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Treasury/IRS Issue Guidance on New Business Income Deduction

February 11th, 2019 by

The U.S. Treasury Department and the Internal Revenue Service (IRS) issued final regulations on Jan. 18 implementing the new qualified business income (QBI) deduction, also called the section 199A deduction. The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA), allows many owners of sole proprietorships, partnerships, S corporations, trusts or […]

Bill Introduced Seeking To Repeal Missouri Vehicle Safety Inspections

February 11th, 2019 by

Legislation (HB 451) has been introduced before the Missouri House of Representatives that seeks to repeal the inspection requirement for non-commercial motor vehicles. Air quality and emission inspection requirements for St. Louis and some specified areas — which are mandated by federal law — would not be modified. The proposed legislation has an effective date […]

IRS to Delay Form W-4 Changes Until 2020

February 11th, 2019 by

The IRS, in response to critiques on its proposed new Form W-4, announced that it will delay changes to the form until 2020. “Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020,” […]

IRS Offers Relief on Small Business Health Care Tax Credit

June 11th, 2018 by

The Internal Revenue Service (IRS) has issued a guidance notice to help small businesses claim the Small Business Health Care Tax Credit for 2017 and later years. This announcement provides relief to businesses that claimed the credit for all or part of 2016 or later, but were unable to offer qualified health plans through a […]

IRS Issues Warning on W-2 Email Scam

January 14th, 2018 by

The Internal Revenue Service (IRS), in collaboration with state tax agencies and private sector tax groups, has published a notice warning businesses about a growing W-2 email scam that threatens sensitive tax information collected by employers. This scam has emerged as one of the most dangerous and successful phishing attacks in recent memory, with hundreds […]