Larry Simpson

Author's posts

Changes to 2019 Tax Season

Some changes you are going to see for the 2019 tax prep year: * You’ll notice major changes to the 1040 form. Some changes include adding capital gain section, going from 6 Schedules to 3, and moving the signature lines to the final page. * Penalties for not having health insurance expired at the end …

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Passports and Tax Debt

Taxpayers with significant tax debt, currently $52,000 or more , could start seeing some issues traveling outside of the United States. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a seriously delinquent tax debt, then requires State to deny their passport application or …

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Tax Free Doesn’t Stop This Sunday

August 2nd-4th is Missouri’s Tax Holiday weekend, and before this weekend arrives, business’s need to be knowledgeable of where their retail falls in respects to the tax holiday. Check with local governments, special circumstances, proper ways of recording and reporting their sales on this tax holiday weekend. Businesses with an online presents need to be …

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Tax Relief to Missourians who qualify

The President has declared that a major disaster occurred in the State of Missouri. Following individual assistance issued by FEMA, the IRS announced that taxpayers in certain areas will receive tax relief if qualified. Individuals who reside or have a business in Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, …

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Are Fantasy Sports Gambling or a Hobby?

Fantasy Sports is a $7 billion industry, with 59.3 million people in the United States and Canada playing. The Tax Cuts and Jobs Act (TCJA) offers some tax opportunities and difficulties that players should understand. The Fantasy Sports Trade Association (FSTA) strongly argues that fantasy sports are games of skill rather than luck, and the …

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