Income Tax

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President-Elect Trump Tax Strategy Draws Critics and Supporters

What is so compelling about the Trump tax strategy? Critics and supporters have been outspoken about Republican president-elect Donald Trump’s tax returns recently. According to a Politico report, the focus of the debate has been over the legality of Trump’s tax-minimizing strategies since 1995. Trump’s tax-minimization strategy draws criticism In a recent story published in the New […]

Author: James F. McDonough

November 14, 2016

End of Year Section 1031 Exchanges

Section 1031 Exchanges Section 1031 or like-kind exchanges have become commonplace and most accountants have one or more individual income tax returns where an exchange is reported. There are however an increasing number of taxpayers who believe they can prepare their personal or business entity returns. While this is not the norm, it prove fatal […]

Author: James F. McDonough

November 17, 2015

New York Attempts to Impose Non-Resident Income Tax

Last week, the New York Division of Tax Appeals ruled that the New York Division of Taxation did not have the right to impose a non-resident income tax. This income tax against Patrick J. Carr, a nonresident lawyer, was voided because he is licensed to practice in New York. In the case, the Court ruled […]

Author: Frank L. Brunetti

September 1, 2015

Voting With Your Feet: When Residents of A State Decide It Is Time To Leave

I do not respond on the postings of persons who comment on the tax blog; however, one such post was brought to my attention and it is prescient and deserving of a response. The comment was written in response to our blog that described the impact of this state’s Inheritance Tax and Estate Tax upon […]

Author: James F. McDonough

July 29, 2015

US Corporate Income Tax Policy Isn't That Bad

Don’t Believe the Negative Hype Regarding US Corporate Income Tax Policy The US corporate income tax policy is less stringent than its opponents contend, according to a recent New York Times opinion piece written by economic expert Josh Barro. Some have claimed that the US Corporate Income Tax Policy levies a tax on all the […]

Author: Frank L. Brunetti

June 18, 2015

Monsanto's Proposed Tax Inversion Plan

U.S.-based agrochemical giant Monsanto Co. is currently negotiating a $45 billion buyout proposal of rival Syngenta as a tax inversion strategy to relocate to the UK, according to the Financial Times. If Monsanto’s proposed tax inversion plan is accepted, this would mark the largest tax inversion in U.S. history with estimated annual savings close to $500 million. […]

Author: James F. McDonough

June 16, 2015

Scarinci Hollenbeck

U.S. in Serious Need of Corporate Tax Reform

U.S. corporate income tax law puts the country at a disadvantage relative to many others, resulting in slower economic growth, lost tax revenue, capital flight and fewer jobs, economist Aparna Mathur wrote in a recent Forbes article. The nation has an urgent need for reform and it is important that policy makers not let the […]

Author: Frank L. Brunetti

June 3, 2015

Scarinci Hollenbeck

Tax Reform Is An Urgent Issue In The U.S.

Washington is in urgent need of tax reform, and as a result, lawmakers should seriously consider improving the current system, writer Nick Novak emphasized in a recent Washington Times article. Urgent need for tax reform Novak, director of communications for think tank the John K. MacIver Institute for Public Policy and contributor for the Washington Times, […]

Author: James F. McDonough

April 16, 2015

Would Eliminating Income Taxes Provide Benefits or Not?

Scrapping income taxes completely would generate several benefits, starting with the hassle that many corporations and individuals face during tax season, expert Peter Morici contended in a recent CNBC commentary piece. Policy analysts have repeatedly advocated changing tax policy for both of these two groups, but corporate income taxes in particular have generated significant visibility […]

Author: Frank L. Brunetti

April 9, 2015

Scarinci Hollenbeck

Reforming Federal Taxes Efforts Could Be Building Momentum

The desire to reform federal taxes has managed to generate substantial momentum, an InvestmentNews opinion piece asserted. The piece, which was published March 15, went live after President Barack Obama, Rep. Dave Camp (R-Michigan) and Sens. Marco Rubio (R-Florida) and Mike Lee (R-Utah) proposed different plans for revising the federal tax structure. These proposals all […]

Author: Frank L. Brunetti

April 6, 2015

Gov. Paul LePage Proposes Corporate Income Tax Reform In Latest Budget

Earlier this year, Maine Gov. Paul LePage released his 2016-2017 budget proposal. This document contained several suggested reforms, including a change in the state’s corporate income tax policy. LePage has argued that currently, the state’s tax policy puts it at a disadvantage and makes it less competitive compared to not only states in New England, […]

Author: Frank L. Brunetti

April 1, 2015

Scarinci Hollenbeck

Florida Senate Backs Corporate Income Tax Cut

A key committee in the Florida senate recently backed legislation that would allow roughly 2,000 small businesses to avoid paying the Sunshine State’s corporate income tax. The News Service of Florida reported Feb. 3 that after reviewing Gov. Rick Scott’s proposed tax cuts for the coming fiscal year – which would be worth $673 million […]

Author: Frank L. Brunetti

March 2, 2015

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