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The Session Week 11: State Budget Takes Shape And Marijuana Regulation Coming Soon | MTPR
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The Session Week 11: State Budget Takes Shape and Marijuana Regulation Coming Soon
As of mid-day Friday, 1,148 bills had been introduced and Gov. Greg Gianforte 54 had been signed into law.
This week we're starting to see the state budget take shape; recreational marijuana regulations are coming soon; and Democrats try again with tax changes as Republican plans move forward.
Employees of Start-Up NY firms face loss of tax break due to working from home: NYS | Newsday
Marc Alessi, CEO of SynchroPET, shown holding the components of his company's small animal PET scanner, said loss of tax-exempt status would be "devastating" for StartUp-NY workers. Credit: Barry Sloan
The tax-exempt status of more than 300 technology startups across the state and their nearly 2,500 employees is imperiled by the pandemic, with some facing large tax bills next month unless a law change is passed, officials said.
The Evolving Impact of COVID-19 on the Tax Department - FEI
Not surprisingly, the pandemic has significantly impacted organizations and sectors across all businesses. However, some departments, like the tax function, are feeling the repercussions more profoundly due to tax-specific changes included in the Bipartisan-Bicameral Omnibus COVID Relief Deal and the CARES Act of 2020. This means that tax operations will be affected long after the pandemic is over.
To help businesses better grasp the short-term and long-term impacts of the Covid-19 pandemic, Bloomberg Tax & Accounting conducted three surveys last year with tax professionals at public and private corporations with at least $500 million or more in annual revenue. The first survey was conducted just prior to the pandemic and had 408 respondents, the second conducted at the beginning of the pandemic had 321 respondents, and the last conducted in Q4 2020 had 473 respondents.
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Baker seeks tax break for business owners | Local News | salemnews.com
BOSTON — Gov. Charlie Baker wants to tax certain businesses to help their owners skirt a federal cap on deductions of state and local taxes.
Tucked into Baker's preliminary budget is a proposed "workaround tax" allowing pass-through corporations — partnerships, limited liability companies, and S corporations — to get around the $10,000 federal cap on deductions for state and local taxes.
Qualified Opportunity Zones: Delayed Timelines and Tracking Changes
The opportunity zone program and its investors have not escaped the uncertainties and upheaval brought on by the pandemic. Christopher Hanewald of CBIZ & Mayer Hoffman McCann P.C. sorts out the guidance and outlines remaining questions.
During the past year, world events, including those in our country and even within our own neighborhoods, have led to an endless barrage of changes requiring near-constant adaptation.
Businesses across all industries have been presented with the perfect storm of challenges: chasing rapid shifts in consumer behavior while untangling a web of new legislation enacted to blunt the economic impact of the Covid-19 pandemic.
FPCCI seeks futile tax laws undone
Reviving Estate Tax Rules Gives Opening to Take Aim at the Rich
Estate planners are keeping a close eye on the Treasury Department's agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.
Estates, gifts, and trusts were among the regulatory areas significantly cut back under former President Donald Trump— planned projects in that area were reduced to about a quarter of what was included in the Obama administration's last priority guidance plan .
Some of the regulations, either withdrawn or made a low priority under Trump, would restrict access to tools for reducing estate tax bills, in effect acting as a tax increase without the hurdle of passing tax legislation in an evenly divided Senate. And, the changes would complement the priorities President Joe Biden campaigned on, including broadening and raising the estate tax.
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