What is Missouri Use Tax & Do I Need to File?

Sergio sits down and simplifies Missouri Use Tax.  He also answers if you need to file or not. Almost everyone knows what sales tax is, you can even ask my kids. In an effort to fight off the spending at Target and the dreaded $1 section (strategically placed just inside the entrance), I used sales tax as a learning experience…

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2017 Tax Organizer and Business Engagement Letters

Your Client Organizer is the important first step in analyzing your tax position for the year. It is designed to help you quickly and conveniently provide us with critical information in order to maximize your deductions and minimize the hassles. Follow the steps below to access and print your 2017 Client Organizer via our Client Center on our website! Step 1:…

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Have You Filed Your Return Yet?

Still sitting on an incomplete tax return in early April? Keep calm but get cracking. A good chunk of this year’s filers are procrastinating. As of March 24, the Internal Revenue Service received 85.3 million tax returns, down 4.7 percent from the same point last year. Ask for an extension Secure an appointment as soon as you can. Just because…

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Rackers and Fernandez Managing Partner, Sergio Fernandez, Honored with Beyond the Best in Business Award

November, 2016: St. Louis, Missouri – Each year, Streetscape Magazine honors a group of area professionals who are impacting positive change in the community, and serving as leaders in business. This year, Rackers and Fernandez Managing Partner Sergio Fernandez has been named to this elite group, and recently received a 2016 Beyond the Best in Business Award. Recipients were recognized…

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Year-End Moves for Those Who Believe President-Elect Trump Will Cut Their Taxes

In his first televised interview, President-elect Trump declared that a “major tax bill lowering taxes in this country” would be one of his top three priorities. Those middle and upper income taxpayers who are betting he can deliver on this promise, and put his tax reduction plan in place for 2017, should revisit their year-end tax moves to make the…

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IRS Statement on “Get an IP PIN” Tool

IRS has announced that, following a temporary suspension, it has re-launched its “Get an IP PIN” (Identity Protection Personal Identification Number) tool on its website with a stronger authentication process to help protect taxpayers.   Background To provide relief to victims of identity theft, IRS began issuing IP PINs to eligible taxpayers in Fiscal Year 2011. An IP PIN is…

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U.S. Seeks Options For Farm Loan Program

The U.S. government’s $2.65 billion operating loan program to help farmers keep their businesses going has already run out of cash, as requests for federal financial assistance grow amid the worst agricultural downturn in more than a decade, U.S. officials told Reuters on Monday.   As a result, the U.S. Department of Agriculture (USDA) is looking for other money sources…

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Beware of Phone Scams

In an Information Release, IRS has warned taxpayers of an increase in IRS impersonation scams that employ automated phone calls demanding tax payments on iTunes and other gift cards.   IRS has seen an increase in phone “robo-calls” where scammers leave urgent callback requests telling taxpayers to call back to settle their “tax bill”. These fake calls generally claim to…

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Summer Tax Highlight – 2016

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are…

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Year-End Tax-Planning Moves For Businesses & Business Owners

Here are just some of the year-end steps that can be taken to save taxes. Again, by contacting us, we can tailor a particular plan that will work best for you. We also will need to stay in close touch in the event that Congress revives expired tax breaks to assure that you don’t miss out on any resuscitated tax-saving…

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