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More disaster victims in Mississippi qualify for tax relief

More disaster victims in Mississippi qualify for tax relief

Victims of recent severe storms and flooding in numerous states have more time to make tax payments and file returns if they are affected taxpayers in counties that have been designated as federal disaster areas qualifying for individual assistance. Certain other time-sensitive acts also are postponed. IRS has recently announced on its website that an […]

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Employers in Two States & Virgin Islands Could Pay Higher FUTA Rates in 2016

Employers in Two States & Virgin Islands Could Pay Higher FUTA Rates in 2016

California, Ohio, and the Virgin Islands have outstanding federal unemployment loan balances as of Mar. 28, 2016. Employers in these jurisdictions will pay 2016 federal unemployment tax (FUTA) at a higher rate than employers in other areas if the loans are not repaid by Nov. 10, 2016. Background. Employers pay FUTA tax at a rate of 6.0% […]

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California allows for secret ownership

California allows for secret ownership

As reported in the news of the LA Times, California allows for secret ownership. Delaware and Nevada aren’t the only states where it’s possible to set up a company without saying who owns it. In California, too, owners can set up a limited liability company, or LLC, without telling state officials who’s behind the curtain. […]

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Future of U.S. solar threatened in nationwide fight over incentives

Future of U.S. solar threatened in nationwide fight over incentives

Los Angeles (Reuters) – Two sun-drenched U.S. states have lately come to very different conclusions on a controversial solar power incentive essential to the industry’s growth. In California, regulators voted in January to preserve so-called net metering, which requires utilities to purchase surplus power generated by customers with rooftop solar panels. But neighboring Nevada scrapped […]

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Has success overpriced O.C.? Big Orange Index shows 6 years of growth, but some indicators are down, hinting at trouble ahead

Has success overpriced O.C.? Big Orange Index shows 6 years of growth, but some indicators are down, hinting at trouble ahead

As reported in the OC Register, Success does come with a price tag. Orange County’s economy begins 2016 on a six-year winning streak. But the extended upswing is creating challenges that may limit the local business climate’s advance. My Big Orange Index, a compilation of three dozen benchmarks of local economic performance, hit a new record […]

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Due date extended for social welfare orgs to provide notification required under Path Act

Due date extended for social welfare orgs to provide notification required under Path Act

Notice 2016-9, 2016-6 IRB In a Notice, IRS has provided interim guidance on Code Sec. 506, newly added by the Protecting Americans from Tax Hikes (PATH) Act of 2015, which requires new and certain existing social welfare organizations to notify IRS of their intent to operate under Code Sec. 501(c)(4). The Notice states that the […]

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Disaster victims in Mississippi qualify for tax relief

Disaster victims in Mississippi qualify for tax relief

IRS has announced on its website that victims of the recent storms in counties of Mississippi that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that’s available and includes up-to-date disaster […]

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Experts find in record $1.6 bln lottery, states not such big winners

Experts find in record $1.6 bln lottery, states not such big winners

DENVER/CHICAGO (Reuters) – The fervor around this week’s $1.6 billion Powerball jackpot will feed annual lottery ticket sales worth tens of billions of dollars, but public policy experts estimate only about a quarter of that revenue will ultimately make it into state coffers. Forty-four states plus Washington D.C. and two U.S. territories sold millions of […]

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Joint Explanatory Statement of the Committee of Conference – Tax provisions in the “Fixing America’s Surface Transportation (FAST) Act”

Joint Explanatory Statement of the Committee of Conference – Tax provisions in the “Fixing America’s Surface Transportation (FAST) Act”

Joint Explanatory Statement of the Committee of Conference On December 3, one day before the expiration of the previously-passed temporary funding measure, both chambers of Congress passed H.R.22, the “Fixing America’s Surface Transportation (FAST) Act”. The bill was sent to President Obama for his expected signature. In addition to authorizing federal surface transportation programs through […]

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Bits ’n Pieces – GOP Obamacare dilemma hits presidential contest; LA losing $20 million a year; Rubio to Detroit; NY trying to create affordable housing; Cadillac tax plan, another perspective

Bits ’n Pieces – GOP Obamacare dilemma hits presidential contest; LA losing $20 million a year; Rubio to Detroit; NY trying to create affordable housing; Cadillac tax plan, another perspective

Republicans’ Obamacare ‘repeal and replace’ dilemma joins presidential contest. By David A. Fahrenthold and Jenna Johnson – The Washington Post. Since 2010, Republicans have pledged a legislative backflip that would please conservatives who despise the law’s every word and moderates who want to keep some of its benefits. They haven’t been able to do it. […]

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California woos business with tax credits with California Competes Program

California woos business with tax credits with California Competes Program

As reported in the OC Register, California woos business with tax credits. Want to grow your business locally? Want to move an out-of-state company to California? You can be paid to do it. Gov. Jerry Brown’s California Competes program has allocated some $200 million in tax credits in fiscal 2016 for companies to expand in […]

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Disney seeks continued tax exemption from Anaheim, California

Disney seeks continued tax exemption from Anaheim, California

LOS ANGELES (Reuters) – The “happiest place on Earth” will keep a special tax exemption in Anaheim, California, for 30 more years if the City Council approves the Walt Disney Co’s plan for a $1 billion-plus expansion of its theme park complex in the city. The five-member council is expected to vote on Tuesday on […]

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Court of Appeals Ninth Circuit affirms; no business deductions for legal medical marijuana dispensary

Court of Appeals Ninth Circuit affirms; no business deductions for legal medical marijuana dispensary

Olive v. Comm., (CA 9  7/09/2015) 116 AFTR 2d ¶2015-5031 The Court of Appeals for the Ninth Circuit, fielding many of the same taxpayer arguments as the Tax Court and some new ones, has affirmed the Tax Court’s holding that a taxpayer was precluded under Code Sec. 280E from deducting any expenses related to his […]

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Washington Alert – CBO on budget deficit; Swiss Bank Program adds 2 more; Fiscal Year Return Projections for the United States: 2015-2022

Washington Alert – CBO on budget deficit; Swiss Bank Program adds 2 more; Fiscal Year Return Projections for the United States: 2015-2022

The federal government recorded an estimated budget deficit of $314 billion for the first nine months of fiscal year (FY) 2015, according to the latest estimates from the Congressional Budget Office (CBO). (Monthly Budget Review for June 2015) This was $52 billion less than the deficit recorded for the same period in FY 2014. Revenues […]

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California woos business with tax credits: you can get in on them

California woos business with tax credits: you can get in on them

As reported in the OC Register: Want to grow your business locally? Want to move an out-of-state company to California? You can be paid to do it. Gov. Jerry Brown’s California Competes program has allocated some $200 million in tax credits in fiscal 2016 for companies to expand in or relocate to California. State officials […]

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Disaster Victims In Texas Qualify For Tax Relief

Disaster Victims In Texas Qualify For Tax Relief

IRS has announced on its website that victims of severe storms, tornadoes, straight-line winds and flooding in counties of Texas that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that’s available […]

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Bits ’n Pieces – The U.S. corporate income tax isn’t that weird; Tax credit for the poor in Calif.; Dealpolitik; Alabama’s Flat Tax

Bits ’n Pieces – The U.S. corporate income tax isn’t that weird; Tax credit for the poor in Calif.; Dealpolitik; Alabama’s Flat Tax

* The U.S. corporate tax isn’t that weird. By Josh Barro – The New York Times. America’s corporate tax is full of exceptions that make it much less worldwide than it sounds. Link to The New York Times, nyti.ms/1bSAkPD * Gov. Jerry Brown wants tax credit for poor in California’s budget. By Chris Megerian – The […]

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Disaster victims in Kentucky qualify for tax relief

Disaster victims in Kentucky qualify for tax relief

IRS has announced on its website that victims of severe storms, tornadoes, flooding, landslides, and mudslides in counties of Kentucky that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief that’s available […]

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Employers in eight states and the Virgin Islands could pay higher FUTA rates in 2015

Employers in eight states and the Virgin Islands could pay higher FUTA rates in 2015

The Department of Labor (DOL) says that employers in eight states (and the Virgin Islands) may not be eligible to claim the maximum amount of state unemployment tax credits on their 2015 federal unemployment (FUTA) tax return. That’s because their state has had an outstanding federal unemployment insurance (UI) loan for at least two years. […]

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California Pension Reform Measure To Target Calpers

California Pension Reform Measure To Target Calpers

LOS ANGELES (Reuters) – A ballot measure campaign to cut California’s public pensions will be launched in May by a coalition of politicians and business people led by former San Jose Mayor Chuck Reed, with the state’s largest retirement system a prime target. The measure would take aim at California’s $300 billion giant Calpers, which […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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