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

Posts from Dec-19

24 September 2021

The IRS Backlog Is Causing Taxpayer Heartburn

the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And in most instances, IRS employees could not work from home because of the secure nature of their tasks and the IRS’s computer system.

David M Robson

Taxes

23 September 2021

October 2021 Due Dates

The October 15th extension due date isn't the only thing to remember.

David M Robson

Taxes

23 September 2021

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

Here are five things that happened this past month that affect your small business.

David M Robson

Taxes

21 September 2021

As the Pandemic Continues, Managing Restaurant Cash Flow Becomes Critical

Cash flow has always been a challenge for restaurants, and before COVID-19 changed everything there were thousands of articles written about the importance of forecasting, streamlining overhead, and controlling inventory. But more than a year-and-a-half into the pandemic, more than 110,000 restaurants have closed their doors permanently.

David M Robson

Taxes

21 September 2021

Filing as Married Separate? Better Read This.

The fact of the matter is that Congress carefully writes the tax laws to eliminate tax breaks for those filing MFS and can make filing very complicated. Here are some of the issues related to separate filings.

David M Robson

Taxes

20 September 2021

The Importance of a Well-Oiled Accounting Function

The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is relying on charts of accounts that are sloppily maintained and leading to delays or penalties regarding tax liabilities, that’s where your initial attention needs to be placed. Focus on the chart of accounts first, no matter how tempting it is to worry about the fees and penalties that you’ll be liable for in the meantime.

David M Robson

Taxes

15 September 2021

October Extended Due Date Just Around the Corner

The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by May 17 and are now on extension, that extension expires on October 15, 2021. Failure to file before the extension period runs out can subject you to late-filing penalties.

David M Robson

Taxes

15 September 2021

The Art of Running a Successful Family Business: Breaking Things Down

Family businesses make up between 80% and 90% of all business enterprises in North America. They contribute approximately 64% to the gross domestic product of this country, equaling roughly $5 trillion every year. Not only that, but they also comprise around 60% of the workforce.

David M Robson

Taxes

14 September 2021

Higher Income Individuals Beware

The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes.

David M Robson

Taxes

12 September 2021

What You Need to Know About the IRS and Tax Audits

despite its remarkable powers, fear has created mythologies around the agency. People both overestimate and underestimate the IRS’ abilities.

David M Robson

Taxes

09 September 2021

Should You Get an IRS Identity Protection PIN?

The IP PIN aids IRS in verifying a taxpayer's identity and accepting only valid returns via electronic filing or paper filed returns.

David M Robson

Taxes

08 September 2021

Post-Pandemic Savings Burning a Hole in Your Pocket?

People who sat on spending through the worst of the crisis — waiting to see how it would affect them personally and limiting their buying to the essentials — people admitted they’re ready to buy non-essentials again, and expect to increase their spending by a median of 4.1% over the next year.

David M Robson

Taxes

07 September 2021

Were You Affected by a Disaster Loss?

For taxpayers in one of the disaster areas are eligible for a variety of tax benefits. Of immediate concern is avoiding penalties for not meeting your tax filing obligations. A federal disaster declaration extends many federal tax filing deadlines and are different for each disaster.

David M Robson

Taxes

03 September 2021

Business Success Stories > The explosive growth of Zoom.

Originally launched in 2013 by a former Cisco engineer and executive named Eric Yuan, Zoom has enjoyed an almost unprecedented level of growth over the last two years, thanks in large part to the still-ongoing COVID-19 pandemic.

David M Robson

Taxes

02 September 2021

Complications to the IRA-to-Charity Distribution Provision

The tax code allows taxpayers to transfer from their IRA to qualified charities. The tax provision is called a Qualified Charitable Distribution (QCD), and has been a popular way for retirees to make charitable contributions.

David M Robson

Taxes

31 August 2021

Our Olympic Champs Get a Tax Break

In addition to potentially winning a medal the U.S. athletes can earn compensation for their efforts. But do they have to pay tax?

David M Robson

Taxes

26 August 2021

Tax Breaks for Grandparents

It is estimated that 6.5 million children in the United States currently live with at least one grandparent, accounting for approximately 9% of all children nationally and more than half of those not living with their parents.

David M Robson

Taxes

24 August 2021

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

Here are five things that happened this past month that affect your small business.

David M Robson

Taxes

24 August 2021

When Is Your Business No Longer a “Startup”?

The actual definition of what a startup is can be murky, and even if your business meets the definition in the eyes of the investing community, at what point do you graduate from startup to established business?

David M Robson

Taxes

24 August 2021

Mid-Year Tax Planning Checklist

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning.

David M Robson

Taxes