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...
Increase for the Child Tax Credit
Beginning with 2018 tax returns, families will be able to get more money under the newly revised Child Tax Credit. The Tax Cuts and Jobs Act (TCJA) (the tax reform legislation passed in December 2017) doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit. Higher income limits mean more families are now eligible for the Child Tax Credit. The credit begins to phase out at $200,000 of modified adjusted gross income, or $400,000 for married 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...
MNsure’s Deadline for 2019 Health Coverage
Don't Delay to Get 2019 Health Coverage! For health coverage that starts January 1, you need to enroll by Saturday, December 15. Open enrollment goes through January 13, but why wait to get covered for 2019? We encourage you not to wait until the last minute! Premiums are going down anywhere from 7% to 27% what they were in 2018, and some plans may have changed, so be sure to take a good look at all of your health insurance options for 2019. We are staffed with experts who can effectively help you compare plans to make it easier to make decisions that are best for you! We are here to help Contact our experts for any help you may need while enrolling, including: Free MNSure Consulting for in-person help Expert help with Read More...
Tax Reform Bill Workshop – Willmar, MN
Tax Reform Bill Workshop Join us as we partner with the Willmar Lakes Area Chamber of Commerce and 4 other local CPA firms for a second "Tax Planning" workshop that will be hosted on November 20th from 7:30 – 9am at the Willmar Conference Center. Our panel will be presenting on the new tax reform bill, and will be answering your questions! Presenting firms: Anfinson Thompson & Co. Christianson, PLLP Conway, Deuth & Schmiesing, PLLP (CDS) Ruff & Company, CPAs Westberg Eischens, PLLP This Content will Relate to Business Owners Accounting Professionals Those interested in learning more about the Tax Cuts and Jobs Act The cost to attend this event is $10 and that price includes your registration, Read More...
Medicare Supplement – What YOU Need to Know
A Medicare Supplement Plan is something everyone age 65 and older will need unless you are still working and are still on a group coverage plan that is offered through your employer. In some cases, a Medicare plan may be a better option even if you have access to group coverage. This year, Medicare Supplements will be changing greatly and there are some things you and/or your eligible family members should know: Open enrollment happens every year from October 15th to December 7th. This is when you can either enroll in a Medicare Supplement Insurance Plan or change your existing plan. There are many different Supplement Plan options and just as much confusion about those plan options this year. By now, most people have Read More...
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