http://www.carnahanlaw.com/rss/rss.xml tax and other legal items en-us Copyright 1997-2008, Frank C. Carnahan, all rights reserved Sun, 28 Nov 2004 13:00:00 GMT Sun, 02 Nov 2008 13:00:00 GMT fc@carnahanlaw.com (Frank C. Carnahan) http://www.carnahanlaw.com/rss/news.html http://www.carnahanlaw.com/img/fcctitle.gif http://www.carnahanlaw.com/rss/rss.xml Frank C. Carnahan, attorney at law Fri, 01 Jan 2009 13:00:00 GMT Missouri minimum wage increases from $6.65 to $7.05 on January 1, 2009 http://www.dolir.mo.gov/LS/minimumwage/index.asp Wed, 17 Dec 2008 13:00:00 GMT On December 1, 2008, the Missouri Senate introduced S.B. 19 to conform the state's laws to the Streamlined Sales and Use Tax (SST) Agreement, effective August 28, 2009. Similar conformity legislation was introduced but failed to pass in four previous legislative sessions. http://www.senate.mo.gov/09info/BTS_Web/Bill.aspx?SessionType=R&BillID=512712 Wed, 17 Dec 2008 13:00:00 GMT IRS announced an expedited process for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home. IR-2008-141, Dec. 16, 2008 http://www.irs.gov/newsroom/article/0,,id=201343,00.html Wed, 10 Dec 2008 13:00:00 GMT presentations on a variety of topics are featured http://www.irs.gov/businesses/small/article/0,,id=97726,00.html Wed, 10 Dec 2008 13:00:00 GMT including basic tips to help new business owners avoid potential problems http://www.irs.gov/businesses/small/article/0,,id=200424,00.html Mon, 08 Dec 2008 13:00:00 GMT The IRS announced that beginning Dec. 1, 2008, for a two-year test period, Appeals will offer post-Appeals mediation and arbitration for Offer in Compromise (OIC) and Trust Fund Recovery Penalty (TFRP) cases for taxpayers whose appeals are considered at the Appeals office in Atlanta, Ga.; Chicago, Ill.; Cincinnati, Ohio; Houston, Texas; Indianapolis, Ind.; Louisville, Ky.; Phoenix, Ariz.; and San Francisco, Calif. http://www.carnahanlaw.com/rss/news.html#ir2008135 Fri, 05 Dec 2008 13:00:00 GMT The Missouri Department of Revenue issued ("Private Letter Ruling") LR 5205 regarding drop shipments from suppliers both within Missouri or from outside Missouri to Missouri customers to an out-of-state vendor registered to collect Missouri vendor's use tax. A drop shipment is a sale in which the seller accepts an order from a customer, places the order with a third party supplier such as a manufacturer or wholesaler, and directs the third party supplier to deliver the item directly to the customer. Title passes from the supplier to the seller and then to the customer on delivery. Seller and then title to the item passes from the seller to the customer. R.S.Mo. Sec. 144.054.2 provides an exemption for state sales and use taxes and local use taxes, but not local sales tax. Seller's customer can claim the exemption for state sales tax, but not for the local sales tax. Seller should register with the Department to collect and remit the local sales tax on its sales that are drop shipped. Seller should collect the local sales tax for sales that are drop shipped by Missouri suppliers at the rate in effect at a Missouri supplier. Seller should collect the local sales tax in effect at the customer's location for sales that are drop shipped by non-Missouri suppliers. http://dor.mo.gov/tax/rulings/LR5205.htm Thu, 27 Nov 2008 13:00:00 GMT IRS issues standard vehicle mileage rates effective 1/1/09: Business 55 cents per mile; Charitable contribution 14 cents per mile; Medical and moving 24 cents per mile http://www.irs.gov/pub/irs-drop/rp-08-72.pdf Sun, 02 Nov 2008 13:00:00 GMT A national bank which solicited business and received significant gross receipts from interest and fees paid by Indiana customers had a substantial nexus with the state subjecting it to the Indiana financial institutions tax (FIT). The bank argued physical presence was required under the Commerce Clause, but, the Indiana Tax Court found that the U.S. Supreme Court has not extended the physical presence requirement beyond the realm of sales and use taxes. MBNA America Bank v. Indiana Department of State Revenue, Indiana Tax Court, No. 49T10-0506-TA-53, October 20, 2008. http://www.carnahanlaw.com/rss/news.html#mbnanexus Sun, 02 Nov 2008 13:00:00 GMT IRS Chief Counsel recently determined the reduction in state franchise tax attributable to the New York Qualified Empire Zone Enterprise (QEZE) Credit for real property taxes is generally deductible under Code Sec. 164, but receipt of a payment attributable to the refundable credit would be included in federal gross income and treated as a recover of property tax. CCA 200842002 http://www.carnahanlaw.com/rss/news.html#200842002 Sun, 02 Nov 2008 13:00:00 GMT Previously, a disregarded entity could pay employment taxes under either its name and own EIN, or the disregarded entity owner's name and EIN. Now, disregarded entities paying wages on or after January 1, 2009 must have their own tax ID number. The new regulations only apply to employment taxes, and a disregarded entity continues to be disregarded for other Federal tax purposes. Reg. Sec. 301.7701-2(c)(2)(iv). See 72 Fed. Reg. 45,891 (Aug. 16, 2007) http://www.carnahanlaw.com/corp/llc.html#disregardedein Sun, 02 Nov 2008 13:00:00 GMT The Ninth Circuit Court of Appeals declined to review arguments not raised before the District Court by the owner of a disregarded single-member LLC fighting personal liability for the entity's unpaid employment tax liabilities that the IRS's check-the-box regs are unreasonable and invalid. The court also found that the recent decision by the IRS to adopt new regulations regarding the taxation of sole member LLCs does not change the result here. Kandi, 06-35209, 2008-2 USTC Para. 50,599 (9th Cir, September 25, 2008). http://www.carnahanlaw.com/corp/llc.html#disregardedein