REsources Helpful Articles AllAccountingCannabisConsultingNewsTaxTrust/Estate PlanningPrevent Tax-Related Identity Theft with an IRS IP PINAugust 3, 2022In recent years, identity theft has invaded the lives of many tax payers as fraudsters have filed false tax returns and other schemes. Top Recommended…Read More Prevent Tax-Related Identity Theft with an IRS IP PINEstate Planning: What’s Right for You?July 20, 2022Estate planning sounds like one of those “should do” tasks that a responsible adult does later. Somehow, it often ends up in the same procrastination…Read More Estate Planning: What’s Right for You?Selling a Home? Important Tax Facts You Need to KnowJuly 13, 2022Summer is a popular season for families to sell their home and move. The IRS recently issued important reminders for people selling a home and…Read More Selling a Home? Important Tax Facts You Need to KnowProtect Yourself in a Financial EmergencyJuly 6, 2022Life is full of unexpected twists. If you have a crisis, you don’t want your life to go down in flames. What can you do…Read More Protect Yourself in a Financial EmergencyHigh Gas Prices Lead IRS to Increase Mileage Rate for 2022—AgainJune 29, 2022The Internal Revenue Service recently announced a mid-year mileage rate increase, used for calculating business tax deductions for vehicle use. This rare mileage increase is…Read More High Gas Prices Lead IRS to Increase Mileage Rate for 2022—AgainTaxes on Sale of Gifted Property: What you need to knowJune 22, 2022You’ve received a gift of property. It’s important to learn about the tax consequences if you decide to sell that property. In the event of…Read More Taxes on Sale of Gifted Property: What you need to knowIs a Dynasty Trust right for you?June 15, 2022With the Biden administration discussing changes to the tax code, it makes sense to consider creating a family legacy, like a dynasty trust, for your…Read More Is a Dynasty Trust right for you?Installment Sales: Defer Taxes, Attract BuyersJune 8, 2022With escalating prices and the era of COVID-19, Installment sales may be a good way to attract buyers even if they don’t the ability to…Read More Installment Sales: Defer Taxes, Attract BuyersTax Checklist for NewlywedsJune 2, 2022It’s that time of year when wedding bells are ringing. After the honeymoon is over, what do the newly married need to do for taxes?…Read More Tax Checklist for NewlywedsBuy-Sell Agreements: Exit Strategy for Small BusinessesMay 25, 2022As a business owner, you’re often caught up in the daily motion of running your business. It’s easy to let important, but non-urgent aspects of…Read More Buy-Sell Agreements: Exit Strategy for Small BusinessesClosing a Business? Here’s What You Need to Know about TaxesMay 18, 2022If you’ve decided to close a business, it’s important to take care of your Federal tax obligations. Company owners can mistakenly think that because the…Read More Closing a Business? Here’s What You Need to Know about TaxesAvoid the Pitfalls of Multi-Generational Wealth TransferMay 12, 2022Passing on wealth to the next generation—also called wealth transfer—is a challenge faced by many families. 70% of Multi-Generational Wealth Transfers Fail According to research,…Read More Avoid the Pitfalls of Multi-Generational Wealth TransferThings to Know About Tax Audits—Including Cautions for Cannabis BusinessesMay 4, 2022This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a…Read More Things to Know About Tax Audits—Including Cautions for Cannabis BusinessesHow to Know It’s Really the IRS Contacting YouApril 27, 2022You’ve just heard from someone claiming to be from the IRS. Now what? How can you tell if this person is legit or a scammer?…Read More How to Know It’s Really the IRS Contacting YouESOP Tax Benefits: 2022 Contribution Limits and MoreApril 21, 2022What is an ESOP? An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that enables employees to have ownership interest in the company….Read More ESOP Tax Benefits: 2022 Contribution Limits and MoreIRS increases marijuana business audits after COVID-19 lullApril 13, 2022According to MJBizDaily.com, the IRS put much of its routine work on the back burner, including audits, enforcement and collections during the coronavirus pandemic. However,…Read More IRS increases marijuana business audits after COVID-19 lullCan you deduct club dues?April 7, 2022Many customers ask us if they can deduct club dues. It’s a logical question, especially since you may entertain customers at your club. Many feel…Read More Can you deduct club dues?Filing Last-Minute Taxes – How to PrepareMarch 30, 2022It’s late in the tax season, and you might be scrambling to gather receipts and documentation to prepare your tax returns. According to the IRS,…Read More Filing Last-Minute Taxes – How to PrepareMissouri’s Motor Fuel Tax: Should You Claim a Refund?March 24, 2022As gas prices climb higher, businesses are asking us about Missouri’s Motor Fuel Tax Refund. What is the fuel tax refund? How much can you…Read More Missouri’s Motor Fuel Tax: Should You Claim a Refund?What Happens If You File Your Taxes Late… or Never?March 17, 2022It’s tax season, when folks are digging through receipts, making spreadsheets and filling out IRS forms. The filing deadline for federal taxes is Monday, April…Read More What Happens If You File Your Taxes Late… or Never?Smith Patrick Voted 2022 Best Accounting Service by Readers of Greenway MagazineMarch 9, 2022Smith Patrick CPAs has been voted “Best Accounting Firm in Missouri” by Greenway Magazine in its Reader’s Choice Best of the Industry Awards. Smith Patrick…Read More Smith Patrick Voted 2022 Best Accounting Service by Readers of Greenway MagazineIs the Cost of Your Home Computer Tax Deductible?March 2, 2022When you’re buying a new computer, it’s common to think, “Are there any home computer deductions I can use?” Costs of buying and operating a…Read More Is the Cost of Your Home Computer Tax Deductible?Renting to a Relative? Understand the Tax ImpactFebruary 23, 2022What are the tax consequences of renting a home you own to a relative? In normal circumstances, when renting a home or apartment, you’re entitled…Read More Renting to a Relative? Understand the Tax ImpactHow Kiddie Tax Rules Affect YouFebruary 17, 2022Many people ask if they can save on taxes by transferring assets into their children’s names. This tax technique is called income shifting. It seeks…Read More How Kiddie Tax Rules Affect YouJohn Ernst Joins Smith Patrick CPAs, Brings Expertise in Financial Valuation and Litigation SupportFebruary 17, 2022Ernst Brings 20+ Years of Experience to Growing St. Louis Accounting Firm St. Louis, MO — Smith Patrick CPAs announces that John Ernst, CPA, ABV,…Read More John Ernst Joins Smith Patrick CPAs, Brings Expertise in Financial Valuation and Litigation SupportSmith Patrick Named One of St. Louis’ Largest Accounting FirmsFebruary 9, 2022Local accounting firm Smith Patrick CPAs has been ranked as a largest accounting firm in St. Louis. The firm is ranked #23 by number of…Read More Smith Patrick Named One of St. Louis’ Largest Accounting FirmsSmith Patrick Sponsors AICPA Ethnically Diverse Student ProgramFebruary 3, 2022Smith Patrick CPAs is helping offer opportunities to diverse students. The St. Louis-based firm has been selected by the AICPA as a co-sponsor of the…Read More Smith Patrick Sponsors AICPA Ethnically Diverse Student ProgramNo-Loss Tax Rules: Beware of Selling Property to a Relative at a LossJanuary 27, 2022Before you sell a property to a relative at a loss, stop and find out more about the tax consequences. Special tax rules—like the loss…Read More No-Loss Tax Rules: Beware of Selling Property to a Relative at a LossLimited Partnership: Consider It for Your New BusinessJanuary 20, 2022When starting a new business venture, a limited partnership can be a good choice as an entity. You can raise capital to fund the venture…Read More Limited Partnership: Consider It for Your New BusinessHow 529 Plans Offer Tax Savings for School TuitionJanuary 13, 2022What are 529 plans? Also known as qualified tuition programs, these plans enable prepayment of higher education costs on a tax-favored basis. Types of 529…Read More How 529 Plans Offer Tax Savings for School TuitionTax Rules for Renting Your Vacation HomeJanuary 6, 2022Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…Read More Tax Rules for Renting Your Vacation HomeFraudulent Tax Scams Are a ThreatDecember 23, 2021Our firm takes data security seriously, and we think you should too. Fraud From now throughout tax season, fraudsters continue amp up their tactics to…Read More Fraudulent Tax Scams Are a ThreatYear End Tax Planning StrategiesDecember 16, 2021As we wrap up 2021, there’s many tax planning strategies to consider. As your tax and financial team, we want to help you navigate your…Read More Year End Tax Planning StrategiesHow 2021 Legislation Impacts Your TaxesDecember 9, 2021As you wrap up 2021, it’s important to take a closer look at your tax and financial plans. Challenges and Changes for Year-End Planning This…Read More How 2021 Legislation Impacts Your TaxesCharitable Donations: Giving to Donor-Advised FundsDecember 2, 2021Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like…Read More Charitable Donations: Giving to Donor-Advised FundsWhat You Should Know about Corporate Airplane Tax RulesNovember 27, 2021With business travel ramping up again, you might be dreaming of buying a corporate airplane to avoid layovers and crowded airplanes. Before you buy an…Read More What You Should Know about Corporate Airplane Tax RulesTax Benefits for Helping Mother NatureNovember 11, 2021Interested in helping to conserve land for public use or preserve an historic structure from real property that you own? Consider a qualified conservation contribution,…Read More Tax Benefits for Helping Mother NatureFor Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public RadioNovember 3, 2021If you’re doing business with a medical marijuana company, your bank may charge you high fees or refuse to do business. David Smith, owner and…Read More For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public RadioAre You Struggling to Handle an All-Cash Cannabis Business? Then Read This.October 28, 2021Easy to Implement Tips to Set Up a Cashless ATM for Your Cannabis Business In the growing cannabis market, cash is key. Like it or…Read More Are You Struggling to Handle an All-Cash Cannabis Business? Then Read This.Got New Business Startup Expenses? Find Out How to Minimize Your Tax BillOctober 14, 2021If you’ve recently started a business, or are in the process of starting one now, it’s important to think about taxes. The way you handle…Read More Got New Business Startup Expenses? Find Out How to Minimize Your Tax BillTax Rules for Renting Your Vacation HomeOctober 7, 2021Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…Read More Tax Rules for Renting Your Vacation HomeSmall Businesses Get a Tax Credit for Starting a Retirement PlanSeptember 30, 2021Gain better employee retention while lowering your tax bill with the Pension Plan Tax Credit Attention small businesses: you may be able to claim a…Read More Small Businesses Get a Tax Credit for Starting a Retirement PlanLife Insurance Benefits: How to Avoid Estate TaxesSeptember 23, 2021The reason that most people buy life insurance benefits is to provide for their family after their death. Yet, in some cases, if the life…Read More Life Insurance Benefits: How to Avoid Estate TaxesLife Insurance Trust: Minimize Estate TaxesSeptember 16, 2021Even a with modest estate, you can end up owing hundreds of thousands of dollars in estate taxes. Why? A life insurance policy with a…Read More Life Insurance Trust: Minimize Estate TaxesQPRT: Transfer Your Home to Your Kids with Less TaxesSeptember 9, 2021You’re at the point in your life where you want to transfer the ownership of your home to your kids. How can you best make…Read More QPRT: Transfer Your Home to Your Kids with Less TaxesCrummey Trusts: How to Manage Monetary GiftsSeptember 2, 2021How can a Crummey Trust help you? Giving Responsibly With a custodial account, you can give away up to the gift tax annual exclusion amount…Read More Crummey Trusts: How to Manage Monetary GiftsCharitable Remainder Trust: A Powerful Estate Planning ToolAugust 26, 2021When you’re developing your estate plan, one powerful tool to consider is a charitable remainder trust (CRT). A CRT may enable you to reduce your…Read More Charitable Remainder Trust: A Powerful Estate Planning ToolSmith Patrick CPA’s Debra Annis Named a Best Accountant in St. LouisAugust 17, 2021Annis Honored as a Best CPA by St. Louis Small Business Monthly Debra J. Annis, CPA, has been named to St. Louis Small Business Monthly’s…Read More Smith Patrick CPA’s Debra Annis Named a Best Accountant in St. LouisSham Trusts: How to Avoid Tax PenaltiesAugust 12, 2021The IRS warns us about tax evasion schemes, called “sham trusts,” involving foreign and domestic trusts. An important of estate planning is find the best…Read More Sham Trusts: How to Avoid Tax PenaltiesHow the Estate Tax Exemption Impacts Your Estate PlanAugust 6, 2021In the last decade, a lot has changed with tax planning for your estate. Most notably, the estate tax exemption. What Is Estate Tax? According…Read More How the Estate Tax Exemption Impacts Your Estate PlanWhen Are Business Meals Tax Deductible?July 29, 2021If you’re heading to the restaurant for a business meal, it’s good to know the rules that apply to get a tax deduction. In recent…Read More When Are Business Meals Tax Deductible?Are Frequent Flyer Miles Taxed When Redeemed?July 15, 2021A popular perk of business travel is earning frequent flyer miles and other promotional benefits. Airlines, rental car companies and hotels have rewards programs that…Read More Are Frequent Flyer Miles Taxed When Redeemed?What You Need to Know about the Employer Tax Credit for Paid Family and Medical LeaveJuly 9, 2021As an employer that provides paid family and medical leave to our employees, you may qualify for a tax credit. How does it work? Employer…Read More What You Need to Know about the Employer Tax Credit for Paid Family and Medical LeaveBudgeting Basics: Why You Need a Budget and How to Get StartedJuly 1, 2021If it seems like your money disappears as fast as it comes in, you need a budget. If you have trouble saving for your dream…Read More Budgeting Basics: Why You Need a Budget and How to Get StartedIs Your Business Travel Tax Deductible?June 24, 2021What expenses are tax deductible for out of town business business travel within the U.S.? As business travel starts up again, it’s important to know…Read More Is Your Business Travel Tax Deductible?Tax Rules for Foreign Business TravelJune 17, 2021You’re heading out of the country on a business trip. What tax rules apply to your foreign business travel? Tax Rules for a Trip That’s…Read More Tax Rules for Foreign Business TravelAre Your Social Security Benefits Taxed?June 10, 2021Social security income is taxed differently than the income you may have earned during your career. Whether you pay income tax on social security depends…Read More Are Your Social Security Benefits Taxed?Most Asked Questions: Life Insurance PolicyJune 3, 2021In this post, we’ll address common life insurance questions that we hear from our customers. We’ll discuss the parts of a life insurance policy, types…Read More Most Asked Questions: Life Insurance PolicyLife Insurance: What’s Best for You?May 27, 2021Life insurance is designed to protect and provide for your beneficiaries in the event of your death. Under the terms of a life insurance policy,…Read More Life Insurance: What’s Best for You?Charitable Giving Made SimpleApril 22, 2021How to Include Philanthropy in Your Estate Planning When it comes to your estate plan, you’re rewarded by doing good. In this article, we’ll cover…Read More Charitable Giving Made SimpleCannabis Audit Procedures Revealed in Confidential IRS DocumentApril 15, 2021New Information on What to Expect During Cannabis Audits The marijuana industry recently gained access to new intel on what to expect during IRS cannabis…Read More Cannabis Audit Procedures Revealed in Confidential IRS DocumentWhy Increased Tax Basis on Your Home Is a Good ThingMarch 25, 2021When it comes to home ownership taxes, it’s important to understand the tax basis of your primary home. Basis is generally your cost in acquiring…Read More Why Increased Tax Basis on Your Home Is a Good ThingSelf-Employed Health Insurance Tax DeductionMarch 4, 2021Tax benefits are available to self-employed individuals who pay health insurance costs. Self-employed taxpayers can deduct 100% of their health insurance costs in computing their…Read More Self-Employed Health Insurance Tax DeductionMissouri Medical Marijuana Tax UpdateFebruary 4, 2021280E Update: Pursuing normal business deductions for Missouri medical marijuana licensees Cannabis businesses, also known as marijuana related businesses (MRBs), face significant tax challenges. Though cannabis…Read More Missouri Medical Marijuana Tax UpdateCapital Gains and Losses: Tax OverviewJanuary 14, 2021With the stock market making record gains, it’s a good time to review how you, as an individual, are taxed on the gains and losses…Read More Capital Gains and Losses: Tax OverviewBiden Tax PlanJanuary 13, 2021In this short video, James Curran CPA/PFS discusses President-Elect Biden’s proposed tax plan and what you can do to prepare.Read More Biden Tax PlanStudent Loan Cancellation: Impact on TaxesJanuary 8, 2021How does the cancellation of your student loan affect your tax liability? In general, if a loan or other debt you owe is canceled, you…Read More Student Loan Cancellation: Impact on TaxesSmart Year-End Tax Planning for Business OwnersDecember 30, 2020Check out these business tax planning moves before the year ends. It’s been an unusual year to say the least for most businesses. Business tax…Read More Smart Year-End Tax Planning for Business OwnersYear-End Planning: Lower Your Tax BillDecember 17, 2020As year-end approaches, it’s a good time to think about planning moves that may help lower your tax bill for this year and beyond. 2020…Read More Year-End Planning: Lower Your Tax BillTax Challenges Facing Marijuana Related Businesses (MRBs)November 5, 2020Key Accounting and 280E Implications for Medical Marijuana Businesses Recently, I wrote an article on accounting and 280E for medical marijuana businesses that was published…Read More Tax Challenges Facing Marijuana Related Businesses (MRBs)SBA Issues Guidance on Changes of Ownership for PPP Loan BorrowersOctober 8, 2020Overview On Oct. 2, 2020, the Small Business Administration (SBA) issued Procedural Notice 5000-20057, which outlines the required notification and consent procedures for changes in…Read More SBA Issues Guidance on Changes of Ownership for PPP Loan BorrowersTax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in MissouriSeptember 24, 2020Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or…Read More Tax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in MissouriThe IRS Updated Tax Guidance on the Marijuana Industry… Here’s What You Need to KnowSeptember 17, 2020The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give…Read More The IRS Updated Tax Guidance on the Marijuana Industry… Here’s What You Need to KnowIs Your Business Eligible for the Work Opportunity Tax Credit?August 20, 2020Employers can qualify for a tax credit known as the work opportunity credit that is worth as much as $2,400 for each eligible employee ($4,800,…Read More Is Your Business Eligible for the Work Opportunity Tax Credit?PPP Flexibility ActJune 24, 2020James Curran CPA/PFS discusses the recent changes to the Paycheck Protection Program with the passing of the PPP Flexibility Act.Read More PPP Flexibility ActUnemployment Quick FAQJune 3, 2020Alan Dierker, CPA answers questions regarding unemployment benefits under the CARES Act.Read More Unemployment Quick FAQPPP Loans ProgramMay 15, 2020We’ve been getting a lot of questions from our clients this past week on the PPP loans program. To help address some of these top…Read More PPP Loans ProgramTips for Employers Who Outsource Payroll DutiesJuly 19, 2013IRS Newswire FS-2013-9 Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party…Read More Tips for Employers Who Outsource Payroll Duties“Corporate Records Service” Mailings to Business EntitiesMarch 16, 2013A company called Corporate Records Service has mailed solicitations titled “2013 – Annual Minutes Form” to corporations in Missouri, as well as other states. The…Read More “Corporate Records Service” Mailings to Business EntitiesTax Refund Delays – In The NewsMarch 15, 2013David Smith on KMOV Channel 4 discussing tax refund delays with Larry Connors: (KMOV.com) — A software glitch forced more than 600,000 people to wait…Read More Tax Refund Delays – In The NewsRenewable Energy Tax Credits – Active House USAMarch 3, 2013As construction comes to a close, but before the moving trucks arrive, we’re opening the doors to Active House USA for one last time. One…Read More Renewable Energy Tax Credits – Active House USATax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2012January 18, 2013IRS alert. Notification IR-2013-6: WASHINGTON — Certain owners of individual retirement arrangements (IRAs) have a limited time to make tax-free transfers to eligible charities and…Read More Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2012Congress-Passed Bill Averts Fiscal Cliff Tax ConsequencesJanuary 3, 2013Federal Taxes Weekly Alert, In the early morning hours of Jan. 1, 2013, the Senate, by a vote of 89-8, passed H.R.8, the “American Taxpayer…Read More Congress-Passed Bill Averts Fiscal Cliff Tax ConsequencesStandard Mileage Rates for 2013December 12, 2012Standard Mileage Rates IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by…Read More Standard Mileage Rates for 2013Contributing Property to a PartnershipOctober 16, 2012A client of ours was recently forming a partnership with another individual. The two individuals had a desire to form a partnership of equals but…Read More Contributing Property to a PartnershipUncertainty Creating Difficulty for Year-End Tax PlanningSeptember 24, 2012For the last several years we have been faced with year-end legislation, late forms, and other changes that add to the complexity and confusion in…Read More Uncertainty Creating Difficulty for Year-End Tax PlanningWhat Exactly is an SBA Loan?August 21, 2012The U.S. Small Business Administration (SBA) is a federal government agency that administers loan guaranty programs and other support services to encourage growth and development…Read More What Exactly is an SBA Loan?