Thousands of Missourians are still waiting for state income tax refunds, nearly two months after the April 15 filing deadline.
As of today, Michelle Gleb, director of communications for the Missouri Department of Revenue, said 260,826 tax refunds are pending; the refunds total almost $113 million. Gleba says the department is working to get the refunds out as quickly as possible and as cash flow allows. They expect all refunds to be made by the end of June.
When the Missouri General Assembly passed its tax cut bill, SB509, the Missouri School Boards Association released a chart showing how much money each of the state's school districts stood to lose if the bill became law. The chart compares the difference between Nixon's recommended level of funding for each district and the lower appropriation request that would result as a result of the tax cuts — a total of $223 million statewide.
April 15 is a special day -- especially for those of us who toil professionally in the tax vineyards. After 40 years, I am still amazed at the breadth and scope of our enormous body of tax law. I also never fail to be amazed and amused by all of the odd, even thigh-slappingly funny, provisions that have wormed themselves into our federal tax law. Here are a few Internal Revenue Code oddities.
It’s that time of year again. Tax time. With just a week and a day to go before April 15, today’s St. Louis on the Air was dedicated to answering questions about filing taxes. CPA Lance Weiss returned to the show to help listeners make sense of the tax code. He’s with the St. Louis tax and accounting firm SFW Partners, LLC.
Over the course of the hour, Weiss answered questions about a range of topics, from health insurance deductions to claiming back taxes, including:
St. Charles will host numerous prominent conservatives on Saturday, as part of CPAC St. Louis. CPAC is an event for members of the GOP to rally and speak to their base -- and, of course, to posture for presidential and other political aspirations.
2012 Presidential hopefuls Rick Santorum and Rick Perry will be speaking, as will Kansas Governor Sam Brownback.
Speaking with St. Louis on the Air host Don Marsh, Brownback said a GOP candidate that speaks to true conservatives is more likely to win in 2016.
The income tax bill that would eventually reduce income tax rates by about a half of a percent is likely to not be brought up in veto session next month, according to Missouri House Speaker Tim Jones (R-Eureka).
Appearing on St. Louis Public Radio's and the St. Louis Beacon's Politically Speaking podcast, Jones said he currently doesn't have the votes necessary for an override of the governor's veto.
Credit rating agencies warn that allowing a Missouri income tax bill to become law could have a negative impact on the state's credit rating.
“We believe that if the Missouri legislature overrides the governor’s veto and enacts the legislation, and the federal government passes the Marketplace Fairness Act, it has the potential to result in a significant financial impact to the state, despite requirements for the maintenance of a balanced budget," Standard & Poor's wrote.