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So far rmmccpa has created 76 blog entries.

IRS offers penalty relief for 2019, 2020 tax years

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or [...]

By |2022-09-06T11:32:22-06:00September 5th, 2022|

The Inflation Reduction Act includes wide-ranging tax provisions

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office [...]

By |2022-08-16T12:11:59-06:00August 16th, 2022|

Businesses: Act now to make the most out of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation [...]

By |2022-07-25T11:10:18-06:00July 25th, 2022|

Missouri Fuel Tax Credit

As of October 1, 2021, Missouri’s motor fuel tax rate increased to 19.5 cents per gallon. You may be eligible to receive a refund of the 2.5 cents tax increase you pay on Missouri motor fuel if: Your vehicle weighs less than 26,000 pounds Your vehicle for highway use You purchased fuel in Missouri [...]

By |2022-06-27T07:12:23-06:00June 26th, 2022|
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