October 2016
Have We Got a Replay for You!
It's been a busy month for webinars, and all of them are available for replay on TaxPlace. If you haven't renewed your subcription or you'd like to try a new subscription, there's a lot to check out for $150:
October 26, 2016 Standard Deduction
October 20, 2016 Webinar Replay - New Developments/Tax Update
October 19, 2016 The Scoop - October 19, 2016
October 19, 2016 Applicable Federal Rates (AFRs): November 2016
October 18, 2016 Webinar Replay - Miscellaneous Income
October 14, 2016 Webinar Replay - Education Credits "The Basics"
October 13, 2016 Webinar Replay - Child and Dependent Care "The Basics"
October 12, 2016 Webinar Replay - Itemized Deductions/Standard Deduction "The Basics"
October 11, 2016 Webinar Replay - Dependents "The Basics"
October 10, 2016 Webinar Replay - Filing Status/Requirements to File "The Basics"
October 7, 2016 Webinar Replay - Tax Research with Limited Resources
October 6, 2016 Webinar Replay - ACA (Two Years Later) - An Update for the 2017 Filing Season
October 5, 2016 The Scoop - October 5
October 4, 2016 Webinar Replay - Start Up Costs
ACA Open Enrollment Begins - A Few 2017 Considerations
Marketplace open enrollment for 2017 begins November 1, 2016. Consequently, beginning tomorrow, eligible Americans can go to healthcare.gov to enroll in a health care plan under the Affordable Care Act. Likewise, many open enrollment periods for employer-provided health care coverage are also underway. In light of these opportunities, many individuals and their advisers are faced with a number of questions. Following are several frequently asked questions regarding health insurance options and the tax implications of those choices in 2017.
Will I have to pay a penalty if I did not to have health insurance in 2016?
If you were not exempt from the individual mandate in 2016, you were required to have “minimum essential coverage” for yourself and your dependents or pay a shared responsibility payment. This payment will be due when you file your tax return for the 2016 tax year next April. The shared responsibility payment for 2016 is the higher of these two amounts:
- $695 per adult and $347.50 per child (under 18), up to a maximum of $2,085
- 2.5% of family income above the filing threshold
The Kaiser Family Foundation has estimated that families will face an average penalty of $738 per household if they remained uninsured in 2016.
Read more here.
Iowa Supreme Court Says 99-Year Lease Valid
The Iowa Supreme Court on Friday issued an opinion clarifying the reach of Iowa Const. art. I, § 24. The Court ruled that the provision does not apply to lands suitable for agricultural purposes if only an incidental portion of the land is used for farming purposes. Iowa Const. art. I, § 24 states:
No lease or grant of agricultural lands, reserving any rent, or service of any kind, shall be valid for a longer period than twenty years.
The land at issue was 300 acres (only a a portion of which was farmed) that was owned by the Iowa 4H Foundation. In 1969, the 4H Foundation entered into a Memorandum of Understanding with the Iowa Arboretum to develop a public arboretum on the property. In 1980, the parties executed a 99-year lease under which the 4-H Foundation leased “to the Arboretum for development as part of the Arboretum, the 300 acre tract of property” described in the Memorandum of Understanding.
Continue reading here.
Welcome Changes to Iowa Capital Gain Deduction Form on the Horizon
Last year, the Iowa Department of Revenue unveiled a new form for claiming the Iowa Capital Gain Deduction. IA 100 was designed to collect key information up-front, rather than after the fact, regarding transactions qualifying for the rather unique Iowa deduction. The change was met with some concern and confusion, particularly among taxpayers (and preparers) reporting transactions involving cattle, horses, or breeding livestock (by far the most common trigger for the deduction). But, rest assured, help is on the way. A new series of forms is in the works. Although there are not yet sample forms to share, it appears these changes will be very welcome. The Iowa Department of Revenue will discuss the updates (including sample forms) at our eight Iowa Federal Income Tax Schools in November and December. In the meantime, we'll review the basic rules of the deduction.
Continue reading here.
Donate to CALT
As you know, our work at the Center is dependent on the fees generated by seminar registrations and gifts. If you would like to donate to further the Center's efforts, please contact our Program Administrator, Tiffany Kayser at tlkayser@iastate.edu or (515) 294-5217. You can also give online with a credit card. We thank you for your generous support.
Let the 43rd Annual Tax Schools Begin!
We are going on the road this week. If you haven't registered for our 43rd Annual Federal Income Tax School, now's the time! Several locations are filling up quickly. But no worries, we have eight locations to choose from, plus a live webinar:
November 2-3: Maquoketa
November 7-8: Red Oak
November 9-10: Sheldon
November 14-15: Mason City
November 17-18: Ottumwa
November 21-22: Waterloo
December 5-6: Denison
December 12-13: Ames and Live Webinar
These two-day seminars are designed to prepare you for filing 2016 returns. We hope you'll plan to join us. It's a great value for two days of continuing education. You'll also get a workbook you'll use all season long.
Also in October
We work to keep you up to date on the latest court cases, laws, and issues important to you. Here's a summary of additional updates for October:
The Center for Agricultural Law and Taxation does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The Center's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.