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Taxation


Handicap the Horses: Place a Sure Bet With a Qualified Spousal Trust
Assume that you are married to a self-proclaimed horse handicapper.  Your spouse has acquired this talent unbeknownst to you and has spent considerable time perfecting his or her skill. The...

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Missouri Supreme Court Ruling Clarifies Property Tax Sales Requirements
Benjamin Franklin once said, "There is nothing certain except death and taxes." As the economy has declined, so has the ability of individuals to pay their real estate taxes. If an individual fails...

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Appealing Real Property Taxes
2011 is a "reassessment year" for real property taxes in Missouri. A property owner's right to appeal an assessment is usually available only in "reassessment years." Unless special circumstances...

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The Twenty Dollar Bill Quiz
Can you name the president pictured on a twenty dollar bill? If that same $20 is spent by a service company to pay an individual house cleaner, would it be considered wages? What if a paralegal works...

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Congressional Magic or Mischievousness: Is the Federal Estate Tax Repealed, or Isn’t It?
In spite of what you may have heard about taxes in 2010, we believe Ben Franklin's sardonic proverb, with Will Rogers' prescient addition, still holds true - this year more than ever. Nothing is...

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Dinner, Drinks and a Game—How Deductible Is It?
On a recent business trip to Indianapolis, you decide to take a client out for dinner, drinks and to a Pacers' game. It’s win-win: you have a good time and you use the opportunity to earn some...

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Gentlemen Farming and Other Side Businesses; Issues in Passive Activity and Self-Employment Taxation
Ted and John are friends from the same town. Each is successful in his professional career (Ted as a dentist, John as an insurance salesman). Ted decides to invest in and do some part-time work at a...

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Reasonable and Necessary Compensation: Undocumented Work Disqualifies Benefit Reimbursements
Compensation paid by a business, whether a corporation, limited liability or sole proprietorship must be “ordinary and necessary” to be deductible for corporate income tax purposes. If such...

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Taxes Beyond Choice of Entity; Minimizing Employment Taxes
When forming a new company, you have a choice of business entities. For most small business owners, electing to be taxed under the Internal Revenue Code as a Subchapter "S" corporation or forming a...

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“American Jobs Creation Act of 2004”
Overview for Individuals and Owners of Small or Closely-Held Businesses We hope that the following explanation of some of the significant provisions of the “American Jobs Creation Act of 2004”...

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