News

3/14/19 Updated 3/20/19 If partnerships miss the requirement—which is on page 30 of a 55-page document, they could face penalties of $195 per partner, per month for up to a year. Even if filing partners follow the reporting requirement, the IRS may take a negative capital balance as a sign that the partner has taken partnership deductions by superficially increasing their property investments in or contributions to the entity and…

The Missouri Department of Revenue is no longer requiring businesses to post a sales tax bond. They are returning existing bonds as then can get to them, and it could take a year to process all currently held bonds. 2019-03-07

The IRS reiterated its warning from last year that taxpayers may not be able to renew their current passport or obtain a new passport if they owe federal taxes. In January 2018, the IRS implemented new procedures based on provisions of the Fixing America’s Surface Transportation (FAST) Act. These procedures affect taxpayers with a seriously delinquent tax debt, which is $52,000 or more. The IRS must notify the State Department…