Author: Frank Carnahan

2026-07-21 Enacted Missouri legislation creates and modifies provisions relating to real estate transactions. Real Estate Taxes Current law requires a parcel located in certain counties to have unpaid taxes for a period of at least two years prior to the county satisfying such delinquent taxes through judicial foreclosure rather than through sale at auction. This legislation repeals such two year requirement. Also, various technical changes are made to certain other…

2026-07-21 Enacted Missouri legislation provides that, for cash transactions only, a vendor may round the total amount of sale due on a transaction to the nearest five cents. Totals ending in $0.01, $0.02, $0.06, or $0.07 may be rounded down to the nearest amount divisible by $0.05. Totals ending in $0.03, $0.04, $0.08, or $0.09 may be rounded up to the nearest amount divisible by $0.05. Rounding must be applied…

2026-04-17 The Tax Debt Help tool provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation. The tool is part of the IRS's broader effort to expand digital services and make it easier for taxpayers to meet their obligations.

2026-02-03 On Dec. 3, 2025, the IRS updated how it processes business installment agreements. Now both the In-Business Trust Fund Express Agreement and the Business Streamlined Agreement are now processed under the updated Simple Payment Plan qualifications. All applicants for a Simple Payment Plan must be current with all filing and payment requirements. Businesses with trust fund taxes: $25,000 or less in assessed taxes, penalties, and interest, or $50,000 or…

2025-05-14 The Treasury Inspector General for Tax Administration May 2, 2025, report highlighted an 11% IRS workforce reduction as of February 2025, including 31% of revenue agents and 5% of information technology management employees. During a during a May 6, 2025, oversight hearing of the House Appropriations Financial Services and General Government Subcommittee, Treasury Secretary Bessent framed the current employment level at the IRS as “bloated,” that those hired from…

2025-04-18 In US v. Driscol, 2025 WL 30092 (not for publication) (USDC NJ, Civil Action No. 18-11762, signed January 6, 2025), the District Court allowed the IRS to force the sale of dental practice real property and a dental practice LLC to recover taxes owed by taxes owed by one 50% owner / member (Driscoll) and a another 50% owner / non-liable dentist (Vockroth). The real property was owned as…

2025-03-24 Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that…

2025-03-12 After much back and forth in the courts, FinCEN set a deadline of March 21, 2025, for companies to submit their beneficial ownership information reports. Then, on March 2 , 2025, the Treasury Department announced that they will be issuing a new rule, and will not enforce the existing compliance deadlines or penalties or fines associated with the CTA against U.S. citizens and domestic reporting companies after an impending…

2025-03-06 The IRS introduced new Simple Payment Plans that are easier to understand and more accessible. The new option is offered online or when working with an IRS employee and is available for individuals. More than 90% of individual taxpayers with a balance due will qualify for a Simple Payment Plan. If you qualify, no collection information statement or lien determination is required. To qualify you must be up-to-date on…