Business succession planning involving corporate owned life insurance in closely held corporations may warrant changes after a recent Supreme Court decision.
Read MoreA piece of the Tax Cuts and Jobs Act (TCJA) was recently brought into question at the highest legal level.
Read MoreThe SECURE Act of 2019 brought big changes to the retirement world, including the taxation of inherited retirement accounts.
Read MoreTax has remained in focus at all levels over the past several years. Included in this update are state and local tax highlights to be aware of in Missouri, Kansas, Illinois, and Tennessee, some of which may present refund opportunities depending upon your location and operations.
Read MoreAs of April 17, 2024, the Federal Audit Clearinghouse shows over 213 higher education institutions have claimed the Employee Retention Credit (ERC) for a total of approximately $719 million.
Learn more & registerThe Corporate Transparency Act (CTA), which mandates new Beneficial Ownership Interest (BOI) reporting to FinCEN, has been ruled unconstitutional by a federal district Court in Alabama.
Learn more & registerThe tax bill currently working its way through Congress passed the House of Representatives on Wednesday evening with a bipartisan 357-70 vote. While this is a big win for the bill’s progress, it still has to clear the Senate, who may delay its movement by debating on changes.
Read MoreThe IRS provided guidance in Notice 2023-63 on several issues related to new requirements to capitalize research expenditures for tax years beginning after December 31, 2021. While Congress continues to debate repeal of this mandate, the Notice can be used to implement current rules.
Read MoreThe Ohio Commercial Activity Tax (CAT) will undergo major changes beginning January 1, 2024. For tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated.
Read MoreEach year is an opportunity to review your expected tax bracket and tax planning opportunities to consider before year end. While each person’s set of facts varies, below are a few common tax planning considerations.
Read MoreThis new reporting requirement for an estimated 32 million businesses begins in 2024, but understanding the rules should start now.
Learn moreSeveral states provided individuals with special payments in 2022, leaving uncertainty as to how they would be treated for federal tax purposes. In response, the IRS initially advised taxpayers in those states to wait for clarification before filing returns as they worked to better understand these programs.
Read moreFinal instructions for 2022 Schedules K-2 and K-3 were recently released, providing a new domestic filing exception for those who qualify. These additional schedules first appeared in 2021 and are used to report items of international tax relevance from passthrough entity operations.
Read moreTaxpayers with research expenses may be negatively impacted by a delayed change stemming from the 2017 Tax Cuts and Jobs Act (TCJA). Understanding the implications of this change is essential for those with such expenses in tax years beginning after December 31, 2021.
Read moreA long-awaited follow up to the 2019 SECURE Act was included as part of the year-end congressional spending bill enacted on December 29, 2022. The SECURE 2.0 Act of 2022 (“SECURE 2.0”) contains numerous retirement-related provisions that will impact savers, retirees, and employers. Below are a few highlights to note.
Read moreThe Missouri qualified research expense tax credit was recently revived and will be available from January 1, 2023 through December 31, 2028. This is great news for innovative businesses with qualified research activities in Missouri, as this type of credit had not been available since 2004.
Learn moreThe Inflation Reduction Act (“IRA”) was signed into law by President Biden this week, marking the end of more than a year’s worth of negotiations on a tax bill previously referred to the Build Back Better Act (“BBB”).
Learn moreRecent storms and flooding in Missouri have resulted in the extension of various federal tax filing and payment due dates to November 15, 2022 for impacted businesses and individuals.
Learn moreInternational tax information reporting for 2021 brings the addition of two new schedules for passthrough entity tax returns: Schedules K-2 and K-3. Filing requirements may impact domestic partnerships and S corporations with no apparent items of international tax relevance, however, the IRS has provided filing relief for tax years beginning in 2021.
Learn moreOn October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return
Learn more