By Julie Welch and Luke Guettermann The IRS announced another extension until September 28, 2016 for submitting the paperwork to obtain the Work Opportunity Tax Credit (WOTC).  The WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment or reside [...]

By Julie Welch and Luke Guettermann The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment or reside in certain empowerment zones or rural renewal counties. As part of the “Tax Extenders” legislation that was [...]

The Trade Facilitation and Trade Enforcement Act raises the minimum penalty for the failure to file tax returns from $135 to $205 for returns required to be filed after 2015. The returns affects are income, estate, and gift tax returns. The penalty for filing a return late is generally 5% of the unpaid tax per [...]

The Missouri Department of Revenue is implementing new procedures to help curb identity theft and refund fraud.  So it may take longer for Missouri to process some tax returns. While, taxpayers will have the option to include their driver’s license information when electronically filing their 2015 Missouri tax return, Missouri says that “Returns will not [...]

On December 18, 2015, Protecting Americans From Tax Hikes Act of 2015 was enacted. Better than previous tax extenders legislation, it extends over 20 key tax provisions permanently. It also extends some of the tax provisions that expired at the end of 2014 for five or two years, retroactive to the beginning of 2015. Additionally, [...]

The standard mileage rates for 2016 used to calculate the deductible costs of operating an automobile have been announced.   Business - 54¢ per mile (down from 57.5¢ per mile for 2015) Medical and Moving - 19¢ per mile (down from 23¢ per mile for 2015) Charitable - 14¢ per mile

The IRS just increased the de minimis safe harbor amount for businesses allowing write offs up to $2,500 per items of capital items purchased. (Businesses that get a financial statement audit can write off up to $5,000.) This means that many items a business purchases will be able to be deducted immediately rather than being [...]

Kansas and Missouri both have tax amnesty programs in place right now.  Those taxpayers who qualify and apply for the program will have interest and penalties waived if the tax is paid is paid in full during the amnesty period.  Kansas’ amnesty period closes on October 15 and Missouri’s amnesty program closes on November 30, [...]

As a result of a Supreme Court case stemming from a Maryland issue dealing with the credit for taxes paid to other states, some Kansans who paid Kansas City Earnings tax may be eligible to receive refunds.  The Supreme Court’s decision did not specifically address Kansas law.  However, Kansas issued Notice 15-15 and will now [...]

A Few Surprise Income Tax Highlights in the Highway and Transportation Funding Bill Enacted July 31, 2015 Tax return due dates: Starting in 2017, partnership tax returns will be due 2 ½ months after year end (March 15 for calendar partnerships rather than April 15), and most C corporation tax returns will be due 3 ½ [...]