news: Tax & Business Updates
2009
Is your company doing business in California? For the 2009 tax year the state of California is offering a New Jobs Credit aimed at small businesses in California with 20 or fewer CA employees at the beginning of the tax year. California is setting aside $400 million with which to provide businesses a $3,000 non-refundable credit for every full-time employee hired in California.
Layoffs, mandatory furloughs, procedural streamlining.
These are all ways companies have tried to cope with the recent recession. Some business owners, however, are going a step further by eliminating their own salaries from the payroll.
The Internal Revenue Service recently announced that, under its National Research Program (NRP), it is developing a program that will conduct detailed employment tax examinations. The NRP was introduced in 2002. NRP audits are normally more complex and in depth than regular audits as the IRS attempts to extract information from its sample population to determine taxpayer trends.
In April Feeley & Driscoll reported that a majority in the Massachusetts House of Representatives and the Senate approved a proposed FY2010 budget. On June 29, 2009 Governor Patrick signed a $27.046 billion budget for next year cutting aid to cities and towns, reducing support for agendas throughout state government, and inflicting a sales tax hike and additional taxes on the residents, consumers, and visitors of Massachusetts. The sales and use tax will increase from 5% to 6.25% -- take advantage of the current sales tax before the increase goes into effect on August 1, 2009.
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