Retroactive tax change in Kansas enacted April 4, 2024, allows 529 college savings plan contributions made by April 15, 2024, to be deducted on 2023 tax returns. Kansas has enacted a new law that allows taxpayers to deduct contributions made to 529 college savings plans on their 2023 tax return, even if the contributions were [...]
Sidney Kess peacefully passed away on September 15, 2023 at the remarkable age of 97. He remained dedicated to his work, contributing to conferences, writing articles, and nurturing connections with people until his very last moments. Sid’s enduring commitment served as a wellspring of inspiration to countless individuals in the accounting profession. We will forever [...]
On Saturday, March 25, you can catch Julie Welch on MoneyLine hosted by Peter Newman from 2pm – 3pm on 98.1FM KMBZ.
For certain retail storefronts that were operationally shut down or restricted at their retail storefront by a COVID-19-related order or by an action imposed by Kansas, the COVID-19 Retail Storefront Property Tax Relief Act may be able to provide relief. The refunds, for property taxes or rent actually paid, are for tax years 2020 and [...]
$434,000 charitable tax deduction lost because of a few missing words The IRS continues to remind us how rigid the standards are for charitable tax deductions, and that the absence of a few words before filing the tax return can be disastrous. In a recent Tax Court decision, a widow donated a collection of [...]
The IRS just announced that personal protective equipment will be treated as medical expenses if they were purchased primarily for the purpose of preventing the spread of COVID-19. Thus, masks, hand sanitizer, and sanitizing wipes used to help stop the spread of the Coronavirus can be deducted as medical expenses as long as the taxpayer’s [...]
Both Kansas and Missouri have announced they will follow the IRS extension until May 17, 2021 to file and pay 2020 taxes for individuals. More details about the extension should be coming from the Internal Revenue Service, Kansas, and Missouri. Also, the City of Kansas City has not yet made an announcement regarding its plans [...]
The IRS just announced that the April 15th tax filing deadline for both filing tax returns and making payments for 2020 will automatically be moved to Monday, May 17th this year for individuals. Similar to the extension in 2020 due to the pandemic, we will wait for the details to come from the Internal Revenue [...]
This afternoon, Wednesday, March 10th, Congress passed legislation designed as another stimulus to help those in need as a result of the COVID-19 pandemic. The American Rescue Plan Act of 2021 is a $1.9 trillion economic stimulus package designed to provide additional relief to address the continued impact of COVID-19 on the economy, public health, [...]
States have been struggling with how to deal with telecommuters as a result of the COVID-19 pandemic. This is especially interesting for employers in one state when the employee works from home in a different state. For 2020, Kansas had a temporary rule that applied from March 13, 2020 through December 31, 2020 that allowed [...]