In the Halls of Justice

There have been a number of court rulings from various states around the country that we wanted to call to your attention as they impact issues on which we’ve reported and about which you may have concerns. First off, the California Supreme Court last week defined “premium pay” as the regular rate of pay used…

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Court Enjoins ARPA Tax Cut Prohibition

A federal district court in Ohio has issued a permanent injunction against a provision in the American Rescue Plan Act (ARPA) prohibiting states from using ARPA funds to offset state tax cuts. The provision provided that no states, territories or local communities that accepted funds from the American Rescue Plan Act (approximately $350 billion total…

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Massachusetts Clears Millionaire’s Tax

Despite the fact that tax receipts have been well above expectations in the wake of the coronavirus pandemic, the Massachusetts legislature this week cleared the so-called Millionaires tax to appear on the state ballot in 2022. The measure, which required approval by two consecutive legislative sessions in order to advance, was passed Wednesday on a…

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Government Giveth, Then Taketh Away

We just detailed two costly programs initiated specifically to help businesses get back on their feet and now having exhausted all available funding. The financial assistance was crucial for some to keep their doors open and others to keep staff on the payroll. Now that all that largesse has largely been expended, we get the…

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Franchisee Transactions with Advantage Wealth Solutions: What your CPA Doesn’t Know (or Isn’t Telling You)!

 This presentation covers investment and tax strategies that may allow more of your capital work for you. Content will include reviewing events that might trigger personal and/or corporate tax liabilities, current tax policy and non-product specific solutions meant to mitigate those taxes. Kyle Kadish, the President of Advantage Wealth Solutions, conducts this program along…

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Tale of Two Approaches

As Congress gets closer to possibly another economic recovery legislation, and the clamor to date has been for as much a $1 trillion in relief to state and local government, we’ve now entered FY 2021 budget. With tax receipts significantly reduced, every state and local government is facing some tough budget decisions. A quick look…

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Congress Eyes Next Round of Relief

Notwithstanding the partisan divide that continues in the Nation’s Capital, Congress is looking at possibly passing another multi-billion to trillion dollar economic relief package when the House returns to DC next week. Republicans and Democrats are divided over what to include, but they have each been floating different ideas that we want to keep watch…

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IRS and Treasury Extend Deadlines

In a similar vein, the Treasury and the Internal Revenue Service yesterday announced that they are extending the deadline to July 15, 2020 for a host of administrative acts under US tax law for fiscal year businesses, tax-exempt organizations and some 300 other tax-related deadlines. The extensions synchronize all tax filing and reporting deadlines for…

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DC Hikes Soda Tax, Undetected

With much sleight of hand – and very little, if any, transparency, the DC Council slipped in an additional increase to the District sugary drink tax, when it passed the DC budget back at the end of May. Proposed by Ward 3 Councilor Mary Cheh as part of the $15.5 billion budget instead of as…

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Paid Leave Vote Fails, Tax Collections To Begin

On the broader subject of mandatory paid sick leave, the county legislature in Albany County New York surprised many when, by a 21 -17 tally, it voted down a mandatory paid sick leave proposal it has been debating for over a year. The proposal would have required private employers within the county to provide their…

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