Income Tax

U.S. Sen. Claire McCaskill, D-Mo., says she learned a lot from her unsuccessful run for governor in 2004.
Sen. McCaskill's Flickr page

Hundreds of thousands of senior citizens in Missouri, Illinois and across the U.S., have fallen victim to a high-tech phone scam during this tax season, prompting the Senate Special Committee on Aging to conduct a tax-day hearing on the matter.

StockMonkeys.com | Flickr

Bryan Buck, a federal bank examiner from St. Louis, got a letter last week from Anthem Insurance saying that “cyber attackers” had executed a “sophisticated attack” on its data systems and that his personal information may have been compromised.

He wasn't surprised. He already knew someone else had used his Social Security number to file for a tax refund.

a rolling dollar bill
dleafy | sxc.hu

The most wonderful time of the year means the least favorite time of the year is approaching: Tax time.

There are some things taxpayers can do now to help alleviate individual tax burdens in April, certified public account Lance Weiss of SFW Partners LLC told “St. Louis on the Air” host Don Marsh on Tuesday.

(via Flickr/401K)

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.

Communist exemption

a rolling dollar bill
dleafy | sxc.hu

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:

(via Flickr/hlkljgk)

As soon as the snow melts, Missourians may find themselves confronting a horde of people stopping them outside stores, on the streets or at their front doors.

The object: to get their signatures on petitions that would put a variety of issues – such as early voting, income taxes and teacher tenure – on the August or November ballot.

(via Flickr/markn3tel)

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.

Jason Rosenbaum, St. Louis Beacon.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

On this week's show: Mo. House Majority Leader John Diehl joins us to discuss the vote count on the controversial income tax cut bill, as well as what veto session is shaping up to look like on a variety of other bills (Doe Run, the so-called gun nullification bill, and Agenda 21). We also discuss Diehl's race against fellow Republican Rep. Caleb Jones for the Speaker's gavel.

Missouri Rep. Mike Colona, D-St. Louis
Jason Rosenbaum, St. Louis Beacon.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

On this week's show: Missouri Representative Mike Colona joins us to discuss the income tax bill's merits and chances of becoming law, as well as the nationally-covered gun nullification bill. We also discuss the Senate's movement on legislation to add sexual orientation and gender identity to anti-discrimination laws, and Colona shares a story of what it's like to be a gay man in a conservative legislature.

Jason Rosenbaum, St. Louis Beacon.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

 

via Kristi Luther and Tim Bommel, Mo. House Communications.

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.

Krisi Luther, St. Louis Public Radio.

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.

Chris McDaniel, St. Louis Public Radio.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

 

Marshall Griffin, KWMU

If the income tax cut bill becomes law in September, millions will be cut from Missouri's public education system, according to Governor Jay Nixon.

It's a common refrain from the Democrat: "You can either be for public education or for House Bill 253, but you can't be both," he told a crowd of business leaders last week.

This week, Nixon released numbers to back up his claim.

Chris McDaniel, St. Louis Public Radio.

Expect to see a lot of ads leading up to September, paid for largely by one man. Libertarian Rex Sinquefield has given nearly $2.4 million to groups backing a possible cut to Missouri's income tax.

In response, Democratic Governor Jay Nixon has gone on the offensive, attacking the income tax bill and defending his veto.

Speaking in St. Louis to the Regional Chamber, Nixon said it is a "fiscally irresponsible experiment that didn't work in Kansas and won't work here."

Erin Williams, St. Louis Public Radio.

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

Jason Rosenbaum, St. Louis Beacon

Every week, St. Louis Public Radio’s Chris McDaniel joins the St. Louis Beacon’s Jo Mannies and Jason Rosenbaum to talk about the week’s politics.

On this week's episode: Missouri Senator Eric Schmitt (R-Glendale) joins as a guest to have a "free-wheeling and fun conversation" on the income tax bill the governor vetoed. Then we run through some news: the auditor's finding on the Hancock Amendment, as well as the Jefferson-Jackson Dinner.

Next week, Democratic Senator Jamilah Nasheed will join the program.

StockMonkeys.com | Flickr

Governor Jay Nixon vetoed legislation Wednesday that would have cut Missouri’s income tax rates for the first time in 90 years.

The Republican-led General Assembly passed the bill in large part pointing to neighboring Kansas which already has slashed its personal and corporate income taxes.

But as St. Louis Public Radio’s Maria Altman reports, the Democratic governor says the cuts would hurt Missouri education and other state services.

A 'Fiscally Irresponsible Experiment'

Marshall Griffin, KWMU

Updated 5:02 p.m. May 31

Newly released emails show that Gov. Jay Nixon's administration and legislative bill drafters each had a role in crafting an apparently inadvertent tax increase on prescription medications.

The prescription tax hike is included in a bill passed by the Legislature that cuts the state's income tax. Nixon has indicated he may veto the bill.

(via Flickr/Tax Credits)

Last year, Congressional negotiations over the so-called fiscal cliff put year-end tax considerations in flux.

A deal was reached, and though the filing acceptance date was delayed a couple of weeks, the Internal Revenue Service is now accepting most 2012 tax returns.

The IRS did not, however, change the tax due date of April 15, 2013.

Host Don Marsh talked with St. Louis-based tax expert Lance Weiss, CPA, of SFW Partners, LLC.

Joseph Leahy/St. Louis Public Radio

Occupy movement protesters blocked traffic outside Bank of America's regional headquarters Tuesday in downtown St. Louis. The group, including union workers, students, retirees, and clergy, staged a mock-game of dodge ball to protest how, in their view, corporations dodge paying their fair share of taxes.  

Zach Chasnoff, an organizer for the group, says the movement chose the IRS's filing deadline to call attention to an unfair tax system that favors corporations over citizens.

SLPRnews

Among the proposals that Missouri's legislature will consider next year is one that would eliminate the state's income tax.

State Senator Chuck Purgason is sponsoring the legislation. The Republican from Caulfield wants to see Missouri rely solely on sales and use taxes.

He says that would lure more businesses to the state and be a more fair way of taxing residents.

(via Flickr/jglazer75)

Fresh off approving tax breaks for key Illinois businesses, Democrats and Republicans in the Illinois House are racing to end the corporate tax hike imposed this year.

House Republican Leader Tom Cross announced a plan Wednesday to return the corporate rate to 4.8 percent from 7 percent by 2014 - instead of 2025. He and business leaders proposed a step-down plan that in the meantime would lower taxes when the unemployment rate rises.

Tuesday, Democratic Rep. Jerry Costello II of Smithton introduced legislation that would eradicate the corporate hike starting Jan. 1.

(via Flickr/_J_D_R)

Missouri tax revenue is higher than last year, but a dip in individual income tax collections last month has prompted some concern.

Eleven months through the current budget year, revenue has increased from last year by 2.7 percent to $6.5 billion. However, the state Office of Administration reported Thursday that individual income tax collections were down 1.4 percent from May 2011 to May 2010.

Illinois Gov. Pat Quinn wants to suspend about $1 billion in state income tax payments to cities and counties unless he gets legislative approval to borrow billions of dollars to pay overdue bills.

Quinn floated the plan in draft legislation he showed lawmakers earlier this week. It was first reported by the Chicago Tribune.

Marshall Griffin, St. Louis Public Radio

With less than a month to go in this year’s legislative session, another proposal is being made to overhaul Missouri’s tax structure.

The resolution would replace the state’s income tax with a sales tax -- and if passed by lawmakers, it would go before Missouri voters next year.

An Illinois lawmaker is pushing to raise the state's minimum wage to more than $10 an hour - higher than anywhere else in the United States.

Missouri Gov. Jay Nixon says proposals to replace the state's income tax with an expanded sales tax is the wrong way to go.

Nixon spoke Wednesday to members of The Associated Press and the Missouri Press Association at their annual Capitol media event.

Nixon says the tax proposals would require raising the sales tax and levying it on purchases that currently are not subject to that tax. He says that is not smart.