If the IRS wants to talk to you about a specific tax matter, you can authorize a third party to do the talking for you. But you must grant third-party formal permission. There are several ways to do this, including by assigning your power of attorney to a person who is authorized to practice before […]

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Tax changes small business owners should be aware of as the tax deadline looms – The Associated Press https://bit.ly/4aeAM98 

Read More Tax changes small business owners should be aware of as the tax deadline looms

Can States Afford Their Recent Tax Cuts? https://bit.ly/3TWVcxr 

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A U.S. District Court recently ruled that the Corporate Transparency Act is unconstitutional. However, that doesn’t mean that businesses don’t have to comply with its reporting rules, which went into effect on Jan. 1, 2024. The decision is being appealed by the government and the Financial Crimes Enforcement Network announced that reporting companies “are still […]

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If you didn’t file a 2020 federal income tax return and you expect a refund, time is running out: The deadline for filing and claiming a refund for the 2020 tax year is May 17, 2024. The IRS estimates that $10 billion in 2020 refunds currently remains unclaimed. Keep in mind, however, that even if […]

Read More 2020 Tax Year Closing May 17

Sources of U.S. Tax Revenue by Tax Type, 2024 Update https://bit.ly/3xagv5M 

Read More Sources of U.S. Tax Revenue by Tax Type, 2024 Update

The fiscal year 2024 federal budget deal signed into law on March 23, 2024, contained some bad news for the IRS. The agency is losing $20 billion of the more than $80 billion originally allocated to it by the Inflation Reduction Act. The $20 billion cut was stipulated by Congressional Republicans, who refused to pass […]

Read More IRS budget is cut in latest deal

Missouri House passes bill exempting remote workers from St. Louis earnings tax – STLPR https://bit.ly/4adH4pk 

Read More Missouri House passes bill exempting remote workers from St. Louis earnings tax