IRS Targeting Family Gifts and Bequests

You didn’t think we could provide all these updates on federal agencies increasing fines and tightening restrictions on businesses without mentioning the Internal Revenue Service, did you?  We were advised by DDIFO Business Member Cynthia A. Capobianco, CPA that the Treasury Department released proposed regulations earlier this month to dramatically restrict tax options regarding family…

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DC Delays Family Leave and Scheduling Bills

The Washington DC City Council has postponed further action on two proposals pending before it that are of interest to small business.  Although it was thought both the paid sick leave and predictive work scheduling bills would receive a preliminary vote this week, Council Chairman Phil Mendelson withdrew the proposals from this week’s agenda.  Discussions…

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Miscellaneous

There are several interesting reports that were released this week relative to the business climate of different geographic locales.  We noted that CNBC released its annual ranking of the top states for business this week and their results are always interesting.  Based on 60 different measure of competitiveness, Utah, Texas and Colorado were best overall,…

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Miscellaneous

The Small Business and Entrepreneurship Council has released its Small Business Tax Index for 2016 a week or so ago with South Dakota, Nevada and Texas holding the top 3 spots for this year.  The index measures and ranks the tax systems for all 50 states as to their competitiveness for small business and entrepreneurs. …

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Court Halts San Francisco Soda Warning

San Francisco and Oakland have been pushing to have the tax adopted, but thus far their voters have rejected the idea – so, San Francisco went to a Plan B.  While they work to get the issue back on the ballots and convince the electorate to enact the tax, the “City by the Bay” enacted…

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Selling Business Tax Delinquencies?

Perhaps they’re hedging their bet “for the children”, or maybe just after the money, but on the more creative side of the ledger, town fathers in the City of Brotherly Love may be looking to cash in on business tax delinquencies by selling those debts to third party debt collectors.  The idea was initially floated…

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Mass Millionaire’s Tax Clears Hurdle

Seems the ‘Punish the Prosperous Parade’ continues unabated with approval of a proposal at the Massachusetts Constitutional Convention this week to assess an additional 4 percent tax on incomes over $1 million.  Under the state constitution, which currently prohibits a graduated income tax, any proposed amendment to the constitution must be approved by two consecutive…

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Miscellaneous

The latest issue of Chief Executive magazine surveyed over 500 CEOs across the country to determine which states were considered most business-friendly from a tax and regulatory perspective and which were the least favored by the business community.  The top four states (Texas, Florida, North Carolina and Tennessee) favorably perceived held the same position as…

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Massachusetts Tax Amnesty

For those of you who pay taxes in the Commonwealth of Massachusetts, the Bay State’s 2016 tax amnesty program is in full swing for another couple of weeks.  The program provides an opportunity for those businesses and individuals who have not filed all returns they were required to or those who may have understated the…

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Miscellaneous

Today is April 15, tax day.  This year though, taxpayers have an extra three days because of the April 16 Emancipation Day holiday.  Emancipation Day is celebrated to mark the anniversary of Abraham Lincoln signing the District of Columbia Emancipation Act, by which some 3,000 slaves were freed in the nation’s capital.  In that the…

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