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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New York Deal Includes Wage Hike & Paid Sick Leave

Although at press time, there were still few details on the formal budget agreement in New York state, we do know that the final document includes an increase in the minimum wage to $15 an hour and a new paid sick leave mandate.  Business interests in New York had pushed back vigorously against Governor Cuomo’s…

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Miscellaneous

As the 2016 Presidential campaign gets deeper into the spring months and closer to the two party conventions this summer, the importance of the decisions voters will make this fall is coming more into focus.  At this juncture, small business owners are losing faith in the choices they’ll potentially see on the ballot come November. …

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Massachusetts Offers Tax Amnesty

This week, Massachusetts finalized and announced a new tax amnesty program that will grant individuals and businesses a two-month window to get right with the taxman!  The Massachusetts Department of Revenue Amnesty 2016 program will be available from April 1 through May 31 and will allow taxpayers to file delinquent returns or amend prior tax…

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IRS Reviewed More Business Returns in 2015

The Internal Revenue Service (IRS) released statistics on the Department’s 2015 enforcement activities last week and the results show an 8% increase in the number of business returns examined.  The IRS has seen its budget cut by $900 million in the aggregate over the past five years and is making its pitch to Congress for…

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Philly Mayor Puts Soda Tax Back in Play

New Philadelphia Mayor Jim Kenney included a $.03 cent per ounce tax on sugary drinks as an integral revenue component for his first budget as Mayor of the City of Brotherly Love.  Kenney, who opposed the $.02 soda tax that his predecessor Mayor Michael Nutter had proposed, didn’t take long to change his stripes into…

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