President Yoon Suk Yeol announces the Dynamic Economy Roadmap and the Economic Policy Direction for the latter half of the year at the Blue House in central Seoul on Wednesday. [YONHAP] The government plans to reduce corporate and inheritance taxes for companies in the “value-up program” and more than double the number of foreign … Read more
First Vice Finance Minister Kim Byoung-hwan, nominee for chairman of the Financial Services Commission (FSC), speaks to reporters during a press conference held at his temporary office in central Seoul, Friday. YonhapNominee shows confidence in Corporate Value-up ProgramBy Anna J. ParkThe nominee for the head of the Financial Services Commission (FSC), Korea’s top financial regulator, … Read more
Listen to this article Two owners of businesses on Long Island were sentenced last week for stealing more than $1 million in sales tax money from New York State, according to a statement from the Suffolk County District Attorney’s office. West Islip resident Brian Soltan, owner of several East Islip auto body businesses, had pleaded … Read more
Governor Phil Murphy signed the new $56.6 billion state budget for New Jersey, which includes a significant tax increase on large corporations and substantial funding for property tax relief, public schools, pensions, and community projects. Key Takeaways: The budget introduces a 2.5% tax on large companies to fund NJ Transit, making New Jersey’s business taxes … Read more
For personal reasons, part of me wants the process to form a 501(c)(3) as simple as possible. I volunteer with the local high school’s parent-teacher organization (PTO), and by this time next year the organization must secure its tax-exempt status as a nonprofit public charity advancing education.That’s because our school district will no longer manage the financial assets of … Read more
A US state will hand a staggering $3.15 billion to residents per year if a historic guaranteed income program becomes law. A measure that would increase corporate taxes to hand cash directly to residents in Oregon is likely to make the November ballot, reports The Oregonian. The program would give every adult resident in the … Read more
Republicans are united around Donald Trump as their nominee, but where they are still divided is what to do about the 21% federal corporate tax rate if they control Washington next year.Some are pushing for a corporate rate as low as 15%. Others have signaled a willingness to accept an increase up to 25%. Donald … Read more
LINCOLN — The longshot petition to let voters replace property, income and corporate taxes with a consumption tax fell short of a bulk signature-gathering hurdle that often stops ballot initiatives short that lack paid circulators. That higher hurdle is securing signatures from 10% of the state’s registered voters to amend the state constitution, or about … Read more
In reviving and narrowing a surtax on the state’s most profitable businesses, lawmakers have mostly reversed a cut to New Jersey’s open space programs that happened when an earlier surcharge sunset at the start of 2024. The so-called corporate transit fee — a 2.5% surcharge on businesses with more than $10 million in profits — is … Read more
NJBIA President and CEO Michele Siekerka provided the following testimony to the Assembly Budget Committee on Wednesday night regarding bill A-4704/S-3513, which calls for a Corporate Transit Tax of 2.5% on New Jersey businesses with net income of $10 million, retroactive to Jan. 1, 2024, despite Gov. Phil Murphy’s prior decision to sunset a 2.5% … Read more