News

The IRS just issued an updated electronic pub, Offer in Compromise Booklet, that helps people understand how an offer in compromise works. 2019-04-18

Letter Ruling No. LR 8013, Missouri Department of Revenue, January 24, 2019, released March 2019 Charges taxpayer received for daily and hourly rentals of its studio rooms for photographic sessions are subject to sales tax. Section 144.020.1, RSMo, in the pertinent part, provides: A tax is hereby levied and imposed … upon all sellers for the privilege of engaging in the business of selling tangible personal property or rendering taxable…

3/20/19 LR 8003November 29, 2018 Applicant is an entertainment performance venue in Missouri that hosts music concerts and variety shows. A musical entertainment group performs in Applicant's theatre and pays rent to Applicant that includes the cost of personnel services. Applicant will collect and all admission revenue received from its ticket sales to the musical group. Applicant is renting its facility to the musical entertainment group and providing ticket selling…

3/20/19 LR 8007December 21, 2018 Applicant is a Missouri corporation that specializes in selling packaging supplies, equipment used for packaging, and providing packaging consulting services. Applicant sells its packaging products to its customers wholesale, shipping all of its orders to its customers via common carrier. Applicant has two different invoices: (1) lists a separately stated freight charge to ship the order via common carrier; and (2) lists a charge that…

The full TINs of the partnership representative and designated individual must be shown on the Form 1065 filed with the IRS, but these TINs may be truncated on the copies of Form 1065 which the partnership furnishes to others, such as its partners. 3/14/19

Beginning January 1, 2019, user fees for installment agreement revisions initiated through the IRS online payment agreement platform changed to $10. 3/14/19

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…