Tax Pro

08/10/2026

NOTICE: Received this email from Missouri Department of Revenue today. We have more new math to learn with new rounding rules. Can't wait to see how this is enforced.

Dear Missouri Retailers and Business Owners,
The Department of Revenue (DOR) is issuing this letter to provide information regarding recently passed legislation (HB 2819 that goes into effect August 28, 2026) that allows vendors to round purchase totals on cash transactions.
The purpose of this legislation is to simplify low denomination cash handling, reduce reliance on pennies, and ensure proper sales tax collection and remittance.
Key Provisions for Retailers and Businesses
• Rounding applies only to CASH transactions.
Rounding may be used only on the final total of a purchase, after all items, discounts, and taxes have been calculated.
o Round Down: Final cent totals ending in 1, 2, 6, or 7
o Round Up: Final cent totals ending in 3, 4, 8, or 9
Examples:
A $1.92 total rounds down to $1.90.
A $1.93 total rounds up to $1.95.
• Non cash payments must NOT be rounded.
Credit, debit, mobile/online payments, checks, or any non cash method must reflect the exact calculated amount with no rounding.
• Rounding does not change your tax obligations.
Sales tax must continue to be calculated and remitted exactly as required. Rounding affects only the customer facing cash total not the tax you report.
• Good faith protection is included.
Businesses that follow the law’s rounding rules in good faith are not considered in violation of any state or local regulation or standard.
• No impact on local tax distribution.
The state’s existing process for handling under remitted local taxes remains unchanged.
What This Means for Your Business
• You may begin using penny rounding on cash transactions starting August 28, 2026.
• You are not required to round; this is optional.
• There are no changes to how you calculate, report, or remit sales tax.
• You may want to update staff procedures or point of sale instructions to ensure rounding is applied properly and only when allowed.
Need Assistance?
If you have questions or want help implementing this change, please contact the Missouri Department of Revenue at 573-751-7200 or [email protected]. We are committed to supporting retailers as the new law takes effect.
Sincerely,
Missouri Department of Revenue

07/02/2026

Happy July 4th!
We will be closed July 3rd.

07/02/2026

Copied and pasted from https://home.treasury.gov/news/press-releases/sb0551?utm_campaign=35306594-2026%20%7C%20Pubs%20%7C%20Member%20Emails&utm_medium=email&_hsenc=p2ANqtz--iiy8dCoLWAcErJTJoskimKiGvxoqQLaSRIhylwrKLnXWIQeQdwNS_bR4qQ0z1TnADt5S9QGSqecIXGHjlMGnHt4wctg&_hsmi=426714574&utm_content=426714574&utm_source=hs_email

Treasury Announces Investment Lineup for Trump Accounts
July 1, 2026
WASHINGTON, D.C. — The U.S. Department of the Treasury today announced the investment lineup for Trump Accounts, including the initial default investment that will be available at launch and four additional low-cost index fund options that responsible parties will be able to elect in the coming months. Through Trump Accounts, American families will be able to choose among the lowest cost options available to invest in their children’s future.

At launch, all contributions to Trump Accounts will be invested in the State Street SPDR Portfolio S&P 500 ETF (SPYM) a low-cost exchange-traded fund (ETF) that tracks the performance of the S&P 500 Index. The fund was selected to provide broad exposure to the U.S. stock market while maintaining expenses well below the statutory fee limitation. Treasury has also selected the following additional low-cost index ETFs for the Trump Accounts investment lineup:

iShares Core S&P 500 ETF (IVV)
Vanguard Total Stock Market ETF (VTI)
State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
iShares Core S&P total U.S. Stock Market ETF (ITOT)
These funds have been selected to provide diversified exposure across major segments of the financial markets while keeping investment costs low.

At launch, the SPYM will serve as the default investment for all Trump Accounts. In the coming months, Treasury expects to make available functionality that will allow parents or guardians to choose how to allocate funds across the additional investment options. Until that functionality is available, all contributions will remain invested in the default fund.

Treasury will announce when investment election functionality becomes available and will provide instructions for responsible parties wishing to change their account's investment allocation.

For more information about Trump Accounts, visit trumpaccounts.gov

WASHINGTON, D.C. — The U.S. Department of the Treasury today announced the investment lineup for Trump Accounts, including the initial default investment that will be available at launch and four additional low-cost index fund options that responsible parties will be able to elect in the coming mo...

06/04/2026

Visit trumpaccounts.gov for information on the new app to track your kids account. You can still file a Form 4547 to create your child’s account.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

04/16/2026

We are closed today for a much deserved break. Back in the office tomorrow.