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Andrew Presti

Middle-Class Tax Cut Extensions Expected to Stay on Hold Until Fall

Congressional consideration of an extension of $3 trillion in expiring tax cuts is likely to be put off until after the August recess, White House spokesman Robert Gibbs told reporters July 12. President Obama has called on Congress to extend all of the 2001 and 2003 tax cuts for households earning less than $200,000 per […]

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Andrew Presti

Bernanke: $40B in small biz loans disappears

CNNMoney.com (NEW YORK) — In the last two years, $40 billion worth of loans to small businesses have evaporated, and correcting the problem should be “front and center among our current policy challenges,” Ben Bernanke, chairman of the Federal Reserve, said in a speech Monday. Loans to small businesses dropped from more than $710 billion […]

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Andrew Presti

Academic Study: eBay Sellers Shirk Sales Tax Law

Economists’ findings come as states and Congress look for new ways to collect tax on Internet sales. Sales tax collection compliance among eBay sellers is “alarmingly low,” says a new academic study published as states look for ammunition to bolster tax-collection laws. When Georgia State University Economics Professor James Alm and Mikhail I. Melnik, an […]

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Andrew Presti

Treasury links 4.5 million new hires to tax credits

WASHINGTON (Reuters) – U.S. businesses eligible for a new employment tax credit hired 4.5 million new employees from February to May, the Treasury Department said on Monday — but it declined to draw a cause-and-effect conclusion. “I would say that the jury is completely out on the number of jobs that will be added on […]

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Andrew Presti

Where Taxes Are Up, Services Down

In California, tuition at state universities has soared, income taxes have gone up, and the governor wants to kill a noted work-to-welfare program. Arizona has raised its sales tax, slashed funding for state parks, and considered eliminating health care for more than 300,000 needy people. New Jersey has cut nearly $1 billion in school funding […]

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Andrew Presti

2010 Second Quarter Federal Tax Developments

During the second quarter of 2010, there were many important federal tax developments. This letter highlights some of the more important federal tax developments for you. As always, please give our office a call or send us an email if you have any questions about these developments. Tax legislation Congress recessed for its Independence Day […]

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Andrew Presti

Secretary Geithner stated: Tax rates will remain business-friendly

WASHINGTON (Reuters) – Obama administration will keep tax rates at levels that benefit job-creating businesses and limit taxes on capital gains and dividends, U.S. Treasury Secretary Timothy Geithner said on Wednesday. Interviewed on CNBC’s “The Kudlow Report”, Geithner said the intent is to extend and keep in place tax cuts that should benefit 95 percent […]

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Andrew Presti

Turning Business Losses Into Tax Refunds – Take benefit of the expanded net operating loss carryback allowances

Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents weaknesses that may have arisen […]

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Andrew Presti

2010 Planning: Independent Contractor vs. Employee

Currently, the likelihood of your business being involved in a worker classification or employment tax audit is increased because the IRS is aggressively attempting to reduce the “tax gap,” which is the annual shortfall between taxes owed and taxes paid. Employment tax noncompliance is estimated by the IRS to account for approximately $54 billion of […]

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Andrew Presti

Navigating revised payroll Form 941 to maximize your HIRE credit

The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, and its instruction to reflect the payroll forgiveness tax credit provided by the Hiring Incentives to Restore Employment (HIRE) Act. Form 941 was revised for use beginning in the second quarter of 2010. If you are claiming the credit for the second quarter, the […]

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