Tag: tax

Editorial: A better idea for Virginia’s controversial coal tax credits | Editorial

The cold-eyed accountants for the General Assembly’s auditing arm made headlines recently when they ran the numbers on the state’s coal tax credit and concluded that it actually costs the state more jobs than it saves.

This is good news for coal-hating Democrats who have tried for years now to get rid of the program and bad news for Republicans who represent the counties that produce coal.

At least that’s the conventional reading of the Joint Legislative Audit and Review Commission’s report. Today we propose a more unconventional reading under which coal country Republicans should embrace that finding and use it to their region’s advantage.

Before we get to that, let’s review some fascinating big-picture facts that the auditors assembled. First, Virginia coal production peaked in 1990 and has declined ever since. It’s now about one-third of what it was then. That means it hasn’t mattered which party controls either

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Business Editor’s Notebook: NH’s tax battle with Massachusetts is getting a national stage | Business Notebook

LAST WEEK, a liberal freshman congressman kicked off a webinar for a conservative think tank.

He’s running for reelection, and the think tank welcomes anyone who wants to talk about bad tax policy — like Massachusetts collecting income tax from commuters working remotely during the pandemic.


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Tax Provisions in the UK Winter Economy Plan

The Chancellor of the Exchequer, Rishi Sunak, delivered the government’s ‘Winter Economy Plan’ on Thursday, 24 September 2020.

Set against a marked deterioration in data tracking the spread of coronavirus in the UK signalling a worsening of the health crisis, the statement was afforded heightened importance by the postponement of the Autumn Budget. Given the severity of the impact of COVID-19 on, and the continued fragility of, the UK economy, there is some economic and fiscal logic in delaying the Budget until the depth and breadth of the impact of this latest onset of the virus is better understood. The Chancellor was probably keen to avoid a repeat of the spring which saw him deliver a Budget on 11 March 2020 only to have to then provide an updated emergency statement just nine days later. However, delaying the Autumn Budget may have been greeted with alarm

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R.I. business groups oppose Raimondo’s $29M tax proposal

Rhode Island businesses are objecting to Gov. Gina Raimondo’s latest budget-plugging plan, which would increase some tax bills during the COVID-19 pandemic.

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Raimondo wants to restore a limit on the amount of business losses that can be deducted from state income taxes, after the federal CARES Act coronavirus relief bill eliminated it for the last three years. The increase in deductions allowed by the CARES Act is estimated to cost the state $29 million over two years.

But trade groups, business advocates and accountants say small businesses need all the help they can get to survive losses from the pandemic, not retroactive tax payments.

“By disallowing this deduction at the state level, the state would be increasing the burden on small business when they can least afford the increase,” Greater Providence Chamber of Commerce lobbyist Elizabeth Suever wrote in a letter to the House Finance Committee.

The Raimondo

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R.I. business groups oppose Raimondo’s $29M tax proposal – News – providencejournal.com

Rhode Island businesses are objecting to Gov. Gina Raimondo’s latest budget-plugging plan, which would increase some tax bills during the COVID-19 pandemic.

Raimondo wants to restore a limit on the amount of business losses that can be deducted from state income taxes, after the federal CARES Act coronavirus relief bill eliminated it for the last three years. The increase in deductions allowed by the CARES Act is estimated to cost the state $29 million over two years.

But trade groups, business advocates and accountants say small businesses need all the help they can get to survive losses from the pandemic, not retroactive tax payments.


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“By disallowing this deduction at

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Colorado model ordinance aims to simplify online sales tax

Recently, the Colorado Municipal League in tandem with businesses and the state’s Department of Revenue created a model ordinance on economic nexus and marketplace facilitator laws to help simplify sales tax within the state. Localities that adopt it will align with the state’s economic nexus threshold for their local taxes. Colorado has historically had self-collected home-rule cities sales taxes, which required businesses to reach out to each home-rule city for their economic nexus rules.

“Colorado has two types of sales tax jurisdictions,” said Scott Peterson, vice president of U.S. tax policy and government relations at Avalara. “The majority are administered by the state, but there are more than 70 that administer their own sales tax. The point of the model ordinance is to get at those jurisdictions that have been doing it on their own.”

It all started with the Supreme Court’s decision inWayfairtwo years ago, which held

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How Biden’s Tax Plan Might Increase Taxes On Business Owners By 60% Or More

November 3, 2020 means a lot to all Americans, but this election may have especially significant impact on business owners. This blog is not intended to make political or social commentary, rather, it is a discourse on likely tax changes.

There are four possible outcomes, assuming the House stays Democratic (which seems imminent). Here’s what could happen:

1.     President Trump is re-elected, the GOP retains the Senate.

2.     President Trump is re-elected, the Democrats take the Senate.

3.     Joe Biden is elected; the GOP retains the Senate.

4.     Joe Biden is elected; the Democrats take the Senate.

Under the first scenario, things will likely remain largely the same, but we’ll still face the onerous task of paying for the massive deficits created by Congress’ fiscal response to COVID-19. Scenario 2 allows President Trump to veto any legislation for a revenue

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State creates myconneCT to help business owners navigate tax filing

HARTFORD, Conn. (WTNH) — State officials say myconneCT, a new online tool new from the Connecticut Department of Revenue Services, is supposed to be user friendly. They said business owners can file their taxes with just a few taps on their phones or personal computers.

The Thomas Hooker Brewery in Hartford was part of a focus group to see how the new platform should be built.

Acting Department of Revenue Services (DRS) John Biello said, “To the business community, I’d like to say ‘we heard you!’”

State officials said the current system businesses use to file taxes is old and clunky.

This upgrade will help in more ways than one. DRS commissioner said efficiency, managing accounts and registering a new business will all be easier with this online platform.

The governor said FAST Enterprises is the vendor who helped build the platform.

Biello said 7,000 business tax returns have been

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Biden’s tax plan could hike costs on largest US banks, study finds

Former Vice President Joe Biden’s proposed tax plan may not just spell bad news for the nation’s wealthiest individuals, but also its wealthiest banks.

The 10 largest banks in the U.S. could see their combined yearly net income decline by more than $7 billion, according to an S&P Global Market Intelligence analysis, owing to a bid to moderately raise the corporate tax rate.

Biden has proposed increasing the corporate tax rate to 28 percent. The Tax Cuts and Jobs Act reduced the corporate tax rate to 21 percent, from 35 percent.

JOE BIDEN’S 2020 TAX PLAN: THE KEY POINTS

The banks that stand to be most negatively affected, according to S&P Global Market Intelligence, are JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Truist Financial Corp.

TRUMP SAYS BIDEN’S CORONAVIRUS

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One of Ohio’s Top Business Tax Reduction Consultants, Ken Byers, Co-Authors New Book on How to Avoid Costly Retirement Mistakes

CINCINNATI, Sept. 16, 2020 /PRNewswire/ — Building a successful, closely held business is one thing. Successfully preserving, protecting and passing on that wealth is another, according to Ken Byers, ChFC®, AEP®, CLU®, Co-Author of the book, “Retire Abundantly.”

Business owners will gain wisdom, principles and practical advice on how to enjoy a great retirement and leave a lasting legacy.

Byers shares, “Only three percent of all Americans have been able to accumulate one million dollars or more, which makes that group extraordinary, and many of those are closely-held business owners. Most don’t understand that building a successful business is not the same as getting the money out of the business. We are on a mission to show first generation closely-held business owners how to move money out of their business on a tax preferred basis.”

Successful business owners with accumulated wealth face

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