IRS

Choosing the Right Accounting Method for Tax Purposes

By |2018-08-31T10:05:14+00:00August 31st, 2018|Accounting, Cash Flow, Change, IRS, Tax Planning, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]

Why the “Kiddie Tax” is More Dangerous Than Ever

By |2018-08-30T08:28:58+00:00August 29th, 2018|Change, IRS, Tax Planning, Tax Reform|

  Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax [...]

Do You Need to Adjust Your Withholding?

By |2018-08-28T16:57:05+00:00August 28th, 2018|Accounting, Change, Deductions, IRS, Preparation, TAX, Tax Planning|

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should [...]

Business Deductions for Meal, Vehicle, and Travel Expenses

By |2018-08-24T13:56:03+00:00August 24th, 2018|Accounting, Deductions, IRS, Saving, Tax Reform, Tips|

A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business. Proper [...]

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 [...]