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Wednesday, February 13, 2019

Good Luck Hawks!


GOOD LUCK to the Broadus Hawks and Lady Hawks at District Tournaments!

Thursday, February 7, 2019

IRS to waive tax penalties for underwithholding and underpayment


If you discover your federal income tax was underwithheld as a result of changes in the tax code, there could be some relief from penalties. You can find out more on this from this article at Accounting Today.

Be sure to review your withholdings at tax time and consider completing a new W4 for your employer if changes are necessary.

Thursday, January 17, 2019

IRS Confirms Tax Filing Season to Begin January 28

IR-2019-01, January 7, 2019
WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.

Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.

“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.

As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.

Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

Tuesday, January 8, 2019

2019 UCR Opens


The Federal Motor Carrier Administration announced the opening of the 2019 UCR registration program as of December 27, 2018.  The UCR Program requires individuals and companies that operate commercial motor vehicles in interstate commerce to register their business and pay an annual fee based on the size of their fleet. This includes motor carriers of property, both for hire and private, whether or not they are considered exempt carriers for purposes of federal regulation.  Commercial vehicles engaged only in travel within the state of Montana are not required to register.  Due to late opening of 2019 registration, the registration enforcement date has been extended to April 1, 2019.

The new UCR National Registration System (www.ucr.gov) makes online registration and payment quick and easy.  For support or questions, call 1-833-UCR-PLAN or send an email to helpdesk@ucr.gov.  

If you need any assistance or have questions as to filing requirements, please feel free to contact our office.

Wednesday, December 12, 2018

Important Withholding Information for 2019


The Tax Cuts & Jobs Act has brought changes in tax law, many of which may have impacted your withholding calculations.  The IRS is still perfecting the Form W4 which helps you and your employer withhold the correct amount from your paycheck.  If you discover at tax time that your income tax is now significantly under or over withheld, you may wish to complete a new Form W-4 to adjust your withholding. Forms W4 completed before 2018 may no longer be accurate to your tax situation, so if it's been a while since you completed one, it's a good idea to get it updated now.  

In addition, MT Dept of Revenue has released a separate Form MW-4 to calculate state income tax withholding and warns that the federal Form W-4 should no longer be used for this purpose.  This means you must now complete two separate withholding forms when you start a new job. 

Please advise your employer if you wish to adjust your federal or state income tax withholding for 2019 by completing an updated Form W-4 or MW-4.  If you have additional questions, you should contact your accountant or tax professional. 

Wednesday, December 5, 2018

Christmas Stroll Thank you!

Thank you to everyone who stopped by to visit with us during the Christmas Stroll. Including our $50 match on the winning bid and some generous public donations, our Christmas Wreath Silent Auction raised over $150 to benefit the Kid's Food Bag Foundation! We hope you enjoyed your stroll!