Posts tagged "federal tax"

Judge announces that Yakama tobacco is subject to federal taxes

There was a ruling be a federal judge in Spokane that could possibly open a Yakama Nation tobacco company to tens of millions of dollars of tax liability.

A United States District Judge, Rosanna Malouf Peterson, mentioned last week that King Mountain Tobacco Company was not exempt from paying federal excise taxes on their cigarettes. There was a case that was filed last year in which prosecutors had claimed that the company owes over $23 million in taxes since the year 2009. King Mountain Tobacco had its own reasoning as to why they didn’t pay.

King Mountain Tobacco Company had mentioned in the argument that the federal law bars taxes on income that comes from trust land, like logging or even tobacco growing. The company had also mentioned the 1855 treaty between the Yakamas and the United States government.

Judge Rosanna Malouf Peterson mentioned that only a portion of the tobacco that is sold by King Mountain Tobacco Company is grown on the reservation that is mentioned. A majority of the tobacco that is grown to be sold by the King Mountain Tobacco Company is imported from Virginia. This fact obligates the tobacco company to step up and pay the federal taxes that they owe.

As of now, it is not known whether or not the King Mountain Tobacco Company has a response in the argument, but it is looking like they will have to comply with the judge’s orders.

 

 

 

 

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Posted by Taxmaster - July 10, 2013 at 7:56 pm

Categories: Federal Tax, Income Tax, Tax Evasion, Tax Law   Tags: , , , , , ,

Voters support federal spending for job programs

Voters have a strong support for the federal job programs, more specifically when the respondents are told that federal tax dollars would fund the programs. From those that were surveyed there were 72% that supported both the jobs program and the infrastructure hiring, and it was also clear that the program would be spending government money.

The public clearly support job creation proposals, and this includes a majority backing of all the party groups. They still support it even when the issue of government spending is brought up in a time when deficit reduction is one of the major priorities for the federal government.

It was reported that three-quarters of Democrats support the tax break for companies that created jobs. Furthermore, over 9 in 10 democrats show support for federal jobs and infrastructure programs. Concerning independents, 78% of them support the tax break, and three quarters of them support the jobs and infrastructure programs.

Republicans are the group most likely to support the tax break, as 88% of them said that they would do so. However, Republicans are a little bit more skeptical of the infrastructure and jobs programs, a majority of them still said that they would be baking the initiatives, even when they were told that it would cost federal tax dollars to do so. In general, both Republicans and Democrats will more than likely support federal spending for job programs, even if it’s known that government money will have to be spent in order to do so.

 

 

 

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Posted by Taxmaster - June 30, 2013 at 8:42 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , ,

Federal tax credits may save Hotel Syracuse

The Hotel Syracuse has been closed for about nine years now. There have been various attempts at reviving the hotel over the past years, but all of the attempts have failed; however, there may be a way to do it after all.

Senator Charles Schumer stated that the fight to hang on to the Federal New Market Tax Credits, which is part of the deal to head off the fiscal cliff crisis, may play an important role in turning things around for Hotel Syracuse.

$75 million of New Market Tax Credits to CenterState CEO will need to be delivered by the Department of the Treasury. The CenterState CEO will then need to use that funding to help financially aid the development projects within that region. This includes a hefty $10 million for the most important of the projects: Hotel Syracuse. In short, federal tax credits just might help revive Hotel Syracuse. The local leaders are stating that the $10 million will help in forming a new attempt to bringing the hotel back out of the ashes.

There is a particular project that has been delayed for a while, consisting of building a new hotel on a parking lot site right across the convention center. Local leaders had stated that a revival of Hotel Syracuse would erase the need for that long delayed project. There is not big downtown hotel, and if federal tax credits indeed do save Hotel Syracuse it can be that big downtown hotel.

 

 

 

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Posted by Taxmaster - June 20, 2013 at 8:38 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , ,

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