REsources Helpful Articles AllAccountingAccounting ServicesConsultingFinancialNewsPayrollTaxCharitable Donations: Giving to Donor-Advised FundsCharitable 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 RulesWith 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 NatureInterested 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 RadioIf 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.Easy 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 BillIf 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 HomeDoes 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 PlanGain 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 TaxesThe 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 TaxesEven 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 TaxesYou’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 GiftsHow 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 ToolWhen 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. LouisAnnis 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 PenaltiesThe 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 PlanIn 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?If 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?A 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 LeaveAs 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 StartedIf 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?What 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 TravelYou’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?Social 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 PolicyIn 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?Life 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 SimpleHow 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 DocumentNew 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 DocumentEstate Planning: What’s Right for You?Estate 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?Why Increased Tax Basis on Your Home Is a Good ThingWhen 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 ThingAvoid Ruin in a Crisis: Create a Financial Safety NetLife 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 Avoid Ruin in a Crisis: Create a Financial Safety NetTaxes on Sale of Gift Property: What you need to knowYou’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 Gift Property: What you need to knowCan You Deduct the Cost of Your Home Computer?So you’re buying a new computer and you’re wondering, “Are there any home computer deductions I can use?” Costs of buying and operating a home…Read More Can You Deduct the Cost of Your Home Computer?Self-Employed Health Insurance Tax DeductionTax 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 DeductionHow Installment Sales Can Defer TaxesInstallment sales can enable you to defer the tax on some or all of the gain on the sale of property or a business. In…Read More How Installment Sales Can Defer TaxesBuy-Sell Agreements as an Exit Strategy for Small BusinessesAs 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 as an Exit Strategy for Small BusinessesClosing a Business? Here’s What You Need to Know about TaxesIf you’ve decided to close a business, it’s important to take care of your Federal tax obligations. In this article, we’ll outline the requirements of…Read More Closing a Business? Here’s What You Need to Know about TaxesMissouri Medical Marijuana Tax Update280E 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 UpdateNo-Loss Tax Rules: Beware of Selling Property to a Relative at a LossBefore you sell a property to a relative at a loss, stop and find out more about the tax consequences. Special tax rules, such as…Read More No-Loss Tax Rules: Beware of Selling Property to a Relative at a LossRenting to a Relative? Understand the Tax ImpactWhat 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 ImpactCapital Gains and Losses: Tax OverviewWith 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 PlanIn 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 TaxesHow 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 OwnersCheck 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 BillAs 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 BillWhy a Limited Partnership Makes Sense for New BusinessesWhen 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 Why a Limited Partnership Makes Sense for New BusinessesHow Kiddie Tax Rules Affect YouMany 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 YouESOP Contribution Limits, Deductions, and MoreWhat 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 Contribution Limits, Deductions, and MoreHow 529 Plans Offer Tax Savings for School TuitionWhat 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 HomeDoes 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 HomeTax Challenges Facing Marijuana Related Businesses (MRBs)Key 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 BorrowersOverview 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 BorrowersPreparing for Tax Audits—Especially Cannabis OperatorsThis 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 Preparing for Tax Audits—Especially Cannabis OperatorsTax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in MissouriTax 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 KnowThe 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?Employers 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?Can you deduct club dues?Many customers ask us if they can deduct clue dues. It’s a logical question, especially since you may entertain customers at your club. Many feel…Read More Can you deduct club dues?PPP Flexibility ActJames 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 FAQAlan Dierker, CPA answers questions regarding unemployment benefits under the CARES Act.Read More Unemployment Quick FAQPPP Loans ProgramWe’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 DutiesIRS 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 EntitiesA 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 NewsDavid 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 USAAs 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 2012IRS 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 ConsequencesFederal 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 2013Standard 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 PartnershipA 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 PlanningFor 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?The 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?