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...
IRS Lowers 2018 Family HSA Contribution Limit by $50
The IRS has released a change to HSA contribution limits linked to family coverage for 2018 that will impact anyone with a high-deductible family plan who is making the maximum contribution to their HSA account. What do the HSA Contribution Limits Look Like Now? In 2018, the HSA contribution limit linked to family coverage, which was originally set as $6,900, has been reduced to $6,850. This was recalculated due to the Tax Cuts and Jobs Act that was passed in 2017 which applies the chained CPI (Consumer Price Index) to increase HSA and other contribution limits. According to SHRM, in its Internal Revenue Bulletin No. 2018–10, released March 5, the IRS clarified that: For HSAs, the annual tax-deductible contribution limit for tax 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...
Ask The Experts – New Tax Laws for Small Businesses
Ask The Experts Segment On Monday, March 5th, Joel Gratz, Partner here at Christianson joined Bill Dean on KWLM during the "Ask the Experts" segment. This month, Joel and Bill took a minute to chat about the new tax laws and how they may impact small business owners. As Joel mentions during the segment, completing your 2018 taxes will prove to have additional nuances. Some that you may not have faced during your 2017 tax appointment (especially if you are a business owner). How Can I Listen? Tune in to 1340 AM or 96.3 FM (or live stream if you are outside of the listening area) the first Monday of every month from November until April (during tax-time) at 9:10am CST. You can listen to the March segment and other Ask The Expert 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...
199A Coop Deduction – What Do I Do Now?
199A Coop Deduction - What Do I Do Now? In January, we posted about the 199A Deduction Impact on Cooperatives which was announced with the new Tax Reform Bill. It left many wondering "what do we do now?". Most of the discussion surrounding this new 199A tax law focuses on explaining the effect and how the deduction works. Once you understand the tax effect on coop suppliers, what’s next? Do non-coop purchasers form coops or do they wait and see if this gets “fixed?” This has been a sudden and important change that affects many business. We often get caught up in the discussion and trying to figure out if Congress is going to change this or not, when we should instead be focusing on gathering the facts, identifying the risks and 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...
Good News! Three Well-Liked Tax Benefits are BACK!
We have good news for those of you who have capitalized on these benefits in the past and were concerned that they were going away for good. THEY'RE BACK! And they're retroactive so you may claim them for tax year 2017! These claims include: Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982, Mortgage insurance premiums treated as qualified residence interest, generally claimed by low- and middle-income filers on Schedule A, and Deduction for qualified tuition and related expenses claimed on Form 8917. After expiring at the end of 2016, on February 9th, the Bipartisan Budget Act renewed for tax year 2017 for a wide range Read More...
Preliminary Draft of LCFS Regulations to be Posted Today
Over the last two years we have been following CARB through draft regulation documents, webinars and workshops, and numerous phone calls to arrive at a draft rulemaking document that will drastically change the LCFS program. At 5pm today, February 20th, CARB will release a preliminary draft of the proposed rulemaking documents which they note will cover a number of topics including: Revising the LCFS program carbon intensity targets and extending the program Allowing additional fuels and vehicle categories to participate in the program Incorporating a carbon capture and sequestration protocol Promotion of zero emission vehicle infrastructure Addition of a third-party verification of CI values and fuel transactions Read More...
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