Resources

The Kansas Revisor of Statutes is considering adopting the UPHPA. The Uniform Partition of Heirs Property Act (UPHPA) helps preserve family wealth passed to the next generation in the form of real property. Affluent families can engage in sophisticated estate planning to ensure generational wealth, but those with smaller estates are more likely to use […]

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 […]