Iowa Has a Section 179 Problem

By | 2018-05-31T07:29:56+00:00 April 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+00:00 March 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+00:00 March 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+00:00 February 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+00:00 August 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+00:00 June 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+00:00 May 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 [...]

Telling Your Story With Form 990

By | 2017-04-21T12:43:02+00:00 April 13th, 2017|IRS, Nonprofit, TAX, Tax Services|

Attracting and retaining donors can be among the more challenging tasks for your nonprofit organization. So you’ll want to take every opportunity to help potential supporters recognize the value of your mission. IRS Form 990, Return of Organization Exempt From Income Tax, offers a convenient vehicle for getting your story out. The Internal Revenue Code [...]

IRS Proposed Regulations to Limit Use of Discounts

By | 2017-04-24T09:25:19+00:00 December 1st, 2016|Advisory, Estate Planning, Gifts, IRS|

Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding estate and gift taxes. The Internal Revenue Service is proposing regulations to limit the use of discounts when valuing gifts.  Currently there is a unified credit from federal estate tax that allows a lifetime or death-time transfer of $5,450,000 [...]