DC Updates

Office Closed Friday April 20, 2018

Since our staff would like time to get reacquainted with their families after tax season, we are closing the office on Friday April 20, 2018 to give us all much needed time for rest and relaxation. Let us know if you have any pressing matters that need to be handled on Thursday.

Iowa Beginning Farmer Tax Credit Unfunded for 2018

Due to a decrease in funding, there will be no beginning farmer tax credit applications available for 2018.

New Federal Withholding Tables

The 2018 federal withholding tables, which were issued later than usual due to enactment of the Tax Cuts and Jobs Act (the Act), must be used beginning Thursday, Feb. 15, 2018. That is also the deadline for changing the optional flat rate for withholding on supplemental wage payments of $1 million or less (bonuses, commissions,

Beware of Fake Calls to Return IRS Refund Money to a Collection Agency

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme. In addition, the number of potential taxpayer victims jumped from a few hundred

Business Budgeting – Thinking About Your Future

Most businesses are doing really good if they have their historical books up to date on a regular basis. Real-time accounting can get you very close to this reality, but it’s still historical information. Very few small to medium sized businesses have the time and expertise to ponder about the future and make regular budgeting and planning a reality.

Summary of Iowa Beginning Farmer Tax Credit Program

Iowa has a special tax credit for landlords that work with beginning farmers. The tax credit varies depending on the type of lease agreement, but it can provide a significant benefit if the lessee qualifies as a beginning farmer.

How to avoid a surprise tax burden for 2016

As you come to the end of 2016, ask yourself a few simple questions in regard to your tax position. What will I do if my return is prepared and there is a large balance due that I am not prepared to pay? What can I do now to estimate what my tax liability may

Payroll Setup Checklist

These are some common items that need to be done to get your first payroll ready to go. This list is not meant to be comprehensive, but a good place to start getting your records in order so you can run a proper payroll.

Iowa taxpayers benefit from the Wynne Decision

If you are in a school district that imposes the School District Surtax or the EMS Surtax (click here for a list of districts that impose the surtax) AND have paid taxes on earnings in another state, you may be eligible for a refund.

The HSA … proof that the IRS really does give things away

Health Savings Accounts (HSAs) have little to no down side. HSAs allow anyone with an eligible high deductible health care plan to get a tax break. Generally speaking, medical expenses are only tax-deductible if you both itemize your deductions and your eligible medical expenses exceed 10% of your adjusted gross income. HSA accounts offer a full and current deduction of your future qualifying medical expenses regardless of your income as long as you have a qualifying high deductible health care plan.