Cuomo Expected To Push Business Tax Cuts

On the flip side of the Cuomo push for increasing minimum wages, he is expected to propose some $300 million in business tax cuts when he gives his budget and State of the State address this week in Albany.  Those small businessmen and women who pay their taxes at the personal income tax rate will…

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Bonus Depreciation Clears US House

In a significant breakthrough, the US House has passed a bill making so-called bonus depreciation permanent and extending its coverage to stores that are owned as well as those that are leased.  By a 258 – 160 vote last week, the House sent the measure to Senate, where it has enjoyed wider support and stands…

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House Votes to Extend Section 179 Expensing

The US House last week by a vote of 272 – 144 approved the reinstatement of Section 179 expensing, one of the important tax extenders that was allowed to expire at the end of 2013.  When Section 179 expensing expired, the limit for taxpayers dropped from $500,000 to $25,000 per year – the House’s action…

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DDIFO Along With the CFA are Listed Supporters of the Small Business Tax Cut Act

Dunkin’ Donuts Independent Franchise Owners (DDIFO) along with the Coalition of Franchisee Associations (CFA) and other franchisee associations have all signed on to support The Small Business Tax Cut Act which was introduced by Majority Leader Eric Cantor. The tax cut bill, if passed, would decrease small business owners’ taxable income and increase bottom lines. Specifically, The Small Business Tax Cut Act would allow franchise owners to deduct 20 percent of their income from taxes, up to 50 percent of their W-2 wages.

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Key Elements of the Recent Tax Relief Legislation

From time to time DDIFO is pleased to present Guest Commentary from valued contributors. Guest commentaries feature the views and opinions of the contributor and are not necessarily the opinions of DDIFO and it’s Board of Directors. The following is an article written and submitted by Jim Ventriglia, CPA 145 Phenix Avenue 2nd Floor, Cranston, RI 02920, 401.942.000860.

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Cost Segregation Makes Sense for Remodels

Due to the state of the economy in 2009, Dunkin’ Brands gave franchise owners a pass on their 10-year remodel obligations, but now franchise owners who were due to remodel last year or are due this year, by and large, will have to bite the bullet. So, in a still struggling economy, where can you turn for help with remodeling expenses? Cost Segregation is one answer. DDIFO members read more…..

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New hires complete new Form W-11 to qualify employers for HIRE Act tax breaks

IRS has released Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. Newly hired, but formerly unemployed, workers must sign this form (or its equivalent) in order for their new employers to qualify for a payroll tax holiday and possibly an up-to-$1,000 credit under the HIRE Act ( P.L. 111-147 ). DDIFO Members read more…

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HIRE Act Aims to Encourage Immediate Hiring with Tax Credits

The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The centerpiece of this Act is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension of the enhanced small business expensing option under Code Sec. 179 . Both of these provisions are extremely important to many businesses. DDIFO Members read more…

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State of Massachusetts Institutes a Tax Amnesty Program for a Limited Time

The Massachusetts Commissioner of Revenue has established a 2-month amnesty period starting April 1, 2010 until June 1, 2010 applicable for tax periods ending on or before December 31, 2009 that is limited to sales-use taxes, withholding taxes, and certain business tax liabilities. Submitted by Jim Ventriglia, MST, CPA. DDIFO Members Read More…

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Indy Joe: What Tax Changes for 2009 Should I be Aware of?

Today’s Question is: What Tax Changes for 2009 Should I be Aware of? Today’s Answer is submitted by: Jim Ventriglia of James P. Ventriglia, CPA, Inc. or Cranston, RI. James P Ventriglia, MST, CPA, is DDIFO’s CPA and has been servicingthe accounting needs of Dunkin’ Donuts franchisees for decades. Contact him at jimv@jpvcpa.com or at 401-942-0008.

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