Gas prices: Obama urges repeal of oil company subsidies - latimes.com

I understand that income taxes assessed on oil companies are not directly assessed on American consumers. However, it seems like a relatively simple conclusion that gas prices will likely increase if oil and gas producers are forced pay additional income taxes to the federal and state governments. They are corporations that are working hard to produce earnings for their shareholders. Additional income taxes would seem like a reason for oil and gas producers to further raise prices to support their earnings and stock valuation. Am I missing something here?

Gas prices: Obama urges repeal of oil company subsidies - latimes.com

CCH, a Wolters Kluwer business | Congress Repeals Expanded 1099 Reporting Requirements

It took a while to repeal the 1099 reporting requirements that accompanied the health care legislation. Looks like it has been repealed for now...until the politicians think it is a good idea a few years from now. CCH, a Wolters Kluwer business Congress Repeals Expanded 1099 Reporting Requirements

IRS Targets Wealthy With More Audits - FoxNews.com

More news on IRS enforcement actions. IRS Targets Wealthy With More Audits - FoxNews.com

Eight Tips for Deducting Charitable Contributions

I have to give the IRS appropriate credit. The IRS has followed through on their pledge to better educate taxpayers on opportunities available under the law. This summary of tips for properly deducting charitable contributions is a part of this effort and a great reminder about how taxpayers can properly claim charitable contributions.

Eight Tips for Deducting Charitable Contributions

Silver unveils plan to up "millionaires tax" threshold to $1 million a year - NYPOST.com

Looks like NYS is getting closer to a real millionaires tax.

Silver unveils plan to up "millionaires tax" threshold to $1 million a year - NYPOST.com

Check out the TeamDKB Tax Update Webinar

Click on the link title above to listen to our latest federal and state tax update webinar.

Comments and questions are welcome.

Wal-Mart Looks To Poach Amazon's California Affiliates - WSJ.com

Actions on the part of many states continue to reach beyond their physical borders to collect sales and use tax. This has led to concepts like "economic nexus" and "click through nexus". The article below details the impact this is having in the market place. Amazon has threaten to end its affiliate program with web sites in California because California is threatening to require Amazon to collect its sales tax.

Walmart being ever opportunistic has jumped in and offered relationships with Amazon's disenfranchised affiliates. Why? Because Walmart is already required to collect California's sales tax due to the fact that it already has stores in California.

Wal-Mart Looks To Poach Amazon's California Affiliates - WSJ.com

Tax Cut for Businesses May Cost States Money - NYTimes.com

Many states compute tax taxable income based on federal taxable income. The link below outlines how federal law changes that allow for accelerated depreciation of assets may impact state tax collections. Accelerated depreciation deductions will reduce state taxable income and therefore reduce state tax collections. All at a time of intense budget pressures as has been seen in Wisconsin.

Never fear for NYS. NYS "decoupled" from these accelerated depreciation rules a number of years ago. Essentially this means that accelerated depreciation deductions allowed for federal purposes are not allowed when computing NYS taxable income.

Tax Cut for Businesses May Cost States Money - NYTimes.com

Financial Planning Check Up

Great reminders and outline for financial planning from the personal tax professionals at TeamDKB.  Dennis Stein, Pam Duffy and Janet Graves are a great resource for our clients for all personal financial planning needs.  Tax season is a great time to think about opportunities to improve your overall financial health.  Click below to get a better view of how they can help you.  Don't hesitate to call them with questions.

New York Public Employee Unions Skip Usual Ad Blitz - NYTimes.com

What does this have to do with taxes?

Public employee unions are trying to identify revenue sources to continue to fund their compensation and benefits. They have suggested that New York's 8.97% income tax bracket be extended beyond its scheduled expiration in December 2011. The rate would revert back to 7.85% beginning January 1, 2012.

By the way...its not really a "millionaire's tax". The 8.97% rate is generally applied to taxable income in excess of $500,000.

New York Public Employee Unions Skip Usual Ad Blitz - NYTimes.com