Category: Uncategorized

Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs, […]

Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]

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 […]

Sometimes mistakes in an estate plan can be repaired after death. Sometimes not. Charles Sukenik executed his will on November 4, 2004. His estate was to be divided between his surviving spouse, Vivian, and the couple’s private foundation. His revocable trust was restated at the same time, giving Vivian certain real property and the balance […]