Paying for the Pandemic in Cities

City governments are constantly lamenting the loss of tax and other revenues and are now mapping plans to restore their revenue streams whether there’s more federal money or not. Too often, that means increased taxes for the business community.  As a case in point, amid widespread opposition, the DC Council preliminarily approved a FY21 budget…

Read More »

Tale of Two Approaches

As Congress gets closer to possibly another economic recovery legislation, and the clamor to date has been for as much a $1 trillion in relief to state and local government, we’ve now entered FY 2021 budget. With tax receipts significantly reduced, every state and local government is facing some tough budget decisions. A quick look…

Read More »

DDIFO Along With the CFA are Listed Supporters of the Small Business Tax Cut Act

Dunkin’ Donuts Independent Franchise Owners (DDIFO) along with the Coalition of Franchisee Associations (CFA) and other franchisee associations have all signed on to support The Small Business Tax Cut Act which was introduced by Majority Leader Eric Cantor. The tax cut bill, if passed, would decrease small business owners’ taxable income and increase bottom lines. Specifically, The Small Business Tax Cut Act would allow franchise owners to deduct 20 percent of their income from taxes, up to 50 percent of their W-2 wages.

Read More »

Cost Segregation Makes Sense for Remodels

Due to the state of the economy in 2009, Dunkin’ Brands gave franchise owners a pass on their 10-year remodel obligations, but now franchise owners who were due to remodel last year or are due this year, by and large, will have to bite the bullet. So, in a still struggling economy, where can you turn for help with remodeling expenses? Cost Segregation is one answer. DDIFO members read more…..

Read More »

New hires complete new Form W-11 to qualify employers for HIRE Act tax breaks

IRS has released Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. Newly hired, but formerly unemployed, workers must sign this form (or its equivalent) in order for their new employers to qualify for a payroll tax holiday and possibly an up-to-$1,000 credit under the HIRE Act ( P.L. 111-147 ). DDIFO Members read more…

Read More »

HIRE Act Aims to Encourage Immediate Hiring with Tax Credits

The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The centerpiece of this Act is a payroll tax holiday and up-to-$1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension of the enhanced small business expensing option under Code Sec. 179 . Both of these provisions are extremely important to many businesses. DDIFO Members read more…

Read More »

State of Massachusetts Institutes a Tax Amnesty Program for a Limited Time

The Massachusetts Commissioner of Revenue has established a 2-month amnesty period starting April 1, 2010 until June 1, 2010 applicable for tax periods ending on or before December 31, 2009 that is limited to sales-use taxes, withholding taxes, and certain business tax liabilities. Submitted by Jim Ventriglia, MST, CPA. DDIFO Members Read More…

Read More »

Indy Joe: What Tax Changes for 2009 Should I be Aware of?

Today’s Question is: What Tax Changes for 2009 Should I be Aware of? Today’s Answer is submitted by: Jim Ventriglia of James P. Ventriglia, CPA, Inc. or Cranston, RI. James P Ventriglia, MST, CPA, is DDIFO’s CPA and has been servicingthe accounting needs of Dunkin’ Donuts franchisees for decades. Contact him at jimv@jpvcpa.com or at 401-942-0008.

Read More »

Franchise Industry Lobbies to Extend Small Business Tax Benefits

It may take months or even years before markets return to normal, yet a number of key tax measures that have helped small firms survive the downturn are set to expire, touching off a scramble on Capitol Hill to get them extended. The franchise industry, one of the biggest beneficiaries, has taken the lead in the lobbying effort as the clock winds down on several key tax incentives.

Read More »