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tax and other legal items

Published: Sun, 28 Nov 2004 00:00:00 GMT

Last Build Date: Fri, 03 Nov 2017 13:00:00 GMT

Copyright: Copyright 1997-2015, Frank C. Carnahan, all rights reserved

IRS Resources for Tax Law Changes

Sun, 11 Feb 2018 13:00:00 GMT

Major tax changes approved by Congress in the Tax Cuts and Jobs Act (TCJA) became law on December 22, 2017. The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. The IRS will provide information and guidance to taxpayers, businesses and the tax community as it becomes available. Check the IRS page for updates and resources.

U.S. Supreme Court to Review E-Commerce Use Tax Nexus Standard

Fri, 09 Feb 2018 13:00:00 GMT

The U.S. Supreme Court has agreed to revisit the physical presence nexus standard that states must abide with before imposing use tax collection responsibilities on remote sellers. South Dakota enacted a 2016 law that disregarded the physical presence standard in favor of an economic nexus standard, that was intended to and succeeded in generating a court challenge with South Dakota v. Wayfair, Inc. The Court's anticipated decision in Wayfair, which is expected by June 2018, has the potential to fundamentally alter the state tax landscape for remote sellers and their customers, equalize tax burdens for traditional brick-and-mortar businesses, and significantly boost state tax collections.

IRS tools to help with estimated taxes

Fri, 03 Nov 2017 13:00:00 GMT

Taxpayers should make estimated tax payments if: (1) The tax withheld from their income does not cover their tax for the year, or (2) They have income without withholdings. Examples include interest, dividends, alimony, self-employment income, capital gains, prizes, or awards. 6 actions taxpayers can take include: (1) Use Form 1040-ES to figure estimated tax; (2) Use the Withholding Calculator on to figure how much their employer should withhold from their pay and fill out their Form W-4; (3) Taxpayers whose income is not paid evenly throughout the year can check Publication 505 instead of the calculator; (4) Have more tax withheld from a regular paycheck by filling out a new Form W-4 and give it to their employer; (5) Use estimated payments to pay other taxes - Self-employed individuals can make estimated tax payments to pay both income tax and self-employment tax. Self-employment tax includes Social Security and Medicare; and (6) Use Form W-4P and give it to their payer to adjust withholding from pension and annuity plans.

IRS Has Options to Help Small Business Owners

Wed, 25 Oct 2017 13:00:00 GMT

The Small Business and Self-Employed Tax Center brings information on to one common place

LLC Liability Limitation Doesn't Apply to Missouri Tax

Fri, 29 Sep 2017 13:00:00 GMT

The Missouri Administrative Hearing Commission ("AHC") issued a decision in Oliver and Crask v. Director of Revenue, Case No. 14-1221 RS, on September 13, 2017, upholding personal liability of members of a Limited liability company ("LLC") taxed as a partnership for unpaid sales tax, even though the members had no control over finances or ability to insure the taxes were paid.

Multistate Tax Commission Announces Terms of Voluntary Disclosure Initiative for Fulfillment by Amazon Seller

Thu, 10 Aug 2017 13:00:00 GMT

The Multistate Tax Commission (MTC) announced the terms of its voluntary disclosure initiative for Fulfillment by Amazon (FBA) sellers and other online sellers who have nexus in a state because of the presence of inventory at an Amazon warehouse or because of activities performed on behalf of the online seller by an online marketplace. (Online Marketplace Seller Voluntary Disclosure Initiative, 08/08/2017.)