The Firm of Gardner & Billing, CPAs PLLC

Just a reminder that the Montana Department of Revenue deadlines for Livestock and Personal Property (Business Equipment) Reporting are March 1st.  Reporting forms for Personal Property were not mailed out this year and filing must be done online via TAP to avoid a 20% penalty on the tax due.   We are happy to assist you with filing or with any questions you may have. 

The Montana Department of Revenue has mailed several notices in recent weeks related to property reporting.  Many taxpayers have found these notices confusing.  It's important to know which of these reporting types apply to you and what your requirements are in order to avoid either unnecessary reporting or penalties for failure to report.   PERSONAL PROPERTY (BUSINESS EQUIPMENT) If you received a letter that indicates you need to "report your personal property (business equipment)" then this is mandatory reporting and must be submitted online by March 1st to avoid a 20% penalty on the tax due.  Personal property taxes (separate from real estate property tax) are billed and collected by the country treasurer.  This tax essentially replaces sales tax on items such as business equipment, machinery, agricultural implements and equipment, furniture, fixtures and all other personal property.   In the past, this reporting has been mailed to taxpayers including a list of

"A Visit to Ireland" An experience of Irish history and culture  will be presented by Jessica Malone at the  Broadus Senior Center at 1pm  on Wednesday, February 21st. All are welcome to attend.

The Montana Department of Revenue and the Office of Budget and Policy Planning are reviewing the federal tax reform bill (HR1) and its potential impacts on Montana’s tax system. With HR1 being the most significant federal tax reform in 30 years it will take additional time to sort through the bill. One key provision of HR1 establishes a 20 percent deduction of “qualified business income (QBI)” from certain pass-through businesses. The department has determined that the QBI deduction is not an eligible deduction for Montana individual income tax purposes. Individual Income Tax Return Changes We have made changes to our Form 2 for the new Federal Tax Reform.  The following changes were made to the 2017 Montana Individual Income Tax Return (Form 2) due to the recently passed federal tax reform bill (HR 1): The department voided and reserved for future use: line 35 on Form 2 (Tuition and Fees) line 14 (Qualified Mortgage Insurance Premiums) on Schedule III (Itemized Deductions) b