During the 2024 legislative session, the State of Kansas enacted H.B. 2098, amending K.S.A. 79-3606 to include new Section 79-3606(uuuu). Section 79-3606(uuuu) provides a sales tax exemption for all sales of equipment,...more
In late 2023, the Internal Revenue Service (IRS) implemented three important initiatives that will impact employers who have filed, or intend to file, Employee Retention Credit (ERC) refund claims. This alert provides a brief...more
The Minnesota Supreme Court recently held that the gain from the sale of goodwill was subject to apportionment as business income derived from a unitary asset rather than allocation of nonbusiness income pursuant to Minnesota...more
In early November, we issued an alert on the filing of information returns by payment settlement entities, such as PayPal or Venmo, when sellers of goods or services use them to carryout payments with buyers (see 1099-K...more
In the American Rescue Plan Act of 2021, Congress lowered the minimum reporting threshold from $20,000 to $600 for filing information returns relating to reportable payment transactions that are facilitated by payment...more
The Internal Revenue Service (IRS) recently announced in Notice 2023-63 (notice) that proposed regulations regarding specified research or experimental (SRE) expenditures would be forthcoming. Until then, taxpayers may rely...more
As a general rule, a corporation is considered a separate entity from its owner(s). There are a few cases in which a corporate entity is disregarded as an entity separate from its owners, such as when a corporation is set up...more
The Internal Revenue Service Announcement 2022-13, published on June 10, 2022, increases the standard mileage rates for deductible business travel, medical and moving expenses for the second half of 2022, in accordance with...more
In late October 2021, the Internal Revenue Service (IRS) issued Notice 2021-56 setting forth requirements for limited liability companies (LLCs) to receive a determination letter from the IRS for recognition as §501(c)(3)...more
Recent legislation has brought Kansas and Missouri up-to-date with the nation by instituting new tax collection requirements for out-of-state retailers lacking a physical presence in their state....more
Congress passed, and President Trump signed into law on Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The act includes a significant number of tax provisions that apply to both...more
For charities, the Tax Cuts and Jobs Act enacted in December 2017 has sparked soul searching and creative solutions as concerns grow about giving challenges. ...more
6/26/2018
/ Charitable Donations ,
Charitable Organizations ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform
The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals.
The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more
1/9/2018
/ 529 Plans ,
Alimony ,
Alternative Minimum Tax ,
Business Taxes ,
Charitable Donations ,
Compensation & Benefits ,
Employee Benefits ,
Income Taxes ,
IRA Rollovers ,
New Legislation ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Deferral ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Charitable organizations no doubt have questions following the passage of the Tax Cut and Job Changes Act. Many are rightly concerned about the impact of the increased estate tax exemption amounts, the expanded standard...more
12/29/2017
/ 501(c)(3) ,
Charitable Donations ,
Excise Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
On July 5, 2017, Missouri Gov. Eric Greitens signed into law an amendment to the sales and use tax law that removes usual and customary delivery charges that are separately stated from the amounts subject to Missouri sales...more
The saga of Kansas income tax law changes concluded earlier this week when Kansas lawmakers overrode Gov. Sam Brownback's veto of a bill that dismantled the governor's signature tax cuts. With the state facing an estimated...more
6/14/2017
/ Charitable Donations ,
Exemptions ,
Governor Vetoes ,
Income Taxes ,
Limited Liability Company (LLC) ,
Medical Expenses ,
S-Corporation ,
Tax Cuts ,
Tax Deductions ,
Tax Increases ,
Tax Rates
The Protecting Americans from Tax Hikes Act of 2015, also known as the PATH Act, was enacted by Congress at the end of 2015. Below are the highlights from that legislation.
TAX EXTENDERS -
Tax extenders are...more
On October 15, 2014, the Internal Revenue Service (IRS) and the Department of the Treasury proposed to remove the deemed 36-month non-payment testing period from the list of identifiable events that trigger the requirement to...more
Booster clubs have long been used as fundraising arms for affiliated sports organizations. Establishing a booster club as a 501(c)(3) public charity provides the added benefit of enabling contributors to booster clubs to...more