A 2017 county tax assessment valued a Lowe’s store at $11.8 million. Lowe’s challenged the assessment on grounds that it was excessive. After the county review board sided with the county’s assessment, Lowe’s appealed to the Iowa Property Assessment Appeal Board (PAAB). The PAAB held a hearing on Lowe’s appeal in 2018. At the hearing, […]
Top row: Maryan De Haan, Rochelle De Bruin, and Christy Witzenburg Bottom row: Jonathan De Reus, Craig Shannon, and Heather Timmins Grefe & Sidney, PLC has two divisions – a trial division and a transactional division. The photograph above is of the attorneys and staff who work in our transactional division. Most of you […]
Winter is not far off and the end of the tax year is quickly approaching. For this reason, charitably-inclined taxpayers having not already done so should begin reviewing the charitable donations they have already made this year in order to determine which charities they would like to continue supporting and how much financial support they […]
One of the many changes that went into effect with the tax overhaul earlier this year was the deductibility of interest accruing from home-equity debt. Previously, homeowners could deduct the interest from up to $100,000 of home-equity debt borrowed for any purpose. For example, if you borrowed $20,000 against your home to pay for a […]
Now that it is 2017, tax season is approaching. Here are some of the biggest mistakes to avoid in your taxes this year, as well as some other useful tax information. When are my taxes due? Generally, the filing deadline for taxes is April 15. However, April 15 falls on a Saturday this year, and […]
Internal Revenue Code Section 1031 Like Kind Exchanges (LKE) can be incredibly beneficial upon the sale of income producing property, but are one of the most underutilized sections of the tax code. A LKE is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement […]
Taxes. We all pay taxes, but sometimes we make mistakes or “embellish” our deductions. Here are some interesting stories and facts you may enjoy. Trickster Tax Accountant – A former baseball player hired an accountant to manage his financial affairs, pay his bills, and file his tax returns. He fired her a few years later […]
In 2015, Iowa enacted the ABLE (Achieving a Better Life Experience) Act, which allows tax-free savings accounts for individuals with disabilities to pay for certain qualified expenses related to their disability. The ABLE accounts are expected to be available for Iowa residents beginning July 1, 2016. ABLE accounts are modeled after 529 college tuition savings […]
Nationwide scams against taxpayers continue to grow and evolve. Scammers, posing as the IRS, attempt to trick taxpayers into making false tax payments directly to them or providing them with the taxpayer’s personal information. The IRS reports that since October 2013, its Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 600,000 […]
If you are looking to sell your home, there are several tax rules that you should be aware of. Generally, the IRS treats a gain or loss from the sale of your home differently than it treats a gain or loss from the sale of other property or assets. Publication 523 from the IRS […]
