Smith Patrick CPAs Participates in AICPA Diverse Student Internship in 2024
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…
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Beware: Gift Card Tax Scams
After the the holiday season, gift card tax scams are common. Taxpayers should be aware of the tactics that thieves often use during this time…
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Green Home Improvements? Get Tax Credits with Inflation Reduction Act
If you’re making energy-efficient improvements to your home, you’ll want to pay attention to the newly passed Inflation Reduction Act. This new law expands or…
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Online Safety Steps to Avoid Tax Scams & Protect Your Identity
Thousands of people have lost millions of dollars and their personal information to tax scams. During Cybersecurity Awareness Month, conducted every October, the mission of…
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Avoid Cannabis Tax Mistakes that Can Destroy Your Company
Many marijuana companies have faced stormy financial situations recently with collapsing margins, oppressive taxes, and vanishing access to debt and equity capital. Despite financial woes…
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Tax Impact: Hobby or Business?
Collecting stamps, woodworking, crafting, photography…people have all kinds of hobbies. Most people don’t make a profit from their hobby. However, hobbyists should be aware that…
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Accounting | Cannabis | Tax
Tax Challenges Facing Marijuana Related Businesses (MRBs)
Key Accounting and 280E Implications for Medical Marijuana Businesses This is a summary of key areas to evaluate for marijuana related businesses and their finance…
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Student Loan Cancellation: Impact on Taxes
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…
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Prevent Tax-Related Identity Theft with an IRS IP PIN
In recent years, identity theft has invaded the lives of many tax payers as fraudsters have filed false tax returns and other schemes. Top Recommended…
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High Gas Prices Lead IRS to Increase Mileage Rate for 2022—Again
The 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…
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Buy-Sell Agreements: Exit Strategy for Small Businesses
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…
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Accounting | Cannabis | Tax
Things to Know About Tax Audits—Including Cautions for Cannabis Businesses
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…
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IRS increases marijuana business audits after COVID-19 lull
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,…
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Smith Patrick Named One of St. Louis’ Largest Accounting Firms
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…
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Accounting | Cannabis | News | Tax
For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public Radio
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…
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Are 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…
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Cannabis | Consulting | Tax
Tax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in Missouri
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…
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The IRS Updated Tax Guidance on the Marijuana Industry… Here’s What You Need to Know
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…
