IRS

Iowa 179 Problems Grow Larger with No Like-Kind Exchange for Equipment and Livestock

By |2018-07-12T09:08:38+00:00July 3rd, 2018|Agriculture, Change, Deductions, IRS, TAX, Tax Reform|

Susan K. Voss, CPA, has over 30 years of public accounting experience, and she specializes in farm operations, agri-business, and individuals and their closely-held businesses. In continuation of Susan's last article, let’s review another key IRC Section 179 issue impacting Iowa’s agricultural community. Thank you Kristine A. Tidgren from the Center for Agricultural Law and Taxation [...]

Are Your Event Sponsors Actually Advertising?

By |2018-07-13T11:03:22+00:00June 5th, 2018|Fundraising, IRS, Nonprofit, TAX|

Glen Swanson, CPA and TDT Assurance Manger, will discuss the differences between sponsorships and advertisements and how they impact income tax. Glen specializes in audits of nonprofit organizations, family-owned businesses, and employee benefit plans and has more than 10 years of experience in public accounting. Event programs are a great way for nonprofits to share their [...]

Is it Time to Make a Change? C Corp vs. S Corp

By |2018-07-12T09:09:23+00:00May 22nd, 2018|Change, Deductions, IRS, Saving, TAX, Tax Planning, Tax Reform|

Monica Sullivan, CPA and Partner at TDT, provides an overview between S and C Corporations and their associated tax reforms. Monica brings more than 23 years in diverse tax, financial, and business consulting experience to the firm.  Monica specializes in serving privately held companies and their owners through comprehensive tax planning including significant experience in individual, [...]

Iowa Has a Section 179 Problem

By |2018-05-31T07:29:56+00:00April 8th, 2018|Accounting, Agriculture, Deductions, IRS, PATH, TAX, Tax Reform|

The tax filing season is well underway with deadlines coming and going and increased timing pressures. With the season comes look-backs and look-forwards. One of the biggest tax items affecting nearly every farm operation in 2018 and beyond is the IRC Section 179 Expense. The federal government has been generous with this deduction; however, Iowa [...]

5 Things for Manufacturers to Know About Tax Reform

By |2018-04-23T08:53:04+00:00March 29th, 2018|Accounting, Deductions, IRS, Manufacturing, TAX, Tax Reform|

Amie Kuntz, Tax Manager at TD&T CPAs and Advisors, P.C., expands on 5 tax reform items for manufacturers. Amie serves privately held businesses across Iowa, providing tax services and strategic planning opportunities. Tax reform has businesses of all kinds contemplating how it will affect them. In a sense, it’s a great catalyst to reevaluate your [...]

Estate Tax Closing Letter Requirements

By |2018-04-17T10:30:43+00:00March 20th, 2018|Estate Planning, IRS, Preparation|

Prior to June of 2015 the IRS issued an estate tax closing letter for every estate tax return filed. This letter included the amount of net estate tax, the state death tax credit, and any generation skipping tax liability. On June 1, 2015 the IRS began to issue estate tax closing letters only to those [...]

Tax Time with TD&T: UNICAP Exemptions Expanded

By |2018-02-27T14:21:36+00:00February 27th, 2018|Change, IRS, Manufacturing, TAX, Tax Reform|

In this episode of Tax Time with TD&T, Amie Kuntz shares a bit on the tax reform changes in regard to UNICAP. Amie is a Tax Manager in the TD&T West Des Moines Office spending her time working with closely-held companies throughout Iowa. In a quick summary, UNICAP is short for the Uniform Capitalization rules [...]

Appeals Court Orders Tax Court to Revalue a Business, Saving the Taxpayer Millions

By |2017-10-13T11:42:08+00:00August 10th, 2017|Business Valuation, IRS|

The key to this case is the premise of value concept.  Premise of value poses the question, “Is the business an ongoing business or is it one in which the business will go into dissolution?” The Tax Court’s valuation failed to adequately consider the premise of value, resulting in an appeals decision in favor of [...]

Medical and Home Improvement Deductions

By |2017-07-16T15:12:15+00:00June 29th, 2017|Deductions, Healthcare, Insurance, IRS, Saving|

Kyle Merry, Tax Associate, and Joshua Buckingham, CPA and Principal at TD&T focus on two commonly used tax deductions in this article. The medical expense deduction is one of the more detailed tax subjects for clients.  In most instances this deduction will not qualify due to not meeting the minimum threshold.  However, there are some [...]

Record Keeping: How Long Do I Need to Keep Records?

By |2017-07-16T13:50:20+00:00May 11th, 2017|IRS, Mail, Records, Tips|

Lyndi DeVries, Business Services Manager at TD&T, provides some guidance regarding industry and IRS standards for record keeping. “Our clients ask all the time how long they need to keep records,” according to Lyndi DeVries.  Advice differs somewhat depending on the source, but some common-sense guidance can help you answer this question for yourself and [...]