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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More Details on the Stalled Tax Extender Bill in the US Senate

As we reported before, the Senate last week defeated an effort to quickly advance to the floor the Tax Extender bill, which would restore a number of tax credits and provisions that would benefit small businesses.   The initiative by the Senate’s Democratic leadership was shot down on a party line basis by the Republican minority,…

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Delaware Taxes Due By June 1

For those members who may have created your company in the generally business-friendly state of Delaware, we would point out that taxes for LLP and LP organizations based in Delaware are due by June 1.  Delaware law does not require that LLPs and LPs file an annual report, but they want their taxes on time…

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Obama Claims $19,000+ Tax Refund

Not particularly germane to anything, the 2013 joint tax return of President Obama and First Lady Michelle Obama has been released and made public by the White House.  We hear the President anxiously checks the mail each day for his $19,108 refund.  The Business Journal reports on 7 “fun facts” from the return.

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Connecticut Kills Proposed Employer Tax

The Connecticut House Committee on Finance Revenue and Bonding defeated an effort to move forward H 5069, An Act Concerning Law Wage Employees, which would have imposed an additional tax on certain employers of lower wage individuals.  This bill, which we reported on to you back in February, would have penalized employers with an additional…

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New Jersey and Illinois Top Nation in Property Tax Burden

Investment Advisory firm Regent Atlantic this week released a white paper showing that New Jersey, with the highest property tax burden in the nation was losing wealthy residents because of that tax burden, to Pennsylvania and Florida.  That news may not come as a surprise to wealthy residents of the Garden State, but the state’s…

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Tax Policies and Economic Outlook: How does your state rate?

Why does Utah rank on top in U.S. economic outlook, while Vermont is on the bottom? When you examine the tax policies of the United States, you can draw certain conclusions about how taxes and regulations impact small business owners. According to a recent study from the American Legislative Exchange Council (ALEC), a pro-business partnership…

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Missouri Says Cut Taxes, Sort Of

Missouri Democrats this week answered the tax cut question by announcing they have filed their own tax relief bill that will cut taxes for the majority of Missourians – but increase them on “the wealthiest”.  Last year, a tax cut bill passed the legislature but was vetoed as being too favorable to ‘wealthy businesses’ by…

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iStockPhoto

Shutdown Impacts Taxman!

The recent government shutdown had far-reaching implications in many areas of our economy, even reaching and impacting the Internal Revenue Service!  But alas, that impact was not what you would have hoped . . . the IRS this past week announced that as a result of the shutdown over the first 3 weeks of October,…

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Wyoming Business

Tax Foundation Puts New York Last For Tax Climate

Washington-based tax research group The Tax Foundation has released its annual State Business Tax Climate Index for 2014.  The report, as reported by the  Albany Business Journal, ranks New York state as being the worst business tax environment in the country.  Wyoming topped the list as the most tax favorable state in the union.  The…

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