The governor announced on the 3/19 that Missouri would follow the federal tax deadlines. The Department of Revenue has updated their information to reflect the same. So the good news is, we know Missouri and Federal deadlines for the tax returns and payment of the returns are both due May 17. However, the estimated payments for 2021 are still due April 15. Also we are still waiting for state guidance on how they will handle the American Relief Act. We are specifically waiting to see if … [Read more...]
Extended Tax Deadline
The Treasury Department and Internal Revenue Service announced there is an extended tax deadline again for 2021. This time the deadline has been moved a month to May 17th. What does this mean for you? Your filing deadline and taxes due on your return are not due until May 17th. However your estimated tax payment for your 2021 taxes are still due April 15th. Still unknown is what will each state do with the deadline. Many states are still working on the American Relief Act of 2021 and in … [Read more...]
2020 Taxable Unemployment
Nothing like changing the rules after we start playing the game. The American Rescue Plan Act of 2021 has changed the 2020 taxable unemployment. Now the only portion that is taxable for unemployment is the amount over $10,200 providing you meet the income limitations. For some of you this means changing your 2020 return that was already filed. As of right now the IRS is telling taxpayers who have already filed to do nothing. They are reviewing the law and will give guidance as they … [Read more...]
2021 Economic Impact Payment
As most of you know the American Rescue Plan Act of 2021 was signed into law March 11, 2021. Part of that bill includes another round of Economic Impact Payments to taxpayers. These payments are for taxpayers and their dependents. The first round of payments were scheduled to go out on the 12th. To check the status of your payment you can use the IRS tool for "Get My Payment" at https://www.irs.gov/coronavirus/get-my-payment. You need to know what was on the last filed return in order to … [Read more...]
Recovery Rebate Credit
If you missed out on the first two economic impact payments there is still a chance to receive those funds. This can be done through the Recovery Rebate Credit. If your income in 2020 was less than the return, your economic impact payments were based on you can claim a credit on your return to get the funds. We have seen taxpayers receive partial or even full credit for these payments that they missed out on during the year. To get this credit you need to make sure your tax preparer … [Read more...]
“Why do you need all the pages of the 1099 statement?”
Each year we encounter this question as we are gathering information for tax returns. We normally ask for a complete copy of the 1099. The questions we get is "Why do you need all the pages of the 1099 statement? You have the totals that get reported on the 1st page." Here's an explanation. Depending on the types of investments you hold in your account the detail can give us information that provide for additional income and/or deductions. There are state deductions for some types of … [Read more...]
PPP Expenses are now Deductible
Good news for businesses comes from the COVID-related Tax Relief Act of 2020. PPP Expenses are now deductible! This was signed into law on December 27, 2020. The IRS hadn't posted anything until January 6, 2021, which is why have waited to share this news. The new law states that "no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of exclusion from gross income of the forgiveness of an eligible recipient's covered loan." Up to this point businesses … [Read more...]
Missouri Small Business Grant Program
We are wrapping up another tax season with tax day on July 15. We are also still working with our business clients; many of whom have had to close or partially close due to COVID. The state of Missouri recognized that the closures have brought about a hardship for businesses. The Department of Economic Development has introduced the Small Business Grant Program. This program has factored in $30 million for small business and $7.5 million for family owned farms. Grants are initially limited … [Read more...]
IRS Extending More Deadlines Helps Nonprofits
Many accountants have been waiting for this announcement. The IRS has issued an extension of time for file form 990-series. Typically for a calendar year nonprofit the tax return is due May 15 following the end of the year. This year due to the relief for COVID-19, the IRS has announced that deadline will be moved to July 15. If the nonprofit is unable to file at that time an extension will need to be filed. The release says "the extensions generally now apply to all taxpayers that have … [Read more...]
CARES Act Changes Net Operating Loss Rules
We are still learning about the CARES Act that was signed into law in March. With the act being so inclusive there are many tax changes for both business and individual. We have written about several and here is yet another change. The Tax Cut and Jobs Act (TCJA) that was enacted at the end of 2017 eliminated the option to carry back net operating losses. This meant many businesses or individuals lost out on getting refunds from prior years. The CARES Act has changed that to be more inline … [Read more...]
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