Category: Uncategorized

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax […]

Many TCK clients are business owners or it’s probably safe to say everyone knows a business owner who could use this information. Please follow the links to learn more about forgivable loans to small businesses (less than 500 employees) to pay their employees during the COVID-19 crisis. Business owners are encouraged to start a conversation […]

The Trust Company of Kansas (TCK), like other businesses, is reacting to the rapidly evolving reality surrounding the COVID-19 global pandemic. TCK falls under the ‘essential business’ definition as a ‘financial institution’ under the stay-at-home orders currently affecting its office locations. TCK will continue to provide services to our clients and the communities we serve. […]

Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or […]

Commencement speaker Robert Smith surprised the graduating seniors at Morehouse College in May when he announced that he would pay off all of their student loans.  What are the tax implications of this magnanimous gesture? Potential gift taxes The value of Smith’s gift has been estimated at $40 million, for some 400 graduating seniors, about […]