'Feds collect record $443.7B in taxes -- in just two months but still falls behind'

(Lincoln Journal Star) -- JournalStar.com reports that "Nebraska has exported more beef to China this year than the rest of the country combined."  That is according to data recently released by the U.S. Department of Agriculture.  The story notes that "Nebraska's beef exports to China were $8.7 million as of Oct. 31, 50.5% of the U.S. total of $17.2 million."  Gov. Pete Ricketts and other state officials helped to convince China to reopen its beef market this June for the first time since 2003, the story says.

 An employee achievement award is tangible personal property that is awarded for one of two purposes:

·         (1)  Length of service. An award won't qualify as a length-of-service achievement award if the employee either receives the award during the first five years of employment; and after that only every five years.

Recently,

 ​CHANGE IN CASH RECEIPTS FROM THE LAST SEVEN YEAR HIGHS

For FICA and income tax withholding purposes, wages don't include any benefit provided to the employee if the benefit is excludable from his or her gross income under something called a de minimis fringe benefit. The words de minimis is Latin for small and per the code not worth keeping track of. In general, tax-free de minimis fringes are benefits provided by employers that are offered infrequently and have a fair market value (FMV) so small that it is impractical and unreasonable to account for them.

This is the time of the year when many employers give deserving employees a reward for a job well done, or acknowledge a good working record. It also may be an occasion to say goodbye to long-time workers who are retiring. This is a review the tax consequences of these types of gift-giving.  I have broken these into three sections. 

We seem to get this question a few times a week so I want to address it.  The question usually relates to whether you can continue to deduct your real estate taxes on your farm land rental or farm business.  The bottom line is yes, you will continue to deduct 100% of your business and rental real estate taxes.

From DataPath Administrative Services:

TAX REFORM - WHAT IS DYNAMIC SCORING?          
 
 
Part of the debate about tax reform is the question of how much cutting taxes will increase the already $20,000,000,000,000 ($20 trillion) national debt.  The recent budget bill allowed the Congress to pass tax reform to increase the deficit by about $1.5 trillion over the next ten years.  
 
When the congressional staffers and economist measure the impact of the provisions of tax reform they talk about “static” changes” and “dynamic scoring” changes.  So what does that all mean.