are deposited, they are using various tactics to reclaim the refund from the taxpayers. What Read More...
10% Investment Tax Credit (ITC) for CHP Turbines
Congress Reinstates 10% Investment Tax Credit (ITC) for CHP Turbines Combined Heat and Power (CHP) technology allows electricity to be generated from steam used in industrial processes that may otherwise go underutilized. CHP processes utilize this steam to drive a turbine that generates electricity. The technology is becoming increasingly popular energy solution due to its cost effectiveness, efficiency, and environmental advantages. A number of ethanol plants have been adopting this technology. This may be because CHP often: reduces their energy costs improves their environmental footprint and enhances the reliability of their operations. Previously, there was a federal Investment Tax Credit (ITC) to facilitate the Read More...
The Expansion of the 45Q Tax Credit for CO2 Capture
The Expansion of the 45Q Tax Credit for CO2 Capture For years, the ethanol industry has been capturing carbon dioxide and selling it to manufacturers of carbonated beverages and other customers. As part of a government-spending bill, Congress just approved a large expansion of the 45Q tax credit for CO2 capture. The expansion of the 45Q credit could very well lead to innovations in what the ethanol industry does with its CO2 and changes in the dynamic of how it interacts with the oil industry. In fact, oil companies often purchase large volumes of CO2 for a practice known as “Enhanced Oil Recovery” (or “EoR”). As their thirst for CO2 continues to grow in proportion with its domestic production activities that utilize EoR methods, Read More...
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