July 23, 2010
Andrew Presti
Blog Posts
0 CommentsWASHINGTON – Many Americans could be hit with a big tax increase in the next two or three years despite President Barack Obama’s repeated promises to shield the middle class from higher rates. Democrats are hedging about making Obama’s pledge stick for more than a year or two, setting up a major battle on a […]
Read moreJuly 22, 2010Andrew PrestiBlog Posts0 CommentsA change in payroll taxes on small service S corporations seems likely. But there are things you can do to minimize the pain. Owners of small businesses should prepare themselves for some big changes on the corporate tax front. Here’s the background: The American Jobs and Closing Tax Loopholes Act (H.R. 4213) was recently approved […]
Read moreJuly 21, 2010Andrew PrestiBlog Posts0 CommentsA 2010 court decision that favored the IRS over a corporate taxpayer provides useful insights for other companies making restitution payments to the government. On January 18, 2000, Fresenius Medical Care Holdings Inc. and the United States signed a “Global Agreement” resolving a series of suits against the company on claims of Medicare fraud. The […]
Read moreJuly 20, 2010Andrew PrestiBlog Posts0 CommentsBusinesses 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 […]
Read moreJuly 19, 2010Andrew PrestiBlog Posts0 CommentsIt seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent? National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s […]
Read moreJuly 16, 2010Andrew PrestiBlog Posts0 CommentsCongressional 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 […]
Read moreJuly 15, 2010Andrew PrestiBlog Posts0 CommentsCNNMoney.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 […]
Read moreJuly 14, 2010Andrew PrestiBlog Posts0 CommentsEconomists’ 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 […]
Read moreJuly 13, 2010Andrew PrestiBlog Posts0 CommentsWASHINGTON (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 […]
Read moreJuly 12, 2010Andrew PrestiBlog Posts0 CommentsIn 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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