Tag Archives: taxes

A Special Dispensation For Farmers and Fishers

Both the Internal Revenue Service and Minnesota’s Department of Revenue agree.  Taxpayers who farm or fish for a living deserve a break this time around! Most Individual farmers and commercial fishermen make a single estimated tax payment on Jan. 15 each year. If they don’t pay by March 1, they normally can be hit with penalties. But, the IRS changed some rules for 2018 returns and apparently sowed some confusion into the mix for many of those taxpayers.  Specifically, the IRS says it “anticipate(s) that farmers and fishermen may have difficulty accurately determining and paying their tax liability for the … Continue reading

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SEP: A deadline loophole for self-employed taxpayers

Last week, we at EricJohn Ltd. suggested making contributions to traditional IRAs as a last-minute tactic to cut some income – and taxes – on a 2016 return. This year, those dollars must be deposited by April 18, so there is some urgency. But taxpayers who are self-employed can stretch out that deadline for months if they have an SEP (or Simplified Employee Pension) plan, which is a specialized variety of IRA. They can create those extra months by requesting an extension for filing the tax return. The Internal Revenue Service says that, unlike other types of IRAs, contributions to … Continue reading

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Warning! Warning!

  The Internal Revenue Service says it is especially worried about the spread of an email phishing scheme to schools, hospitals and nonprofit organizations. The federal tax agency today issued an “urgent alert” warning employers about the potential for identity theft from W-2 forms. “This is one of the most dangerous email phishing scams we’ve seen in a long time” said IRS Commissioner John Koskinen. “It can result in the large-scale theft of sensitive data that criminals can use to commit various crimes, including filing fraudulent tax returns.” Employees of those institutions – particularly those working in payroll or human … Continue reading

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