Employee or Independent Contractor?

Employers often struggle with what seems a simple question: Are workers employees or independent contractors? It’s not uncommon for businesses to misclassify workers only to later realize their mistake. If you’re facing this situation, the IRS’s voluntary classification settlement program (VCSP) may help. The VCSP allows employers to reclassify workers as employees for future employment […]

Stock Buyback Programs

Does your public company have (or plan to establish) a stock buyback program? The new Inflation Reduction Act imposes a 1% excise tax on stock repurchases. But only some buyback programs will be affected. Buybacks treated as redemptions for tax purposes and made by domestic corporations whose stock is traded on an established securities market […]

IRA has many new or revised tax credits

The Clean Vehicle Credit is getting some of the attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For example, the credit previously known as the Residential Energy Efficient Property (REEP) Credit is now the Residential Clean Energy Credit. Individuals are allowed a personal tax […]

Happy Labor Day

“The only place success comes before work is the dictionary.” — Vince Lombardi Wishing you and your family a safe and happy Labor Day!

Will Missouri Consider a Flat Tax?

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

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 […]