Thanks to a provision in the American Rescue Plan Act, which Congress passed back in 2021 without any Republican votes, small businesses and individuals will receive millions of new tax forms in the coming months from Payment Settlement Entities (PSEs). Beginning in 2023 (for 2022 tax purposes), PayPal, Venmo and online marketplaces that connect buyers…
Read More »Some state ballots also had questions relating compensation and tax policy looming. In that regard, voters were apparently feeling generous. Initiative 433 on the Nebraska ballot was approved and provides for a $15 per hour minimum wage to be phased in over the next three years. The measure passed easily with 62% of voters in…
Read More »Continuing to kowtow to organized labor, California Governor Gavin Newsom signed a new FY 2023 state budget into law earlier this month that includes an opportunity to enact the Workers Tax Fairness Credit, an unprecedented income tax credit for union members who pay dues to union organizations. Although Newsom has already been praised by labor…
Read More »For a period of three months that began on July 1, restaurants, bars and other food establishments in the state of Colorado will benefit from a novel assistance program – a complete reprieve of state sales taxes through the end of September. The program, passed by the legislature as HB22-1406 and signed into law by…
Read More »The Massachusetts Supreme Court this week cleared the so-called Fair Share Act to appear on the Massachusetts November ballot. The proposed constitutional amendment seeks to impose an additional 4% surcharge on Massachusetts taxpayers with income in excess of $1 million in any calendar year. Currently, the Massachusetts Constitution prohibits any kind of graduated income tax,…
Read More »Earlier this week, the Internal Revenue Service (IRS) acknowledged and reaffirmed that taxpayers in certain situations are entitled to penalty relief when they can show reasonable cause and not willful neglect for the failure to pay. The issue, which largely stemmed from the Employee Retention Tax Credit (ERTC) and the ongoing backlog of tax returns,…
Read More »Many business interests from around the country are applauding bipartisan legislation filed in Congress this week that would restore the Employee Retention Tax Credit (ERTC) retroactive to September 30, 2021. You will recall the ERTC was passed as part of the CARES Act back in 2020 to help businesses retain workers during the shutdowns of…
Read More »When President Biden signs the $1 trillion bipartisan infrastructure bill on Monday, the media will focus on the billions for earmarked for highway, rail, port, broadband and other infrastructure upgrades, but there will likely not be many mentions of the Employee Retention Tax Credit (ERTC). Despite the popularity of the ERTC, Congress ended the bill…
Read More »Small business owners, some of whom are just getting their business back on its feet, are a bit more optimistic about the future while at the same time, equally concerned about inflation and increasing operating costs. A Job Creators Network Foundation poll, the June Monthly Monitor, released last week showed that only 9% reported recovering…
Read More »A few weeks ago, the Internal Revenue Service (IRS) released its much-anticipated guidance on an individuals premium costs and an employers tax breaks for continuation of COBRA coverage. Among the provisions in President Biden’s American Rescue Plan Act of 2021 (ARPA) is a temporary 100% reduction in an individual’s COBRA health coverage premium following either…
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