roughly half the states in adopting one type of workaround endorsed by the IRS.


Missouri’s SALT Parity Act is very similar to those created in other states. Flow-through businesses will be permitted to elect to pay Missouri income taxes at the business level on behalf of their owners. Tese Missouri business taxes will be deductible on flow-through businesses’ federal returns, resulting in a smaller amount of federal taxable income being passed through to the owners’ individual tax returns.


Te new election available under the Missouri SALT Parity Act will benefit many business owners but not all. In many situations, business owners will save federal income taxes by making the election under the SALT Parity Act without materially increasing the Missouri income taxes paid, resulting in net income tax savings.


In addition, HB 2400 clarifies owners of all flow-through businesses will receive a credit against Missouri tax on their personal returns for taxes paid to other states under a SALT Limit workaround. Under prior law, the availability of a Missouri credit for taxes paid to other states was less clear.


It will be important to analyze every business carefully to ensure the election is made in the right cases. If the business operates in multiple states, then each state should be considered because the election may be beneficial in some and not others, depending on the rules for each state.


Te Missouri Department of Revenue will promulgate rules to inform businesses how to make the election, pay the tax and report to owners the tax paid on their behalf.


A certified public accountant with Williams-Keepers LLC, Jessica Lehman specializes in tax and accounting services for businesses and individuals, including an emphasis in state and local taxation, agribusiness, and retirement and employee benefits. Visit williamskeepers.com for more details. Williams-Keepers LLC is an MBA associate member.


The 2023 Scenes of Missouri calendar features photos that depict the beauty of the Show- Me State — from the Bootheel to the Ozarks to the northern farmland, our great cities and all points in between — anything that features Missouri scenery, the changing seasons, wildlife and more.


Now is the time to place your 2023 calendar order! Featuring photos from MBA-member bank employees, directors and their family members, MBA’s Scenes of Missouri calendar is sold exclusively to banks throughout Missouri. These calendars make fantastic gifts for customers to enjoy year-round and to promote your bank!


The deadline for ordering 2023 calendars is Thursday, Sept. 1. Shipment can be expected in October. The minimum quantity that can be ordered is 100.


For more details and an order form, visit mobankers.com. If you have questions, contact Carol Barnett at MBA at 573-636-8151 or cbarnett@mobankers.com.


SHOWCASE THE BEAUTY OF MISSOURI


THE MISSOURI BANKER 21


MBA’S 2023 SCENES OF MISSOURI CALENDAR!


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32