|NEWS & TIPS
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 2018 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 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
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 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
2019 2020 2019 2020
IRA's $ 6,000 6,000
$ 7,000 7,000
Simple Plans 13,000 13,500
SEP Contributions 55,000 56,000 56,000 57,000
55 Years or Older
Self Only 3,450 3,550
Oregon College Savings Plan deduction limits for 2016 and 2017
Single Filers $2,435
GIFT & ESTATE TAX EXCLUSION LIMITS FOR 2019
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
$ - ($ 13.25 Effective July 1, 2020)
Washington State $
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
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