Category Archives: Taxes

Tax Reform Summary Report

Northeast Equipment Dealers Association and other associations are providing this summary of the tax reform legislation and the amendment they secured for equipment dealers.  Just announced, Congress passed the unified version of the Tax Cuts and Jobs Act. The bill speedily made its way through both chambers with limited amendments.

Health Care Law: Tax Considerations for Employers with fewer than 50 Employees

Health Care Law: Tax Considerations for Employers with fewer than 50 Employees Some of the tax provisions of the Affordable Care Act apply only to employers with fewer than 50 full-time or full-time equivalent employees. Employers with fewer than 50 employees should take note of these tax considerations: More than

President Obama signs Section 179

President Obama signs Section 179 Section 179 has been past retroactive for 2015 with the $500,000 deduction limit (without the measure the limit was $25,000), but this time the rule has been made permanent. Congress passed the measure early last week, and it was signed into law by President Obama

NYS Tax Department issues new sales tax bulletins

NYS Tax Department issues new sales tax bulletins The following items have been recently posted to the NYS Sales Tax Web site. TB-ST-244 Exemptions for Farmers and Commercial Horse Boarding Operators TB-ST-587 Motor Fuel and Diesel Motor Fuel Used in Production TB-ST-917 Utilities Used in Production

House to vote on full repeal of Estate Tax for first time in a decade

House to vote on full repeal of Estate Tax for first time in a decade The House has scheduled a floor vote tomorrow, April 15, for H.R. 1105, the Death Tax Repeal Act of 2015. This will be the first time in 10 years that Congress has considered legislation to fully

Senators bring back online sales tax bill

Senators bring back online sales tax bill A bipartisan group of senators is taking another crack at online sales tax legislation. Senate Minority Whip Dick Durbin (D-Ill.) and Sens. Lamar Alexander (R-Tenn.), Mike Enzi (R-Wyo.) and Heidi Heitkamp (D-N.D.) rolled out the Marketplace Fairness Act on Tuesday, which would give

California Nears Plan to Charge Drivers by the Mile

The California Legislature approved a bill to authorize a pilot program in the state to assess the practicality of taxing truckers and other drivers based on vehicle miles traveled in the state. The VMT tax could replace the state’s fuel tax as people are driving vehicles that get better mileage.

Do’s and Don’t’s for Deducting Meals, Entertainment and Travel

If you’re claiming a deduction for meals, entertainment, auto or travel expenses, expect the IRS to closely review it. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records. So, DO keep detailed, accurate records. Documentation is critical when it comes to deducting meals, entertainment, auto and

Increase in Transportation Fuel Taxes Possible

U.S. Sen. Chris Murphy, D-CT, plans to introduce a bill that would increase federal fuel taxes by 12 cents over the next two years to pay for transportation. Murphy’s proposal calls for a 6-cent increase in 2015 and a 6-cent increase in 2016. Two-Thirds Approve Two-thirds of the more than 2,000