Inside House Tax Reform

Speaking of the work of the CFA, they sent out a summary recently of the key provisions contained in the House Tax Reform proposal, The Tax Cut and Jobs Act. Currently being marked up in the House Ways & Means Committee, the legislation provides for a reduction in tax brackets from 7 to 4 with…

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Killing the Death Tax

Just a few months ago, the pendulum was swinging far in the other direction, but now it appears there is more interest in fighting if not completely eliminating the federal Estate Tax, or as it is often called, the Death Tax. Back in the summer, we advised you of some significant proposed changes in IRS…

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IRS Changes Hit at Hearing

A public hearing was held last week on the new IRS regulations governing Estate and Gift Tax Exemption, and small business owners and family-owned businesses were out in full force to oppose their proposed tax increases on family gifts. Recall that back in August, the Treasury Department released proposed regulations to dramatically curtail use of…

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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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Maine Defeats Right to Work Legislation

The Maine legislature voted down an initiative backed by pro-business Governor Paul LePage to make Maine the 26th state in the union with right-to-work laws on its books.  Right to work laws prohibit the mandated payment of union dues as a prerequisite to getting or keeping a job and is staunchly opposed by organized labor. …

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It Ain’t Over Til It’s Over

We’ve enjoyed following Maine Governor Paul LePage and his quest to eliminate the state income tax with a constitutional amendment.  He coupled this idea with a host of legislative initiatives, all of which are geared toward improving the economic climate in Maine.  This past week however, the legislature’s Appropriations Committee rejected a number of tax…

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US House Kills “Death Tax”, Senate Agreement Unlikely

Well, some in Washington are at least trying to put more money back in the taxpayers’ pockets, but it’s not likely they’ll succeed in this particular effort.  The House voted last week to repeal the federal estate tax, also known as the “death tax” and currently pegged at 40% of inherited assets, by a vote…

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