Tax Legislation: Update

Rackers & Fernandez LLC is monitoring progress on a daily basis and will keep our clients updated. The following are the latest developments as of yesterday. The Senate tax-writing committee will begin addressing details of its tax cut proposal (Monday, November 13, 2017). The House is expected to vote on its bill sometime this week. Points of disagreement between the…

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Proposed Tax Legislation

Rackers & Fernandez continues to monitor daily developments on proposed tax legislation. It remains unclear whether legislation will be passed for the 2017 tax year. We will continue to update you as we monitor the daily developments and keep our clients apprised. On Thursday November 9, 2017, the Senate released its’ version of proposed tax legislation. While there are similarities…

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Unsolicited Calls from the IRS can Indicate Scam

In an article written by UHY LLP, a Michigan practice, the rise of unsolicited calls from the IRS can mean scams. Even in the age of email/text message and ransomware scams, phone calls continue to be one of the most common tactics used by thieves to obtain personal information from taxpayers. Scammers take the information and use it to gain…

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Trump Reveals Framework of Tax Reform Plan

With much recent talk of possible tax reform, President Trump and the “Big Six” have released a general outline for individuals, businesses, and international tax reforms.  Unlike past tax reform documents that have surfaced over the past few months, the highlights of the unified tax reform framework released yesterday goes more into detail of what soon may be passed by…

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2017 Tax Reform: Trump Outlines Principles

President Donald Trump, in a speech delivered at a manufacturing company in Springfield, Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system. While generally focusing more on “why” tax reform is necessary and less on specific tax reform measures, the President did reaffirm his desire for a 15% business tax rate….

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St. Louis City Minimum Wage Drops

St. Louis’ minimum wage has dropped to $7.70 after a brief increase to $10, due to opposition from Missouri Gov. Eric Greitens. In July, Greitens announced that the increase would kill jobs. St. Louis passed an ordinance in 2015 that mandated the city’s minimum wage would increase to $10 by 2017. A court battle between Missouri’s state legislature and the city of St. Louis ensued, but the city’s minimum wage…

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Changes for Missouri Sales & Use Tax Return Online Filing

The Department will implement a new MyTax Missouri portal service to electronically file sales and use tax returns after September 6, 2017. This new feature for electronic filing is part of a new integrated tax system implementation. With the introduction of this new system, the current sales and use tax electronic filing application will be replaced. The current application will…

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Out-of-State Travelers Expected to Pack Missouri for Solar Eclipse

Expect Missouri roads to be busier than normal these days leading up to the solar eclipse. More than a million out-of-state visitors will pack Missouri’s roads over the four-day weekend, according to the Missouri Department of Transportation. Worst case scenarios would be traffic jams on the highways leading into cities that are prime viewing of what for many will be a…

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Back to School Sales Tax Holiday

By state law, the sales tax holiday begins on the first Friday in August and continues through the following Sunday. Certain back-to-school purchases, such as clothing, school supplies, computers, and other items as defined by the statute, are exempt from sales tax for this time period only. In 2017, the Sales Tax Holiday begins at 12:01 a.m. on Friday, August…

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New Telephone Scam Hits Missouri Residents

Last week, State Treasurer Eric Schmitt warned Missourians about a new tax scam making the rounds. Callers pose as intelligence officers or special agents with the treasurer’s office and demand payment on overdue taxes. According to the treasurer’s office, the scammers use a fake caller-ID featuring a phone number that belongs to the Missouri State Treasurer’s Office. If you get a call…

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