Tobin & Hanson, S.C.

Effective as of yesterday and running through July 2, 2018, Wisconsin residents with dependent children under age 18 as of 12/31/17 may claim a $100 per qualifying child sales tax rebate. Please visit the link below for more information, as well as to apply for the rebate. If you have any questions, please feel free to call our office.

childtaxrebate.wi.gov

The IRS has announced the standard mileage rates, effective as of Jan. 1 2018. They are as follows:

-Business use: 54.5 cents per mile, up 1 cent from the 2017 rate.
-Medical use: 18 cents per mile, up 1 cent from the 2017 rate.
-Charitable use: 14 cents per mile, unchanged from 2017.

Please remember to keep a mileage log in order to maximize your tax deduction. If you have any questions, please let us know!

https://www.irs.gov/newsroom/standard-mileage-rates-for-2018-up-from-rates-for-2017

Standard Mileage Rates for 2018 Up from Rates for 2017 | Internal Revenue Service IR-2017-204, Dec. 14, 2017 ― The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The IRS has announced the standard mileage rates, effective as of Jan. 1 2017. They are as follows:

-Business use: 53.5 cents per mile, down from 54 cents per mile in 2016
-Medical use: 17 cents per mile, down from 19 cents per mile in 2016
-Charitable use: 14 cents per mile, unchanged from 2016.

Please remember to keep a mileage log in order to maximize your tax deduction. If you have any questions, please let us know!

https://www.irs.gov/uac/2017-standard-mileage-rates-for-business-and-medical-and-moving-announced

Looking for the status of your refund? Visit https://www.irs.gov/Refunds to get an estimated arrival time of your refund!

Where's My Refund? - It's Quick, Easy and Secure. When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer.

Please be aware of new Phishing Schemes involving requests for payroll and W-2 information – the new trends involve fraudulent emails that appear to come from the actual name of someone within the company – the CEO perhaps, requesting copies of the W-2s or employee information. With the increase of these types of scams, it’s always good to be extra cautious when asked for confidential information.
https://www.irs.gov/uac/Newsroom/IRS-Alerts-Payroll-and-HR-Professionals-to-Phishing-Scheme-Involving-W2s

IRS Alerts Payroll and HR Professionals to Phishing Scheme Involving W-2s WASHINGTON — The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees.

Congress passed a bill which includes many permanent tax extenders including:
-Section 179 expensing (depreciation) limit increased to $500,000
-Tax-free distributions up to $100,000 from IRA’s for charitable purposes
-An enhanced American Opportunity (tuition) Credit
-An enhanced Child Tax Credit
-Special 15 year straight line depreciation for qualified leasehold, restaurant, and retail improvements

It also extended bonus depreciation through 2019.

In addition the IRS mileage rate for 2016 will be $.54/mile.

Tobin & Hanson is proud to announce that we are celebrating our 75th year in business beginning with Tom's grandfather Lloyd (pictured) in 1940, and continuing with Elise as the 4th generation to work here. Partner and CPA Maureen Hanson, along with CPA Jim Stollenwerk and Kim Kluth round out the team. We are looking forward to continuing to provide the honest and reliable service that Lloyd started so many years ago.

Please be aware of an IRS phone scam that is going around... If you receive any calls like this, hang up and do not return the call!
http://m.jsonline.com/business/irs-warns-that-telephone-scam-has-hit-wisconsin-b99491694z1-302219101.html

IRS warns that telephone scam has hit Wisconsin A telephone scam in which a recorded message warns that the recipient is being sued by the Internal Revenue Service and needs to quickly call a special number to reach the IRS appears to be hitting Wisconsin.

Congress has just passed a bill that extends many expired tax provisions until 12/31/14. Some of these provisions include accelerated depreciation, charitable IRA contributions, deductions for teacher classroom supplies, and various others. Please call us if you would like additional information.

http://www.cchgroup.com/media/WK/TAA/PDFs/news-and-insights/federal-tax-legislation/Extenders-Bill-ABLE-Act.pdf

www.cchgroup.com

The IRS announced the vehicle mileage rates for 2015. Business mileage will now be 57.5 cents per mile, and charitable mileage will remain at 14 cents per mile. Please remember to keep a mileage log of all business and charitable driving, in order to maximize your tax deduction! If you have any questions, please let us know.

http://www.irs.gov/uac/Newsroom/New-Standard-Mileage-Rates-Now-Available;-Business-Rate-to-Rise-in-2015

We would like to let Wisconsin employers know that the 2015 Wisconsin Unemployment rate notices are out. Please make sure you do the calculation regarding voluntary payments. Small voluntary payments might reduce the tax rate for 2015. If you need help making the calculation, please send us the front side of the notice! The due date for submitting voluntary payments is 11/30/14.