Resources

As 2018 nears the end of the year, the IRS is publishing the new 1040 tax returns and the benefits of the Tax Cuts are now transparent and visible to the lay eye. The 1040 tax returns for 2017 and previous years was approximately 78 lines long and took up 2 full pages. The new […]

Temporarily creates 7 new tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Increases Standard Deductions: Single $12,000, Married Filing Jointly $24,000, Head of Household $18,000. Repeals deductions for personal exemptions. Increases Child Tax Credit to $2,000 ($1,400 refundable), subject to phase out. Eliminates all 2% itemized deductions (bottom of Schedule A) Limits Itemized […]

The Missouri General Assembly voted on September 14, 2016 to override the Governor Nixon’s veto of Senate Bill 1025. Sponsored by Sen. Will Kraus, R-Lee’s Summit, SB 1025 now defines instructional classes given at dance studios, martial arts facilities, gymnastics facilities and other fitness facilities as educational classes for tax purposes. Under current law, the […]

The Missouri General Assembly voted on September 14, 2016 to override the Governor Nixon’s veto of Senate Bill 1025. Sponsored by Sen. Will Kraus, R-Lee’s Summit, SB 1025 now defines instructional classes given at dance studios, martial arts facilities, gymnastics facilities and other fitness facilities as educational classes for tax purposes. Under current law, the […]

There are increased penalties for failing to file information returns, like 1099s, timely/correctly. Current penalties are $100 for each return. Pursuant to the Trade Preferences Extension Act of 2015 Penalties will increase to $250. Further, penalties double to $500 for “intentional disregard”. These changes are effective starting January 1, 2016. Finally, if the taxpayer takes […]

Under recently issued new rules, the IRS will conduct a single partnership audit, and partners have no rights to participate. A “partnership representative” will have the sole authority to act on a partnership’s behalf with the IRS. If an audit results in an adjustment, the default rule is that the partnership itself will be liable […]