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

DUE DATES:


December 15, 2018
Due date to pay fourth installment of estimated taxes by Corporations.

January 15, 2019
Due date for paying fourth installment of 2017 estimated taxes by Individuals.

January 31, 2019
Due date for filing W-2 and 1099 Forms.

March 15, 2019
Due date for filing 2018 tax returns by LLC's, Partnerships & S Corporations.
Due date for filing extensions by the LLC's Partnerships and S Corporations.

April 15, 2019
Due date for filing 2018 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, 2019
Due date to pay second installment of estimated taxes.

September 15, 2019
Due date for filing tax returns by Partnerships,  Corporations, Trusts and Estates with extensions.
Due date to pay third installment of estimated taxes.

MILEAGE RATES FOR  2019 & 2020

Business mileage rate                       58.0  cents per mile for 2019
                                                             57.5   cents per mile for 2020
                                                                                                                                             
Medical or Moving mileage rate   20  cents per mile for 2019
                                                            17  cents per mile for 2020
                                                                                                     
Charitable mileage rate                    14 cents per mile for 2019 & 2020

 

CONTRIBUTION LIMITS FOR   2019 & 2020 :
                                         Regular                             50 Years or Older
                                        2019     2020              2019         2020  
 IRA's                         $ 6,000       6,000        $ 7,000          7,000 
 401(k) Plans              19,000     19,500         25,000         26,000       
 Simple Plans             13,000      13,500        16,000         16,500
 SEP Contributions  55,000       56,000         56,000        57,000
 HSA Contributions:                                     55 Years or  Older
     Self Only                3,450     3,550             4,450          4,550    
     Family Coverage  7,000     7,100             8,000          8,100 
 
Oregon College Savings Plan deduction limits for 2016 and 2017
                                      2019                 
   Single Filers           $2,435               
   Joint Filers               4,865                  

GIFT & ESTATE TAX  EXCLUSION LIMITS  FOR  2019 & 2020
                                                                                                                           2019                2020
U.S. Annual gift tax exclusion                                                                   $       15,000          15,000
U. S. Life time maximum exclusion for both estate and gift taxes          $11,400,000  11,580.000  
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    $  155,000         
Foreign Gifts & Bequests threshold amounts for filing returns:
   From Non-Resident Alien Individuals                                                  $  100,000         100,000
   From foreign Corporations and Partnerships                                      $    15,797            
   File Form 3520 for any amount distributed by a foreign Trust. 

Foreign Earned Income Exclusion                                                            $  105,900          107,600                                        

MINIMUM HOURLY WAGE RATES:
                                                                           2020             
       Oregon Portland Metro                     $ 12.50            $ - ($ 13.25 Effective July 1, 2020) 
       Washington State                               $ 13.50            $     

NEWS:

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.

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.