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IRS Attacks Tax Exemption for US Territories
The Treasury Department issued rules on Monday requiring owners of companies based in U.S. territories to have set up shop and live there at least six months a year to benefit from corporate tax breaks amounting to up to 90 percent of profits.
The rules apply to Guam, Puerto Rico, American Samoa, Puerto Rico, the Northern Mariana Islands and the U.S. Virgin Islands. They went into effect Tuesday
Today, Pres. Trump unveiled the general outline for his new tax plan. Yes, to my great amazement, he is talking about simplification of the Internal Revenue Code. I do not know if Congress will let this happen, but the compliance cost of federal and state taxes is far too high and has become a large impediment on business growth in the economy in general.
One way that simplification is being proposed is that there would be a reduction in the current seven tax brackets 23 tax brackets of 35%, 25% and 10%. Also itemize deductions, other than charitable donations and mortgage payments, would be eliminated. This means that medical deductions, state and local tax deductions, casualty and theft losses, and unreimbursed employee business expenses would be eliminated. As part of the simplification, there would be an elimination of the estate tax at the federal level. Although that would affect only a small amount of estates, it would eliminate tax planning for everyone's estate.
NJ Division of Taxation seizes Melange Cafe Holidays in Haddonfield are
Dreary without Melange @ Haddonfield
holidays approach us, we renew our quest for a delicious meal that awakens the
palate served in a relaxing atmosphere far removed from the hustle and bustle
of garish chain restaurants serving mediocre food slapped on a plate. As the
town of Haddonfield, NJ brings to life its Christmas shopping season filled
with candlelit streets, we are left without its shining star, Melange @
Haddonfield café. Why? Because Chef Joe Brown did not have an attorney that
understood his need to be a chef – and his struggles as a restaurateur. After
owning Melange Café in Cherry Hill, NJ and achieving much success, Chef Joe
Brown opened his Melange @ Haddonfield in 2008, eventually focusing full time
on the Haddonfield location and closing the Cherry Hill location.
moves and multiple issues that could have arisen (and obviously did arise),
Melange received a Division of Taxation J…
Yesterday, the 115th Congress convened.The Republicans are in charge of both the House and Senate and there is been a lot of talk about tax reduction and "tax reform". Does this mean we will get tax simplification? Since President Reagan signed the Internal Revenue Code of 1986, there have been more than 30,000 changes, excluding Obama care. The fact is the Internal Revenue Code is ridiculously complex and far too much time and money spent in our society both by individuals and businesses in complying and planning for our burdensome tax laws.
There definitely will be a push to lower corporate tax rates. This is good but let's also simplify our business tax structure.
Even more unnecessary and confusing is the personal side of the Internal Revenue Code. For example the alternative minimum tax, designed to force a few wealthy millionaires of the late 1960s to pay tax, has now resulted in more than 1/4 of the middle class paying this burdensome tax. The AMT must go!