Legally selling marijauna? Federal law prohibits deductions for business expenses such as rent, office expenses, etc. however the IRS concedes that excise taxes levied by states on the sale of marijuana can be written off due to the fact that the tax is a reduction on the amount realized in the sale. Currently the state […]
Not even superheroes can save Marvel Entertainment LLC from the IRS who assessed the comic company $16.6 million in tax deficiencies due the company harvesting losses from bankrupt companies. Marvel Entertainment Group Inc and some of its subsidiaries filed for bankruptcy in 1996 and there remained approximately $97 million of net operating losses (“nol’s”) which […]
Would a 14.5% flat tax really be fair? Many Americans are not even sure how much they pay in taxes. With median income at $53,891[1] most American’s would end up paying $7,815 in taxes with a 14.5% flat tax rate which would be more than their income tax of $7,176 under the current tax code. […]
Refund Season? As data shows, the 2014 tax year had less refunds but bigger refunds. With the aid of government subsidized credits – the premium tax credit for health insurance, earned income credit for low income taxpayers and education credits – refunds increased for low income taxpayers while taxpayers with incomes typically over $50K saw their taxes go up and […]
The city of Chicago announced recently that is plans to add a 9% tax on “electronically delivered amusements” such as Netflix and Spotify. Currently several major cities around the U.S. tax the sale of physical goods over the internet, but Chicago will be the first city to tax the streaming of entertainment media. While this […]
Greece is in serious trouble – but what about the average American? The average US household carries approximately $16,000 of credit card debt; average mortgage debt $157,000; average student loan $33,000 (source http://tiny.cc/ee3q0x) … that is approximately $10,000 of interest per year :/ However, unlike Greece, if an American claims bankruptcy there is no reprieve […]
In 2018, Ford Motor Company will move production to Mexico from its current location in Detroit. There is much speculation that this move will change the dynamic of Ford’s cooperation with the unions and can be construed as a “power move” prior to negotiations between Ford and the unions. Currently 1 out of 5 cars […]
An employee who, on or after July 1, 2015, works in California for 30 or more days within a year from the beginning of employment, is entitled to paid sick leave. Employees, including part-time and temporary employees, will earn at least one hour of paid leave for every 30 hours worked. Accrual begins on the […]
Mike “the Situation” Sorrentino who is currently facing tax fraud charges might be in need of a new attorney after he has reportedly been unable to pay his current attorney Richard Sapinski who says it will be a “significant hardship” to continue representing the Situation without pay. http://www.nj.com/news/index.ssf/2015/07/mike_the_situation_sorrentinos_lawyer_wants_off_ta.html
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