New Tax Due Dates for 2016

For fiscal year filers, Partnership and S Corporation tax returns will be due the 15th day of the third month after the end of their tax year.  C Corporation tax returns will be due the 15th day of the fourth month after the end of the tax year. New Tax Due Dates for 2016 Calendar […]

Some Refunds Will Be Delayed

As the IRS steps up its efforts to combat identity theft and tax refund fraud by implementing security safeguards, taxpayers may face additional review resulting in a delay of their refund.  The IRS will hold the entire refund for any tax return claiming either the Earned Income Tax Credit or Additional Child Tax Credit until […]

New Filing Deadline for Employers

The Protecting Americans from Tax Hikes (PATH) Act, aimed at making it easier for the IRS to detect and prevent refund fraud, created new filing deadlines for employers. Form W-2 and certain Forms 1099-MISC reporting non-employee compensation must be submitted to Social Security Administration or the Internal Revenue Service by January 31, 2017. The new […]

Retirement Account Contribution Limits

Retirement Account Contribution Limits 2016 Contributions to Retirement Plans: The 401(k) contribution limit is 100 % of earned income or $18,000 – this applies to 403(b) and 457 plans also. Individuals age 50 and older can contribute an additional $6,000. The contribution limit on a SIMPLE Plan stays at $12,500 Individuals age 50 and older […]

Health Savings Account Contribution Limits

Health Savings Account Contribution Limits 2016 Deductible contributions for a Health Savings Account: Deductible H.S.A. contributions for account owners with family coverage is $6,750. The ceiling for self-only coverage remains $3,350. Individuals born before 1962 (age 55 and older) can contribute an additional $1,000.

Department of Labor Changes to the Fair Labor Standards Act

Department of Labor Changes to the Fair Labor Standards Act   The new Fair Labor Standards Act (FLSA) affects exempt status and overtime pay.  The new rule goes into effect December 1, 2016. The minimum amount for an exempt status employee will increase to $913/week which equates to an annual salary of $47,476. Entities can […]

2016 Mileage Rate

The Internal Revenue Service has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  Beginning on Jan. 1. 2016, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 54 cents per […]

Reminder to file M1PR

The deadline for filing for a Minnesota Homestead Credit Refund (for Homeowners) or Renter’s Property Tax Refund is August 15, 2016.  Please contact our office if you would like us to file this return for you.  A copy of your property tax statement payable in 2016 can be obtained from your county auditor’s office.  A […]

Back to School Shopping Tax Benefits

As you begin back to school shopping with your children in grades K-12 in Minnesota remember to keep the receipts.   Parents can use the costs incurred to purchase most school supplies to benefit them on their 2015 Minnesota tax return.  Families can either qualify for the refundable K-12 education credit (income limits apply) or the […]

Tax Facts about the Affordable Care Act for Individuals

You and each dependent on your return need to have minimum essential health insurance coverage.     If you or any of your dependents do not have health insurance and do not qualify for an exemption, you will be required to make a ‘Shared Responsibility Payment’ for each uninsured individual on your return when you file your […]