Tax Tip Tuesday: Biennial Report Reminder
If you are a for-profit corporation, including an S corporation, authorized to do business in Iowa, you most likely have recently received a letter or postcard reminder from the Secretary of State, reminding you to file your Biennial Report. This report is due by April 1st of even-numbered years for cooperative associations and for-profit corporations. The report is filed in odd-numbered years by LLCs, PLLCs, LPs, and Nonprofits. The filing process is quite simple. You will
Tax Tip Tuesday: New Withholding Tables
The IRS recently released Notice 1036, which updates the income-tax withholding tables for 2018. This reflects the changes made by the tax reform legislation that was enacted last month. The updated withholding information, posted on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than February 15, 2018. They should continue to use the 2017 withholding tables until imple
Tax Tip Tuesday: Changes to W-2 & 1099-MISC Due Dates
This week I want to remind you of some changes to due dates for W-2 and 1099-MISC forms that were first effective for 2016 and continue for the 2017 tax year. We will also discuss the current status of Iowa W-2 reporting requirements. 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 returns r
Tax Tip Tuesday: Important 2018 Dates & Tax Reform Bill Updates
This week we will address some dates for the 2018 tax season and also begin to look at some provisions in the new tax reform bill passed in late 2017, which will primarily affect returns for 2018 through 2025. The IRS has announced they will begin accepting electronic and paper tax returns on January 29, 2018. They also reminded us that the earliest that refunds will be available for returns containing either the earned income tax credit (EITC) or the additional child tax cre
Tax Tip Tuesday: 2018 Standard Mileage Rate and Withholding Tables
Today we will address changes in the standard mileage rate for 2018 and information concerning withholding tables for 2018. The IRS has issued the 2018 standard mileage rates. These are used to calculate the deductible costs of operating a vehicle for business, charitable, and medical purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 54.5 cents per mile for business miles driven, which is an increase o
