Resources

There were several tax law changes affecting individuals that were enacted Oct. 3, 2008. Most of them apply retroactively. These changes, together with several other popular tax benefits, were included in the controversial financial bail-out legislation to win support from reluctant lawmakers. Although many of the changes will have a modest impact on a relatively small group of taxpayers, they are described below for your general information, as well as their potential applic

On May 20, 2025, the US Senate passed 100-0 the No Tax on Tips Act. The bill establishes a tax deduction against tip income up to $25,000. The tax deduction includes requirements and limitations. The deduction applies to cash tips received during the employee’s course of employment in a job that customarily receives tips. The […]

The Kansas Legislature is currently working to override the veto of Kansas Governor Kelly on House Bill 2284 in order to enact a flat tax on Kansas source income. Governor Kelly also had a piece of legislation she seeks to pass the Kansas Legislature, House Bill 2586. Both Bills seek to eliminate the sales tax […]

Annual Gift Tax Exclusion Amount increases to $16,000 per donor per donee Estate Tax (Death Tax) Exemption Amount increases to $12,060,00.00 Child Tax Credit reverts back to 2020 and prior rules. The last advanced child tax credit checks the IRS sent to taxpayers in the last half 0f 2021 were issued on January 15, 2022. […]

The recently enacted COVID-19 stimulus package, the CARES Act, not surprisingly included temporary changes to the tax code related to waiving the 10% penalty on qualifying distributions from retirement accounts for those under 59 1/2 years. Additionally, the CARES Act waives the requirement that individuals take an RMD distribution from their retirement accounts during 2020. […]

As of March 20, 2020, the State of Kansas and the State of Missouri are still requiring that individual income tax returns (1040s) and business tax returns with a filing due date of 4/15 be filed on or before April 15, 2020. Therefore, you still need to have your tax returns prepared and ready to […]