Posts tagged "tax credits"

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: , , ,

The Federal tax refunds are running behind

Tax refunds are supposed to be coming soon, and everybody obviously enjoys those wonderful little checks. However, this tax season isn’t going as planned since the amount of tax refunds is lagging.

The IRS isn’t exactly showcasing any numbers on how many federal tax refunds have been issued so far this tax season, but we know that refunds have gotten off to a bumpy start so far.

The stars simply aligned perfectly for a lag in federal tax refunds. There was a late launch to the start of the filing season, as it started on January 30, which is 8 days off of the normal start date. This happened because of a last minute, fiscal cliff tax change that got the green light by Congress. There was also the inability of taxpayers to file for credits until early March, in addition to the time-consuming analysis of tax returns. This was due to the IRS trying to improve on their efforts to filter out identity theft and tax refund fraud.

Even big companies like Wal-Mart are feeling the late start to the tax refunds. This time last year, Wal-Mart cashed out about $3 billion worth of checks that were related to tax refunds. Currently, that amount is just $1.7 billion.

Tax professionals have noticed many disappointed tax filers who can’t file their taxes yet or whose refunds are taking longer than usual to arrive. The process of the tax refunds is picking up a bit, but it still isn’t back to normal.





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Posted by Taxmaster - June 25, 2013 at 8:40 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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