IRS Plans One Million Audits in 2015

Americans’ 2015 tax returns are due in to the Internal Revenue Service next Wednesday, April 15, so it seems timely to advise that the IRS earlier this month announced that they plan to undertake 1 million audits of tax returns.  IRS Commissioner John Koskinen made the announcement in a speech to the National Press Club…

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New Department of Justice Policy on Bank Account Seizures

In what one might argue is positive news coming out of Washington, Attorney General Holder has announced new limits on the Department of Justice’s ability to seize assets of private businesses for suspected ‘structuring’ (manipulating cash deposits to under $10,000 to avoid IRS reporting requirements).  Under the new policy on asset forfeiture, assets will not…

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Maine Governor Uses Veto Threat To Push Tax Reform

Maine Governor Paul LePage, arguably bringing tax reform initiatives to a new level, threatened to use his veto power on all legislation dealing with tax exemptions and tax breaks that the legislature sends him until such time as they take some kind of action on his own tax reform package that the Governor filed at…

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At the State Level

As legislative sessions begin to get more involved, we’re seeing more action now in state houses across the country.  The Maine legislature recently hosted a packed public hearing at which they took testimony on a number of different proposals to increase the minimum wage by various amounts.  Negotiations are now underway to find a suitable…

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Maine Governor Pushes Ending Income Tax

Maine Governor Paul LePage last week announced that he will back a petition campaign to eliminate the state income tax entirely.  At a forum in Auburn, LePage blamed the income tax for many of the state’s problems and articulated his plan for a constitutional amendment that would eliminate the state income tax forever.  His current…

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Challenge to Obama Care Tax Credits Heard by SCOTUS

The US Supreme Judicial Court heard arguments this week on the issue of tax credits being utilized in the Affordable Care Act.  The issue stems from language in the health care law (“We have to pass the health care bill so we can find out what’s in it.” – then-Speaker Nancy Pelosi) that authorizes a…

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IRS Delays Health Care Penalties

The ever moving target of understanding the implications (good or bad) of the Affordable Care Act mandates has apparently moved again, as the Internal Revenue Service (IRS) last week announced yet another delay in its implementation.  Under the regulations, employers that offered health reimbursement arrangements (HRAs) for employees buying individual health insurance policies could have…

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US House Passes Permanent Section 179 Expensing Bill

It was one of the so-called “tax extenders” that have been allowed to expire in each of the past two years, only to be retroactively reinstated.  At long last, the US House has moved the issue forward again and passed legislation that will make the accelerated and bonus depreciation deductions permanent.  The legislation, known as…

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Is Tax Cutting Getting Popular?

As state legislatures around the country begin their 2015 sessions in earnest, we couldn‘t help note that several are now looking at reducing tax burdens and making more of an effort to “live within their means”.  In his State of the State address, New York Governor Andrew Cuomo highlighted his “2015 Opportunity Agenda”, which calls…

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Affordable Care Act Takes Hold

Although small businesses that employ at least 50 and fewer than 100 workers are not required to offer health insurance to their employees until January, 2016, there are a host of reporting requirements that such businesses must meet this year to ensure they have the information necessary to comply with the mandate next year when…

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