At Christianson, our objective is to make tax work as transparent as possible and easier for our clients to understand. This new Tax Reform Bill is the largest since the 1980s so there is a lot to take away from it. Our experts have provided an analysis of these changes (for both individuals and businesses) to help make the new tax laws easier to understand. If you have questions relating to this information, contact us and we will walk you through it! What Changes Impact Individuals? Current Law New Law Individual tax rates See Figure 1 for details Seven tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, 39.6% Seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37% Long-term capital gains and qualified dividend tax Read More...
New Withholding Tables – An Increase in Take-Home Pay!
EXCITING NEWS - You May See an Increase in Your Take Home Pay! 90% of people will see an increase in take home pay as early as next month! How Will I Know if I am One of the 90%? The U.S Treasury Department has recently released new withholding tables based on the tax reform bill. The withholding tables are used by employers to determine how much to withhold from employee paychecks. The new withholding tables have been updated to reflect changes in tax rates and brackets, the increased standard deduction and the repeal of personal exemptions. Most people should see increases to their take home pay as a result of the new withholding tables by mid-February. The IRS is currently working on a new form W4 that will more fully reflect Read More...
WARNING: Form W-2 Scam
A New WARNING for Payroll: Form W-2 Scam The IRS and state tax agencies are urging employers to be aware of a new scam that has come to light particularly with a jump in impacted people/businesses in 2017. This scam impacted hundreds of businesses and thousands of employees in 2017 and there is concern that this may continue to rise if appropriate measures aren't taken to prevent it. The scam is in relation to Form W-2 phishing. How Does Sensitive Information Get Stolen? According to the IRS website, Cybercriminals identify chief operating officers or others who may be in positions of authority. Then, using a technique known as business email compromise (BEC) or business email spoofing (BES), these criminals pose as executives send Read More...
New Standard of Accounting for Leases
At Christianson, we track any and all changes that impact our clients and the way their accounting processes are done. In this case, accounting for leases, which always has been a complex area, is undergoing significant change with the release of new lease standards by the Financial Accounting Standards Board (FASB). On February 25, 2016, the FASB issued the new standard, Leases (ASC 842). There are elements of the new standard that could impact almost all entities to some extent, although lessees will likely see the most significant changes. A basic premise of the new guidance is that a lease which “conveys the right to control the use of an identified asset for a period of time in exchange for consideration” creates an asset and a Read More...
Health Coverage Due Date Extension
Due Dates for Health Coverage Forms Insurers, self-insuring employers, large employers and other coverage providers have received an automatic extension of 30 days (January 31, 2018 extended to March 2, 2018) to provide 1095-B or 1095-C forms to their employees and covered individuals. However, these entities did not receive an extension for filing 2017 information returns with the IRS which are due February 28, 2018 for paper filers and April 2, 2018 for electronic filers. Taxpayers do not need to wait for Forms 1095-C or 1095-B to file their 2017 individual tax returns. Other information about health coverage can be used. If you are a large employer and need help completing your Form 1095-C or if you are unsure if you are a large Read More...
Minnesota Education Tax Updates
At Christianson, our experts are actively keeping on top of all of the changes that have occurred. The emphasis of this post today is going to be around education tax changes in Minnesota. There are several important credits and subtractions to be aware of this year that may impact you, as a student or as a parent of a student. Master's Degree in Teacher's Licensure Field Credit Who Qualifies Taxpayers qualify to receive this credit if you enroll in a Master's Degree program in Minnesota after June 30th, 2017. The program in which you are receiving your Master's Degree must be English or Language Arts, Math, Science, Foreign Languages, Civics and Government, Arts, History, or Geography. This credit may not be claimed until the year Read More...
Tax-Filing Start Date – Are YOU Ready?
Tax Return Due Dates It’s the start of a new year and time to start preparing and filing tax returns. At Christianson, we are here to help you complete your return accurately and on time. The Internal Revenue Service (IRS) will start accepting tax returns on January 29, 2018. However, due to system updates the IRS will not be reviewing any paper filings until after the middle of February. Tax filing due dates for 2017 returns are March 15, 2018 for partnerships and S-Corporations and April 17, 2018 for individuals and C-Corporations. Tax Return Refund Tips Once a tax return is submitted to the IRS it typically takes about three weeks to process and provide any refunds. Various factors may cause processing to be shorter or longer Read More...
New Section 199A Deduction Impact on Cooperatives
The Tax Reform bill has been the topic of conversation at Christianson for the last several months and now that the bill has been signed, analyzing the changes and determining the impact on our clients is the focus of our experts. The Tax Cuts and Jobs Act repealed the Domestic Production Activities Deduction in Section 199 as of December 31, 2017 and created a new deduction under Section 199A which is effective January 1, 2018. The purpose here is to outline the provisions in Section 199A that are specifically related to cooperatives and the impact of cooperative dividends to farmers. We have received numerous questions related to this, and with the limited guidance available, this is our effort to provide clarification. The Read More...
Tier 3 Sulfur Reporting Requirements for Ethanol
Happy New Year from the Christianson Team! As we welcome the New Year, we also welcome additional reporting requirements for the Ethanol industry and we here at Christianson wanted to remind you of these new requirements and provide some helpful information. The Tier III Sulfur program was effective for 2017 and with the close of the initial compliance year comes new reporting requirements. The first Gasoline Sulfur and Benzene Annual Report for Tier III will be due March 31, 2018. The report uses the existing Unified Report Form Template that you currently use for RFS RIN reporting and you can find the instructions for the new report (GSF0402) here. Upon completion of the GSF0402 report, you will need to submit it through the Read More...
Document Requirements for Not-For-Profit Entities
At Christianson, the businesses we serve range in industry and business-type. The focus today is on Not-For-Profit entities. As a not-for-profit organization you may be wondering what documents you are required to distribute to your donors per the IRS. What are the disclosure rules for charitable contributions? The IRS imposes record keeping and substantiation rules on donors for their contributions. Charitable organizations are required to provide a written disclosure to a donor who receives goods or services in exchange for a single payment in excess of $75. Recordkeeping If your donor makes a contribution from a payroll deduction as a single contribution and the contribution amount is at or in excess of $250, your Read More...
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