|NEWS & TIPS
October 15, 2018
Due date for filing tax returns by Individuals with extensions.
December 15, 2018
Due date to pay fourth installment of estimated taxes by
January 15, 2019
Due date for paying fourth installment of 2017 estimated taxes by
January 31, 2019
Due date for filing W-2 and 1099 Forms.
March 15, 2019
Due date for filing 2017 tax returns by LLC's, Partnerships & S Corporations.
Due date for filing extensions by the LLC's Partnerships and
April 15, 2019
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
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
Due date to pay third installment of estimated taxes.
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 2018 & 2019 :
Regular 50 Years or
2018 2019 2018 2019
IRA's $ 5,500 6,000
$ 6,500 7,000
Simple Plans 12,500
SEP Contributions 55,000
55 Years or Older
Self Only 3,450 3,500
6,900 7,000 7,900
Oregon College Savings Plan deduction limits for 2016 and 2017
Single Filers $2,310
GIFT & ESTATE TAX EXCLUSION LIMITS FOR 2015
U.S. Annual gift tax exclusion
Life time maximum exclusion for both estate and gift taxes
Oregon State life time exclusion for both estate and gift taxes
Annual exclusion for gifts to the spouse who is not a U.S.
Foreign Gifts & Bequests threshold amounts for filing returns:
From Non-Resident Alien Individuals
$ 100,000 100,000
From foreign Corporations and Partnerships
File Form 3520 for any amount distributed by a foreign Trust.
Foreign Earned Income Exclusion
MINIMUM HOURLY WAGE RATES:
Oregon Portland Metro
$ 12.00- (Effective July 2018)
Washington State $
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
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.
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:
firstname.lastname@example.org. or call
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
REPORTING SELF-INSURED HEALTH
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.
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