Newsletters

Tax Filing Reminders

March 15th 2018 calendar-year S corporation income tax returns are due 2018 calendar-year partnership returns are due Deadline for calendar-year corporations to elect S corporation status for 2019 April 15th Individual income tax returns for 2018 are due 2018 calendar-year C corporation income tax returns are due 2018 annual gift tax returns are due Deadline for making 2018 IRA contributions First installment of 2019 individual estimated tax is due First installment of 2019 corporate estimated tax is due May 15th  Forms 990 for 2018 calendar-year exempt organizations are due June…

Read More

How to Minimize Investment Taxes

As an investor, your first priorities should be to (1) develop an asset allocation strategy that aligns with your investment objectives and risk profile and (2) select quality securities that support that strategy. Only after that’s done should you turn your attention to taxes and identify opportunities to improve the tax-efficiency of your portfolio. Here are several planning strategies to consider: Make the most of tax-advantaged accounts. Evaluate the tax-efficiency of each investment, based on factors such as dividend yields, fund turnover, and expected growth. To the extent possible, tax-efficient…

Read More

Should Your Small Business Consider a Health Reimbursement Arrangement?

Qualifying small businesses can use health reimbursement arrangements (HRAs) without triggering penalties under the Patient Protection and Affordable Care Act (ACA). A provision added by the 21st Century Cures Act (the Act) excludes qualified small employer HRAs from the ACA’s definition of group health plan. HRAs are employer-funded plans that use pre-tax dollars to reimburse employees for out-of-pocket medical expenses and individual health insurance premiums. Previously, the IRS had ruled that HRAs are group health plans that fail to comply with the ACA’s market reforms and, therefore, are subject to a…

Read More

IRS PROVIDES PENALTY IRS PROVIDES PENALTY RELIEF FOR UNDERPAYMENT FOR 2018 INDIVIDUAL TAXES

In an Information Release and Notice, IRS has announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The relief is prompted by changes in the Tax Cuts and Jobs Act (TCJA). This waiver covers taxpayers whose total withholding and estimated tax payments are equal to or greater than 85% of their taxes owed.

Read More

Tax Filing Reminders

February 28th Due date for payers to provide Forms 1099-MISC to recipients and to the IRS, other than Box 7 non-employee compensation due January 31 Forms 1095 are due to the IRS if paper filing (Note: Due date is April 1 if filing electronically) March 4th Due date for providers to send Forms 1095 to employee March 15th 2018 calendar-year S corporation income tax returns are due 2018 calendar-year partnership returns are due Deadline for calendar-year corporations to elect S corporation status for 2019 April 15th Individual income tax returns…

Read More

Three Ways to Deduct the Cost of Business Property

Under current law, taxpayers have a variety of options for deducting some or all of the cost of property used in business rather than depreciating it over a period of years. Here’s a quick overview of three of them: De Minimis Expensing Safe Harbor Taxpayers with “applicable financial statements” (such as a certified audited financial statement) can deduct up to $5,000 per invoice or item for certain tangible property costs to the extent they deduct them for financial reporting or bookkeeping purposes. Those without applicable financial statements can deduct up…

Read More

RENTAL REAL ESTATE, WHEN DOES IT QUALIFY FOR SEC. 199A DEDUCTION?

On January 18, 2019, the IRS issued final regulations on a number of Sec. 199A issues. The final regulations establish a prerequisite whereby a business must first arise to the level of a “Section 162 trade or business” before it is capable of producing income eligible for the 20% deduction. For many active, profit-seeking businesses, this requirement hasn’t been difficult to meet, but the Section 162 standard has become problematic for rental real estate. The IRS also issued Proposed Revenue Procedure 2019-7 to offer a safe harbor. A rental activity…

Read More

Tax Filing Reminders

February 28th Due date for payers to provide Forms 1099-MISC to recipients and to the IRS, other than Box 7 non-employee compensation due January 31 Forms 1095 are due to the IRS if paper filing (Note: Due date is April 1 if filing electronically) March 4th Due date for providers to send Forms 1095 to employee March 15th 2018 calendar-year S corporation income tax returns are due 2018 calendar-year partnership returns are due Deadline for calendar-year corporations to elect S corporation status for 2019 April 15th Individual income tax returns…

Read More

2019 Limitations & Rate Updates

The following payroll caps and limitations have been updated for 2019: Social Security wage base increases from $128,400 to $132,900 401(k) maximum deferral is up $500 to $19,000 HSA contribution limits are increased to $3,500 per individual and $7,000 for a family FSA contribution limit is up $50 to $2,700 Federal income tax rates are unchanged for 2019 but the tax brackets have been indexed for inflation. Indexing has increased the income brackets by roughly 2% across the board. The income brackets for capital gains have also been increased slightly…

Read More

Upcoming Conferences

Shareholders and employees of Stanfield + O’Dell attend and present at various meetings and conferences around the U.S. We invite you to join us at these events. January 9-10, 2019: Dunham + Company Ministry Summit – Scottsdale, AZ January 17, 2019: The Church Network Green Country Chapter at Southern Hills Baptist Church, 5590 S Lewis, Tulsa OK Jonathan Wish, Supervisory Senior Auditor, will be speaking on Auditing & Church Accounting February 20-21: C3 Conference – Hosted by Fellowship Church in Grapevine, TX

Read More