Helpful Articles

You’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…

With the Biden administration discussing changes to the tax code, it makes sense to consider creating a family legacy, like a dynasty trust, for your…

With 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…

It’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?…

As 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…

If 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…

Passing 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,…

This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a…

You’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?…

What is an ESOP? An Employee Stock Ownership Plan (ESOP) is an employee benefit plan that enables employees to have ownership interest in the company….

According 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,…

Many 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…

It’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,…

As 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…

It’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…

Smith 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…

When 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…

What 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…

Many 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…

Ernst Brings 20+ Years of Experience to Growing St. Louis Accounting Firm St. Louis, MO — Smith Patrick CPAs announces that John Ernst, CPA, ABV,…

Local accounting firm Smith Patrick CPAs has been ranked as a largest accounting firm in St. Louis. The firm is ranked #23 by number of…

Smith 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…

Before 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…

When starting a new business venture, a limited partnership can be a good choice as an entity. You can raise capital to fund the venture…

What 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…

Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…

Our firm takes data security seriously, and we think you should too. Fraud From now throughout tax season, fraudsters continue amp up their tactics to…

As 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…

As 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…

Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like…

With business travel ramping up again, you might be dreaming of buying a corporate airplane to avoid layovers and crowded airplanes. Before you buy an…

Interested in helping to conserve land for public use or preserve an historic structure from real property that you own? Consider a qualified conservation contribution,…

If 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…

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…

If 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…

Does it make sense to rent out your vacation home for part of the year? How does it impact your tax deductions? The tax rules…

Gain better employee retention while lowering your tax bill with the Pension Plan Tax Credit Attention small businesses: you may be able to claim a…

The reason that most people buy life insurance benefits is to provide for their family after their death. Yet, in some cases, if the life…

Even a with modest estate, you can end up owing hundreds of thousands of dollars in estate taxes. Why? A life insurance policy with a…

You’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…

How can a Crummey Trust help you? Giving Responsibly With a custodial account, you can give away up to the gift tax annual exclusion amount…

When 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…

Annis 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…

The IRS warns us about tax evasion schemes, called “sham trusts,” involving foreign and domestic trusts. An important of estate planning is find the best…

In the last decade, a lot has changed with tax planning for your estate. Most notably, the estate tax exemption. What Is Estate Tax? According…

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…

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…

As an employer that provides paid family and medical leave to our employees, you may qualify for a tax credit. How does it work? Employer…

If it seems like your money disappears as fast as it comes in, you need a budget. If you have trouble saving for your dream…

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…

You’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…

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…

In 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…

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,…

How 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…

New Information on What to Expect During Cannabis Audits The marijuana industry recently gained access to new intel on what to expect during IRS cannabis…

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…

When 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…

Life 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…

Tax 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…

280E 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…

With 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…

In this short video, James Curran CPA/PFS discusses President-Elect Biden’s proposed tax plan and what you can do to prepare.

How does the cancellation of your student loan affect your tax liability? In general, if a loan or other debt you owe is canceled, you…

Check 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…

As 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…

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…

Overview 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…

Tax 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…

The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give…

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,…

IRS 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…

A company called Corporate Records Service has mailed solicitations titled “2013 – Annual Minutes Form” to corporations in Missouri, as well as other states. The…

David 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…

As 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…

IRS 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…

Federal 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…

Standard Mileage Rates IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by…

A client of ours was recently forming a partnership with another individual. The two individuals had a desire to form a partnership of equals but…

For 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…

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…