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New Bill Could Have Drastic Changes to Estate and Gift Tax Exemptions

A new bill working its way through Congress could change current estate planning rules and dramatically shift estate planning standards as early as Jan. 1, 2022.   On Sept. 15, 2021, the House Ways and Means Committee introduced a new bill titled "Infrastructure Financing and Community Development" that would, among many other changes, reduce the increased Estate Tax and Gift Tax Exemption to half of the exemption allowed in the 2017 Tax Cut and Jobs Act ("TCJA").   The proposed bill would decrease the existing Estate and Gift Tax exemption amount from $10 million to approximately $5 million effective Jan. 1, 2022, rather than Jan. 1, 2026, which was the existing date the TCJA exemption was set to sunset.   The change in date to four years earlier than the previously planned reduction of the Estate and...

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Small Business and Sole Proprietor Tax Tips

Small business owners and sole proprietorships frequently – but often unintentionally – run into IRS tax problems because the focus on running the day-to-day operations of the business can cause a business owner to neglect the entity’s tax obligations. STLTaxLawyer Mark Milton has a few small business owner tax tips to help ensure a successful and IRS-compliant operation. ...

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College Athlete Profiting from Your Name, Image, and Likeness? Beware of the Tax Consequences

College athletes profiting from the new Name, Image, Likeness (NIL) opportunities should beware of the tax consequences. The biggest collegiate stars could earn millions of dollars annually using their NIL, and as such, should plan for and be mindful of the potential tax ramifications, especially with the IRS and DOJ closely monitoring the developing situation....

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STLTaxLawyer In The News With Launch of STLRefund.com

STLTaxLawyer Mark Milton appeared on “The Press Box with Frank Cusumano” and “The Bernie Show with Bernie Miklasz” on KFNS 590 AM to discuss how the new website STLRefund.com provides guidance to nonresidents of the City of St. Louis on how to protest and seek refunds of their city earnings taxes for days spent teleworking during the pandemic....

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STLRefund.com Launched for Non-City Residents Wanting St. Louis Earnings Tax Refunds for Teleworking Days

Attorneys for plaintiffs in a proposed class-action lawsuit against the City of St. Louis and Gregory F.X. Daly, the City’s Collector of Revenue, have launched a new website (stlrefund.com) providing guidance to nonresidents on how to protest and seek refunds of their earnings taxes for days spent teleworking during the pandemic. ...

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Milton Law Group In The News Over St. Louis City Earnings Tax Lawsuit

STLTaxLawyer Mark Milton filed a class-action lawsuit on March 29th on behalf of three plaintiffs against the City of St. Louis and Gregory F.X. Daly, the City’s Collector of Revenue, challenging their refusal to issue earnings tax refunds to non-city residents working outside the City during the COVID-19 pandemic. ...

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Federal Class-Action Lawsuit Filed Against the City of St. Louis Over Earnings Tax Withheld from Non-City Residents

On March 29, 2021, Plaintiffs Mark Boles, Nicholas Oar, and Kos Semonski filed a class-action lawsuit against the City of St. Louis and Gregory F.X. Daly, the City’s Collector of Revenue, challenging their refusal to issue earnings tax refunds to non-city residents working outside the City during the COVID-19 pandemic....

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