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Andrew Presti

Where Taxes Are Up, Services Down

In California, tuition at state universities has soared, income taxes have gone up, and the governor wants to kill a noted work-to-welfare program. Arizona has raised its sales tax, slashed funding for state parks, and considered eliminating health care for more than 300,000 needy people. New Jersey has cut nearly $1 billion in school funding […]

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Andrew Presti

2010 Second Quarter Federal Tax Developments

During the second quarter of 2010, there were many important federal tax developments. This letter highlights some of the more important federal tax developments for you. As always, please give our office a call or send us an email if you have any questions about these developments. Tax legislation Congress recessed for its Independence Day […]

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Andrew Presti

Secretary Geithner stated: Tax rates will remain business-friendly

WASHINGTON (Reuters) – Obama administration will keep tax rates at levels that benefit job-creating businesses and limit taxes on capital gains and dividends, U.S. Treasury Secretary Timothy Geithner said on Wednesday. Interviewed on CNBC’s “The Kudlow Report”, Geithner said the intent is to extend and keep in place tax cuts that should benefit 95 percent […]

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Andrew Presti

Turning Business Losses Into Tax Refunds – Take benefit of the expanded net operating loss carryback allowances

Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents weaknesses that may have arisen […]

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Andrew Presti

2010 Planning: Independent Contractor vs. Employee

Currently, the likelihood of your business being involved in a worker classification or employment tax audit is increased because the IRS is aggressively attempting to reduce the “tax gap,” which is the annual shortfall between taxes owed and taxes paid. Employment tax noncompliance is estimated by the IRS to account for approximately $54 billion of […]

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