Trump Signs $2 Trillion Bipartisan CARES Act
President Trump on March 27 signed the $2 trillion bipartisan
Coronavirus Aid, Relief, and Economic Security (CARES) Act
( P.L. 116-136). The House approved the historically large
emergency relie...
Due Dates Extended for Additional Filings and Payment Obligations
The Treasury Department and IRS have provided a notice with
additional relief for taxpayers, postponing until July 15, 2020, a
variety of tax form filings and payment obligations that are due
between ...
“Get My Payment” Tool Available for Economic Impact Payments
synopsisThe Treasury Department and the IRS have released
the "Get My Payment" tool to assist Americans in
receiving their “economic impact payments” issued under the
bipartisan ...
Guidance on NOL Carryback Under CARES Act
The IRS has issued guidance providing administrative relief under
the Coronavirus Aid, Relief and Economic Security (CARES) Act
( P.L. 116-136) for taxpayers with net operating losses
(NOLs)....
IRS Allows Temporary Filing by Fax for Forms 1139 and 1045
The IRS is allowing taxpayers to file by fax Form 1139,
Corporation Application for Tentative Refund, and Form 1045,
Application for Tentative Refund, for certain coronavirus relief, a
senio...
BBA Partnerships Can Amend Returns for CARES Benefits
The IRS has set forth rules for BBA partnerships to file amended
returns to immediately get benefits under the Coronavirus Aid,
Relief, and Economic Security (CARES) Act ( P.L.
116-136). "BB...
Taxpayers and practitioners wait for post-DOMA guidance from IRS
More than one month after the U.S. Supreme Court found Section 3 of
the Defense of Marriage Act (DOMA) unconstitutional, the IRS has
yet to issue guidance in critical areas of tax filing, employee
ben...
FAQ: To what extent are business meals deductible?
A business can deduct only ordinary and necessary expenses.
Further, the amount allowable as a deduction for business meal and
entertainment expenses, whether incurred in-town or out-of-town is
genera...
How do I? Compute the shared responsibility payment for individuals
Beginning January 1, 2014, the Patient Protection and Affordable
Care Act (PPACA) requires individuals to carry comprehensive health
insurance (referred to as minimum essential coverage or MEC).
Indiv...
Business identity theft, tax consequences and best practices
Facilitated by the speed, ubiquity, and anonymity of the Internet,
criminals are able to easily steal valuable information such as
Social Security numbers and use it for a variety of nefarious
purpose...
FAQ: What can I deduct doing volunteer work for a charity?
For many individuals, volunteering for a charitable organization is
a very emotionally rewarding experience. In some cases, your
volunteer activities may also qualify for certain federal tax
breaks. A...
How Do I? Get a tax break on my vacation home
Vacation homes offer owners tax breaks similar-but not identical-to
those for primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income.
This...
IRS steps up guidance under Health Care Law as 2014 mandates loom
The government continues to push out guidance under the Patient
Protection and Affordable Care Act (PPACA). Several major
provisions of the law take effect January 1, 2014, including the
employer mand...
FAQ: How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for
primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income from a
certain lev...
How do I? Calculate imputed interest on bargain-rate loans
Loans without interest or at below-market interest rates are
recharacterized so that the lender must recognize market-rate
interest income. Put another way, below-market loans are loans for
which a ra...
The new 3.8 percent net investment tax continues to challenge
Questions over the operation of the new 3.8 percent Medicare tax on
net investment income (the NII Tax) continue to be placed on the
IRS's doorstep as it tries to better explain the operation of the
n...
How do I? Compute the small business health insurance credit
Under the Patient Protection and Affordable Care Act (PPACA), small
employers can claim a credit for providing health insurance for
employees and their families. Health insurance includes not only
bas...
FAQ: How are LLCs taxed?
An LLC (limited liability company) is not a federal tax entity.
LLCs are organized under state law. LLCs are not specifically
mentioned in the Tax Code, and there are no special IRS regulations
govern...
IRS helps clarify new 3.8 Percent Surtax on Net Investment Income
The IRS has issued proposed reliance regulations on the 3.8 percent
surtax on net investment income (NII), enacted in the 2010 Health
Care and Education Reconciliation Act. The regulations are
propose...
How do I? Get the most from my inherited IRA?
Individual Retirement Accounts (IRAs) are popular retirement
savings vehicles that enable taxpayers to build their nest egg
slowly over the years and enjoy tax benefits as well. But what
happens to th...
Bonuses and year-end tax planning
As the end of the calendar year approaches, taxpayers ordinarily
prefer to minimize current-year income by deferring the inclusion
of taxable income to the following year, while accelerating
deduction...
FAQ: Are donations of used vehicles still fully deductible?
In recent years, the IRS has been cracking down on abuses of the
tax deduction for donations to charity and contributions of used
vehicles have been especially scrutinized. The charitable
contribution...
Year-end tax planning amid legislative uncertainty
As 2013 draws closer, news reports about “taxmageddon” and
“taxpocalypse,” describing expiration of the Bush-era tax cuts, are
proliferating. Many taxpayers are asking what the...
New "repair" regulations continue to demand action
More than six months after the IRS issued temporary "repair"
regulations (T.D. 9564), many complex questions remain about their
interpretation and application. These regulations are sweeping in
their ...
Prepare to implement important provisions in the Affordable Care Act
When Congress passed the Patient Protection and Affordable Care Act
and its companion bill, the Health Care and Education
Reconciliation Act (collectively known as the Affordable Care Act)
in 2010, la...
How do I? Make a Section 83(b) stock election
Stock is a popular and valuable compensation tool for employers and
employees. Employees are encouraged to stay with the company and to
work harder, to enhance the value of the stock they will earn. E...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
How do I? Compute a 'substantial equal periodic payment'
Taxpayers who wish to withdraw funds from a retirement account such
as an IRA before they reach the age of 59 and a half, can do so
without their distributions becoming subject to the additional 10
pe...
Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to
charity. It is important that every donation be used as the donors
intended and that the charity is legitimate. The IRS oversees the
acti...
FAQ: Are summer camp costs deductible?
With school almost out for the summer, parents who work are
starting to look for activities for their children to keep them
occupied and supervised. The possibilities include sending a child
to day ca...
Actual vehicle expense method may help offset higher gas prices
As gasoline prices have climbed in 2011, many taxpayers who use a
vehicle for business purposes are looking for the IRS to make a
mid-year adjustment to the standard mileage rate. In the meantime,
tax...
IRS streamlined offer-in-compromise program aims to cut red tape
The IRS's streamlined offer-in-compromise (OIC) program is intended
to speed up the processing of OICs for qualified taxpayers. Having
started in 2010, the streamlined OIC program is relatively new.
T...
Next year's tax return starts with good recordkeeping
As the 2015 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2016, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
How Do I? Write Off Bad Business Debts
A business with a significant amount of receivables should evaluate
whether some of them may be written off as business bad debts. A
business taxpayer may deduct business bad debts if the receivable
b...
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
401(k...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
audit...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs paid...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to ta...
How Do I? Correct a mistake on a tax return I've already filed?
Have you already mailed (on paper or electronically) your Form 1040
for the 2010 tax year but only now noticed you made an error when
preparing the return? If you need to correct a mistake on your
fed...
Education tax benefits: A report card
While Congress extended the reduced individual income tax rates
with passage of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act)
in late 2010,...
FAQ: Who is eligible for the small business stock exclusion?
Included among the many important individual and business
incentives extended and enhanced by the massive tax bill passed in
late December is a 100-percent exclusion of gain from the sale of
qualified...
How Do I: Substantiate business gifts to clients?
A business can deduct ordinary and necessary expenses paid or
incurred in carrying on any trade or business. The expense must be
reasonable and must be helpful to the business....
FAQ: What should I do with my 401(k) when changing jobs?
When you experience a change in employment, probably the last thing
on your mind is your 401(k) plan distribution. There are a number
of options to choose from when determining what to do with your
40...
FAQ: Are scholarships/tuition aid packages taxable?
If one of your children received a full scholarship for all
expenses to attend college this year, you may be wondering if this
amount must be reported on his or her income tax return. If certain
condi...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
The Tax Cuts and Jobs Act
Congress has enacted the biggest tax reform law in thirty years,
one that will make fundamental changes in the way you, your family
and your business calculate your federal income tax bill, and the
am...
Newsletters
CLIENT ALERT
EFFECT OF CORONAVIRUS ON OFFICE HOURS, FILING DATES AND PAYMENT DATES
In compliance with the order of the Director of Health and Senior Services, and in order to protect the health of our employees, we are limiting access to our office and reducing our working hours.
Until further notice, we welcome all clients to continue to bring their tax return information to our office, however, we will not be conducting face-to-face meetings. We encourage clients to send us information by electronic means using email and our FileShare site.
Tax filing and payments dates have been extended
On March 20, 2020, Treasury Secretary Steven Mnuchin announced that the IRS will extend the individual tax filing deadline until July 15, 2020. This announcement comes after Notice 2020-17 which extended the time to pay taxes less than $1,000,000 by July 15th. This extension applies to balances owed on 2019 tax returns and first quarter estimated tax payments for tax year 2020.
Mirroring the federal guidance issued by the Internal Revenue Service (IRS), the Missouri Department of Revenue (DOR) has also extended the filing date and payment date to July 15, 2020.
We are proud to be celebrating our 25th year in business! Thank you, clients, for your support.
Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
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