Business Feed

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 →


NASCAR fans are gearing up for tonight's night race at Daytona International Speedway. Still referred to as the Firecracker 400 by veteran stock car fans, the corporately renamed Coke Zero 400 marks NBC's return to the sport after a 10 year hiatus. While some race fans are grumbling because the top-tier NASCAR race was bumped from its traditional first Saturday night in July to Sunday to capture a bigger TV audience, it still should be a good show. And it will give those at the track as well as those of us watching on television a chance to see what's... Read more →


Jeb Bush really did have 33 years of tax returns on hand and he opened them up for public inspection yesterday. When the former Florida governor announced that as part of his campaign to be the 2016 Republican presidential nominee that he was going to go to the extreme on personal tax transparency, I immediately wondered why he selected that particular number of years. I also wondered how come he had that many years of tax records on hand. I was not alone. CPA and Twitter pal Deanna Richardson also was intrigued by the massive amount of tax records. Most... Read more →


The Internal Revenue Service hasn't always followed the law when it comes to making business deals. Uh oh. Specifically, according to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has violated the federal law that prevents it from doing business with businesses that haven't paid their taxes. The IRS also ignored the other portion of that law, enacted in 2012, that prohibits agency contracts with companies that have been convicted of felonies. In total, during fiscal years 2012 and 2013 the IRS awarded 57 contracts to 17 corporations that weren't eligible because of their tax debts or prior... Read more →


Amazon has hit the halfway mark. Today, June 1, the online retailer begins collecting sales tax on products it delivers to shoppers in Ohio. The Buckeye State is the 25th state in which Amazon collects sales taxes. Photo by MikeBlogs via Flickr Creative Commons Officials estimate that Amazon's tax collection will help boost Ohio's sales tax revenue to between $150 million and $300 million annually. Before today, Ohio has had to rely on the state's online consumers to pay the tax. The new online sales tax collection system was announced late last week, after a year of Amazon and Ohio... Read more →


Despite the massive crazy that can be Texas -- we do like to do everything, good or bad, big! -- one thing I do love about the Lone Star State is its far-reaching history. Everyone knows that Texas once was an independent country. Texans like to make that clear to anyone who'll listen, and even those who've quit paying attention, all the time. But before that, we Texicans were part of Mexico. So it's no surprise that we latch onto that Mexican heritage on special days, such as Cinco de Mayo. Of course, May 5 is a minor holiday in... Read more →


You've got to hand it to New York. The Big Apple truly does have something for everyone and every, uh, predilection. There is, of course, a price. And a tax. The Museum of Sex found that out the hard way. Yes, I know, some of what I will type in this post will be, I swear, unintended double entendres. Please accept my apologies in advance, but I just don't have time to search through my thesaurus for synonyms. The New York Post reports that the New York state tax office slapped an $82,192 tax lien on the Museum of Sex... Read more →


It's one thing to make an innocent mistake on your taxes, or to overlook a tax break that could lower what you owe Uncle Sam. Those tax sins of omission are costly, but usually won't invoke the ire of the Internal Revenue Service. When you intentionally disregard tax law, however, such willful neglect will get you in real trouble. The IRS defines willfulness as a voluntary, intentional violation of a known legal duty, specifically your tax filing and payment responsibilities. Such intentional tax violations could lead to tough penalties on top of the unpaid tax and interest added to it.... Read more →