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Blogging Beyond the Numbers

Posted by: Katy Mering 6 days ago
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares. Near the end of the year, funds typically distribute all or most of their net realized capital gain...
5471
Posted by: Swati Jain 1 week ago
Are you a US citizen or resident and have a relationship (either as a shareholder, officer or director) or own 10% or more in a foreign corporation?  If yes, then you might be obligated to file Form 5471 along with your tax return.  Form 5471 is annual informational form that generally does not result in any tax due for the taxpayer. If you are a partner in a foreign partnership, you would file a Form 886...
Posted by: Tony Jaynes 2 weeks ago
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon. Section 179 expensing Sec. 179 ex...
Posted by: Cam Brawley 2 weeks ago
The legal battle is over for the parties in South Dakota v. Wayfair, Inc.  The Supreme Court’s decision that South Dakota was correct in requiring remote sellers to collect South Dakota sales taxes was decided June 21, 2018.  However, the Justices decided that the lower court handle the specific settlement terms. The November 1, 2018 Wayfair settlement agreement terms are as follows: Removes the i...
Posted by: Katy Mering 3 weeks ago
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If...
Posted by: Kent Collier 3 weeks ago
Good news for many Wisconsin Taxpayers who suffered losses due to the severe storms, tornadoes, straight-line winds, flooding and landslides that took place mid-August  2018.  The President has declared a major disaster exists in the State of Wisconsin such that affected individuals and businesses may be eligible for tax relief.  The Wisconsin Department of Revenue also indicated state tax relief will al...
Posted by: Bruce Mayer 3 weeks ago
The new tax law was amended in March 2018 to change the patronage dividends rules but did allow them to be eligible for the 20% pass through business deduction.  Co-ops where the recipients of patronage dividends are businesses, or are individuals not paying tax due to the personal use exemption, are not affected by this change.  I will explore what some of the tax advantages are for worker co-ops now tha...
Posted by: Bruce Mayer 3 weeks ago
On March 23, 2018 Congress passed an amendment to the new tax law that removed the “Grain Glitch” where private grain elevators were significantly disadvantaged.  Using per unit retains, a form of patronage dividends, farmers could deduct 20% from the gross proceeds of their sales to a cooperative grain elevator but not to a privately held grain elevator.  The fix was to remove patronage dividends fro...
Online Retailer
Posted by: Cam Brawley 3 weeks ago
It’s been a big year for tax changes. The United States Tax Cuts and Jobs Act (“Tax Reform”) has taken front seat and grabbed much attention. However, an equally big tax change occurred this year in the sales & use tax world with the Supreme Court decision South Dakota v. Wayfair, Inc. The Supreme Court ruled in favor of South Dakota’s authority to require out of state sellers without physi...