The Treasury Department announced Wednesday that it plans to withdraw proposed estate and gift tax regulations under Section 2704 in their entirety.  In the Treasury’s own words, the proposed regulations “would have hurt family-owned and operated businesses by limiting valuation discounts.” The goal of the proposed regulations was to counteract changes in state statutes and [...]

Earlier this year, Missouri lawmakers approved House Bill 2030, which would provide a 50% income tax deduction on the proceeds business owners receive when selling at least 30% of their company to employees.  Governor Nixon VETOED the bill.  However, the Missouri General Assembly has now OVERRIDDEN the veto and passed the bill to be effective [...]

Update as of September 15, 2016:  Governor Nixon vetoed the bill at the end of June, however, the Missouri General Assembly has now overridden the veto and passed the bill to be effective as of October 14, 2016.   MO lawmakers recently approved House Bill 2030, which would provide a 50% income tax deduction on [...]

It's that tax time of year again. As you prepare to file your annual income tax return, consider the following situations that might make you more likely to attract government scrutiny. According to an article published by Forbes, the following is a list of some of the ways that you could be inviting an audit [...]