Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

Our Blog

06 May 2021

How Biden’s Proposed American Families Plan Might Affect You

Although the plan is just a wish list and will require Congressional action to become law, it could be helpful to understand what could happen. Assuming history repeats there may be parts that survive, but most likely not the entire plan.

David M Robson

Taxes

04 May 2021

Consequences of Filing Married Separately

Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.

David M Robson

Taxes

30 April 2021

Here’s What Happened in the World of Small Business in April 2021

Here are 5 things that happened this month and why you should be paying attention. There could be effects on your business.

David M Robson

Taxes

27 April 2021

Tax-Free Grants for Restaurants

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

David M Robson

Taxes

22 April 2021

Refund Statute Expiring: Don’t Miss Out!

If you have not yet filed your 2017 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed their 2017 tax returns with approximately $1.3 billion of unclaimed refunds available for those taxpayers. If you fall in this category, you need to act quickly because the return must be filed by May 17, 2021 to claim a refund for 2017.

David M Robson

Taxes

21 April 2021

Qualified Small Business (QSB) Stock Gain Exclusion: Who Can Take Advantage and How to Do It

Originally, selling stocks identified as having Qualified Small Business status was viewed as offering marginal benefit. But the last several years have seen incremental changes to how gains from the sales of these stocks have been treated. As of the most recent shift, which created a 100% exclusion with certain limitations, these stocks now offer significant opportunities for those who invest in startups and other small businesses.

David M Robson

Taxes

21 April 2021

May 2021 Individual Due Dates

Keep these dates in mind for May 2021

David M Robson

Taxes

20 April 2021

Owe Taxes and Can’t Pay by the Due Date?

The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t

David M Robson

Taxes

17 April 2021

The US Loses Out On $1 Trillion a Year Due to Tax Cheats, IRS Estimates

Congress is on the verge of making changes to help reduce the tax gap after a shocking statement by the IRS Commissioner.

David M Robson

Taxes

15 April 2021

Entrepreneur Success Stories: Zapier Success leaves clues.

Let’s take a look at a behind the scenes software integration company that has taken the industry by storm.

David M Robson

Taxes

12 April 2021

SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow up to $500,000 for up to 24 months. This expansion of the COVID-19 Economic Injury Disaster Loan (EIDL) program more than triples the existing limit of six months and a maximum loan amount of $150,000.

David M Robson

Taxes

12 April 2021

Archegos Margin Call: What Happened and Why Wall Street is Shocked

Archegos Capital Management – owned by Bill Hwang – placed a high-flying bet on derivatives in ViacomCBS Inc, Discovery Inc., and GSX Techedu, and lost. Not only did the company lose an estimated $100 billion in value when their prices unexpectedly fell, but their margin call triggered a downturn in stock values that reverberated through other holding companies.

David M Robson

Taxes

09 April 2021

Don’t Overlook Foreign Account Reporting Requirements

Some of the largest penalties for failing to file a report with the Government are associated with reporting dealings with foreign financial institutions. U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. Although the official designation of the report is FinCEN 114, it is commonly referred to as the FBAR (foreign bank account report).

David M Robson

Taxes

09 April 2021

Writing Off Your Business Start-Up Expenses

New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These type of expenses not deductible in the first year of the business must be amortized over 15 years. If a taxpayer who incurred start-up expenses does not make the election, the start-up costs must be capitalized, meaning that the expenses can only be recovered upon the termination or disposition of the business.

David M Robson

Taxes

07 April 2021

Tax Filing Deadlines Are Rapidly Approaching

Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2020.

David M Robson

Taxes

02 April 2021

Easily Check the Status of Your Refund

If your 2020 federal return has already been filed and you are due a refund, you can check the status of your refund online. Note: if you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS will not issue refunds until the first week of March provided you e-filed, chose your refund to be direct deposited and no issues were found with your refund.

David M Robson

Taxes

01 April 2021

IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

The IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent law change made by the American Rescue Plan Act.

David M Robson

Taxes

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