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Andrew Presti

“Glimmers of improvement,” but state woes remain

WASHINGTON (Reuters) – State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday. The National Conference of State Legislatures said states faced a collective budget gap […]

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Andrew Presti

IRS Proposes Rules Setting Fee for Preparers to Get Unique ID Number

The Internal Revenue Service July 21 issued proposed rules (Reg-139343-08) establishing a new annual $50 user fee for individuals who apply for or renew a preparer tax identification number (PTIN). The much-anticipated guidance is the first step in setting up a regime of registration with the IRS that will in essence create a new profession […]

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Andrew Presti

Renewal of Bush tax cuts could be only temporary

WASHINGTON – 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 […]

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Andrew Presti

Small-Business Owners: Prepare For A Tax Hike

A 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 […]

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Andrew Presti

Compensatory Damages Can Be Tax Deductible

A 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 […]

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