Effective January 1, 2018, the IRS changed its rule from requiring entities taxed as a partnership to designate a “Tax Matters Partner” to requiring a “Partnership Representative”. The change is more significant than nomenclature. The change is important because it endues significantly more authority to the Partnership Representative to bind the …
Newsletter Articles
Who’s Your Momma?
We all have or had Moms. “Mommas” is a term which connotes a broader meaning to the idea of motherhood. It often encompasses women to whom we have no biological connection, but who have nurtured and led us in important ways. Those ladies should be recognized this Mother’s Day for their impact on our lives. Aside from our personal Mommas, there are …
Brief Overview of LLCs and How They are Taxed
During this past tax season, I had a conversation with a frustrated CPA. The frustration primarily arose from several of her clients not knowing how their limited liability company (“LLC”) was classified for tax purposes. This article provides a brief overview of the taxation of LLCs that will hopefully provide a bit of knowledge to small …
Kansas City Law Firm Sheds Light On Kansas Tax Changes
Back in 2012, we had a lot of clients asking us if they should move their business over to Kansas because of the favorable tax laws with flow-through entities - we even contemplated this move ourselves. At the time, it looked like a great move for some business owners who lived in Kansas; however, in retrospect, it may not have saved as much tax as …
Room 39 Becomes A Suite Of Rooms
Van Osdol & Magruder, P.C. strives to enable local entrepreneurs to realize their full potentials, and the recent closing of local chef Ted Habiger's buyout on his longtime partner Room 39 is another recent example of that commitment. Habiger said, "I thought the team at Van Osdol led by David Kim did a great job of handling the Room 39 …
Bicycle Traffic Laws In Kansas & Missouri: Rules of the Road
Photo: Surachai/FreeDigitalPhotos.net Both Kansas and Missouri have specific laws related to the operation of bicycles and cars on city streets. Although the laws are similar, they are not identical. For the most part, however, the following is generally true for both car and bike drivers. 1. Both must follow the general laws regarding traffic …
