Client Alerts

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Congress passes repeal of expanded 1099 requirements

Congress voted to repeal the expanded Form 1099 requirements that were enacted last year as part of the Health Care Act, sending the bill to the President's desk. (More...)

IRS raises standard gas mileage to 55.5 cents per mile

The Internal Revenue Service has announced that the optional standard mileage rate for business use of a vehicle has increased to 55.5 cents per mile for all business miles driven on or after July 1, 2011 (More...)

President extends Bush-era tax cuts

On December 17, 2010, President Obama signed into law an extension of the Bush-era tax cuts to all taxpayers through 2012 and other measures. (More...)

Small Business Jobs Act of 2010

On September 27, 2010, President Obama signed the Small Business Jobs Act of 2010 into law. Among the Act's provisions are liberalized depreciation provisions and incentives for new business investment. The Act is paid for using various revenue raisers. For additional information, please follow the links below or contact your WK advisor to discuss how the Act might impact your specific situation. (More...)

First-time Homebuyer Credit Closing Deadline Extended to September 30

First-time homebuyers who met the April 30 deadline for entering into a contract for the purchase of a home now have until September 30, 2010, to close on the contract in order to qualify for a tax credit. (More...)

IRS sending comprehensive 401(k) questionnaire to 1,200 employers

The Internal Revenue Service's Employee Plans Compliance Unit (EPCU) is sending a letter and instructions to a random sampling of 1,200 employers that sponsor 401(k) plans and asking them to complete a comprehensive 401(k) Compliance Check Questionnaire. The letter indicates failure to respond or provide complete information will result in further action or examination of the plan. (More...)

COBRA subsidy expanded again under CEA

Workers who lose their jobs in the months of April and May 2010 might be eligible for the COBRA subsidy, under a new law recently signed by President Obama. (More...)

HIRE Act of 2010 contains tax incentives for businesses

The HIRE Act of 2010 includes tax incentives for employers, including a payroll tax "holiday," and an extension of the $250,000 threshold for small business expensing. (More...)

Provisions of proposed jobs bill could have impact on businesses (Updated 3/3/10)

The U.S. Senate approved a $15 billion jobs package that includes tax relief for employers and small business expensing changes. Approval by the House or reconciliation with a House jobs bill will be necessary for the legislation to move forward. (More...)

Save taxes by saving for retirement

Even though it's 2010, taxpayers can reduce their 2009 tax bill by taking timely action on retirement plan and IRA contributions. (More...)

Provisions of proposed jobs bill could have impact on businesses

The U.S. Senate was expected to debate a jobs bill that could have an impact on you and your business. See our brief list of key provisions. (More...)

2010 Haiti Relief Contributions Allowed on 2009 Tax Returns

A new law recently signed by President Obama allows donors who make charitable contributions to aid Haiti earthquake victims before March 1 to elect to accelerate the income tax deduction to their 2009 return. (More...)

COBRA subsidy expanded and extended

President Obama recently signed a law that includes provisions related to COBRA insurance. The law takes effect immediately and includes some new notification requirements that employers should note. (More...)

Time running out for 2009 tax planning strategies

The year isn't over yet! You still have time to take advantage of tax-planning strategies that could help reduce your 2009 liability. In this letter, we have summarized strategies that are available for the 2009 tax year for homeowners, businesses employees and families. (More...)

Cash for Clunkers vouchers excluded from income

Taxpayers who took advantage of the "Cash for Clunkers" program should be aware that the $3,500 and $4,500 vouchers will not be regarded as income for state or federal tax purposes. (More...)

2009 stimulus package contains numerous tax law changes for families and businesses

The stimulus act signed by President Obama on February 17 contains tax changes for businesses, individuals and families. (More...)

Economic rescue package contains incentives for individuals and businesses

On October 3, President Bush signed into law the Emergency Economic Stabilization Act of 2008, an $850 billion financial markets rescue package. The rescue plan is designed to restore liquidity to the financial markets and includes some valuable tax incentives for individuals and businesses. (More...)

Final instructions for redesigned Form 990 released by IRS

The Internal Revenue Service released the revised instructions to the redesigned Form 990, Return of Organizations Exempt from Income Tax, on August 19, 2008. (More...)

2008 Housing and Economic Recovery Act includes major tax incentives

The 2008 Housing Act includes more than $15 billion in tax incentives and other changes to the tax code. (More...)

Federal minimum wage raised to $6.55 per hour, effective July 24

The U.S. Department of Labor announced that the federal minimum wage for covered, nonexempt employees is $6.55 per hour, effective July 24, 2008. This change will not affect most Missouri employers. (More...)

IRS increases standard mileage rate to 58.5 cents per mile

The optional standard mileage rate for business miles driven on or after July 1, 2008, will increase to 58.5 cents per mile. (More...)

Tax deadline extended for taxpayers in Presidential Disaster Area

Taxpayers who live or own businesses in 35 Missouri counties are eligible for an automatic extension to May 19 for filing tax returns and paying balances due. (More...)

Economic Stimulus Act of 2008 contains cash rebate and business incentives

The economic stimulus package providing cash rebates to individuals and tax incentives for businesses was recently signed into law. (More...)