2017 Tax Reform: Trump Outlines Principles

President Donald Trump, in a speech delivered at a manufacturing company in Springfield, Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system. While generally focusing more on “why” tax reform is necessary and less on specific tax reform measures, the President did reaffirm his desire for a 15% business tax rate….

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St. Louis City Minimum Wage Drops

St. Louis’ minimum wage has dropped to $7.70 after a brief increase to $10, due to opposition from Missouri Gov. Eric Greitens. In July, Greitens announced that the increase would kill jobs. St. Louis passed an ordinance in 2015 that mandated the city’s minimum wage would increase to $10 by 2017. A court battle between Missouri’s state legislature and the city of St. Louis ensued, but the city’s minimum wage…

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Out-of-State Travelers Expected to Pack Missouri for Solar Eclipse

Expect Missouri roads to be busier than normal these days leading up to the solar eclipse. More than a million out-of-state visitors will pack Missouri’s roads over the four-day weekend, according to the Missouri Department of Transportation. Worst case scenarios would be traffic jams on the highways leading into cities that are prime viewing of what for many will be a…

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Recent Developments That May Affect Your Tax Situation

To the Rackers & Fernandez family of clients: 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…

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St. Louis Minimum Wage to Revert

Gov. Eric Greitens says he will let a bill repealing a St. Louis minimum wage become law without his signature. The decision announced last Friday by Greitens means St. Louis’ $10-an-hour minimum wage that has been in place since early May will come to an end Aug. 28 when new Missouri laws take effect. The minimum wage in St. Louis…

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IRS to Launch New Digital System to Spot Frivolous Tax Returns

The IRS is about to launch yet another digital system designed to spot “frivolous” tax returns after the last several systems let too many bogus claims through, according to a recent tax audit released this month. The tax agency had thought it had solved the problem when it moved to a new system in 2012, but there was a major drop in…

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2017 Tax Reform: Anticipated Trump Tax Cut Accelerating Debt Limit Showdown

As reported by Reuters, the U.S. Congress may be headed for a reckoning with the federal debt limit sooner than expected, thanks to wealthy Americans and corporations deferring tax payments in the hope that they would benefit from the lower tax rates promised by President Trump. This article examines the tax revenues received this year and a number of ways…

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Missouri Refund Status

State tax refunds were due back last week — June 2, to be precise — to every Missouri resident who filed by the April 18 Tax Day deadline. But according to Missouri State Auditor Nicole Galloway, more than 1,000 people have called her office’s whisteblower hotline with complaints about accessing their refunds. “They report long wait times, disconnected calls, the…

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Rising Student Loan Interest Rates Will Hurt Taxpayers

Interest rates on federal student loans will rise slightly next year. Loans to undergraduates issued in the 2017-18 academic year will be 4.45%, up from 3.76% currently. Rates on standard loans to graduate students will rise to 6%, while rates on PLUS loans to graduate students and parents will reach 7%. While all of these rates represent an increase from the current…

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St. Louis City Minimum Wage Law

The City’s minimum wage law is effective May 5, 2017. Covered employers are required to pay their employees $10.00 an hour, which will increase to $11.00 an hour on January 1, 2018. Information regarding exemptions, notice requirements, complaints and other details are available on the links below. Inquiries may also be directed to the City’s Minimum Wage Compliance Section by…

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