Tomi Stoner

GREAT NEWS – Business Income Deduction Expanded to Include Farm Income (HB 202 & SB 138)

Currently businesses are allowed to subtract from their Federal Adjusted Gross Income a percentage of their business income when determining their Missouri Adjusted Gross Income for Missouri individual income tax purposes. The business income subject to this subtraction is income reported as total combined profit on the IRS Schedule C, Partnership and S Corporations income …

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IRS Extends Drought Relief to Farmers and Ranchers in 49 States, 2 Territories

The Internal Revenue Service recently posted a new release which reminded eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The IRS posted Notice 2023-67 listing the applicable areas, a …

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Reminder to employers and employees: Educational assistance programs can be used to help pay workers’ student loans

The Internal Revenue Service today reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations for their employees. Traditionally, educational assistance programs have been used to pay for books, equipment, supplies, fees, tuition and other education expenses for the employee. These programs …

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