How Is Artificial Intelligence Improving Tax Preparation and Research? Today, you can read many articles saying that Artificial Intelligence (AI) is replacing jobs, and fear starts to settle in… Maybe AI will replace me? While this thought is frightening, the better question to ask is, how can AI help me? State and local developments, IRS...

Wednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...

A flat tax bill passed the Iowa House and Senate last week and is expected to be signed by Governor Reynolds. Under current Iowa law, the highest personal income tax bracket will be 6.5% in 2023. With the new bill, the highest personal rate will be reduced to 6.0% in 2023, 5.7% in 2024, 4.8%...

Due Dates for Contributions to Retirement Plans The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020. Tax-Favored Withdrawals from Retirement Plans   Coronavirus-related distributions from eligible retirement plans are not subject to the 10% excise...

Final regulations implementing new Code section 163(j) could be released by the end of the year.  The Treasury and IRS are working on additional section 163(j) regulations, but they may not be released at the same time.  Regulations are usually effective for tax years ending after the date the final regulations are published.  With the...

Under the Tax Cut and Jobs Act of 2017 (TCJA), there exists a “transition rule” for patron farmers who sold grain, milk, livestock or other commodities to the cooperative(s). This transition rule only applies to producers who sold to a cooperative that has other than a calendar year end. For calendar year end cooperatives, the...