The new tax law signed on December 22, 2017 by President Trump impacts all taxpayers in some way. We have previously issued summaries of how the tax law impacts your cooperative, member farmers and non-member farmers. Here is a summary of the high points of the law covering items of interest for cooperatives, member and...

The following table provides some important federal tax information for 2018, as compared with 2017. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2018 2017 Social Security Tax Wage Base $128,400 $127,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%...

Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Congress devised a special tax break for pass-through businesses to help achieve parity between the reduced corporate income tax rate and the tax rates for business...

On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under the ACA. Cadillac Tax Under prior law, for...

Will pass-through entities still be popular under the Tax Cuts and Jobs Act (TCJA)? The tax rules for pass-through entities, including S corporations, limited liability companies (LLCs), partnerships and sole proprietorships, have generally become more beneficial — but also more confusing under the new law. So which type of entity is best for your business? The...

The Tax Cuts and Jobs Act (TCJA) provides businesses with more than just lower income tax rates and other provisions you may have heard about. Here’s an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could affect some businesses adversely. Good News Many of the new law’s provisions...