Will Missouri Consider a Flat Tax?

Missouri Should Consider Flat Income Tax in Special Session https://bit.ly/3B8QTWF

Should you take Social Security benefits early?

Beer Taxes by State

Comparing Beer Taxes by State, 2022 https://bit.ly/3cFcRHs

Penalty Relief

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. The relief will be automatic for qualifying individual and business taxpayers. Specifically, it applies to the failure-to-file penalty. This penalty is typically assessed at a rate of 5% per month, up […]

Starting a business?

Are you hoping to start a business? Many people dream of being their own bosses. To get off to a strong start, you’ll need to make good decisions. For example, which business structure will you use (such as a sole proprietorship or corporation)? This decision will affect the taxes you pay. Another decision is whether […]

Will student loan forgiveness be taxable in my state?

List of States That Might Tax Student Loan Debt Cancellation Dwindles https://bit.ly/3ADY8Eu

Student loan debt relief

On Aug. 24, President Biden announced a plan for student loan debt relief. The three-part plan may affect nearly 8 million borrowers. Part one will allow $20,000 of debt forgiveness for taxpayers who went to college on a Pell Grant or $10,000 without a Pell Grant. This applies only to taxpayers earning below $125,000 a […]

ABLE accounts for the disabled

Achieving a Better Life Experience (ABLE) accounts can help support disabled individuals without affecting their eligibility for government benefits. Although contributions to an ABLE account aren’t tax-deductible, earnings are tax-deferred. Even better, if distributions are used by a beneficiary for specified disability-related costs, they’re tax-free. Family and friends may contribute up to $16,000 annually and […]

IRS offers penalty relief for 2019, 2020 tax years

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 […]

Priority Guidance Plan

The IRS hasn’t yet released its 2022-2023 Priority Guidance Plan (a regulatory to-do list), but several items are expected to be on the agenda. This starts with components of the Inflation Reduction Act. Tax professionals have asked that corporate split-offs not be factored into the new 15% corporate alternative minimum tax in lieu of transition […]