IRS Reviewed More Business Returns in 2015

The Internal Revenue Service (IRS) released statistics on the Department’s 2015 enforcement activities last week and the results show an 8% increase in the number of business returns examined.  The IRS has seen its budget cut by $900 million in the aggregate over the past five years and is making its pitch to Congress for…

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Philly Mayor Puts Soda Tax Back in Play

New Philadelphia Mayor Jim Kenney included a $.03 cent per ounce tax on sugary drinks as an integral revenue component for his first budget as Mayor of the City of Brotherly Love.  Kenney, who opposed the $.02 soda tax that his predecessor Mayor Michael Nutter had proposed, didn’t take long to change his stripes into…

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Tax Burdens

It is a few years behind real-time, but always interesting to read when the US Tax Foundation annually releases its report on the State – Local Tax Burdens.  This week, the Washington DC based Think Tank released its report on FY 2012.  New York continued to maintain a death-grip on the highest tax burden in…

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Maryland Governor Details Tax Cut Proposals

Maryland Governor Larry Hogan continued his quest to roll back taxes and shrink the financial bite of government on Marylanders this week announcing a number of additional tax cuts he is proposing.  Hogan unveiled the proposals one day before the legislative session began this week and a week after unveiling his $17 billion FY’17 budget…

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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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Florida Governor Pushing Tax Cuts Too

Florida Governor Rick Scott is looking to push through additional tax cuts for businesses in the Sunshine State as well.  Scott has long let it be known that he wants additional cuts made to state taxes and has even filed legislation to do away with the state income tax.  Now, he’s proposed a broad array…

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And Maryland Governor Wants Them As Well

Maryland isn’t going to be left out of the tax cut basket if Governor Larry Hogan has his way.  He is planning to advocate for moderate tax cuts from the $300 million surplus the state is expected to realize in the current fiscal year.  Hogan, who was elected in 2014 on a tax-cutting and smaller…

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IRS Announces Safe-Harbor for Restaurant Remodels

The Internal Revenue Service a few weeks ago authorized a new process that provides qualified restaurant owners with a safe-harbor accounting method for categorizing remodels and repairs to their property.  The new procedure (Revenue Procedure 2015-56) helps business owners determine whether expenses paid for certain building costs can be expensed and deducted immediately or must…

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Massachusetts Millionaires in the Crosshairs

Speaking of Massachusetts laws, the front group behind many of the minimum wage issues in the state, Raise Up Massachusetts, is also pushing a new ballot initiative that seeks to impose a Millionaire’s Tax on those individuals earning $1 million or more per year.  The group held a rally earlier this week at the State…

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Cuomo Accuses Business of Stealing

Incredibly, New York Governor Andrew Cuomo accused businesses of stealing from the taxpayers because the state provides financial assistance to residents earning below certain levels of income.  On a “push the legislature for $15/hour wage” tour, the Governor said that “Business is stealing from the taxpayers of this state” because workers making less than $15/hour…

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