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,…
Read More »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…
Read More »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…
Read More »In a similar vein, the Treasury and the Internal Revenue Service yesterday announced that they are extending the deadline to July 15, 2020 for a host of administrative acts under US tax law for fiscal year businesses, tax-exempt organizations and some 300 other tax-related deadlines. The extensions synchronize all tax filing and reporting deadlines for…
Read More »On a regular basis, we have advised our subscribers of the ever-expanding government mandates on employee benefits, minimum wages, sick leave, family and medical leave and the like. Well, yet another new mandate was proposed last week in the United States Senate – the Saving For The Future Act. Filed by declared democratic presidential candidate…
Read More »To the dismay of a number of retail and restaurant groups within Maryland, state senator Ron Young is now pushing legislation in Annapolis that would mandate combined reporting for state income purposes and potentially generate an additional $50 million in revenue for the Terrapin State. Combined reporting, which is currently the law in 27 states…
Read More »Maine voters rejected applying another surcharge to certain individual incomes. By a lopsided margin of 63-37%, voters rejected the idea of authorizing an additional 3.8% surcharge on incomes over $128,400 per year. The revenues generated would have funded the provision of “free” in-home care for the state’s elderly and disabled residents, regardless of their need…
Read More »It may be a few more years before it comes to fruition, but the Volunteer State finalized plans to eliminate its state income tax when Governor Bill Haslam signed the bill into law earlier this week. The legislation (SB 0047), passed in the waning days of its 2016 session, provides that the income tax rate…
Read More »Maine Governor Paul LePage joined the Maine republican party to announce an effort to couple welfare cuts with a proposal to eliminate the state income tax in a citizen petition on the November ballot. Maine is one of a few states that actually allow multiple topics to be included in one citizen initiative ballot petition,…
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