Employment Tax Audits coming

The IRS has earmarked part of the funding provided by the Inflation Reduction Act for greater enforcement, including employment tax. Consequently, a former senior litigation counsel at the U.S. Dept. of Justice, Rob Kovacev, stressed that businesses should begin planning for the increased possibility of an audit. He reasoned that the urgency for audit preparation […]

Valuing goodwill in divorce

Still Have These on Your Missouri Car? – Get Ready to Pay a Fine.

Still Have These on Your Missouri Car? – Get Ready to Pay a Fine – KHMO News-Talk-Sports https://bit.ly/3LvFoO5

2019 year closes on July 17

Are you due for a refund from the 2019 tax year? You must submit a 2019 tax return by July 17, 2023, to receive your refund. According to the IRS, almost $1.5 billion in refunds may be waiting for nearly 1.5 million taxpayers who didn’t file for 2019. Note: if you are due a 2019 […]

Employee or Independent Contractor?

Confusion continues to surround the topic of worker classification. As the Dept. of Labor (DOL) prepares to issue a final rule, Congress held hearings to allow for discussion and comments. One former DOL official, Tammy D. McCutchen, called for the development of “a single, clear and simple” rule for classifying workers. In her testimony she […]

Missouri child care deserts include nearly half of kids 5 and under

Missouri child care deserts include nearly half of kids 5 and under … – St. Louis Public Radio https://bit.ly/40KIcLR

The IRS’s Strategic Operating Plan

Recently, former IRS Commissioner Charles Rossotti (1997-2002) shared his opinions on the IRS’s new Strategic Operating Plan. He called the proposal for spending $80 billion allocated to the agency by the Inflation Reduction Act “outstanding.” But he cautioned that the IRS may not be spending enough on technology. Currently, the IRS intends to allocate $4.8 […]

GOP debt ceiling proposal

U.S. House Speaker Kevin McCarthy (R-CA) has revealed a Republican debt ceiling proposal. In return for raising the debt limit by $1.5 trillion, the bill would cut $4.5 trillion from the federal budget, in part by repealing tax incentives passed last year for renewable energy, electric vehicles and other technologies. It would also return discretionary […]

Does Your State Tax Recreational Marijuana?

Does Your State Tax Recreational Marijuana? https://bit.ly/41LKwDE

Indiana storm relief

The IRS has provided tax relief to victims of recent storms in Indiana. The relief is for victims of tornadoes, severe storms and straight-line winds that occurred from March 31 through April 1, 2023. You may be eligible if you live or have a business in one of these counties: Allen, Benton, Clinton, Grant, Howard, […]