tag:blogger.com,1999:blog-340054762024-02-06T22:05:31.611-06:00Varley Law Office, PLCA general practice law firm offering but not specializing in or limited to Business Organization, Estate Planning, Intellectual Property, Real Estate, Probate, Tax, Trusts, and Wills in Iowa. ________ EXCLUDED areas of practice: Bankruptcy, Criminal, Family, Personal Injury, Admiralty, Aviation, and Securities Law.Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-34005476.post-22561651457974744572024-01-13T17:42:00.009-06:002024-01-13T18:24:25.300-06:002023 Income Tax Returns and other filing requirements<p> </p><p align="JUSTIFY" lang="en-NZ" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; orphans: 2; text-indent: 0.21in; widows: 2;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;">We
are already two weeks into 2024 and we hope it is off to a
good start for you! As you look back on 2023 in preparation for
filing your income tax returns, consider the major tax law changes
that have occurred, which include:</span></span></span></p>
<p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span lang="en-US"><span style="font-style: normal;"><span style="font-weight: normal;"><span style="background: transparent;">1. </span></span></span></span></span></span><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="font-style: normal;"><span style="font-weight: normal;">The
Inflation Reduction Act increased tax credits and lifetime limits for
energy efficiency home improvements and residential energy property,
as well as for new and used clean-energy vehicles. </span></span></span></span><span style="font-family: Times New Roman, serif;">
</span></span>
</p>
<p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span lang="en-US"><span style="font-style: normal;"><span style="font-weight: normal;"><span style="background: transparent;">2. Beginning
in 2023, deductibility of federal income tax on your Iowa tax return
has been eliminated</span></span></span></span></span></span></span><span style="font-family: "Times New Roman", serif; text-align: left; text-indent: 0.3in;">,
married taxpayers can no longer file separately on a combined return,</span><span style="color: black; text-align: left; text-indent: 0.3in;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span lang="en-US"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"> and</span></span></span></span></span><span style="color: black; text-align: left; text-indent: 0.3in;"><span style="font-family: Newsreader, serif;"><span style="font-size: small;">
Iowa will no longer tax retirement income, which includes 401(k)s,
pensions and IRAs, and certain farm rental income. More information about changes to Iowa's tax law can be found here:</span></span></span></p><p style="margin-bottom: 0in;"><a href="https://tax.iowa.gov/2023-changes-iowa-individual-income-tax">https://tax.iowa.gov/2023-changes-iowa-individual-income-tax</a></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Newsreader, serif;"><span style="font-size: small;">3. The
age at which you must begin taking required minimum distributions
from your retirement accounts has increased to 72.</span></span></span></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Newsreader, serif;"><span style="font-size: small;">4. Business
meals are no longer 100% deductible; the old deduction rules now
apply.</span></span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">Please
continue to be alert to tax scams. Do not respond to any phone calls
or e-mails purporting to be from the IRS, Social Security, or the
Iowa Dept. of Revenue – those agencies will make initial contact by
mail. You are welcome to bring any such letter to our office for
verification. Never include social security or bank account numbers
in an unencrypted e-mail or in a phone call you did not initiate to a
trusted number.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="font-size: small;">If you choose to have our office prepare and file your
federal and state tax returns, you will need to sign and return our engagement agreement. Our contact information is at the bottom of this post. All
professionally prepared tax returns must be filed electronically
(“e-file”). If you want to file your own tax return for free, go to this webpage to learn how to electronically file your federal tax return for free:</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="font-size: small;"><a href="https://www.irs.gov/newsroom/irs-free-file-is-now-available-for-the-2023-filing-season">https://www.irs.gov/newsroom/irs-free-file-is-now-available-for-the-2023-filing-season</a></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="font-size: small;">Go to this webpage to </span><span style="text-indent: 28.8px;">electronically file your Iowa tax return for free:</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="text-align: left; text-indent: 0.3in;"><a href="https://tax.iowa.gov/individual-income-tax-electronic-filing-options">https://tax.iowa.gov/individual-income-tax-electronic-filing-options</a></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="font-size: small;"><b>If you need worksheets or forms, please let us know</b><span style="font-weight: normal;">.
</span> The IRS <b>requires</b> mileage logs for vehicles with
business use. This is absolutely necessary for vehicles that are also
available for personal use. <span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;"><span lang="en-US"><span style="font-weight: normal;"> </span></span></span></span></span></span>
</p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfnMCkjA2fu9db_IrT4RDAzutQs7hquk2AxYPLi3cAr2SU2U2Dks2GNGBBzkdWSJzqHTV-RJ2vV4FzeP_jJz_nsWEUIUtiSPVCpIctudKIdf_-SB7Baal4aqDf1aZ3WUnD0WONwYlCQNYxkgj2FABCv7iUzLT-Yj1Z8Yt2HNcsvDdw-qHP0b61bA/s672/2023%20mileage%20rates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="192" data-original-width="672" height="114" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfnMCkjA2fu9db_IrT4RDAzutQs7hquk2AxYPLi3cAr2SU2U2Dks2GNGBBzkdWSJzqHTV-RJ2vV4FzeP_jJz_nsWEUIUtiSPVCpIctudKIdf_-SB7Baal4aqDf1aZ3WUnD0WONwYlCQNYxkgj2FABCv7iUzLT-Yj1Z8Yt2HNcsvDdw-qHP0b61bA/w400-h114/2023%20mileage%20rates.jpg" width="400" /></a></div><p></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="font-size: small;">If you have a trade or business, you are required to
send a Form 1099 to any individual, partnership or LLC that you paid
$600.00 or more for services, rent or interest in the course of said
business. Be sure to collect Form W-9 from each of your contractors
or you may be required to make backup withholding deductions from
your payments. Payments to cooperatives, banks and corporate
entities are excluded. Wages in excess of $150 in any quarter
require the filing of Forms W-2 and W-3. If you would like us to
prepare these forms, you will need to provide us with the information
before January 27, 2024. <span style="font-family: Times New Roman, serif;"><span style="font-weight: normal;">
</span></span></span>
</p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="font-size: small;">If you have questions on any of the above or other tax
matters feel free to call, e-mail, or stop in. When you have your
records ready, you may let us know and we will set up an appointment
that is convenient for you. Evening or Saturday appointments can be
arranged. If you want to e-mail us information securely, send us an
e-mail and we will open a Trustifi<sup><span style="font-family: Times New Roman, serif;">®</span></sup>
portal for encrypted transmissions.</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrrgpRkijD1lPcUEJK8ZzQOFwEjH0XtCu2JXyy3C0n_wrz-v3I-KIAmb6QGnKu5t0cFukEajZDcUu8tObALUKhadugxINwB_yOILLOG9Fsu-6_Zmt_mfVy6HOzj5O5XojVAPQTAH4JEYVjyqe-q2Q3jcEU6-vOKNIkJbXaVmBu-pZO1n4JAoLdrw/s1256/Warren%20at%20Office_20160210_112534136.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1256" data-original-width="989" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrrgpRkijD1lPcUEJK8ZzQOFwEjH0XtCu2JXyy3C0n_wrz-v3I-KIAmb6QGnKu5t0cFukEajZDcUu8tObALUKhadugxINwB_yOILLOG9Fsu-6_Zmt_mfVy6HOzj5O5XojVAPQTAH4JEYVjyqe-q2Q3jcEU6-vOKNIkJbXaVmBu-pZO1n4JAoLdrw/s320/Warren%20at%20Office_20160210_112534136.jpg" width="252" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><p></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.21in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">If you are involved in a business entity, there are a number of other new things of which you should also be
aware, which include:</span></span></p><p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="color: black;"><span face="Arial Narrow, sans-serif"><span style="font-size: small;"><span lang="en-US"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">1. In
an effort to reduce money laundering and tax evasion, the U.S.
Treasury is requiring most small business entities to register with
the FinCEN (Financial Crimes Enforcement Network)</span></span></span><span style="font-size: small;">.
</span> The initial report, which is called “Beneficial
Ownership Information” (BOI), must be filed by December 31, 2024,
for already existing businesses. (The time frame is much shorter for
new business entities.) However, you are advised <u>not</u> to wait
until the last minute as there will be considerable strains on the
system at the close of the year and the penalties for non-compliance
are substantial (including prison). The entities required to
register include almost all limited partnerships, limited liability
companies (LLCs), and corporations, except for publicly traded
entities. Even single-member LLCs that are treated as “disregarded
entities” for income-tax purposes must register. Living trusts
that are treated as disregarded entities because the grantor is still
the trustee do not have to register, but other types of trusts do
need to register. Nonprofit entities with a tax-exempt determination
do not need to register. If you want our office to file your BOI
report, we will need to keep an image of each owner's driver's
license, passport, or other approved identification.</span></span></p><p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span face="Arial Narrow, sans-serif">2. Beginning
in 2022, to combat out-of-state members or beneficiaries of Iowa
entities who were not paying Iowa income tax on their Iowa earnings,
Iowa now requires pass-through entities, such as LLCs, partnerships,
S-corporations and trusts, to file a consolidated Iowa return called
IA-PTE-C. The entitiy must also pay tax on behalf of its
out-of-state distributees, unless they sign a Nonresident Member
Agreement (NMA) each tax year.</span></span></p><p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span face="Arial Narrow, sans-serif"><span style="font-size: small;">3. <span lang="en-US"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Beginning
in 2023, for members or beneficiaries of Iowa entities who were not
able to deduct all their itemized state and local tax payments
because of the $10,000 cap included in the Trump tax cut; Iowa now
allows pass-through entities, such as LLCs, partnerships
S-corporations and trusts, to elect to pay tax for all of their
members or beneficiaries on a consolidated Iowa return called
IA-PTE-T. </span></span></span></span></span>
</p><p align="CENTER" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-family: TimesNewRoman, serif;"><span style="font-size: medium;">
</span></span></p><p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span face="Arial Narrow, sans-serif">4. In
an effort to close the “tax gap” (the gap between income tax owed
and income tax reported [$688 billion in 2021]), IRS is stepping up
enforcement of 1099 reporting rules. Of particular note is the
requirement that you must have a signed, completed form W-9 from each
person or entity to whom you are required to send a Form 1099 report.
If you do not, you are required to withhold federal income tax from
any payment you make to that business and deposit it with the U.S.
Treasury.</span></span></p><p align="CENTER" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-family: TimesNewRoman, serif;"><span style="font-size: medium;"><b>Privacy
Policy</b></span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">Your
privacy is important to us. Please read the following privacy policy.</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">We
collect nonpublic personal information about you from various
sources, including:</span></span></p><p align="JUSTIFY" lang="en-NZ" style="break-before: auto; margin-bottom: 0.02in; margin-left: 0.23in; text-indent: -0.15in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">*
Interviews regarding your tax situation</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; text-indent: -0.15in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">*
Applications, worksheets, or other documents that supply such
information as your name, address, date of birth, phone number,
Social Security Number, income, dependents' information, and other
tax-related data</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; text-indent: -0.15in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">*
Tax-related documents you provide that are required for processing
tax returns, <span style="font-size: 10pt;">such as Forms W-2,
1099B, 1099R, 1099INT, 1099DIV, 1099MISC, 1099NEC, 1099S, 1098,
1098E, 1098T, 1099SSA, 1099RBR, 5498,...</span></span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">We
do not disclose any nonpublic personal information about our clients
or former clients to anyone, except as requested by our clients or as
required by law.</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.08in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: 11pt;">We
restrict access to personal information concerning you, except to our
employees who need such information in order to provide products or
services to you. We maintain physical, electronic, and procedural
safeguards that comply with federal regulations to guard your
personal information.</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-family: arial; font-size: 11pt;">We
charge a service fee for accepting payment of our tax preparation
fees by credit card. If you choose to pay with a credit card, you
may receive an email from the service Square, which processes the
payment.</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-size: 11pt;"></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0in; text-indent: 0.5in;">
<span style="font-family: Times New Roman, serif;"><span style="font-size: 11pt;">Pursuant
to U.S. Treasury Regulations, you are advised that any federal tax
advice included in this communication is not intended or written to
be used, and cannot be used, to avoid any U.S. federal tax penalties,
or to promote, market, or recommend to another party any transaction
or matter.</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
</p><p align="CENTER" lang="en-NZ" style="break-before: page; margin-bottom: 0in; page-break-before: always;">
<span style="font-size: large;"><b>Varley Law Office, PLC</b></span></p>
<p align="CENTER" lang="en-NZ" style="margin-bottom: 0in;"><span style="font-size: large;"><b><span style="font-size: medium;"><span style="font-style: normal;">Warren
A. Varley </span></span></b><span style="font-size: small;"><i><span style="font-weight: normal;">•</span></i></span><b><span style="font-size: small;">
</span></b><span style="font-size: small;"><i><span style="font-weight: normal;">Attorneys-at-Law•</span></i></span><b><span style="font-size: small;"><span style="font-style: normal;">
</span></span><span style="font-size: medium;"><span style="font-style: normal;">Karen K.
Varley</span></span></b></span></p>
<h1 class="western" lang="en-NZ" style="text-align: center;"><span style="font-size: small;">201 NE Second Street, P.
O. Box 235, Stuart, Iowa 50250-0235</span></h1>
<p align="CENTER" style="margin-bottom: 0.08in;"><span face="Arial, sans-serif"><span><span lang="en-NZ">Phone:
(515) 523-2456 [</span><span><span lang="en-NZ">FAX
866-297-7985] </span></span><span style="color: blue;"><span style="color: black;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="text-decoration: none;"><span style="font-weight: normal;">E-mail:
</span></span></span></span></span></span><span style="color: blue;"><span style="color: black;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="text-decoration: none;"><b>varleylaw@iabar.org</b></span></span></span></span></span><span style="color: black; font-size: 11pt;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="font-weight: normal;">
</span></span></span></span></span></span>
</p><span style="font-size: small;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-13697862425086399492023-08-22T13:27:00.001-05:002023-08-22T13:27:33.846-05:00Iowa Farm Leases for Next Year<p> </p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Now
is the time dictated by Iowa law to begin negotiating crop land
leases f<span style="background: transparent;">or 2024 or at </span>least
notify your tenant/landlord, as the case may be, if you wish to
change any of the terms in your current lease. (Remember that mutual
consent is required if you want to make changes in the middle of a
multi-year lease.)</span></p>
<p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">If
you wish to terminate a cropland or pasture lease endi<span style="background: transparent;">ng
March 1, 2024, and have not already done so, you must serve notice in
the manner set out in Iowa Code §562.7 on or before September 1,
2023. This statute does not apply to custom farming arrangements,
but by tradition, </span>many farm operators have come to expect
notice by September 1.</span></p>
<p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Basing
cropland rent on the current CSR2<a class="sdfootnoteanc" href="#sdfootnote1sym" name="sdfootnote1anc"><sup>1</sup></a>
of the soil in question is the most accurate and fair way to arrive
at a comparable rent.<a class="sdfootnoteanc" href="#sdfootnote2sym" name="sdfootnote2anc"><sup>2</sup></a>
Below is a table of farmland values and cash rents in counties for
which we prepare farmland leases:</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSf_rpNYzfo27XMsuyMRrRlMrXxCS0cii5OlkRBEvowZfzR36XdiFotJ_R-Eiifn0T_6AiJcSh77-WkjY5QsZUM7f8npOkA2Vv0KGw1ZSh1ps3NVHs61-SuzAakJEHNNtRLSTy1LWmamvBR_12tqNeDtm5FP5TcQ7McpGYS8WJOwZm2h-tontm-g/s768/2023%20Ag%20lease%20table.bmp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="336" data-original-width="768" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSf_rpNYzfo27XMsuyMRrRlMrXxCS0cii5OlkRBEvowZfzR36XdiFotJ_R-Eiifn0T_6AiJcSh77-WkjY5QsZUM7f8npOkA2Vv0KGw1ZSh1ps3NVHs61-SuzAakJEHNNtRLSTy1LWmamvBR_12tqNeDtm5FP5TcQ7McpGYS8WJOwZm2h-tontm-g/w400-h175/2023%20Ag%20lease%20table.bmp" width="400" /></a></div><br /><p></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"><span style="color: black;">The
table above is based upon averages from sometimes limited survey
results, but it does give a general idea of what the market for Iowa
farmland looks like. The predicted annual rental is based on a 3%
return on investment. With interest rates higher than that and most
commodity prices declining, expect farmland values to level out and
perhaps even decline, though demand remains strong.</span><span style="color: black;"><span style="font-family: Times New Roman, serif;">
According to USDA, the average cash rent in Iowa was $269/acre in
2023,<a class="sdfootnoteanc" href="#sdfootnote3sym" name="sdfootnote1anc"><sup>3</sup></a>
and you can see from the table above that crop land rents have mostly
settled into the $3.50-$3.75/CSR2 range. One of the puzzling
disconnects in the ISU survey is that good quality pasture rents for
between $80 & $120/acre but comparable hay grounds typically
brings twice that rate, which is a bigger difference than nutrient
removal explains.<a class="sdfootnoteanc" href="#sdfootnote2sym" name="sdfootnote2anc"><sup>4</sup></a>
Hunting rights now often garner more income than grazing corn
stalks.</span></span></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"><span style="color: black;"><span style="font-family: Times New Roman, serif;"> </span></span><span style="color: black;">Please
contact our office if we can be of assistance. Good luck with your
negotiations!</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"> Sincerely,</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"> VARLEY
LAW OFFICE, PLC <span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">©2023</span></span></span></span></p><div id="sdfootnote1">
<p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote1anc" name="sdfootnote1sym">1</a>
<a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-09.pdf">https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-09.pdf</a></p>
</div><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;">
</p><div id="sdfootnote2">
<p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote2anc" name="sdfootnote2sym">2</a>
<a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-10.pdf">https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-10.pdf</a></p>
</div>
<div id="sdfootnote1">
<p class="sdfootnote"><span style="color: black;"><u><span style="font-size: x-small;">3</span></u><span style="font-size: x-small;">Updated
“corn suitability rating” assessment</span></span><span style="font-size: x-small;">
</span><span style="color: black;">You can calculate a CSR2 for your farm
</span><span style="color: black;"><span style="font-family: Arial Narrow, sans-serif;"><span style="font-size: x-small;">http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx</span></span></span><span style="color: black;"><span style="font-family: Arial Narrow, sans-serif;"><span style="text-decoration: none;">
or get it from your assessor information
</span></span></span><span style="color: black;"><span style="font-family: Arial Narrow, sans-serif;"><span style="font-size: x-small;"><span style="text-decoration: none;">http://www.iowaassessors.com/</span></span></span></span></p>
</div>
<div id="sdfootnote2">
<p class="sdfootnote"><u><span style="font-size: x-small;">4</span></u> <span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;">See
Computing a Cropland Cash Rental Rate:</span></span></span><span style="color: black;"><span style="font-size: x-small;">
</span></span><span style="color: black;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-20.pdf">https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-20.pdf</a></span></span></span></p>
</div>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-65718231949704269192022-11-25T12:44:00.002-06:002022-11-25T12:44:58.864-06:00Varley Law Office Celebrates 30 Years<p style="text-align: justify;"> <span style="text-indent: 0.17in;">In
1992, Warren Varley opened a solo law practice in Stuart and has been
providing legal services to the community ever since. His initial
office was a room rented from Claudia Shepherd in what is now the LC
Clinic building next to Lawbaugh Park. Claudia was more than a
landlord and office-mate, she was a valuable mentor and friend. His
first employee was Sheryl Christensen and they worked at an old oak
double desk acquired from the Dallas County Courthouse. In 1996,
Warren moved the law firm into a building across from the post office
that he and his wife, Karen Varley, had purchased from Eugene Jirak.
Also in 1996, Joyce (Mrs. Walt) Hick joined the firm as legal
secretary, probate clerk, tax preparer, and office manager. Joyce
had worked for the W. Dean Moore law office in Stuart since the early
1960's up until the sale of his practice in 1996. In addition, Joyce
had obtained her real estate broker's license and managed a thriving
real estate business known as Stuart Real Estate. Joyce's
contribution to the success of Varley Law Office cannot be
overstated! She was hard-working and dedicated to providing the best
possible service to each client. Other valued employees of the
firm, past and present, include Mary Skellenger Moffitt, Margaret
Tiernan, </span>Alberta Jirak,<span style="text-indent: 0.17in;"> Carmen Hawley, Lesley Kerns-Wilson, Riley Schoen, Karli
Rumley, Truman Wiles, Christine Baber, Jansen Van Daalwyk, </span>Nicolas Aguero,<span style="text-indent: 0.17in;"> </span><span style="font-size: small; text-indent: 0.17in;">Trevor
Heimbaugh, Juanita Gilman, and Tyler McKibbin.</span></p>
<p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;">
<span style="font-size: small;">On Epiphany (Jan. 6) 2004, tragedy struck Varley Law
Office when a fire destroyed the three adjoining buildings that
included the firm. For a year and a half, the law office was located
in the oldest downtown building at 100 NE Second ST, while the West
Central Valley high school tech class built a new office at its
present location, 201 NE Second Street. </span>
</p><p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSKV9caXJLz7Vo3jsNDjiZPf2o2EkiulSkQ3PTf_o_NPogwFaGx7qHXs86ImSj2Dx3kyB9vhzvDviDbe8jquzdddyin_pw7ZtuwDrTb6hcg9jnLpA31pC3UdwxSC0P0PLPB5cGZhuLFqt6Nig4aGIlKN_C4Ey5gelZARdagaVJ067v5IvH700/s3166/K&W%20Varley_20221031_1156.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3166" data-original-width="2279" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSKV9caXJLz7Vo3jsNDjiZPf2o2EkiulSkQ3PTf_o_NPogwFaGx7qHXs86ImSj2Dx3kyB9vhzvDviDbe8jquzdddyin_pw7ZtuwDrTb6hcg9jnLpA31pC3UdwxSC0P0PLPB5cGZhuLFqt6Nig4aGIlKN_C4Ey5gelZARdagaVJ067v5IvH700/s320/K&W%20Varley_20221031_1156.jpg" width="230" /></a></div><br /><span style="font-size: small;"><br /></span><p></p>
<p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;">
<span style="font-size: small;">In 2016, the firm expanded exponentially as Karen Varley
joined the firm as a partner, and Varley Law Office PLC was
organized. Karen had been in the legal profession for a considerable
part of her life, starting as a legal secretary while in high school
in Waukon, Iowa, and working for two years as a court reporter before
obtaining degrees in agronomy and plant breeding from Iowa State and
Cornell Universities. Eighteen years in the legal department at
DuPont/Pioneer Hi-Bred International culminated in her getting a law
degree from Drake University in May 2015.</span></p>
<p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;">
<span style="font-size: small;">Throughout its thirty years, Varley Law Office has
provided a variety of legal services to the community, including
business organization, estate planning, real estate transactions, tax
planning and tax return preparation, and probate administration.
Projects of particular note that the firm was involved in include the
restoration of the Historic Saints Center and the Rock Island
Railroad Depot; the organization and construction of 13 locally-owned
and operated wind-energy turbines across Adair, Cass, and Taylor
Counties; and a variety of development projects in conjunction with
Stuart Enterprise for Economic Development, Inc.</span></p>
<p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;">
<span style="font-size: small;">Prior to opening his firm in Stuart, Warren worked at
David L. Jungmann, PC, in Greenfield, IA, and Davis, Hockenberg,
Wine, Brown, Koehn & Shors in Des Moines. In addition, he
clerked for 7 rural district court judges in central Iowa for one
year and for a New York appellate division justice in Cortland, New
York for two years. Warren obtained his bachelors degree in agronomy
from Iowa State University and his law degree from Cornell University
in Ithaca, New York.</span></p><p style="font-weight: normal; margin-bottom: 0in; text-align: justify; text-indent: 0.17in;"></p><p style="font-weight: normal; margin-bottom: 0in;">Karen and Warren
Varley thank everyone who helped with or attended their
open house November 10. At the celebration, Karen presented Warren
with a plaque denoting that he attained "Very High" ratings
in both legal ability and ethical standards from the
Martindale-Hubbell<span style="font-family: Times New Roman, serif;">®</span><span style="font-family: Times New Roman, serif;">
Law Directory. </span> Martindale-Hubbell is a legal directory
publisher founded in 1868 that rates attorneys based upon peer
review. Warren's rating puts him in the top 10% of attorneys
nationwide according to the American Registry.
</p><span style="font-size: small;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-37027648436459493852022-08-23T09:39:00.020-05:002022-08-23T10:14:00.011-05:00Ag Lease Termination deadline Sept 1<p> <span style="text-indent: 0.5in;">Now
is the time dictated by Iowa law to begin negotiating crop land
leases f</span><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; text-indent: 0.5in;">or 2023 or at </span><span style="text-indent: 0.5in;">least
notify your tenant/landlord, as the case may be, if you wish to
change any of the terms in your current lease. (Remember that mutual
consent is required if you want to make changes in the middle of a
multi-year lease.)</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi75qPoUgkvgjJQoMncR0XdA7DZljLFeV72HKnvXjIiDI8PwZ8RHP7SoMz6WSxtBCMkhwCqd4HSpuTcxXEbWoSZi8dEDaIviWu448UmJcclGgekgpOf6HifkEwu7LYA3a6Ag3gik0FYQA6fZ95lAUJWakJ8duUKfYzKsPk4eIDr5QPMuQfIhdY/s4000/NE%20Ia%20rainbow_210626_cr%20sat.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2019" data-original-width="4000" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi75qPoUgkvgjJQoMncR0XdA7DZljLFeV72HKnvXjIiDI8PwZ8RHP7SoMz6WSxtBCMkhwCqd4HSpuTcxXEbWoSZi8dEDaIviWu448UmJcclGgekgpOf6HifkEwu7LYA3a6Ag3gik0FYQA6fZ95lAUJWakJ8duUKfYzKsPk4eIDr5QPMuQfIhdY/w321-h162/NE%20Ia%20rainbow_210626_cr%20sat.jpg" width="321" /></a></div><br /><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">If
you wish to terminate a cropland or pasture lease endi<span style="background: transparent;">ng
March 1, 2023, and have not already done so, you must serve notice in
the manner set out in Iowa Code §562.7 on or before September 1,
2022. This statute does not apply to custom farming arrangements,
but by tradition, </span>many farm operators have come to expect
notice by September 1.</span></p>
<p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Basing
cropland rent on the current CSR2<a class="sdfootnoteanc" href="#sdfootnote1sym" name="sdfootnote1anc"><sup>1</sup></a>
of the soil in question is the most accurate and fair way to arrive
at a comparable rent.<a class="sdfootnoteanc" href="#sdfootnote2sym" name="sdfootnote2anc"><sup>2</sup></a>
Below is a table of farmland values and cash rents in counties for
which we prepare farmland leases:</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijPKi0pdTj8V4tSieKFyrYp8fKi1CYKkN61XIE1xtSlTt5ZaGoRdZB0uTn-2Vep1kCfDbPH5v62Ex0742vqBLKlndplTXHu72pcd4xMbKfqfArotqdwcm_mxCk590tjP_Q9vDC6LG_rFuOTtTeVNbOFpGMJ0yPq3pi9NA2JPspO_FwMLVjSCo/s672/2022%20ag%20lease%20table.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="672" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijPKi0pdTj8V4tSieKFyrYp8fKi1CYKkN61XIE1xtSlTt5ZaGoRdZB0uTn-2Vep1kCfDbPH5v62Ex0742vqBLKlndplTXHu72pcd4xMbKfqfArotqdwcm_mxCk590tjP_Q9vDC6LG_rFuOTtTeVNbOFpGMJ0yPq3pi9NA2JPspO_FwMLVjSCo/w449-h209/2022%20ag%20lease%20table.jpg" width="449" /></a></div><p></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"><span style="color: black;">The
table above is based upon averages from sometimes limited survey
results, but it does give a general idea of what the market for Iowa
farmland looks like. The predicted annual rental is based on a 3%
ROI.<span style="font-size: medium;"> </span></span><span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: medium;">Farmland
appraiser Jim Rothermich notes that farmland values have increased
35.3% over the past six months,</span><span style="font-size: x-small;">3</span> <span style="font-size: medium;">while Extension economist Alejandro Plastina tells us cash rental
rates rose at a comparatively modest rate of 10.3% over the last year
(even so, the third increase in a row and largest since 2013).</span><span style="font-size: x-small;">4</span> <span style="font-size: medium;">Both are being driven higher by food shortages and correspondingly
high commodity prices, but rental rates are being tempered by equally
high input prices. Nevertheless, an auction in Calhoun County in
March pegged rent at a whopping $438.50/acre on a quarter section of
84.8 CSR2 land. Look for rising interest rates and a slowing economy
to temper those increases.</span></span></span></p><p></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"><span style="color: black;"><span style="font-family: Times New Roman, serif;"> </span></span><span style="color: black;">Please
contact our office if we can be of assistance. Good luck with your
negotiations!</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"> Sincerely,</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"> VARLEY
LAW OFFICE, PLC <span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">©2022</span></span></span></span></p><div id="sdfootnote1">
<p class="sdfootnote"><br /></p><div id="sdfootnote1"><p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote1anc" name="sdfootnote1sym">1</a><span style="color: black;"><span>Updated “corn suitability rating” assessment</span></span><span> </span><span style="color: black;">You can calculate a CSR2 for your farm </span><span style="color: black;">[</span><span style="color: black;"><span face="Arial, sans-serif"><span style="font-size: x-small;"><a href="http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx">http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx</a></span></span></span><span style="color: black;">]</span></p><p class="sdfootnote"><span style="color: black;"><span></span></span><span style="color: black;">or get it from your assessor information [</span><span style="color: black;"><span face="Arial, sans-serif"><span style="font-size: x-small;"><span><a href="http://www.iowaassessors.com/">http://www.iowaassessors.com/</a></span></span></span></span><span style="color: black;">].</span></p></div><div id="sdfootnote2"><p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote2anc" name="sdfootnote2sym">2</a> <span style="color: black;"><span style="font-family: Times New Roman, serif;"><span>See Computing a Cropland Cash Rental Rate:</span></span></span><span style="color: black;"><span style="font-size: x-small;"> </span></span><span style="color: black;"><span face="Arial, sans-serif"><span style="font-size: x-small;"><a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-20.pdf">https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-20.pdf</a></span></span></span></p></div><p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote3anc" name="sdfootnote1sym">3</a> Jim Rothermich MAI ARA ALC
theLandTalker@iowaappraisal.com <a href="https://www.iowaappraisal.com/media/cms/May_2022_Iowa_Land_Auction_Results_D90F044F42244.pdf">https://www.iowaappraisal.com/media/cms/May_2022_Iowa_Land_Auction_Results_D90F044F42244.pdf</a></p>
</div><div id="sdfootnote2">
<p class="sdfootnote"><a class="sdfootnotesym" href="#sdfootnote2anc" name="sdfootnote2sym">4</a> Iowa State University Agricultural E<span style="font-family: "Times New Roman", serif; font-size: large; text-align: justify;">conomist Alejandro Plastina </span> <a href="https://www.extension.iastate.edu/agdm/articles/plastina/PlaMay22.html">https://www.extension.iastate.edu/agdm/articles/plastina/PlaMay22.html</a></p>
</div><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><br /></p><div id="sdfootnote2">
</div><span style="text-indent: 0.5in;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-12063106264402608172022-01-03T20:20:00.001-06:002022-01-03T20:21:44.340-06:002021 Income Tax Returns<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.21in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><b>Welcome
to 2022!</b> 2021 was an unusually prosperous year as the economy
roared back in spite of the ongoing pandemic: stock prices &
wages rose, farmers enjoyed high yields & commodity prices, and
the American Rescue Plan pumped economic stimulus into the economy.
With that in mind, there are many things to be aware of as you gather
your year-end tax documents. </span></span>
</p>
<p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">1.
Married couples can deduct up to $600 in charitable contributions
from your taxable income, even if you take the standard deduction (up
from $300 per tax return last year). You still need a written
receipt for any donation of $250 or more. Donations to charity from
IRAs, donor-advised funds, and gifts of grain remain popular ways to
get a charitable donation deduction.</span></span></p>
<p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">2. If
you received advanced Child Tax Credits (CTC), you will receive a
letter Form 6419 showing the amount of advanced payments you
received. Even though it looks like a letter, it is a form that your
tax preparer will need along with your W-2s, 1099s, and other tax
reporting documents. This is necessary because the $1,000 to $1,600
CTC per child phases out above $150,000 AGI for married filing joint
and above $75,000 AGI for single taxpayers. The base $2,000 CTC per
child still phases out above $400,000 AGI for married filing joint
and above $200,000 AGI for single taxpayers. </span></span>
</p>
<p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">3. We
will also need to report the third ($1,400) Economic Impact Payments
that you should have received under the CARES act. Like the CTC,
these funds are not taxable, but there is a phaseout, so you will
have to pay some or all of it back if your income is above your
threshold. In addition, if you should have received it, but didn't,
it is available as a refundable credit.</span></span></p>
<p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">4. All
taxpayers must answer the question about whether they did any virtual
currency (BitCoin, Ethereum, etc.) transactions in 2021.</span></span></p>
<p align="JUSTIFY" lang="en-US" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;">5. IRS
is continuing to crack down on shareholders in S-corporations and
partnerships who take distributions in excess of basis without
reporting it as taxable income. There is a new Form 7203 for
reporting shareholder basis.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 11pt;">Please
continue to be alert to tax scams. Do not respond to any phone calls
or e-mails purporting to be from the IRS, Social Security, or the
Iowa Dept. of Revenue – those agencies will make initial contact by
mail. You are welcome to bring any such letter to our office for
verification. Never include social security or bank account numbers
in an unencrypted e-mail or in a phone call you did not initiate.</span></span></span></p>
<p><span style="font-size: 11pt; text-indent: 0.3in;">If you choose to
have our office prepare and file your federal and state tax returns,
you will need to sign and return the engagement agreement on the
reverse side of this letter. All professionally prepared tax returns
must be filed electronically (“e-file”). If you want to file
your own tax return for free, </span><span style="color: #29303b; text-indent: 0.3in;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 11pt;">here
is the </span></span></span><span style="color: #473624; text-indent: 0.3in;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 11pt;"><u><a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free" target="_blank">link: </a><a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free" target="_blank">https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free</a></u></span></span></span></p><p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.3in;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 11pt;">
</span></span>
</p><p></p><div style="margin-bottom: 0in; text-align: left;"><span><b>If
you need worksheets or forms, please let us know</b><span style="font-weight: normal;">.
</span> IRS <b>requires</b> mileage logs for vehicles with business
use. Here are the standard mileage rates for 2021:</span></div><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhdmQJE8_yFndDj3Iqs78Xf32HyHxEf4TNPm17OwPnppD-EahbQuYNT0d5nHZPe31oaDVP9puLYoaGKx49EOVIG3xVsMZ-vv2HNTATc_kWwkgiXeczfdWOMjJIr2ZRYYC_tFSs9MYEpzkWz5cTdknrmdz5OuPgjbGP0mGskKEVYpxM7-3KoMig=s560" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="204" data-original-width="560" height="136" src="https://blogger.googleusercontent.com/img/a/AVvXsEhdmQJE8_yFndDj3Iqs78Xf32HyHxEf4TNPm17OwPnppD-EahbQuYNT0d5nHZPe31oaDVP9puLYoaGKx49EOVIG3xVsMZ-vv2HNTATc_kWwkgiXeczfdWOMjJIr2ZRYYC_tFSs9MYEpzkWz5cTdknrmdz5OuPgjbGP0mGskKEVYpxM7-3KoMig=w468-h136" width="468" /></a></div><p></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in;"><span style="font-size: 11pt;"><span style="font-size: small;">You
are required to send a Form 1099 to any individual, partnership or
LLC that you paid $600.00 or more for services, rent or interest in
the course of your trade or business. Payments to cooperatives,
banks and other corporate entities are excluded. Wages in excess of
$150 in any quarter require the filing of Forms W-2 and W-3. If you
would like us to prepare these forms, you will need to provide us
with the information before January 27, 2022. </span><span style="font-family: Times New Roman, serif;"><span style="font-size: small;">
</span></span></span>
</p><span style="font-size: 11pt; text-indent: 0.3in;"></span><p></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0in;">
</p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-size: small;"><span style="font-family: Times New Roman, serif;"> </span>If
you have questions on any of the above or other tax matters feel free
to call, e-mail, or stop in. When you have your records ready, you
may let us know and we will set up an appointment that is convenient
for you. Evening or Saturday appointments can be arranged. If you
want to e-mail us information securely, send us an e-mail and we will
open a Trustifi<sup><span style="font-family: Times New Roman, serif;">®</span></sup>
portal for encrypted transmissions.</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"></p><p align="CENTER" lang="en-NZ" style="margin-bottom: 0in;"><span style="font-size: large;"><b>Varley
Law Office<span style="font-size: medium;">, PLC</span></b></span></p>
<p align="CENTER" lang="en-NZ" style="margin-bottom: 0in;"><span style="font-size: small;"><span style="font-size: medium;"><span style="font-style: normal;"><b>Warren
A. Varley </b></span></span><i>• Attorneys-at-Law•</i><span style="font-style: normal;">
</span><span style="font-size: medium;"><span style="font-style: normal;"><b>Karen K.
Varley</b></span></span></span></p>
<div style="text-align: center;">201 NE Second Street, <span style="font-size: small;">P.
O. Box 235, Stuart, Iowa 50250-0235</span></div>
<p align="CENTER" style="margin-bottom: 0.08in;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><span style="color: black;"><span lang="en-NZ">Phone:
(515) 523-2456 [</span></span><span style="color: black;"><span style="font-size: x-small;"><span lang="en-NZ">FAX
866-297-7985] </span></span></span><span style="color: blue;"><span style="color: black;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="text-decoration: none;"><span style="font-weight: normal;">E-mail:
</span></span></span></span></span></span><span style="color: blue;"><span style="color: black;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="text-decoration: none;"><b>varleylaw@iabar.org</b></span></span></span></span></span><span style="color: black;"><span style="font-family: TimesNewRoman, serif;"><span lang="en-NZ"><span style="font-weight: normal;">
</span></span></span></span></span></span>
</p><span style="font-size: small;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-18707346768808002772021-08-04T12:24:00.000-05:002021-08-04T12:24:44.281-05:00Iowa Farm Leases for 2022<p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKtjshW7UQJQtu_0glPHEw6JsDesP0f1ovt-axIOKZrJsl-a6SDx4mdui8g7Na_IBgBNVx-3Y2oWR6LtgtJnR2FcbUt-UQqo5xOhPefLAyKdGEx0V22WKmsZFDPtO7sdRI8KxM6Q/s3112/IMG_20200907_200238.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1010" data-original-width="3112" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKtjshW7UQJQtu_0glPHEw6JsDesP0f1ovt-axIOKZrJsl-a6SDx4mdui8g7Na_IBgBNVx-3Y2oWR6LtgtJnR2FcbUt-UQqo5xOhPefLAyKdGEx0V22WKmsZFDPtO7sdRI8KxM6Q/w475-h154/IMG_20200907_200238.jpg" width="475" /></a></div><br /><p></p><p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.5in;"><span style="color: black;">Now
is the time dictated by Iowa law to begin negotiating crop land
leases for 2022 or at least notify your tenant/landlord, as the case
may be, if you wish to change any of the terms in your current lease.
(Remember that mutual consent is required if you want to make changes
in the middle of a multi-year lease.)</span></p>
<p align="JUSTIFY" style="margin-bottom: 0.04in; text-indent: 0.5in;"><span style="color: black;">If
you wish to terminate a cropland or pasture lease ending March 1,
2022, and have not already done so, you must serve notice in the
manner set out in Iowa Code §562.7 on or before September 1, 2021.
This statute does not apply to custom farming arrangements, but by
tradition, many farm operators have come to expect notice by
September 1.</span></p>
<p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Basing
cropland rent on the current CSR2</span><span style="color: black;"><span style="font-size: x-small;">
(updated “corn suitability rating” assessment)</span></span><span style="color: black;">
of the soil in question is the most accurate and fair way to arrive
at a comparable rent </span><span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;">[See
Computing a Cropland Cash Rental Rate:</span></span></span><span style="color: black;"><span style="font-size: x-small;">
</span></span><span style="color: black;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-10.pdf">https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-10.pdf</a></span></span></span><span style="color: black;"><span style="font-size: x-small;">]</span></span><span style="color: black;">.
You can calculate a CSR2 for your farm
[</span><span style="color: black;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><a href="http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx">http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx</a></span></span></span><span style="color: black;"><span style="text-decoration: none;">]
or get it from your assessor information
[</span></span><span style="color: black;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><span style="text-decoration: none;"><a href="http://www.iowaassessors.com/">http://www.iowaassessors.com/</a></span></span></span></span><span style="color: black;"><span style="text-decoration: none;">].</span></span><span style="color: black;">
Below is a table of farmland values and cash rents in counties for
which we prepare farmland leases:</span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTsMUbFhd-RITU2iUMy8-VhKv3RQFa2VFnkzGKVuWd_du9_byU8QDGJloVpHkiZWljT4DqPy4V2DGm7lKywjoaU8EqtNwzaw1JsgiKYEWH1qOBx53uYe5f9Sg2gyEzgFs5qkIZAw/s576/2021+farm+lease+table.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="211" data-original-width="576" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTsMUbFhd-RITU2iUMy8-VhKv3RQFa2VFnkzGKVuWd_du9_byU8QDGJloVpHkiZWljT4DqPy4V2DGm7lKywjoaU8EqtNwzaw1JsgiKYEWH1qOBx53uYe5f9Sg2gyEzgFs5qkIZAw/w467-h170/2021+farm+lease+table.jpg" width="467" /></a></div><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><br /></p>* <a href="https://www.extension.iastate.edu/agdm/wholefarm/html/c2-70.html" target="_blank">ISU/CARD survey</a>, <a href="https://www.extension.iastate.edu/agdm/wholefarm/html/c2-75.html" target="_blank">Realtors Land Inst.</a>, & <a href="https://www.iowaappraisal.com/blog/" target="_blank">Jim Rothermich Auction Results</a><p></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black; text-align: left;">The
table above is based upon averages from sometimes limited survey
results, but it does give a general idea of what the market for Iowa
farmland looks like. The predicted annual rental is based on a 3%
ROI. </span><span style="color: black; text-align: left;"><span style="font-family: Times New Roman, serif;">
L</span></span><span style="color: black; text-align: left;"><span style="font-family: Times New Roman, serif;">and
prices continued their downward slide in 2020 but </span></span><span style="color: black; text-align: left;"><span style="font-family: Times New Roman, serif;">rebounded
sharply in 2021, driven by strong commodity prices and trade
resumption, and supported by very low interest rates, anxiety about
inflation and a rebounding economy. Farmland appraiser Jim Rothermich
(</span></span><span style="color: black; text-align: left;"><span style="font-family: Arial, sans-serif;"><span style="font-size: x-small;"><a href="https://www.iowaappraisal.com/blog/2021/07/21/mid-year-land-auction-results-indicate-intensely-aggressive-market-conditions">iowaappraisal.com</a></span></span></span><span style="color: black; text-align: left;"><span style="font-family: Times New Roman, serif;">)
notes strong non-farmer, investor demand for Iowa farmland and sees
an average price for cropland topping $10,000/a in the second half of
the year, at an average of $145/CSR2pt. This is bound to put upward
pressure on cash rental rates, so we used top third survey averages
to compensate for the time lag in the survey results. As this pushes
cash rent toward and past $300/acre, there will be renewed interest
in flexible rent and custom farming arrangements. A good discussion
of the risks and rewards of alternative agreements can be found here:
</span></span><span style="color: black; text-align: left;"><span style="font-family: Arial, Arial, sans-serif;"><span style="font-size: 9pt;"><a href="https://www.extension.iastate.edu/agdm/wholefarm/html/c2-01.html " target="_blank">https://www.extension.iastate.edu/agdm/wholefarm/html/c2-01.html </a></span></span></span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Based on the leases we have seen so far this year, the following table shows where cash rents are shaking out compared to the quality of the soil based on CSR2 ratings. </span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEuOjHowqQlkJ7rLm-AHLhYNMF7XIMDVY-7UJ53OrSnFUGpvUKbyGtXS_X42cNiixwB0xFgPBouY0XJfQkvfXd7O5e4TYMDXwjMW3RlGw6kr36gHYtx5n6d_5wSSlVUzMb5mTSSw/s312/2021+cash+rent-acre-CSR2+pt.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="288" data-original-width="312" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEuOjHowqQlkJ7rLm-AHLhYNMF7XIMDVY-7UJ53OrSnFUGpvUKbyGtXS_X42cNiixwB0xFgPBouY0XJfQkvfXd7O5e4TYMDXwjMW3RlGw6kr36gHYtx5n6d_5wSSlVUzMb5mTSSw/s0/2021+cash+rent-acre-CSR2+pt.jpg" width="312" /></a></div><p></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">We will try to update this as we get more information. </span></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"><span style="color: black;">Please
contact our office if we can be of assistance. Good luck with your
negotiations!</span></p><p align="JUSTIFY" style="margin-bottom: 0.06in;"></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Sincerely,</span></p>
<p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"><a href="https://varleylaw.blogspot.com/" target="_blank">VARLEYLAW OFFICE, PLC</a></span></p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;"> ©2021</span></span></span></p><span style="color: black;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0201 NE 2nd St, Stuart, IA 50250, USA41.5049979 -94.316788813.298903835681507 -129.47303880000004 69.711091964318484 -59.160538799999969tag:blogger.com,1999:blog-34005476.post-63730453664763887872020-12-09T19:32:00.000-06:002020-12-09T19:32:09.352-06:00Year-End Tax Planning for 2020<p> <span style="font-family: "Times New Roman", serif; text-indent: 0.21in;">As
we approach the end of a year that most of us are anxious to put
behind us, We wish you and your loved ones a happy holiday season and
a healthy & prosperous new year. We are writing earlier than
usual because the Coronavirus Aid, Relief & Economic Security
[CARES] Act, contained provisions that might affect your year-end tax
planning.</span></p>
<p align="JUSTIFY" lang="en-US" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">1.
You can deduct up to $300 in charitable contributions from your
taxable income, even if you take the standard deduction. It is $300
per tax return, so married, filing jointly taxpayers are limited to a
single $300 deduction. You still need a written receipt for any
donation of $250 or more.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-US" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">2. There
is no required minimum distribution from traditional IRAs this year.
You may still want to take out some funds to reduce tax on the back
end. However, taxation of inherited IRAs is much more favorable
under the new rules. Remember that you can contribute funds directly
from your traditional IRA directly to a charity as a way to get funds
out of your IRA without paying tax on it or having it increase the
amount of social security subject to tax. Donating grain to a
charity is another way to reduce income tax liability.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-US" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">3. The
Economic Impact Payments ($1200/adult taxpayer $500/dependent minor)
are not subject to income tax & if you did not receive yours, you
can apply for it on your 2020 tax return. If you received a $500
dependent minor payment to which you were not entitled, you may keep
it. If you received a $1200 payment for a spouse who died prior to
2020, you must return it.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-US" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">4. All
taxpayers must answer the question about whether they did any virtual
currency (BitCoin, Ethereum, etc.) transactions in 2020.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-US" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;"><span style="background: transparent;">5. There
is now a tax credit for sick leave and family leave taken by certain
self-employed taxpayers.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: x-small;"><span style="background: transparent;">Please
continue to be alert to tax scams. Do not respond to any phone calls
or e-mails purporting to be from the IRS, Social Security, or the
Iowa Dept. of Revenue – those agencies will make initial contact by
mail. You are welcome to bring any such letter to our office for
verification. Never include social security or bank account numbers
in an unencrypted e-mail or in a phone call you did not initiate.</span></span></span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="font-size: small;">If you choose to have our office prepare and file your
federal and state tax returns, you will need to sign and return the
engagement agreement on the reverse side of this letter. All
professionally prepared tax returns must be filed electronically
(“e-file”). If you want to file your own tax return for free, here is the <a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free" target="_blank">link: </a></span><span style="text-align: left;"><a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free" target="_blank">https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free</a></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0in;"><span style="font-size: x-small;"> IRS
<b>requires</b> mileage logs for vehicles with business use. Here is the latest information for mileage deduction rates.</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJEZCE78Msyeju2e7DGZXJHvc2HzsNhpm9GHI5QmL5rRwYGAyJZOVS3oEtM6P4v3Fmt6VHJjKejy_wWXs5KYju2how-QLbFbjzcHgqO4O6dSQlkd9nNq1eAbt-VuMw_miwQUbBPw/s528/2020+mileage+rates.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="192" data-original-width="528" height="139" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJEZCE78Msyeju2e7DGZXJHvc2HzsNhpm9GHI5QmL5rRwYGAyJZOVS3oEtM6P4v3Fmt6VHJjKejy_wWXs5KYju2how-QLbFbjzcHgqO4O6dSQlkd9nNq1eAbt-VuMw_miwQUbBPw/w384-h139/2020+mileage+rates.jpg" width="384" /></a></div><span style="text-align: left;">You
are required to send a Form 1099 to any individual, partnership or
LLC that you paid $600.00 or more for services, rent or interest in
the course of your trade or business. Payments to cooperatives,
banks and other corporate entities are excluded. Wages in excess of
$150 in any quarter require the filing of Forms W-2 and W-3 (for
household employees you may file Schedule H with your tax return
instead). If you would like us to prepare these forms, you will need
to provide us with the information before January 27, 2021.</span><p></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-size: small;"><span style="font-family: Times New Roman, serif;"><span style="font-weight: normal;"> </span></span>If
you have questions on any of the above or other tax matters feel free
to call, e-mail, or stop in. When you have your records ready, you
may let us know and we will set up an appointment that is convenient
for you. Evening or Saturday appointments can be arranged. If you
would like worksheets or want to e-mail us information securely, send
us an e-mail and we will open a Trustifi<sup><span style="font-family: Times New Roman, serif;">®</span></sup>
portal for encrypted transmissions.</span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.06in;"></p><p align="CENTER" lang="en-NZ" style="margin-bottom: 0.06in;"><span style="font-family: TimesNewRoman, serif;"><span style="font-size: medium;"><b>Privacy
Policy</b></span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="font-weight: normal; margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">Your
privacy is important to us. Please read the following privacy policy.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">We
collect nonpublic personal information about you from various
sources, including:</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; page-break-before: auto; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">*
Interviews regarding your tax situation</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">*
Applications, worksheets, or other documents that supply such
information as your name, address, date of birth, phone number,
Social Security Number, income, dependents' information, and other
tax-related data</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">*
Tax-related documents you provide that are required for processing
tax returns, such as Forms W-2, 1099B, 1099R, 1099INT, 1099DIV,
1099MISC, 1099S, 1098, 1098E, 1098T, 1099SSA, 1099RBR, etc.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">We
do not disclose any nonpublic personal information about our clients
or former clients to anyone, except as requested by our clients or as
required by law.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="font-weight: normal; margin-bottom: 0.08in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span style="font-size: x-small;">We
restrict access to personal information concerning you, except to our
employees who need such information in order to provide products or
services to you. We maintain physical, electronic, and procedural
safeguards that comply with federal regulations to guard your
personal information.</span></span></p><p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.04in; text-indent: 0.5in;">
<span style="font-family: Times New Roman, serif;">Pursuant
to U.S. Treasury Regulations, you are advised that any federal tax
advice included in this communication is not intended or written to
be used, and cannot be used, to avoid any U.S. federal tax penalties,
or to promote, market, or recommend to another party any transaction
or matter.</span></p><span style="font-size: small;"></span><p></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com2tag:blogger.com,1999:blog-34005476.post-78747841903328250432020-11-12T15:59:00.001-06:002020-11-12T16:02:00.026-06:00Privacy Policy - Varley Law Office PLC<p> </p><p align="JUSTIFY" lang="en-NZ" style="font-weight: normal; margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span>Your
privacy is important to us. Please read the following privacy policy.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span>We
collect nonpublic personal information about you from various
sources, including:</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="break-before: auto; margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; page-break-before: auto; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span>*
Interviews regarding your legal situation</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span>*
Applications, worksheets, or other documents that supply such
information as your name, address, date of birth, phone number,
Social Security Number, income, dependents' information, and other
tax-related data</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; margin-left: 0.23in; orphans: 2; text-indent: -0.15in; widows: 2;">
<span style="font-family: TimesNewRoman, serif;"><span>*
Tax-related documents you provide that are required for processing
tax returns, such as Forms W-2, 1099B, 1099R, 1099INT, 1099DIV,
1099MISC, 1099S, 1098, 1098E, 1098T, 1099SSA, 1099RBR, etc.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="margin-bottom: 0.02in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span>We
do not disclose any nonpublic personal information about our clients
or former clients to anyone, except as requested by our clients or as
required by law.</span></span></p>
<p align="JUSTIFY" lang="en-NZ" style="font-weight: normal; margin-bottom: 0.08in; text-indent: 0.5in;">
<span style="font-family: TimesNewRoman, serif;"><span>We
restrict access to personal information concerning you, except to our
employees who need such information in order to provide products or
services to you. We maintain physical, electronic, and procedural
safeguards that comply with federal regulations to guard your
personal information.</span></span></p>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com5tag:blogger.com,1999:blog-34005476.post-79075485928595235612020-08-14T14:57:00.002-05:002020-08-14T15:32:32.742-05:002021 Iowa Farm Leases<p align="CENTER" style="margin-bottom: 0in;"> <span style="font-size: large;"><b><span style="font-size: x-large;">Varley
Law Office, PLC</span><span style="font-size: medium;"> </span></b></span>
</p>
<p align="JUSTIFY" style="margin-bottom: 0.06in; text-indent: 0.5in;"><span style="color: black;">Now
is the time dictated by Iowa law to begin negotiating crop land
leases for 2020 or at least notify your tenant/landlord, as the case
may be, if you wish to change any of the terms in your current lease.
(Remember that mutual consent is required if you want to make changes
in the middle of a multi-year lease.)</span></p><p align="JUSTIFY" style="text-indent: 0.5in;"><span style="color: black;">If
you wish to terminate a cropland or pasture lease ending March 1,
2020, and have not already done so, you must serve notice in the
manner set out in Iowa Code §562.7 on or before September 1, 2020.
This statute does not apply to custom farming arrangements, but by
tradition, many farm operators have come to expect notice by
September 1.</span></p><p style="margin-bottom: 0.02in;">
</p><p align="JUSTIFY" style="margin-bottom: 0in; text-indent: 0.5in;"><span style="color: black;">Basing
cropland rent on the current CSR2</span><span style="color: black;"><span style="font-size: 9pt;">
(updated “corn suitability rating” assessment)</span></span><span style="color: black;">
of the soil in question is the most accurate and fair way to arrive
at a comparable rent </span><span style="color: black;"><span face="" style="font-family: "times new roman", serif;"><span style="font-size: 11pt;">[See
<a href="https://www.extension.iastate.edu/agdm/wholefarm/pdf/c2-10.pdf">Computing a Cropland Cash Rental Rate</a></span></span></span><span style="color: black;"><span style="font-size: 11pt;">]</span></span><span style="color: black;">.
In addition, you can <a href="http://websoilsurvey.nrcs.usda.gov/app/WebSoilSurvey.aspx">calculate a CSR2 for your farm</a></span><span style="color: black;">.</span><span style="color: black;">
Below is a table of farmland values and cash rents in counties for
which we prepare farmland leases:</span></p>
<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCcyJEU7asJojKbf0N9M2nRhFtyo3aPRUtBMwwRnttEoD6CXryCytdtPy4TsEkxY14SAniFF8h5etR7YqNMSpglYXZpKshxY3IGqaO-lUmtT4Ng91VAUnmU9wwDtOFpaXGf1ZdlA/s624/2020+cash+rent+tablej.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="211" data-original-width="624" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCcyJEU7asJojKbf0N9M2nRhFtyo3aPRUtBMwwRnttEoD6CXryCytdtPy4TsEkxY14SAniFF8h5etR7YqNMSpglYXZpKshxY3IGqaO-lUmtT4Ng91VAUnmU9wwDtOFpaXGf1ZdlA/w499-h169/2020+cash+rent+tablej.jpg" width="499" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: georgia;"><span style="color: black;">The table above is based upon averages from sometimes limited survey results, but it does give a general idea of what the market for Iowa farmland looks like. The predicted annual rental is based on a 3.25% ROI. </span><span style="color: black;"><span face="">Land prices have risen this year, driven by low interest rates and favorable commodity programs. To a lesser extent, rental rates followed land prices as they rose. Currently, there is a strong demand for land, but a limited supply. In addition, there has been an increase in the number of landowners engaging in custom farming. Ag commodity programs such as subsidized crop insurance and the market facilitation program have reduced risk, encouraging land owners to engage farm management companies such as Hertz Farm Management and Peoples Company, rather than opt for cash rentals, so they can take advantage of tax incentives available to operators. Things to keep an eye on include whether interest rates will remain low, the global response to the pandemic, and our trade policy with China.</span></span></span></div><div class="separator" style="clear: both; text-align: left;"><p align="JUSTIFY"><span style="color: black;"><span style="font-family: georgia;">Finally, with its growing popularity, it is important to know a little information regarding Hemp production in the State of Iowa. In May 2019, the Iowa Hemp Act was signed and this year the Iowa Department of Agriculture & Land Stewardship began issuing licenses to grow hemp. However, it is important that landowners know who they are leasing their land to if they plan on growing hemp on their land. If the hemp licensee grows hemp that fails the THC test, the entire crop will have to be destroyed. If the licensee fails to destroy the crop, the State of Iowa will come onto the land to do it. Moreover, if the operator cannot be found, the landowner will be assessed the costs of destroying the crop grown on their land.</span></span></p><div><p align="JUSTIFY" style="text-indent: 0.5in;"><span style="color: black;">Please
contact our office if you have questions. Good luck with your
negotiations!</span></p>
<p style="margin-bottom: 0in; text-align: center; text-indent: 0.5in;"><span style="color: black;"> Sincerely, </span></p><p style="margin-bottom: 0in; text-align: center; text-indent: 0.5in;"><span style="text-align: justify; text-indent: 0.5in;"><span style="font-size: x-large;"><b>VARLEY
LAW OFFICE, PLC </b></span></span></p><p align="CENTER" style="margin-bottom: 0.02in;"><span style="font-family: times; font-size: medium;"><span style="font-size: 13pt;"><b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Warren
A. </span></b></span><span style="font-size: 13pt;"><b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">V</span></b></span><span style="font-size: 13pt;"><b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">arley
</span></b></span><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"> •
Attorneys-at-Law •</span><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">
</span></i><span style="font-size: 13pt;"><b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Karen
K. Varley</span></b></span></span></p><p align="CENTER" style="margin-bottom: 0in;"><span style="font-family: times; font-size: medium;">201 NE Second Street</span></p><p align="CENTER" style="margin-bottom: 0in;"><span style="font-family: times; font-size: medium;">P. O. Box 235 </span></p><p align="CENTER" style="margin-bottom: 0in;"><span style="font-family: times; font-size: medium;">Stuart, Iowa
50250-0235</span></p><p align="CENTER" style="margin-bottom: 0in;"><span face="" style="font-family: arial, sans-serif;">(515)
523-2456</span></p><p align="CENTER" style="margin-bottom: 0in;"><span face="" style="font-family: arial, sans-serif;"><span style="font-size: 10pt;">FAX
866-297-7985</span></span></p><p style="margin-bottom: 0in; text-align: right; text-indent: 0.5in;">
</p><p align="CENTER" style="margin-bottom: 0in;"><span style="font-size: 11pt;"><span style="color: blue;"><span style="color: black;"><span style="font-size: medium;">varleylaw@iabar.org</span></span></span></span></p><p style="margin-bottom: 0in; text-align: right;"><span style="font-size: 11pt;"></span></p><p align="RIGHT"><span style="color: black;"><span face="" style="font-family: "times new roman", serif;"><span style="font-size: small;">©2020</span></span></span></p><span style="color: black;"><span face="" style="font-family: "times new roman", serif;"></span></span></div></div>Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-90296799712460530102020-03-30T09:45:00.000-05:002020-04-30T16:21:51.942-05:00<div class="" data-block="true" data-editor="2treq" data-offset-key="342kt-0-0" style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">Effective March 30, 2020, </span></span></div>
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">the lobby at Varley Law Office, PLC, will be closed </span></span></div>
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">to help reduce the spread of the coronavirus Covid-19. </span></span></div>
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">If you require legal services, please contact us </span></span></div>
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">by phone at 515-523-2456 </span></span></div>
<div class="_1mf _1mj" data-offset-key="342kt-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="342kt-0-0" style="font-family: inherit;"><span style="font-size: large;">or by e-mail at varleylaw@iabar.org</span></span></div>
</div>
<div class="" data-block="true" data-editor="2treq" data-offset-key="1htt2-0-0" style="background-color: white; color: #1c1e21; font-family: Helvetica, Arial, sans-serif; white-space: pre-wrap;">
<div class="_1mf _1mj" data-offset-key="1htt2-0-0" style="direction: ltr; font-family: inherit; position: relative; text-align: center;">
<span data-offset-key="1htt2-0-0" style="font-family: inherit;"><span style="font-size: large;">We apologize for any inconvenience, but believe this is a necessary step to protect public health.</span></span></div>
</div>
Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-22086228036761910702019-07-01T11:27:00.000-05:002019-07-01T11:27:22.930-05:00Adapted from IRS Tax Tip 2019-79:<br />
<br />
<b><span style="font-size: large;">Members of the armed forces are entitled to certain tax benefits</span></b><br />
<br />
<br />
<div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Members
of the military and their families often qualify for special tax
benefits. </span><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Here
are some examples:</span></div>
<ul>
<li>
<div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Combat
pay exclusion. If someone serves in a </span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTkwNjE5LjcxNTc1NzEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTkwNjE5LjcxNTc1NzEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzI0MjY2NyZlbWFpbGlkPWthcmVuLnZhcmxleS5sYXdAZ21haWwuY29tJnVzZXJpZD1rYXJlbi52YXJsZXkubGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/newsroom/combat-zones" target="_blank"><span style="color: #1155cc;"><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">combat
zone</span></span></a><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">,
part or all of their combat pay is tax-free. </span></div>
</li>
<li>
<div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Deadline
extensions. Some members of the military – such as those who serve
overseas – can postpone most tax deadlines. </span></div>
</li>
<li>
<div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Joint
return signatures. Both spouses must normally sign a joint income
tax return. However, if military service prevents that from
happening, one spouse may be able to sign for the other or get a
power of attorney.</span></div>
</li>
<li><div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Reserve
and National Guard travel. Members of a reserve component of the
Armed Forces may be able to </span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTkwNjE5LjcxNTc1NzEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTkwNjE5LjcxNTc1NzEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzI0MjY2NyZlbWFpbGlkPWthcmVuLnZhcmxleS5sYXdAZ21haWwuY29tJnVzZXJpZD1rYXJlbi52YXJsZXkubGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&131&&&https://www.irs.gov/forms-pubs/about-publication-3" target="_blank"><span style="color: #1155cc;"><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">deduct
their unreimbursed travel expenses</span></span></a><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;"> on
their return. In order to do so, they must travel more than 100
miles away from home in connection with their reserve duty.</span></div>
</li>
<li>
<div align="left">
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">ROTC
allowances. Some amounts paid to </span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTkwNjE5LjcxNTc1NzEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTkwNjE5LjcxNTc1NzEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzI0MjY2NyZlbWFpbGlkPWthcmVuLnZhcmxleS5sYXdAZ21haWwuY29tJnVzZXJpZD1rYXJlbi52YXJsZXkubGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&132&&&https://www.irs.gov/forms-pubs/about-publication-3" target="_blank"><span style="color: #1155cc;"><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">ROTC
students </span></span></a><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">in
advanced training are not taxable. This includes things like
allowances for education and subsistence. On the other hand, active
duty ROTC pay is taxable. This includes things like pay for summer
advanced camp.</span></div>
</li>
</ul>
<div>
<span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">For more information, see </span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTkwNjE5LjcxNTc1NzEmbWVzc2FnZWlkPU1EQi1QUkQtQlVMLTIwMTkwNjE5LjcxNTc1NzEmZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xNzI0MjY2NyZlbWFpbGlkPWthcmVuLnZhcmxleS5sYXdAZ21haWwuY29tJnVzZXJpZD1rYXJlbi52YXJsZXkubGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&134&&&https://www.irs.gov/forms-pubs/about-publication-3" target="_blank"><span style="color: #1155cc;"><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">Publication
3</span></span></a><span style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;">,
Armed Forces’ Tax Guide.</span></div>
<br />
<br />Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-90893603840319534982019-03-27T15:18:00.000-05:002019-03-31T21:51:53.375-05:00People's Law School Event - FREE!<div style="background-color: white; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 14px; margin-bottom: 10px;">
<span style="background-color: transparent; font-family: "lucida bright" , serif; font-size: 12pt;">The Iowa State Bar Association is hosting a free
public information session focused on older Iowan issues, including:</span></div>
<ul>
<li>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0in;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">power
of attorney and living wills</span></span></div>
</li>
<li>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0in;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">healthcare
directives</span></span></div>
</li>
<li>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">disposition
of remains</span></span></div>
</li>
</ul>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">The
meeting is open to the public and will be held at the Iowa Bar Association headquarters at 625
E. Court in Des Moines on <b>Thursday, April 18</b>, from 5:30 to 7:00 p.m.
Free parking is available on site.</span></span></div>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">The
speakers are Greg Kenyon, elder law attorney with the Bradshaw Law
Firm, and Deanna Clingan-Fischer, Ombuds Officer at Iowa State
University.</span></span></div>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal; margin-bottom: 0.1in;">
</div>
<div style="font-variant-east-asian: normal; font-variant-numeric: normal;">
<span style="font-family: "lucida bright" , serif;"><span style="font-size: 12pt;">This
seminar is part of the Iowa State Bar Association’s ongoing effort
to help Iowans navigate life’s legal questions through its
“People’s Law School” series.</span></span></div>
<div>
<span style="color: #333333; font-family: "lato" , sans-serif;"><span style="background-color: white; font-size: 14px;"><br /></span></span></div>
<div>
<span style="color: #333333; font-family: "lato" , sans-serif;"><span style="background-color: white;"><b>Register for the event <a href="https://www.iowabar.org/events/EventDetails.aspx?id=1219339&hhSearchTerms=%22peoples+and+law+and+school+and+april+and+18%22" target="_blank">here</a> or call 515-243-3179 </b></span></span></div>
<div>
<span style="color: #333333; font-family: "lato" , sans-serif;"><span style="background-color: white;"><b>or email peopleslawschool@iowabar.org </b></span></span></div>
<div>
<span style="color: #333333; font-family: "lato" , sans-serif;"><br /></span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6ntYV-tzYgUDA3SWpLuZIQi3rUZGIhRlrpnT-F5KHp3gYzOH5egUyvt8ZB8uGkKm_b7YAdmD3L3zIupou5H06bCZNdyJ_smqj7hExC-aRvyHadJa6XGVNRFVQYaJNXxoU94Rorw/s1600/IMG_1101.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6ntYV-tzYgUDA3SWpLuZIQi3rUZGIhRlrpnT-F5KHp3gYzOH5egUyvt8ZB8uGkKm_b7YAdmD3L3zIupou5H06bCZNdyJ_smqj7hExC-aRvyHadJa6XGVNRFVQYaJNXxoU94Rorw/s320/IMG_1101.JPG" width="320" /></a></div>
<span style="color: #333333; font-family: "lato" , sans-serif;"><span style="font-size: 14px;"><br /></span></span></div>
Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-51213046178997422462019-02-28T09:56:00.000-06:002019-02-28T09:56:45.560-06:00IRS extends farmers' deadline for 2018 estimated tax payment<br />
<span style="font-family: times new roman, times;"><span style="font-size: small;">Source: IRS QuickAlerts February 28, 2019</span></span><br />
<span style="font-family: times new roman, times;"><span style="font-size: small;"><br /></span></span>
<div style="text-align: justify;">
<span style="font-family: times new roman, times;">The
IRS is granting an extension of the March 1st deadline for farmers
and fishermen to make their estimated tax payment before being
subject to estimated tax penalties – as long as they file and pay
the full amount of tax reported on their 2018 return by April 15,
2019.</span></div>
<div style="text-align: justify;">
<span style="font-family: times new roman, times;"><br /></span></div>
<div style="text-align: justify;">
• <span style="font-family: times new roman, times;">To
claim the waiver of the estimated tax penalty, farmers and fishermen
must attach Form 2210-F, Underpayment of Estimated Tax by Farmers and
Fishermen, to their 2018 tax return. The taxpayer’s name and
identifying number should be entered at the top of the form, and the
waiver box (Part I, Box A) should be checked. The rest of the
form should be left blank.</span></div>
<div style="text-align: justify;">
<span style="font-family: times new roman, times;"><br /></span></div>
<div style="text-align: justify;">
• <span style="font-family: times new roman, times;">This
relief will expand the number of taxpayers eligible for filing the
Form 2210-F using checkbox A and will not require calculations or an
attachment.</span></div>
<div style="text-align: justify;">
<span style="font-family: times new roman, times;"><br /></span></div>
<div style="text-align: justify;">
• <span style="font-family: times new roman, times;">Farmers
or fishermen who qualify for the relief include: Those who d</span><span style="font-family: "times new roman", times;">id not make the required estimated tax installment payment by
January 15, 2019 AND w</span><span style="font-family: "times new roman", times;">ho
file and pay the full amount of tax reported on their 2018 return by
April 15, 2019.</span></div>
<div style="text-align: justify;">
<br /></div>
Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com4tag:blogger.com,1999:blog-34005476.post-50726048266161233072019-01-18T14:43:00.000-06:002019-01-18T14:43:01.429-06:00File Your Federal Tax Return for FREE !!!The Internal Revenue Service (IRS), in conjunction with tax return preparation software companies, makes filing your own federal tax return online free. Simply gather your 2018 tax information and a copy of your 2017 tax return (if you were required to file) and go to:<br />
<a href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free">https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free</a><br />
In addition, if your income in 2018 was less than $66,000 you can also file your state income tax return for free.<br />
IRS will begin processing 2018 federal tax returns on January 28, 2019. While the partial federal government shutdown is in effect, IRS will not process any returns for tax years beginning prior to January 1, 2018.<br />
<br />
<div align="JUSTIFY" lang="en-NZ" style="font-style: normal; font-weight: normal; margin-bottom: 0.04in; text-indent: 0.3in;">
<span style="color: black;"><span style="font-family: Times New Roman, serif;"><span style="font-size: small;">There
is a great deal of uncertainty regarding this year's tax return
process due to (1) the failure of the Treasury Department to issue
regulations regarding many of the changes included in the Tax Cuts &
Jobs Act, (2) the redesign of Form 1040 from 2 letter-sized pages
into 6 half-page-sized pages [arguably, but not in reality, postcard-sized], and (3) the
ongoing federal government shutdown which has furloughed 90% of IRS
employees and required the remaining 10% to work without pay.
Nevertheless, the President has promised that tax refunds will be
sent out promptly. Experts predict this will result in rampant tax
refund fraud attempts. The best protection you have against someone
filing a tax return with your personal information is to file your
return as early as possible. IRS will begin processing 2018 tax
returns on January 28, 2019. Do not respond to any phone calls or
e-mails purporting to be from the IRS or the Iowa Dept. of Revenue –
those agencies do not contact taxpayers that way. Never include
social security or bank account numbers in an unencrypted e-mail or
in a phone call you did not initiate.</span></span></span></div>
<br />Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-27908768979584137662019-01-13T20:44:00.003-06:002019-01-15T23:05:04.846-06:00IRS will begin processing 2018 tax returns Jan 28Despite the ongoing federal government shutdown, which includes the U. S. Treasury Department, IRS announced that it will begin processing income tax returns for calendar year 2018 on Monday, January 28, 2019. Individual income tax returns are due on April 15, 2019. <a href="https://www.irs.gov/newsroom/irs-confirms-tax-filing-season-to-begin-january-28" target="_blank">IRS announcement</a><br />
<br />
Fiscal year tax returns due in November or December 2018, or January 2019, have been extended to February 15, 2019.<br />
<br />Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-44245018198805814072018-08-10T10:05:00.000-05:002018-08-10T10:05:22.349-05:00Got a Great Idea? Maybe you should patent it! <br />
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
Rural
Iowa is full of creative people. In fact, a recent analysis by the
Smithsonian Institution showed <b>Guthrie County, Iowa </b><span style="font-weight: normal;">to
be a leading hub of innovation. On a ranking of patents per capita,
comparing all counties in the United States, Guthrie County ranks #4!
<span style="font-size: x-small;">(</span></span><span style="font-size: x-small;"><span style="font-weight: normal;">Clemens, Austin.
“Inventing America.” </span><i><span style="font-weight: normal;">Smithsonian</span></i><span style="font-weight: normal;">
</span><span style="font-weight: normal;">June 2018: 18. </span><span style="font-weight: normal;">Print.</span><span style="font-weight: normal;">)</span></span></div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
A
patent is essentially a contract with the government: in exchange for
disclosing your Great Idea, you get a 20-year monopoly to control its
use and sale.
</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
The
process of obtaining a patent is complex. It is not simply a matter
of filling out a form. The applicant must prove that the invention
meets legal standards for novelty, utility, and non-obviousness. The
application must fully describe the invention and enable another to
practice it. While the initial application cannot be modified, claim
scope is often negotiated with the patent office during the
prosecution phase, which will likely last two years or more.</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
Although
some inventors file patent applications on their own behalf, most
turn to a registered patent practitioner for assistance. <span style="font-size: small;">
</span><span style="font-size: small;">The United States
Patent and Trademark Office </span><span style="font-size: small;">(USPTO)
</span><span style="font-size: small;">maintains a searchable </span><span style="font-size: small;"><a href="https://oedci.uspto.gov/OEDCI/practitionerSearchEntry" rel="nofollow" target="_blank">list</a> </span><span style="font-size: small;">of active patent
practitioners who have passed the USPTO's registration exam and meet the qualifications to represent patent applicants before the USPTO. </span></div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
Karen
Varley has been a registered patent practitioner since 2000 and has
successfully prosecuted numerous patents in the U.S. and in many
foreign countries. Contact our office if you have interest in
pursuing a patent on your Great Idea!</div>
<div align="justify" style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<br />Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-19210973751819916932018-06-22T19:23:00.000-05:002018-06-22T19:23:15.793-05:00When You Get a Letter from the IRS<br />
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><i style="font-size: 9pt;">Adapted from IRS Tax Tip 2018-95 - </i>Every
year the IRS mails millions of letters to taxpayers for many reasons.
Here are some tips and suggestions for taxpayers who receive one:</span></span></div>
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><br /></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Don’t
ignore it.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> Most
IRS letters and notices are about federal tax returns or tax
accounts. Each notice deals with a specific issue and includes
specific instructions on what to do.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Don’t
panic.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><b> </b><span style="font-weight: normal;">The
IRS and its authorized private collection agencies do send letters by
mail. Most of the time you just need to read the
letter carefully and take the appropriate action. </span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Do
take timely action.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> A
notice may reference changes to your account, taxes owed, a
payment request, or a specific issue on a tax return. Taking timely action could minimize additional interest and penalty charges.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Do
review the information.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> If the letter is about a changed or corrected tax return, review the information and compare it with your original
return. If you agree, make notes about the
corrections on your personal copy of the tax return, and keep it for
your records.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Don’t
reply unless instructed to do so.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> There
is usually no need to reply to a notice unless
specifically instructed to do so. On the other hand, taxpayers who
owe should reply with a payment. IRS.gov provides information
about </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjIwLjkxNDI5NTQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYyMC45MTQyOTU0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkyMjQxJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/payments" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">payment
options</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Do
respond to a disputed notice.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> If
you don't agree with the IRS, mail a letter
explaining why not. </span></span></span></span></span></span><span style="color: #222222; font-family: arial, sans-serif;"> I</span><span style="color: #222222; font-family: arial, sans-serif;">nclude information and documents for the IRS to review when considering the dispute. </span><span style="color: #222222; font-family: arial, sans-serif;">Send your letter to the
address on the contact stub at the bottom of the notice, and allow at least 30 days
for the IRS to respond.</span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Don't call the IRS.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> It's usually not necessary. If you feel you must contact the IRS by phone, use the number
in the upper right-hand corner of the notice. Have a copy of the tax return and letter handy when calling.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><br /></span></span></span></span></span></strong></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Do
avoid scams.</span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><b> </b><span style="font-weight: normal;">The
IRS will <u>never</u> initiate contact using social media or a text message.
The first contact from the IRS usually comes in the mail. Taxpayers
who are unsure if they owe money to the IRS can view their </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjIwLjkxNDI5NTQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYyMC45MTQyOTU0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkyMjQxJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&129&&&https://www.irs.gov/payments/view-your-tax-account" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">tax
account information</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> on </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjIwLjkxNDI5NTQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYyMC45MTQyOTU0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkyMjQxJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&130&&&https://www.irs.gov/" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">IRS.gov</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.</span></span></span></span></span></span></div>
<div style="text-align: justify;">
<br /></div>
Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-63652973766316968172018-06-12T10:37:00.000-05:002018-06-12T10:54:39.911-05:00Missed the tax deadline and owe tax? File by June 14 to avoid higher late-filing penalty.<br />
<div align="center" style="font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<br /></div>
<div style="font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-align: left; widows: 2;">
<span style="color: #222222; font-family: "arial" , sans-serif; font-size: 9pt;">WASHINGTON
—</span><i style="color: #222222; font-family: arial, sans-serif; font-size: 9pt;">Adapted from IRS Newswire IR-2018-133</i></div>
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;"><i><br /></i></span></span></span></div>
<div style="font-variant: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="font-family: Verdana, sans-serif;"><span style="color: #222222;">Taxpayers who owe federal income tax and file their return more
than 60 days after the deadline will usually face a higher
late-filing penalty. For that reason, the Internal Revenue Service
urges affected taxpayers to<b> avoid the penalty increase by filing
their return by <span style="border-bottom: 1px dashed rgb(204, 204, 204); border-left: none; border-right: none; border-top: none; display: inline-block; font-style: normal; padding: 0in 0in 0.02in;">Thursday,
June 14.</span></b> </span></span></div>
<div style="font-variant: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222; font-family: Verdana, sans-serif;"><br /></span></div>
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;">Ordinarily,
the late-filing penalty, also known as the failure-to-file penalty,
is assessed when a taxpayer fails to file a tax return or request an
extension by the due date. This penalty, <i>which only applies if
there is unpaid tax</i>, is usually 5 percent for each month or part
of a month that a tax return is late. The late-filing penalty will stop accruing once the taxpayer files. </span></span></span><br />
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;"><br /></span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;">However,
if a tax return is filed more than 60 days after the April due date
(or more than 60 days after the October due date if an extension was
obtained) the minimum penalty is either $210 or 100 percent of the
unpaid tax, whichever is less. This means that if the tax due is $210
or less, the penalty is equal to the tax amount due. If the tax due
is more than $210, the penalty is at least $210.</span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;"><br /></span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;">In
addition, the IRS urges taxpayers to pay what they owe to avoid
additional late-<i>payment</i> penalty and interest charges. The
late-<i>payment</i> penalty, also known as the failure-to-<i>pay</i>
penalty, is usually ½ of 1 percent of the unpaid tax for each month
or part of a month the payment is late. Interest, currently at the
rate of 5 percent per year, compounded daily, also applies to any
payment made after the original <span style="border-bottom: 1px dashed #cccccc; border-left: none; border-right: none; border-top: none; display: inline-block; padding-bottom: 0.02in; padding-left: 0in; padding-right: 0in; padding-top: 0in;">April
18 </span>deadline.</span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;">After
a return is filed, the IRS will figure the penalty and interest due
and bill the taxpayer. Normally, the taxpayer will then have 21 days
to pay any amount due.</span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-family: Verdana, sans-serif;"><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Taxpayers
can use their </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&127&&&https://www.irs.gov/payments/view-your-tax-account" rel="nofollow" target="_blank">online account</a> </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">to
view their amount owed, make payments and apply for an online payment
agreement. Before accessing their online account, taxpayers must
authenticate their identity through the </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/individuals/secure-access-how-to-register-for-certain-online-self-help-tools" rel="nofollow" target="_blank">Secure Access</a> </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">process.</span></span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-family: Verdana, sans-serif; font-weight: normal;"><br /></span></span></span></span></span></span></span></div>
<div style="font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif;"><b>Penalty
relief may be available</b></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-family: Verdana, sans-serif;"><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Taxpayers
who have a history of filing and paying on time often qualify to have
the late filing and payment penalties abated. A taxpayer usually
qualifies for this relief if they haven’t been assessed penalties
for the past three years and meet other requirements. For more
information, see the </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&129&&&https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver" rel="nofollow" target="_blank">First-Time Penalty Abatement</a> </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">page
on IRS.gov.</span></span></span></span></span></span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;">Even
if a taxpayer does not qualify for this special relief, they may
still be able to have penalties reduced or eliminated if their
failure to file or pay on time was due to reasonable cause and not
willful neglect. Be sure to read the penalty notice carefully and
follow its instructions for requesting this relief.</span></span></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<span style="font-family: Verdana, sans-serif;"><br /></span>
<div>
<div style="font-style: normal; font-variant: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-family: Verdana, sans-serif; font-size: xx-small;"><b>Payment
options</b></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-family: Verdana, sans-serif;"><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Many
taxpayers delay filing because they are unable to pay what they owe.
Often, these taxpayers qualify for one of the </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&130&&&https://www.irs.gov/payments" rel="nofollow" target="_blank">payment</a></span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> options
available from the IRS. </span></span></span></span></span></span></span>
</span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-family: Verdana, sans-serif; font-weight: normal;"><br /></span></span></span></span></span></span></span></div>
<div style="orphans: 2; widows: 2;">
<span style="font-family: Verdana, sans-serif; font-variant: normal;"></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="font-size: xx-small;"><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">Special
filing deadline rules apply to members of the </span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&134&&&https://www.irs.gov/newsroom/notifying-the-irs-by-e-mail-about-combat-zone-service" rel="nofollow" target="_blank">military serving in combat zones</a></span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">, </span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&135&&&https://www.irs.gov/publications/p54" rel="nofollow" target="_blank">taxpayers living outside the U.S.</a></span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"> and
those </span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNjA3LjkwODcwNDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNy45MDg3MDQ0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTkwMTA0JmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&136&&&https://www.irs.gov/newsroom/tax-relief-in-disaster-situations" rel="nofollow" target="_blank">living in declared disaster areas</a></span></span></span></span><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: xx-small;">.
For those who qualify, these s</span><span style="font-size: xx-small;">pecial deadlines affect any penalty and
interest calculations. Visit IRS.gov for details on these special
filing rules.</span></span></span></span></span></div>
<div style="text-align: justify;">
<br /></div>
</div>
<div style="text-align: justify;">
<br /></div>
Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com2tag:blogger.com,1999:blog-34005476.post-88955911403454156102018-06-04T15:32:00.002-05:002018-06-04T15:32:49.910-05:00Tips for teenage taxpayers starting a summer job <br />
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><i>Adapted from IRS Tax Tip 2018-82 </i></span></span></span></div>
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><i><br /></i></span></span></span></div>
<div style="font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: Verdana, sans-serif;">Now
that school’s out, many students will be starting summer jobs…from
working at a summer camp to being an office intern. Here are a few
things the IRS wants these workers to know when starting a summer
job: </span></span></div>
<br />
<ul>
<li>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">New
</span></span></span></span></span></span></strong><strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">employee?
</span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Students
and teenage employees normally have taxes withheld from their
paychecks by the employer. </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Each
new employee</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> fills</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> out a </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/forms-pubs/about-form-w4" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Form
W-4</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">The
e</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">mployer
use</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">s</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
the W-4 to calculate how much federal income tax to withhold from
the employee’s pay. The IRS </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&129&&&https://www.irs.gov/individuals/irs-withholding-calculator" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Withholding
Calculator</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> can help a taxpayer fill out this form.</span></span></span></span></span></span></div>
</li>
<li>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Self-employment</span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
Students who do odd jobs over the summer, like baby-sitting or lawn
care, </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">are</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
considered </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&130&&&https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">self-employed</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">M</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">oney
earned from self-employment is taxable. Workers who are
self-employed may be responsible for paying taxes directly to the
IRS. One way to do that is by making </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&131&&&https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">estimated
tax payments</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> during
the year. </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Keep</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
good records of all money receive</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">d and paid.</span></span></span></span></span></span></div>
</li>
<li>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Tip
income</span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">A
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">waiter
or </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">c</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">amp
counselor </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">or
anyone </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">who
receives tips should know that </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&132&&&https://www.irs.gov/forms-pubs/about-publication-531" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">tip
income</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> is
subject to federal income tax. </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Keep</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
a</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">n
accurate</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
daily log</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
and </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">report
tips of </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><u><span style="font-weight: normal;">></span></u></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">
$20 received in cash in any single month.</span></span></span></span></span></span></div>
</li>
<li>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Payroll
taxes</span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
This tax pays for benefits under the Social Security system. While
taxpayers may earn too little from their summer jobs to owe income
tax, employers usually must still withhold </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&133&&&https://www.irs.gov/businesses/small-businesses-self-employed/understanding-employment-taxes" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Social
Security and Medicare taxes</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> from
their pay. If a taxpayer is self-employed, then Social Security and
Medicare taxes may still be due and are generally paid by the
taxpayer.</span></span></span></span></span></span></div>
</li>
<li>
<div style="orphans: 2; text-align: justify; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Reserve
Officers' Training Corps</span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">.
If a taxpayer is in an ROTC program, active duty pay, such as pay
for summer advanced camp, is taxable. Other allowances the taxpayer
may receive – like food and lodging allowances paid to ROTC
students participating in advanced training - may not be taxable.
The </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&134&&&https://www.irs.gov/forms-pubs/about-publication-3" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Armed
Forces' Tax Guide</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> on
IRS.gov has more details.</span></span></span></span></span></span></div>
</li>
</ul>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">More
Information:</span></span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br />
</span></span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&135&&&https://www.irs.gov/individuals/students" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Tax
rules for students.</span></span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br />
</span></span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&136&&&https://www.irs.gov/help/ita/is-my-tip-income-taxable" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Is
My Tip Income Taxable?</span></span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br />
</span></span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&137&&&https://www.irs.gov/help/ita/do-i-have-income-subject-to-self-employment-tax" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Do
I Have Income Subject to Self-Employment Tax?</span></span></span></span></span></span></span></a></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">IRS
YouTube Videos:</span></span></span></span></span></span></span></strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br />
</span></span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI5LjkwNDE4MTIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyOS45MDQxODEyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg4NTEzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&138&&&https://www.youtube.com/watch?v=xqOoXvajZm4" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Part-Time
and Summer Jobs</span></span></span></span></span></span></span></a></div>
<div style="line-height: 100%; margin-bottom: 0in;">
<br />
</div>
<br />Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-64347225416100599342018-06-01T11:46:00.001-05:002018-06-01T11:48:59.167-05:00<b>It's Free Fishing Weekend! Enjoy it in an Iowa State Park.</b><br />
<br />
Iowa residents fish for free Friday, June 1, through Sunday, June 3! Many parks are hosting free family fishing events and clinics.<br />
<br />
Check out the <a href="http://www.iowadnr.gov/events?utm_medium=email&utm_source=govdelivery" rel="nofollow" target="_blank">DNR events page</a> for a complete list of events in state parks and other free fishing events across the state:<br />
<br />
Grab your poles and spend the weekend in an Iowa State Park!Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com0tag:blogger.com,1999:blog-34005476.post-24551443476704486962018-05-25T11:16:00.001-05:002018-05-26T09:45:05.267-05:002018 Income Tax Changes<br />
<div style="orphans: 2; widows: 2;">
<br /></div>
<div style="orphans: 2; widows: 2;">
<span style="color: #222222; font-family: "arial" , sans-serif; font-size: 9pt;">WASHINGTON
– <i>Adapted from</i> </span><i style="color: #222222; font-family: arial, sans-serif; font-size: 9pt;">IRS Newswire IR-2018-124</i><span style="color: #222222; font-family: "arial" , sans-serif; font-size: 9pt;"> </span><b style="color: #222222; font-family: arial, sans-serif; font-size: 9pt;"> The Internal Revenue Service
urges two-income families and those who work multiple jobs to
complete a “paycheck checkup” to verify they are having the right
amount of tax withheld from their paychecks.</b></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<br /></div>
<div style="orphans: 2; widows: 2;">
<span style="color: #222222; font-family: "arial" , sans-serif; font-size: 9pt;">The
passage of the Tax Cuts and Jobs Act, which will affect 2018 tax
returns that people file in 2019, makes checking withholding amounts
even more important. These tax law changes include:</span></div>
<ul>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;">Increased
standard deduction</span></span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;">Eliminated
personal exemptions</span></span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;">Increased
Child Tax Credit</span></span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;">Limited
or discontinued certain deductions</span></span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;">Changed
the tax rates and brackets</span></span></span></div>
</li>
</ul>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">Individuals
with more complex tax profiles, such as two incomes or multiple jobs,
may be more vulnerable to being under-withheld or over-withheld
following these major law changes. The IRS encourages a “paycheck
checkup” as early as possible to help taxpayers check if they are
having the correct amount withheld for their personal financial
situations.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<br /></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Withholding
Calculator</span></span></span></span></span></strong></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">The IRS </span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI0LjkwMjMwODkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyNC45MDIzMDg5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg3ODIzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&127&&&https://www.irs.gov/individuals/irs-withholding-calculator" target="_blank"><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;">Withholding Calculator</span></span></span></a><span style="font-variant-east-asian: normal; font-variant-numeric: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"> </span></span></span><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">is the easiest, most accurate way for
taxpayers with these complicated tax situations to determine their
correct withholding amount. The tool allows users to enter income
from multiple jobs or from two employed spouses. It also ensures that
these taxpayers apply their 2018 tax deductions, adjustments and
credits only once – rather than multiple times with different
employers. </span></span><span style="color: #222222; font-family: "arial" , sans-serif;">To use the Withholding Calculator, taxpayers should have their 2017 tax returns and most recent paystubs available.</span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><br /></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">The
calculator will recommend how to complete a new Form W-4 for any or
all of their employers, if needed. If a couple or taxpayer is at risk
of being under-withheld, the calculator will recommend an additional
amount of tax withholding for each job. Taxpayers can enter these
amounts on their respective Forms W-4.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<br /></div>
<div style="font-variant: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><b><i>The
calculator doesn’t request personally identifiable information,
such as name, Social Security number, address or bank account
numbers. The IRS does not save or record information entered in the
calculator. Taxpayers should watch out for tax scams, especially via
email or phone, and be especially alert to cybercriminals
impersonating the IRS. The IRS does not send emails related to the
calculator or the information entered.</i></b></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<br /></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;"><br /></span></span></span></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">Adjusting
Withholding</span></span></span></span></span></strong></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">Employees
who need to complete a new Form W-4 should submit it to their
employers as soon as possible. Employees with a change in
personal circumstances that reduce the number of withholding
allowances must submit a new Form W-4 with corrected withholding
allowances to their employer <span style="border-bottom: 1px dashed #cccccc; border-left: none; border-right: none; border-top: none; display: inline-block; padding-bottom: 0.02in; padding-left: 0in; padding-right: 0in; padding-top: 0in;">within
10 days</span> of the change.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;">As
a general rule, the fewer withholding allowances an employee enters
on Form W-4, the higher their tax withholding. Entering “0” or
“1” on line 5 of the W-4 means more tax withheld. Entering a
larger number means less tax withholding, resulting in a smaller tax
refund or potentially a tax bill or penalty.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><br /></span></span></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: "arial" , sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;">More
information is available via the following links:</span></span></span></span></span></strong></div>
<ul>
<li>
<div style="margin-bottom: 0in; orphans: 2; widows: 2;">
<a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI0LjkwMjMwODkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyNC45MDIzMDg5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg3ODIzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/newsroom/withholding-calculator-frequently-asked-questions" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Withholding
Calculator Frequently Asked Questions</span></span></span></span></span></span></span></a></div>
</li>
<li>
<div style="margin-bottom: 0in; orphans: 2; widows: 2;">
<a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI0LjkwMjMwODkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyNC45MDIzMDg5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg3ODIzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&129&&&https://www.irs.gov/payments/tax-withholding" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Tax
Withholding</span></span></span></span></span></span></span></a></div>
</li>
<li>
<div style="orphans: 2; widows: 2;">
<a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTI0LjkwMjMwODkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUyNC45MDIzMDg5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg3ODIzJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&130&&&https://www.irs.gov/newsroom/tax-reform" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: "arial" , sans-serif;"><span style="font-size: x-small;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Tax
Reform page on IRS.gov</span></span></span></span></span></span></span></a></div>
</li>
</ul>
<div style="line-height: 100%; margin-bottom: 0in;">
<br /></div>
<br />Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-1157635388331389322018-05-08T09:00:00.000-05:002018-05-08T12:05:00.653-05:00Varley Law Office, PLC<br />
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<div align="center">
<strong><span style="font-family: "times new roman"; font-size: 130%;"><span style="font-size: 180%;">Warren A. Varley</span> <br />
</span></strong><strong><span style="font-family: "times new roman"; font-size: 130%;"><span style="font-size: 180%;">Karen K. Varley</span> <br />
</span></strong>•<span style="font-family: "times new roman";"><em>Attorneys-at-Law</em></span>• <br />
201 NE Second Street <br />
P. O. Box 235</div>
<div align="center">
Stuart, Iowa 50250-0235</div>
<div align="center">
<a href="mailto:varleylaw@gmail.com"><span style="font-size: large;">varleylaw@iabar.org</span></a><br />
<a href="mailto:varleylaw@gmail.com"><span style="font-size: large;"><br /></span></a>
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Karen & Warren Varleyhttp://www.blogger.com/profile/12891181710653130313noreply@blogger.comStuart, IA 50250, USA41.5034243 -94.31837150000001241.4558533 -94.39905250000001 41.5509953 -94.237690500000014tag:blogger.com,1999:blog-34005476.post-57497084252166702602018-05-04T11:09:00.000-05:002018-05-04T11:09:13.334-05:00For Small Business Week: Tax credit can help employers hiring new workers; key certification requirement applies<br />
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">WASHINGTON
—<i>Adapted from IRS Newswire Issue IR-2018-113. </i>With many
businesses facing a tight job market, the Internal Revenue Service
reminds employers to check out the Work Opportunity Tax Credit
(WOTC), a valuable tax credit that encourages employers to hire
designated categories of workers who face significant barriers to
employment. Legislation enacted in recent years has both expanded and
modified the credit. </span></span>
</div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><br /></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">The
credit, usually claimed on </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&127&&&https://www.irs.gov/forms-pubs/about-form-5884" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Form
5884</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">,
Work Opportunity Credit, is generally based on wages paid to eligible
workers during the first two years of employment. To qualify for the
credit, an employer must first request certification by filing IRS
</span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&128&&&https://www.irs.gov/forms-pubs/form-8850-pre-screening-notice-and-certification-request-for-the-work-opportunity-credit" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Form
8850</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">,
Pre-screening Notice and Certification Request for the Work
Opportunity Credit, with the state workforce agency </span></span></span></span></span></span><span style="border-bottom: 1px dashed #cccccc; border-left: none; border-right: none; border-top: none; display: inline-block; padding-bottom: 0.02in; padding-left: 0in; padding-right: 0in; padding-top: 0in;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><span style="font-variant: normal;">within
28 days </span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">after
the eligible worker begins work. Other requirements and further
details can be found in th</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">e
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&129&&&https://www.irs.gov/pub/irs-pdf/i8850.pdf" target="_blank">instructions</a>
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">t</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">o
Form 8850.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br /></span></span></span></span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">There
are now 10 categories of WOTC-eligible workers:</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;"><br /></span></span></div>
<ul>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Qualified
IV-A Temporary Assistance for Needy Families (TANF) recipients</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Unemployed
veterans, including disabled veterans</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Ex-felons</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Designated
community residents living in Empowerment Zones or Rural Renewal
Counties</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Vocational
rehabilitation referrals</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Summer
youth employees living in Empowerment Zones</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Food
stamp (SNAP) recipients</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Supplemental
Security Income (SSI) recipients</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Long-term
family assistance recipients</span></span></div>
</li>
<li>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: arial, sans-serif;">Qualified
long-term unemployment recipients.</span></span></div>
</li>
</ul>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Eligible
businesses claim the WOTC on their income tax return. The credit is
first figured on Form 5884 and then becomes a part of the general
business credit claimed on </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&130&&&https://www.irs.gov/forms-pubs/about-form-3800-general-business-credit" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Form
3800</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">,
General Business Credit.</span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br /></span></span></span></span></span></span></div>
<div style="orphans: 2; text-align: justify; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Although
the credit is not available to tax-exempt organizations for most
categories of new hires, a special rule allows them to get the WOTC
for hiring qualified veterans. These organizations claim the credit
on </span></span></span></span></span></span><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&131&&&https://www.irs.gov/forms-pubs/form-5884-c-work-opportunity-credit-for-qualified-tax-exempt-organizations-hiring-qualified-veterans" target="_blank"><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Form
5884-C</span></span></span></span></span></span></a><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">,
Work Opportunity Credit for Qualified Tax Exempt Organizations Hiring
Qualified Veterans. Visit the </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #1155cc;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><a href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwNTA0Ljg5MzY4MzIxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDUwNC44OTM2ODMyMSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTg0NzQyJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&132&&&https://www.irs.gov/businesses/small-businesses-self-employed/work-opportunity-tax-credit" target="_blank">WOTC</a>
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">page
on IRS.gov for more information.</span></span></span></span></span></span></div>
<div style="line-height: 100%; margin-bottom: 0in; text-align: justify;">
<br />
</div>
<br />Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-13033253298486933302018-04-23T16:00:00.000-05:002018-04-23T16:00:15.433-05:00What to do if you missed the tax-filing deadline: IRS tips from Newswire IR-2018-102.<br />
<span style="color: #222222; font-family: Calibri, sans-serif;">WASHINGTON
— While the federal income tax-filing deadline has passed for most
people, there are some taxpayers still facing tax-related issues.
This includes people who still haven’t filed, people who haven’t
paid their taxes or those who are waiting for their tax refund.</span><br />
<br />
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
</div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222; font-family: Calibri, sans-serif;"><br /></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222; font-family: Calibri, sans-serif;">The
IRS offers these tips for handling some typical after-tax-day issues:</span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><br /></span></span></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Didn’t
file by April 18?</span></span></span></span></span></span></strong></div>
<div style="orphans: 2; widows: 2;">
<strong><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br /></span></span></span></span></span></span></strong></div>
<div style="orphans: 2; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">There
is no penalty for filing a late return after the tax deadline if a
refund is due. Penalties and interest only accrue on unfiled returns
if taxes are not paid by April 18. The </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: black;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">IRS
provided taxpayers an additional day to file and pay their taxes
</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">following
system issues that surfaced early on the April 17 tax deadline.
Anyone who did not file and owes tax should file a return as soon as
they can and pay as much as possible to reduce penalties and
interest. For those who qualify, IRS </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: black;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Free
File</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> is
still available on IRS.gov through </span></span></span></span></span></span><span style="border-bottom: 1px dashed #cccccc; border-left: none; border-right: none; border-top: none; display: inline-block; padding-bottom: 0.02in; padding-left: 0in; padding-right: 0in; padding-top: 0in;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><span style="font-variant: normal;">Oct.
15</span></span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> to
prepare and file returns electronically.</span></span></span></span></span></span></div>
<div style="orphans: 2; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"><br /></span></span></span></span></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;">Filing
soon is especially important because the late-filing penalty on
unpaid taxes adds up quickly. Ordinarily, this penalty, also known as
the failure-to-file penalty, is usually 5 percent for each month or
part of a month that a return is late.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><br /></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;">But
if a return is filed more than 60 days after the April due date, the
minimum penalty is either $210 or 100 percent of the unpaid tax,
whichever is less. This means that if the tax due is $210 or less,
the penalty is equal to the tax amount due. If the tax due is more
than $210, the penalty is at least $210.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><br /></span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;">In
some instances, a taxpayer filing after the deadline may qualify for
penalty relief. If there is a good reason for filing late, be sure to
attach an explanation to the return.</span></span></div>
<div style="font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; widows: 2;">
<span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><br /></span></span></div>
<div style="orphans: 2; widows: 2;">
<span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">Alternatively,
taxpayers who have a history of filing and paying on time often
qualify for penalty relief. A taxpayer will usually qualify for this
relief if they haven’t been assessed penalties for the past three
years and meet other requirements. For more information, see
the </span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: black;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">first-time
penalty abatement</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: Calibri, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;"> page
on IRS.g</span></span></span></span></span></span><span style="font-variant: normal;"><span style="color: #222222;"><span style="font-family: arial, sans-serif;"><span style="letter-spacing: normal;"><span style="font-style: normal;"><span style="font-weight: normal;">ov.</span></span></span></span></span></span></div>
<br /><br />
Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com1tag:blogger.com,1999:blog-34005476.post-60763987969947582492018-01-16T10:32:00.001-06:002018-01-16T10:32:44.619-06:00New IRS Withholding Tables Available<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
The Internal Revenue Service has released <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://links.govdelivery.com:80/track?type%3Dclick%26enid%3DZWFzPTEmbWFpbGluZ2lkPTIwMTgwMTExLjgzNTcxMTkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDExMS44MzU3MTE5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTY4MTAxJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm%26%26%26127%26%26%26https://www.irs.gov/pub/irs-pdf/n1036.pdf&source=gmail&ust=1516206359082000&usg=AFQjCNHL2UHcvXiRmFGS1dIXoFknyaUaEQ" href="http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwMTExLjgzNTcxMTkxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDExMS44MzU3MTE5MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MTY4MTAxJmVtYWlsaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZ1c2VyaWQ9dmFya2F5bGF3QGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&127&&&https://www.irs.gov/pub/irs-pdf/n1036.pdf" style="color: #1155cc;" target="_blank">Notice 1036</a>, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.</div>
<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
The updated withholding information, posted on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than <span class="aBn" data-term="goog_594485357" style="border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;" tabindex="0"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">Feb. 15, 2018</span></span>. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables. For more information, see IRS Newswire Issue No. IR-2018-5.</div>
Karen Varley, Attorney at Lawhttp://www.blogger.com/profile/10369000231827338067noreply@blogger.com2