Monday, January 18, 2021

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IRS affirms R.I. policy on SALT cap workaround for small-business owners

PROVIDENCE – In a year of continued uncertainty, Rhode Island small-business owners now have more surety that a state law letting them skirt the...
GOING IT ALONE: Katie Murano, a sole proprietor with a wedding photography business, has lost all of her 2020 jobs because of the COVID-19 pandemic. She has struggled to qualify for relief programs because of the structure of her business. / PBN PHOTO/MICHAEL SALERNO

Getting aid a struggle for many sole proprietors

A sole proprietorship seemed like the best option when Katie Murano started her wedding photography business in January. Having previously owned an event-planning business as...

Neronha offers guidance on stimulus debit cards

PROVIDENCE – Amid a mailbox full of credit card offers and scams could be your federal stimulus money. In addition to direct deposits and mailed...
NEW YORK, NEW JERSEY and Connecticut have sued President Donald Trump’s administration over a provision in the 2017 tax law that limited write-offs for state and local taxes. / BLOOMBERG FILE PHOTO/ANDREW HARRER

N.Y., N.J. & Conn., pursue another battle in SALT deduction war

NEW YORK – New York, New Jersey and Connecticut are again suing President Donald Trump’s administration over a provision in the 2017 tax law...
A SCITUATE BUSINESSMAN pleaded guilty to federal income tax evasion this week in U.S. District Court in Providence./ COURTESY CAROL M. HIGHSMITH

Scituate businessman pleads guilty to evading paying $428,700 in federal taxes

PROVIDENCE – A Scituate businessman, who prosecutors say claimed he was not a United States citizen on his tax forms and that his earnings...
JILL MARTINHO, of Swansea, pleaded guilty in U.S. District Court to causing a loss of $557,974 to Walco Electric Co. and to willfully filing false tax returns. / PBN FILE PHOTO/CAROL M. HIGHSMITH

Woman defrauds Providence company of over $557,000

PROVIDENCE – A Massachusetts woman pleaded guilty to defrauding a Providence company of more than $557,000 and to willfully filing false tax returns in...

Johnson & Wales University offers free tax preparation

PROVIDENCE – Johnson & Wales University is offering tax-filing preparation at no charge to those who earned $55,000 or less last year during four...
THE IRS is looking to eliminate the remaining loopholes related to the state and local tax deduction cap. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

IRS Looks for Ways to Squelch N.Y., Connecticut SALT Workarounds

NEW YORK - The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and...
THE NUMBER of tax refunds issued so far this year fell nearly 16 percent year over year to 11.4 million. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

Treasury Department says fewer refunds better for U.S. taxpayers

NEW YORK - The U.S. Treasury Department is defending the declining numbers of tax refunds being issued so far this year, saying that taxpayers already...
OWNERS OF SO-CALLED pass-through entities such as partnerships and limited liability companies have to file their businesses’ returns by March 15 - and still don’t have the final word from the Internal Revenue Service about who, exactly, qualifies for the 20 percent deduction on business income. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Big tax break for business owners at risk as shutdown drags...

NEW YORK - The longest government shutdown in United States history could cause tens of thousands of businesses to make a tough choice about whether...

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