The straight line

The AMT was initiated back in Congress because of the increasing number of high-income individuals that were legally able to avoid paying any income tax. Over the years however, as the rules were not adjusted for inflation, many middle class taxpayers began to fall into the AMT trap.

The new rate for business miles is up 2 cents from 2007 however, medical and moving miles are down 1 cent from last year. The rate for miles driven in the service of a charitable organization has remained the same.

One should never send confidential information via email unless absolutely sure of whom the recipient is. The IRS never initiates contact with a taxpayer via email.

Some people think they are getting ahead of the game by mailing forms to the Government and at the same time providing the appropriate forms to their employee/independent contractor. The reality is, by doing so, they are potentially creating a difficult situation for themselves.

Mark comes to us from the firm of J. M. Abbott & Associates, Ltd., in Lincoln, Illinois, where he was a staff accountant for just over 3 years. He brings experience in federal and state tax return preparation and accounting for individuals, trusts, estates, corporate and partnership entities. His audit experience includes governmental engagements, school districts and grain elevators.

It has been an interesting year for our cooperative clients. Many have enjoyed having their balance sheets, particularly their working capital, shored up with the value of the FC Stone stock. For local earnings though, we have found a mixed bag of results. Many thrived during the last year with tremendous margin improvements in grain and agronomy, although those have been offset to some degree with higher interest expense.