RIN Attest Deadline Modified per EPA At Christianson, we want to keep you in the loop with all of the required information you should know to ensure you remain compliant. We received word this weekend from the Environmental Protection Agency (EPA) that their Central Data Exchange (CDX) (the Agency's electronic reporting system) will be down on June 1 (the RIN Deadline) starting at 9pm EST and will remain down throughout the weekend. This is important because rather than having until midnight on June 1 to complete your RIN attest, Q1 quarterly reporting and producers’ RFS0901 report, ALL will have to be done and submitted by 9pm EST. This is a big change that impacts many of our clients, and every one of the RIN attest contributors Read More...
A New twist on an old phone scam
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...
College Savings – What do I do?
What Are The Best Vehicles To Save For College? A college education can be one of the most important investments you ever make. But the benefits of your child's increased earning power and expanded horizons come at a price — college is expensive. Many families finance a college education with a combination of resources, but your savings are the cornerstone of any successful college funding plan. So it's important to start saving as soon as you can. For 2017/2018, average costs for tuition, fees, room, and board are: $20,770 — public college $46,950 — private college (many private colleges cost substantially more) Source: College Board, Trends in College Pricing 2017 Where should you put your college savings? There are many Read More...
The HSA Contribution Limit has Changed Again
As many of you read in our previous post about HSA Contribution, in March the IRS announced a reduction to the maximum amount a family could contribute to a health savings account (HSA) in 2018 from $6,900 to $6,850. Just recently the IRS reversed the decision and is declaring that the maximum limit for families to contribute has been raised to $6,900. The $6,900 limit as originally announced before the tax law was passed in late 2017. After the limit was reduced months later, it created a complicated situation for people who had already contributed the full $6,900 amount. They faced having to withdraw the extra $50 before next April 15 unless the IRS relaxed the rules for this year. What do I need to do? It's advised that you work Read More...
Congress Reinstates OSLT: How to File Payment for the Oil Spill Tax during Q3 2018.
Congress Reinstates OSLT: How to File Payment for the Oil Spill Tax during Q3 2018. What is the OSLT? The oil spill liability tax (OSLT) expired on December 31, 2017, but was subsequently reinstated for the period from March 1 through December 31, 2018. The cost of the OSLT is calculated at a rate of $0.09 per barrel (approximately $0.00214 per gallon) of crude oil products (including natural gasoline). How is the OSLT usually filed? This excise tax is filed quarterly with IRS Forms 6627 and 720, but deposits are required for each semimonthly period in which the tax liability is incurred. The amount of this deposit must not be less than 95% of the amount of net tax liability incurred during the semimonthly period, unless an Read More...
Claiming 2017 Biodiesel and Alternative Fuel Incentives
We are closing in on the 180-day claim period for the 2017 Biodiesel and Alternative Fuel Incentives so we wanted to add transparency to those dates and what you need to know. The IRS has recently issued Notice 2018-21 which provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under Sec. 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel mixtures and alternative fuels sold or used during calendar year 2017. These incentives had expired as of December 31, 2016, but were retroactively extended through December 31, 2017 as part of a bill that was passed on February 9, 2018. Claimants that filed “protective” or anticipatory claims during 2017 for biodiesel Read More...
The “Fix” Is In! A Revision To Sec. 199A Has Been Made
As of today, March 23rd, 2018, the revision of Sec. 199A has been signed. The omnibus government-funding bill recently proposed in the House of Representatives contains amendments to Section 199A. Specifically, the proposed legislation amends the definition of “qualified business income (QBI)” by striking the exclusion for “qualified cooperative dividends.” This amendment replaces the current law QBI deduction with a deduction for qualified production activities income. That is similar to the pre-2018 DPAD. The effect of the amendment is to change the farmer’s deduction to equal 20% of taxable income or qualified business income (including cooperative dividends in the computation). Limitations remain in place for farmers with high 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 Child Tax Credit has gone up to $2,000 per qualifying child as opposed to the previous credit of $1,000. The refundable portion of the credit Read More...
Tax Reform Bill Workshop – Litchfield, MN
Tax Reform Bill Workshop Join us as we partner with the Litchfield Chamber of Commerce and CDS for a "Tax Planning in 2018" workshop that will be hosted on May 11 from 7:30 – 9am at Custom Products in Litchfield. Our panel will be presenting on the new Tax Reform bill, and will be answering your questions! Presenting firms: Christianson PLLP's Joel Gratz, CPA, Partner and Lindsay Kranz, CPA, Supervisor along with CDS Partners and CPAs, Dave Corneil and Jim Rudnick This Content will Relate to Business Owners Accounting Professionals Those interested in saving money in 2018 The cost to attend this event is $10 and that price includes your registration, coffee, juice & rolls. Please RSVP no later than May 4 to 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...
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