Over the last several days we presented two articles on our Silkin Management Group blog sites concerning upcoming financial and tax related trends that we thought readers of our various blog sites should be aware of.
The first article discussed two things: the possible extension of the payroll tax reduction as well as how the IRS and state tax agencies are stepping up audit and collection activities on businesses. You can access this article on the following Silkin Management Group blog site: http://bit.ly/snG27w
The second article went over the possible extension of some favorable business tax rules and the uncertainty over health care costs and the outcome of the “Obama-care” legislation that is now before the Supreme Court. You can access that Silkin Management Group blog site here: http://bit.ly/sVXWYa
Here are two more tax related points for the upcoming year that we thought would be of interest to our readers:
The need for revenue from cities, states and the federal government:
With tax revenues way, way down for all governmental agencies, everyone is looking for additional income. And the only place they can get more money is from the tax payers by coming up with new and clever ways to raise taxes while attempting to disguise them as something other than a tax raise, such as “tax reform”, licensing fees, attempting to tax internet sales, increasing legalized gaming such as lotteries, casinos, on-line gambling, etc. Keep an eye out locally, state-wide and federally for any new schemes that your government comes up with to get more money out of you.
Potential changes in unemployment taxes:
Many states are raising unemployment taxes due to the continued extensions of unemployment payments to people out of work. Many states also borrowed money from the federal government to pay for their additional unemployment costs and have to pay it back. Changes are taking place in 20 states. If one of these states is where you live, look into it: Arkansas, California, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Virginia and Wisconsin. If you are a business owner in one of these states you may find that you will be paying more out of your pocket for unemployment insurance.
We will continue this series in future Silkin Management Group blogs and go over many additional financial and tax related issues that any business owner should be aware of concerning the upcoming year.
Gary Crawshaw
Silkin Management Group Consultant
For more information about Silkin Management Group, call us at 800-695-0257 or visit our website at www.silkinmanagementgroup.com
