Giving Tax Credits for Union Dues

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…

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Novel Assistance to Restaurants

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…

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Court Clears Millionaire’s Tax for Ballot

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,…

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IRS Reaffirms Penalty Relief

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,…

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Bipartisan Restoration of ERTC Filed

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…

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Biden To Sign Away ERTC Monday

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…

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Business Outlook and Concerns

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…

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IRS Issues COBRA Guidance

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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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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Tax Filing Deadline Monday

A couple of months ago, the Internal Revenue Service (IRS) announced a one-month postponement of the filing deadline for individual taxpayers to file their 2020 tax returns to May 17. That date is Monday, and taxpayers should be prepared to file their returns or an extension by the end of the business day. In addition,…

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