Business Feed

Does your Thanksgiving Day menu include a turkey, yams and those fancy stuffed potatoes that grandma used to make every time the family gathered at her house? Thanksgiving meal photo courtesy Satya Murthy via Flickr CC Then there are two things you need to do. First, send me your address and set another plate at the table. Then second, when Congress returns to Washington, D.C., after its holiday break, contact your Representative and Senators and urge them to finish up the tax extenders. If the 50+ tax breaks that expired on Dec. 31, 2014, aren't reinstated, then many of the... Read more →


Alaska is notable for many things, especially when it comes to taxes. The Last Frontier is the only state that does not have an individual income tax or collect a state-levied sales tax. Instead, Alaska relies primarily on oil money to keep its coffers full. Oil rig drilling in Alaska's deep snow (circa 1940–1970). Photo courtesy Elmer E. Rasmuson Library, University of Alaska Fairbanks That personal petroleum reserve, however, is dropping. And that means the 49th state is considering some potentially painful tax changes. Alaska's costly oil subsidies: There's already talk about scaling back the subsidies the state offers oil... Read more →


To many, Donald Trump is a blowhard. But it turns out he has a legitimate connection to wind beyond his personal constant stream of hot air. The Republican presidential hopeful told a group of Iowa voters at a town hall meeting this week that he supports the federal tax credit for wind power producers. That's a pretty big surprise. Not just because Trump is actually talking about a piece of tax policy, but also given his hairdo you'd think he wouldn't be a big fan of wind. Yeah, I know, cheap and easy joke, but when someone walks into it,... Read more →


Last week's jobs report for October was surprisingly good. The unemployment rate fell to 5 percent, its lowest level since 2008 and half of the 10 percent rate in the wake of the financial crisis. If predictions are correct for seasonal hires this year, even more workers could be having a merrier than usual Christmas. Businesses in San Antonio are following the national trend in hiring for the holiday season. Click image to see KSAT-ABC's report. But that holiday joy could be dashed at tax filing time if you don't pay attention to how you are classified by your temporary... Read more →


Michael Myers, the masked slasher who terrorizes towns and teens on Halloween, obviously loves Oct. 31. Michael Myers of "Halloween" film infamy is thrilled that Oct. 31 is finally here. Click image to see his happy dance. Since the original "Halloween" movie debuted at the end of October 1978 (I was in one of those packed theaters in Lubbock, Texas), 10 sequels have followed, most of them involving franchise creator John Carpenter. It cost Carpenter and crew around $300,000 almost four decades ago to bring the terror of Michael Myers to the big screen. The trademark mask the character wears... Read more →


Business tax filers are catching up with individual taxpayers when it comes to electronically submitting returns. The Internal Revenue Service estimates that in 2015 around 77 percent of all corporate and partnership returns were filed electronically, based on filing data as of Sept. 20. That's 625,000 more such business filings than last year, or percentage-wise, a 9 percent increase. On the individual tax side, slightly more that 86 percent of U.S. taxpayers had e-filed their 1040s through Sept. 25. That's a 2.2 percent increase over the same period in 2014. And remember that we have a few more e-filing days... Read more →


Computers and taxes are inseparable. Most of us use our computers to file our taxes every year. The Internal Revenue Service relies on its computers, which it keeps telling Congress it needs money to upgrade, to process those millions of electronically completed and filed returns. Now some computer scientists are working on an algorithm that could help catch some tax cheats. Partnership tax shelter troubles: Specifically, researchers from the Massachusetts Institute of Technology and the nonprofit technology research and development organization Mitre Corporation, are focusing on a certain type of tax shelter used by partnerships. "We see the tax code... Read more →


When Donald Trump finally released his tax plan on Sept. 28, he included a provision he says would encourage U.S. based-companies to companies to bring their overseas earnings -- and jobs and tax payments -- home. Companies nowadays operate, and pay taxes, well beyond the boundaries of the county in which they are headquartered. Image by Effervescent Me via Flickr. Trump's proposal for a one-time repatriation of corporate cash held abroad at a discounted 10 percent tax rate is nothing new. One of his GOP presidential nominee competitors, former Florida Gov. Jeb Bush, previously released his tax plan that calls... Read more →


Online sales tax collection is about to cross the halfway mark. On Thursday, Oct. 1, Michigan will become the 26th state in which Amazon will collect sales tax. Amazon box photo by MikeBlogs via Flickr The Seattle-based online retail giant, however, isn't the only company affected. Michigan operations, taxes: Michigan's new Main Street Fairness Act that takes effect tomorrow applies to all Internet retailers with a presence in the Great Lakes State. The affected businesses will be required to collect and remit to the Michigan Department of the Treasury the state's 6 percent sales tax on all purchases made by... Read more →


Greece, despite another bailout from Eurozone lenders, is still struggling to get its economy together. Now it faces another internal threat: bartering. The New York Times reports that as the Mediterranean country "grapples with a continued downturn, bartering is gaining traction at the margins of the economy" because money is just not readily available. Liz Alderman writes: "Graphic artists are exchanging designs for olive oil. Accountants swap advice for office supplies. In the agricultural heartland and on the Greek islands, informal bartering, which has historically helped communities survive, has intensified as more people exchange fruits, vegetables, other crops, equipment, clothing... Read more →


The House Ways and Means Committee plans to mark up seven bills this morning (Thursday, Sept. 17), most of which usually are considered as part of a comprehensive tax extenders package. More than 50 temporary tax laws expired at the end of 2014. Congress is slowly working on getting them back in the tax code for at least a couple more years. Passage of the extenders, so named because they are temporary tax laws that must be renewed (aka extended) periodically by Congress, have become an end-of-the-year pain in the a… a legislative ritual. Such a delay, however, means that... Read more →


You've got to give it to Alabama lawmakers. They don't mess around when they talk about sin taxes. Oh sure, the Alabama House Ways and Means Committee OK'ed a 25-cent-per-pack cigarette tax hike. But nicotine addiction is just a minor sin. And that tax was just a preview. The state's tax-writing committee last week also approved a 40 percent excise tax on pornographic materials. Alabama isn't censoring adult material, but some lawmaker do want to tax it heavily to help close the state's budget shortfall. You read right. Forty. 4-0. The size of the proposed tax and its titillating target... Read more →


Next week, Colorado's recreational marijuana users are in for a tax treat. On Wednesday, Sept. 16, the state's two marijuana related taxes, which come to a combined 25 percent, will be waived. Sweet Leaf marijuana retail shop in Denver, Colorado. Photo courtesy Colorado Pot Guide. For folks who enjoy taking time for a little toking, this is way better than any of the back-to-school sales tax holidays that 18 states held earlier this summer. Day off for sales and excise taxes: Thanks to the intricacies Colorado's Taxpayer Bill of Rights (TABOR) requirements, the state's 10 percent retail marijuana sales tax... Read more →


Donald J. Trump, the leader for the Republican nomination for president, is still finalizing his plan to reform the country's tax system. Meanwhile, however, he still has to worry about his own taxes. Case in point, the real estate tax bill his Trump National Golf Club in Briarcliff Manor, New York, is facing. Donald Trump's New York City area golf club is fighting its property tax assessment, seeking a lower value on the luxury property so it will get a nearly 90 percent cut in its latest property tax bill. Trump seeks less huge tax bill: The 140-acre property in... Read more →


Everybody's a critic, even the New Jersey's chief economic officer if one state senator's tax credit for performers is enacted. Republican Sen. Tom Kean, Jr. this week renewed a push for his bill that would provide a tax break for so-called A-list performers in the Garden State. 50,000 fans packed the beach in Atlantic City to see to see pop band Maroon 5 and its popular front man Adam Levine. Click image for full story and video from Philadelphia ABC affiliate WPVI. The bill is designed to boost amusement offerings in Atlantic City. Under S. 2721, qualifying acts, which include... Read more →


A tax battle between the nation's capital and seven online travel companies has ended with the websites being ordered to pay almost $61 million in sales taxes. The taxes, which apply to Washington, D.C., hotel rooms booked from 1998 to 2010, could be the largest tax settlement ever paid to the District of Columbia government. It also ends a tax fight between the national capital's tax collector and the online room reservation agents at Expedia, Hotels.com, Hotwire, Orbitz, Priceline, Travelocity and Travelscape that began in 2011. Retail taxes due: At issue was the tax difference between applying Washington's 14.5 percent... Read more →


There were no big surprises -- heck, no surprises of any size -- from the Senate Finance Committee's mark-up Tuesday (July 21) of expired tax provisions known as extenders. Sen. Ron Wyden (left), the Oregon Democrat who is ranking minority member on the Senate Finance Committee, and Sen. Orrin Hatch (R-Utah), chair of the tax-writing panel, kick off the July 21 hearing on which expired tax provisions, known as extenders, to temporarily renew. The $95.2 billion tax package would renew for two years -- through the 2016 tax year -- many popular individual and business tax breaks. Here's a quick... Read more →


Stop me if you're heard this before. And before. And before. Yep, I'm talking, again, about tax extenders legislation. These 50+ temporary tax laws must be renewed periodically, with the one to two year extensions, sometimes retroactively, giving them their name. Senate Finance Committee Ranking Minority Member Sen. Ron Wyden (D-Ore.), left, and SFC Chairman Orrin Hatch (R-Utah) will guide their tax-writing colleagues today in examining tax provisions that expired at the end of the 2014 tax year. (Official Senate Finance Committee photo) The current batch of extenders expired on Dec. 31, 2014, after being given new life retroactively for... Read more →


Disney is known for its princesses. That's fitting, because from a corporate tax position, the entertainment behemoth is a king. Beast and the Disney princess beauties by Jennie Park via Flickr And boy is it good to be king. Disney just got a royal tax deal from Anaheim. Tax deal for possible future tax: The Southern California city that is home to Disneyland just extended its entertainment tax agreement, which has been in place since 1996 and which was set to expire next June, with Disney for 30 more years. In the original deal almost 20 years ago, Anaheim promised... Read more →


Five U.S. Senators who represent states that have legalized recreational use of marijuana have introduced legislation to make it easier for pot-selling businesses to obtain banking services. Photo of marijuana retailer at his shop courtesy Marijuana.com Since federal law still considers marijuana an illegal Schedule 1 drug, most U.S. banks won't accept marijuana businesses as customers. But if the Marijuana Businesses Access to Banking Act of 2015 makes it into law, that will no longer be a problem. Western lawmakers lead the way: S. 1726 was introduced by Colorado Sens. Michael Bennett and Cory Gardner, Oregon Sens. Jeff Merkley and... Read more →