This week we will look at a major issue which impacts some Iowa tax returns for 2016. Every year the Iowa legislature has to pass a bill to couple (conform) Iowa tax law to federal tax law. Last year, the Iowa legislature passed the coupling bill on March 15th, but unfortunately, they only coupled for 2015 tax returns on all items with the exception of bonus depreciation. The Iowa legislature this year has indicated that they do not plan to couple with any federal tax law ch

If you are organized as an LLC, PLLC, or LP and are authorized to do business in Iowa, you most likely have recently received a postcard reminder from the Secretary of State, reminding you to file your Biennial Report. This report is due by April 1st of odd number years for LLC’s, PLLC’s, and LP’s. The report is filed in even numbered years by for-profit corporations including an S corporation. The filing process is quite simple. You will need your Iowa entity number and p

The IRS has announced it will begin accepting electronic and paper tax returns on January 23, 2017. Also, beginning in 2017, the Protecting Americans from Tax Hikes (PATH) Act requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. The entire refund must be held, even the portion not associated with the EITC and ACTC, until at least February 15th. In addition, the IRS stated tha

This week I want to remind you of some changes to due dates for W-2 and 1099-MISC forms that are effective for 2016. Also, we will discuss some new Iowa W-2 reporting requirements and penalties for not timely filing or providing 1099 forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires forms W-2, W-3, and 1099-MISC returns to report non-employee compensation, to be filed on or before January 31st of the year following the calendar year to which such ret

The IRS has issued the 2017 standard mileage rates and there are changes from 2016. These are used to calculate the deductible costs of operating an automobile for business, charitable, medical and moving purposes. Beginning on January 1, 2017, the standard mileage rate for the use of a car, van, pickup or panel truck will be: 53.5 cents per mile for business miles driven, which is a decrease of 1/2 cent from the 2016 rate. 17 cents per mile driven for medical or moving purpo