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Annual Tax Newsletter

Tax Year 2018

From the desk of Bob Rampi 


Dear Friends & Clients, 
Happy New Year! Welcome to my Annual Tax Newsletter. This is my preferred way to keep you up to date with the latest tax changes that may impact your tax return and provide reminders that will help streamline your upcoming filing experiences. 
A couple of items I would like to bring to your attention this year are:

Due to the tax changes, it is important that I (if possible) meet with you to review your numbers and ask questions. Tax meetings are approx. 1/2 hour and are included in the tax fee. Face-to-face appointments are preferred; however, if you are unable to meet with me in person, we can make arragements to schedule a "meeting" over the phone. Not meeting with me could prolong the tax return completion process. 

The other change is in our tax preparation procedure. The IRS requires client signature approval prior to electronic filing. Starting this tax season my office will email a password protected copy of your tax return for your review prior to e-fling. Once reviewed, the E-file Signature Authorization (IRS form 8879) will need to be signed and received by my office prior to electronic submission to the IRS. We ask that you keep your e-mail and contact information up to date by clicking on "Update my subscription information" at the bottom of this newsletter or contact my office. 

Due to the changes, please be aware to expect some increase in time to properly complete your tax return. I look forward to seeing you this tax season! 
Download your free
tax organizer and contact my office to schedule (highly recommended) tax meetingwhen you're ready to have your tax return prepared.  As always, feel free to share this with your friends & family who are interested in minimizing their tax preparation obligations.
I thank you for your continued support! 




2018 changes for Individuals

Be aware that the new Federal Withholding tables were designed to lower your total tax bill for the year by giving you a bigger paycheck throughout the year. They were not designed  to give you a refund at year end. 
  • Standard deductions nearly double to $24,000 for couples, $12,000 for singles and $18,000 for household heads. 
  • The ability to itemize deductions have been decreased because the new law provides a larger standard deductions. *Please Note* We still need to accumulate the information on your medical, property tax, mortgage interest, charity and other deductions in order to apply the new rules and complete your state tax returns. 
  • Employee work related business expenses are no longer deductable on the Federal return. But, we may still need the information for your state return. 
  • Tax preparers are required to obtain proof of dependency in order for tax payers to claim certain deductions and credits. Accepted forms of proof are: 
    1. Copy of certified birth certificate
    2. School and/or daycare records
    3. Legal filings
Contact my office for extended list of acceptable proof of dependency documents



Tax Facts 2018




Pay Your Invoice Online

We continue to use Freshbooks for our invoicing. Credit & Debit card payments can be processed online through Freshbooks or PayPal. We can also process your payment by phone. We also accept cash and checks. 

    • Non-reimbursed Business Mileage = 54.5 cents/mile
    • Charitable Miles = 14 cents/mile
    • Medical Miles = 18 cents/mile
  • Charitable Contributions of autos and boats for which the claimed value exceeds $500 must meet rules that can limit value of the donation to the amount the charity sells the item for. 
  • When providing Long Term Care Insurance information for possible credit, please provide the premium and policy number. 
  • Do not have dependent children claim themselves on their own return. 
  • All cash dontations exceeding $250 must be accompanied with detailed receipts. The IRS requires donors to keep receipts (cancelled checks, letter from donee, or written record of donee, date & amount of contributions) for ALL charitable contributions no matter the amount. 
  • Clothes and donated goods MUST be in "good or better" used condition to qualify as a charitable contribution. All items that have "minimal monetary value" will bedenied a deduction. Donated goods totalling over $500 must be accompanied with receipts listing the date of the donation(s) as well as name and address of the donee. 
  • We will continue to process MN Property Tax Refunds later in the year as the state does not issue these refunds until mid-August at the earliest. There is an additional fee for Property Tax processing that will be invoiced at the time of filing. 
  • Report all Roth payments for 2018 so our system can keep accurate records. 
  • You are still required to maintain Health Insurance for every member of your household for 2018. 
Your documents are now downloadable! Click on the form you need and print. 
  • Housing Allowance Organizer - Use this to report how your W2 Housing Allowance was spent. Also use to report non-reimbursed out-of-pocket ministry expenses
  • Fair Market Valuation - This is used to calculate your main residence FMRV that we may determine your highest deductions
  • Housing Annual Designation - Use this to request our 2019 Housing Allowance from your Board of Directors

  • April 8, 2019 - 1040 Extensions: You must contact my office by 4/8/19 if you want us to file an extension of time for you. 
  • April 15, 2019 - 1040 Due Date: tax and returns are due. IRS penalties and interest apply if not paid. 
  • October 15, 2019 - Extended 1040: extemded tax returns are due. 
Corporations & Partnerships
  • January 31, 2019: IRS filing deadline for W2 & 1099-Misc forms. 
  • January 31, 2019: W2's are due to your employees. 1099-Misc forms for recipients over $600 are due
  • March 15, 2019: S-Corporation returns (form 1120S) with MN fees and Partnership returns (form 1065) are due. 
  • April 15, 2019: C-Corporation returns (1120) are due. 
  • September 16, 2019: Extended 1120S (S-Corp) & 1065 (Partnership) returns are due. 
  • October 15, 2019: Extended 1120 (C-Corp) returns are due. 
Ministries & Nonprofits
  • May 15, 2019: All 990's (990, 990-EZ, 990-T & 990-N) with 12/31 calendar year end date are due.
  • November 15, 2019: Extended 990's are due. 

Your CPA

Robert (Bob) Rampi is a Certified Public Accountant with a BS in Accounting. Bob has been providing accounting services since 1975 and became a Public Accountant in 1980.

Robert Rampi, Ltd. is a faith based accounting firm, providing services to clients in over 25 states & 4 foreign countries. 


Administrative Assistant

Dawn Miles joined Robert Rampi, Ltd. as Administrative Assistant & data entry clerk in January 2011. Dawn has an extensive job background in office management, accounting & payroll. 
Copyright © 2019 * Robert Rampi, Ltd.*, All rights reserved.

Our mailing address is:
5637 Brooklyn Blvd, Suite 200
Brooklyn Center, MN 55429

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