Where’s my refund

If you’re a “box checker” and have already checked off “filing my taxes” from your to-do list, congratulations. Now you may be wondering, “where’s my refund?” To find out, pull out your smart phone and download the IRS’s mobile app, IRS2GO. The IRS says your refund status should be available within 24 hours after it […]

Premium Tax Credits

The IRS has posted a fact sheet to its website containing new and updated FAQs on the Premium tax credit (PTC). A PTC is available to certain low and moderate income individuals enrolling in a qualified health plan through the Health Insurance Marketplace. Taxpayers enrolling in Marketplace insurance may choose to have an estimated credit […]

Missouri’s Tax Competitiveness

Another article from our friends at the Tax Foundation.Missouri’s Tax Competitiveness https://bit.ly/3pzHVLS

Tax News on the OIC

Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise (OIC) with the IRS to settle the debt for less than the amount owed. In one case, the IRS rejected a taxpayer’s request for an OIC and proceeded to collect his outstanding liabilities. After performing a financial analysis, the IRS […]

Tax News on tips

Like most income, tips in the service industry are taxable. It doesn’t matter if tips are paid directly in cash or added to payments by credit, debit or gift cards, or shared with coworkers. Noncash tips, such as tickets or passes are also taxable. To correctly report tip income, the IRS advises taxpayers to keep […]

Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax […]

Tax News

Having “seriously delinquent tax debt” could put your passport at risk (unless an exception applies). This generally means that the assessed tax debt is at least $55,000 in 2022, a lien has been filed and other remedies have been exhausted. If such conditions exist, the U.S. State Dept. can deny, revoke or limit a passport. […]

Ukraine in Tax News

Just before Russia invaded Ukraine on Feb. 23, President Biden announced sanctions against two Russian banks and those doing business in the so-called “Donetsk People’s Republic” and “Luhansk People’s Republic” regions of Ukraine. More sanctions are expected now that the invasion is underway. U.S. individuals and companies with overseas business are encouraged to review reporting […]

Can you deduct the costs of a spouse on a business trip?

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the […]

Tax News

Along with seemingly everything else, interest rates for federal tax overpayments and underpayments are going up. The IRS has announced that, starting in 2022’s second quarter (April 1), the new rates are 4% for overpayments and underpayments. For corporations, the rate for overpayments is 3% (1.5% for any amount exceeding $10,000) and 6% for underpayments […]