California Governor Offers Tax Deferral Option

Earlier this week, Governor Gavin Newsom announced a new temporary three-part program for small businesses in California in an effort to help them cope with the economic fallout from the coronavirus pandemic.  Newsom explained that two of the components of the program are available to small businesses with larger businesses targeted by the third component…

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When Is $1 Million not $1 Million?

For a number of years recently, the idea of imposing an additional tax on incomes over $1 million was all the rage across the political landscape. A handful of states – notably California in 2012, followed by Connecticut and New York along with Washington DC were quick to impose the new tax on “millionaires”. More…

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Rocky Mountain High

Colorado voters had several issues before them in this year’s election that will have an impact on small business interests in the Rocky Mountain State. First, voters made Colorado the 9th state in the nation to adopt a Paid Family and Medical Leave Law when they approved Proposition 118 which creates a state-run insurance program…

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IRS Issues Guidance on Deferred Payroll Taxes

For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September…

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Election Results They Did Call

While the results of the presidential will not be known, let alone certified for quite some time, such delays are not the case in a host of ballot question issues from around the country. Perhaps having the greatest immediate impact on businesses, Amendment 2 was passed by Florida voters with a 61% plurality (the constitutional…

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Ballot Questions Abound

Aside from the Presidential, Senatorial and Congressional elections on the ballot on Tuesday, there are also a broad array of ballot questions that may have a significant impact on business interests – now and/or in the future across the country. We want to highlight a few of these for you. We’ve advised you in past…

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IRS Issues Guidance on Payroll Tax Deferral

Last Friday, the Internal Revenue Service (IRS) along with the U.S. Department of the Treasury published a new guidance relating deferral of the employee share of payroll taxes for social security. The guidance (Notice 2020-65) provides that an employer choosing to defer the payment of employee payroll taxes between now and the end of the…

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Business Lobby Opposes Payroll Tax Order

Just a week after asking in a letter to Treasury Secretary Steve Mnuchin for clarity on President Trump’s Executive Order allowing deferral of Social Security payroll taxes, the  US Chamber of Commerce this week came out in opposition to it. In a letter sent this week to Mnuchin, Speaker of the House Pelosi and Senate…

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Colorado Tax Cut Cleared for Ballot

A citizen-driven initiative petition to cut both the corporate and individual income tax rates in the state of Colorado has cleared the requisite hurdles and qualified for the November ballot. Backers of Initiative 306, “State Income Tax Rate Reduction”, submitted a total of 198,538 signatures to the office of the Colorado Secretary of State this…

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With Congress’ Inaction, Trump Issues Executive Orders

Last weekend, President Trump followed through on his threat to provide relief to Americans through Executive Orders if Congress couldn’t reach agreement on a new relief bill. They couldn’t so he did, signing 4 EOs under the broad heading of coronavirus stimulus.  Of particular import to business interests, he authorized deferral of the employee share…

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