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...
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 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...