D.S. YADAV, CPA
  A professional Accounting & Consulting Firm
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NEWS & TIPS

DUE DATES:

December 15, 2017
Due date to pay fourth installment of estimated taxes by Corporations.

January 15, 2018
Due date for paying fourth installment of 2017 estimated taxes by Individuals.

January 31, 2018
Due date for filing W-2 and 1099 Forms.

March 15, 2018
Due date for filing 2017 tax returns by LLC's, Partnerships & S Corporations.
Due date for filing extensions by the LLC's Partnerships and S Corporations.

April 15, 2018
Due date for filing 2017 tax returns by Individuals, Trusts & Estates and C Corporations..
Due date to pay first installment of estimated taxes.
Due date for filing extensions by individuals and C Corporations.
Last date to file FinCen 114 - Report of Foreign Bank and Financial Accounts (FBAR).
FBAR'S must be filed electronically and there is no extension to file it.

June 15, 2018
Due date to pay second installment of estimated taxes.

September 15, 2018
Due date for filing tax returns by Partnerships,  Corporations, Trusts and Estates with extensions.
Due date to pay third installment of estimated taxes.

October 15, 2018
Due date for filing tax returns by Individuals with extensions.
 

MILEAGE RATES FOR  2017 & 2018

Business mileage rate                       53.5  cents per mile for 2017
                                                             54.5   cents per mile for 2018
                                                                                                                                             
Medical or Moving mileage rate   17  cents per mile for 2017
                                                           18  cents per mile for 2018
                                                                                                     
Charitable mileage rate                    14 cents per mile for 2017 & 2018

 

CONTRIBUTION LIMITS FOR   2017 & 2018 :
                                         Regular                             50 Years or Older
                                        2017     2018              2017         2018    
 IRA's                         $ 5,500    5,500           $ 6,500         6,500
 401(k) Plans              18,000   18500            24,000       24,500     
 Simple Plans             12,500   12,500            15,500       15,500
 SEP Contributions  54,000   55,000            54,000       55,000
 HSA Contributions:                                     55 Years or  Older
     Self Only                3,400     3,450             4,400          4,450    
     Family Coverage  6,750     6,900            7,750           7,900 
 
Oregon College Savings Plan deduction limits for 2016 and 2017
                                      2016                    2017
   Single Filers           $2,310                $ 2,330
   Joint Filers               4,620                   4,660

GIFT & ESTATE TAX  EXCLUSION LIMITS  FOR  2015 & 2016
                                                                                                                           2017                2018
U.S. Annual gift tax exclusion                                                                   $     14,000          15,000
U. S. Life time maximum exclusion for both estate and gift taxes          $5,490,000    5,600,000
Oregon State life time exclusion for both estate and gift taxes             $1,000.000     1,000,000 
Annual exclusion for gifts to the spouse who is not a  U.S. Citizen    $  148,000         148,000
Foreign Gifts & Bequests threshold amounts for filing returns:
   From Non-Resident Alien Individuals                                                  $  100,000        100,000
   From foreign Corporations and Partnerships                                      $    15,671          15,797  
   File Form 3520 for any amount distributed by a foreign Trust. 

Foreign Earned Income Exclusion                                                            $ 102,100         104,100                                           

MINIMUM HOURLY WAGE RATES:
                                                                           2017              2018
       Oregon Portland Metro                     $ 11.25            $ 12.00- (Effective July 2018) 
       Washington State                               $ 11.00            $ 11.50    

NEWS:

RANSOMWARE SCAM
IRS is warning about IRS/FBI Themed Ransomware Scam:
The scam email uses emblems of both IRS and the FBI and entices the users to select a "here" link to download a fake FBI questionnaire. Instead, the link ownloads a ransomware that prevents users from accessing data stored on their device unless they pay money to the scammers.
IRS does not use email to discuss tax issues.

NEW REPORTING REQUIREMENTS FOR FOREIGN ASSETS:
IRS has made major changes in its offshore voluntary compliance program to accommodate a wider group of U.S. taxpayers who have unreported foreign financial assets.
The changes are anticipated to provide taxpayers a new avenue to come into compliance with their U.S. tax obligations.
Details are available on IRS website: www.irs.gov.
       

GIFT TAX RETURNS:
Taxpayers who transfer real estate to family members, without any or inadequate  consideration, need to file Gift Tax Returns. Recently IRS has starting checking transfer records in some States to determine the non-compliance.

PHISING SCAMS:
IRS is warning the taxpayers about e-mail scams and is reminding them that it does not send out unsolicited e-mails to request personal or financial information.
If you receive an unsolicited e-mail communication claiming to be from IRS, you can forward the original message to: phising@irs.gov. or call 800-829-1040.

HIGHER PENALTIES:
IRS has increased the penalty for failure to file Partnership and S. Corporation tax returns from $89 to $195 per partner/stockholder per month for a maximum of 12 months.

REPORTING SELF-INSURED HEALTH COVERAGE:
Employers that provide self-insured health coverage to their employees must file Form 1095-B, Health coverage.
This rule applies to all employers regardless of their size.

DISCLAIMER
The above-mentioned information is a general purpose information and should not be considered as tax advise and it may not apply to your specific situation. Please consult your tax professional for your specific situation.