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Tag >> taxes
Dec 08

Companies face big tax hikes for state jobless funds

Posted by Stephen Taub in unemployment insurance fund, unemployment, taxesCash

Stephen Taub

The Federal government giveth, the states taketh away.

The same week businesses learned they could receive some tax breaks from the Federal government, a number of cash strapped governments announced sizable hikes in unemployment rates.

Nov 18

Ten best and worst states for business taxes

Posted by annearf in taxessales taxincome taxcorporate taxcompliancebusiness taxes


Think the state taxes imposed on your company are too high? Or at least, steeper than in other places? A new report   ranking the best and worst state business tax climates can provide a clearer picture of how relatively onerous the situation is.

 The report, from the Tax Foundation, compares states on five separate aspects of their tax systems--property, corporate, individual income, sales, and unemployment insurance taxes--then adds the results up to a final, overall ranking. 

Nov 10

Political pork's impact on private sector companies

Posted by Karen1 in Us House of RepresentativestaxesHarvardgovernment spending


When politicians bring pet projects – say, infrastructure construction or defense initiatives – back to their home states, what does that mean for the private sector firms already up and running? The impact, unfortunately and somewhat surprisingly, isn’t all that good, according to a recent study by several Harvard professors.

In their report, "Do Powerful Politicians Cause Corporate Downsizing," Lauren Cohen, Joshua Coval and Christopher Malloy, all from Harvard, looked at changes in both public and private capital investment in the years immediately following the appointment of US senators and representatives to chairs of powerful congressional  committees. Cohen recently testified about the study before the House Committee and Transportation and Infrastructure.

Jul 30

Does employee freedom impact job growth?

Posted by Karen1 in unemployment compensationtaxesminimum wageemployment growth



A recent study by the Alliance for Worker Freedom, an offshoot of Americans for Tax Reform, compared the fifty states on a range of variables, such as the existence of right to work and paycheck protection laws, public and private sector union membership and workers' compensation statutes.

Jul 13

IMF wants to turn the Cadillac tax into a Chevy

Posted by Jeremy Smerd in taxeshealthcarehealth care reform, cadillac plan, benefits

Jeremy Smerd

Employers, here we go again: as long as you offer employees tax-free health care benefits, you will always have someone calling for an end to this lucrative tax break.

This time it's the International Monetary Fund. In a report last week on the U.S. economy, debt and unemployment, the IMF expressed overall concern about the challenge of bringing U.S. debt "to more sustainable levels without jeopardizing the recovery."

Jun 22

Tax amnesties remain popular

Posted by Karen1 in taxesCenter on Budget and Policy Prioritiesamnesty programamnesty


While the economy has hit state governments hard - 40-plus states face budget shortfalls for fiscal year 2011, estimates the Center on Budget and Policy Priorities - the bad news has a silver lining for some taxpayers, including businesses. A number of states have implemented tax amnesty programs, and a few more are on the way. Tax amnesty programs allow taxpayers with unreported tax liabilities to come forward to settle their obligations, usually with a waiver of penalties and a reduction in any interest owed, as well as the ability to avoid criminal prosecution. 

In 2009, about a dozen states, including Arizona and Wisconsin, offered a tax amnesty program, according to this article in More recently, Florida Maine, and Nevada announced tax amnesty programs, while Massachusetts and Pennsylvania have just concluded their initiatives. "You can call it a trend," says Verenda Smith, senior manager for administration and policy with the Federation of Tax Administrators. 

The reason behind the programs? "They're designed to bring in cash and bring it in now," says Smith. "It's cheaper than borrowing and more politically viable than raising taxes." That's not to suggest that the programs are a budgetary panacea, as the dollars raised are nowhere near enough to eliminate shortfalls. However, they can help states maneuver through a short-term crunch.
While taxpayers who have deliberately avoided paying taxes are the most obvious beneficiaries of amnesty programs, even law-abiding corporations can benefit. Under some programs, tax liabilities that come to light through an audit can be included within the amnesty programs, including the reduction in interest and penalties. Some companies may find that less expensive than trying to appeal the decision. Of course, appealing also brings the chance that the liability would be reversed; that chance is eliminated with an amnesty program. 
While the pace of amnesty programs has been fairly rapid over the past few years, it's likely to start slowing, Smith says. At some point, the volume of programs reaches a saturation point. For instance, offering an amnesty program every couple of years can lead even honest taxpayers to wonder if they should just wait for the program before they pay their bills. Moreover, the programs are short-term solutions. For the long-term, states need a better balance between income and expenses. That means politicians need to make the tough choices of cutting spending or raising taxes. 

Jun 03

Tax man helps small biz!

Posted by Jeremy Smerd in taxes, tax credit, healthcarehealth care reformbenefits

Jeremy Smerd

The Internal Revenue Service recently released some information to help companies take advantage of a tax credit provided by the health reform law.

The IRS estimates that about 4 million businesses qualify, and is sending out notices to as many as possible advising them of the tax break. If you haven't received anything but believe your company may qualify, here's what you should know:

May 04

A tax sweetener for employer-provided health care

Posted by Jeremy Smerd in taxeshealthcarehealth-care reformhealth insurancehealth care reformCareers/Managementbenefits

Jeremy Smerd

The only things guaranteed in life are death and taxes, the cliché goes. But when it comes to taxes and health care you can't be so sure. 

Employers have long been able to offer health care without it being treated as an employee's taxable income that businesses would have to pay employment taxes on. Employers can also deduct the cost of providing insurance as a business expense.

Mar 25

Which companies will be hurt most by health care bill?

Posted by Stephen Taub in taxes, tax credit, TaxNew York Times insurancehealth careCredit suisse

Stephen Taub

Let's face it. Even if you love the health care bill, you have to concede it will be very costly. Someone must pay for guaranteeing that those with pre-existing conditions are covered and lifetime caps are lifted.

And it is mostly going to be corporations; small businesses with at least 50 employees; individuals who earn at least $200,000 (couples at $250,000), many of whom are deemed to be rich by the left but to be hard-working successful people by most others; and those with so-called Cadillac insurance plans, except, of course, union workers who typically vote Democrat.

Mar 04

Nets try tax prep promotion to boost attendance

Posted by Going Concern in taxespromotionsCPAscareer/management

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Okay, who's got no plans on Friday? Work? Bah. How about you go to the Nets game against the Orlando Magic instead? Sure they're terrible but you'll get a coupon that is redeemable at a Roni Deutch Tax Center to get your state return done for free (a $29 value!).

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