As the 2018 year gets underway, I wanted to provide you a reminder in regards to your entities 401(k) pension plan. For those that have calendar year plans, now is the time that you or your third party administrator (TPA) will be conducting compliance testing on the 2017 activity. This is a very important step...
keep readingUpcoming Events MGFA Evening Hospitality We will participating in the Evening Hospitality Event on Wednesday, March 7th at the Minnesota Grain and Feed Association Convention and Trade Show and would love for you to stop by our hospitality booth that night starting at 5:30 PM. The convention is taking place at the Mystic Lake Casino...
keep readingThis year seems to be starting with a lot of excitement, anxiety, confusion and uncertainty over the new tax law changes. How that will impact this year’s decisions, or perhaps 2019 decisions, is unknown at this point. We believe once we have a full grasp of the impact of the new tax rules, you will...
keep readingIt is that time of year again. We reflect back on the firm’s 100+ cooperative client base to share what we have seen over the past year. We had a few outliers that performed much better than our overall characterization of the past year. That said, there are those that performed not as well. Here...
keep readingThe 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%...
keep readingFederal 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...
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