Congress Eyes Next Round of Relief

Notwithstanding the partisan divide that continues in the Nation’s Capital, Congress is looking at possibly passing another multi-billion to trillion dollar economic relief package when the House returns to DC next week. Republicans and Democrats are divided over what to include, but they have each been floating different ideas that we want to keep watch…

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IRS and Treasury Extend Deadlines

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…

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From the Find New Taxes File . . .

San Francisco voters will decide on a ballot measure slated for next November that calls for instituting a new CEO tax on certain companies in the “City By The Bay.” The Excessive CEO Salary Tax earmarks the estimated $80 million in new revenue it would generate for mental health and substance abuse programs within the…

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Miscellaneous

Earlier this month, the Trump administration submitted its fiscal 2020 budget to Congress and projected the US economy to continue the strong expansion it has experienced since the Tax Cuts & Jobs Act was enacted in 2017. Growth in fiscal year 2018 reached 2.9% for the year, but most economists do not see that kind…

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NJ Governor Wants Millionaire Tax

New Jersey Governor Phil Murphy continues to push for so many of the progressive programs and initiatives that were blocked in prior years by his republican predecessor, Chris Christie. This latest initiative, incorporated in the Governor’s $38.6 billion state budget for FY20, seeks to expand the universe of the multi-millionaire tax (incomes over $5 million)…

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Targeting Success

Newly announced presidential candidate Senator Elizabeth Warren (D-MA) has gotten much of the coverage on raising taxing of late with her plan to levy a 2% tax on assets over $50 million, but failed 2016 (and likely 2020) democratic Presidential candidate Senator Bernie Sanders (I-VT) is determined to penalize success as well. Staying in class…

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And Another 25 Cents for the Cup!

You really couldn’t make this stuff up, but the Berkeley California City Council unanimously approved a new ordinance this week that will require restaurants to charge customers $0.25 for disposable cups. The Single Use Disposable Foodware and Litter Reduction Ordinance, which sailed through on the recommendation of the City’s Zero Waste Commission, also requires that all…

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Taxing Drinking Water?

Yes, unfortunately you read that right! California’s new governor, democrat Gavin Newsom, just days into his term as the state’s Chief Executive Officer, has proposed imposing a new tax on drinking water. The Governor incorporated the tax as part of his budget proposal for fiscal year 2020, which is projected to end with a surplus…

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Changes in Illinois Employment and Tax Law

In light of this electoral climate, DDIFO’s upcoming Chicago Regional meeting, Don’t Risk Your Network!, seems particularly timely. The program, which includes lunch, will be held next Tuesday, November 13 at the Hyatt Regency O’Hare, 9300 Bryn Mawr Avenue in Rosemont, beginning at 11:30 AM and concluding around 3 PM. The meeting will feature Attorney…

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Profit Must Be a Dirty Word

At least it seems to be in Portland Oregon! The city is set to advance an initiative to the November ballot that would impose a one percent gross receipts surcharge on businesses with more than $1 billion in national revenue and over $500,000 revenue within the city. The city council is currently debating whether to…

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