The IRS is giving us all a couple of extra days to get our returns or extensions filed. This year the Tax Day deadline has been extended to April17th, 2 days later than the usual date of April 15th. This deadline is only changed if April 15th:
- Falls on a Sunday
- Falls on D.C.'s Emancipation Day
- During a presidentially-declared disaster such as Hurricane Katrina.
Well, this year it is 2 of the 3. The 15th falls on a Sunday and Monday, the 16th, is Emancipation Day for the District of Columbia. The District of Columbia holidays are treated like federal holidays - postponing our annual Tax Day until Tuesday, April 17th.
What is D.C.'s Emancipation Day?
Last week, the Supreme Court heard three days of arguments regarding the constitutionality of the Health Care Act of 2010. The Supreme Court will release its decision in June. As I see it, the options the court has are to uphold the law in its entirety, throw out all of it, or cut parts of it. Whatever the decision, we will do our best to keep you abreast of the impact upon you, the small business owner.
Whatever the courts decision, the impact upon you, the small business owner, is significant and you will have to make changes to comply with the law.
But the Supreme Court case underscores the challenges our county is facing, what is coming is the potential for significant change. In fact, as a nation....
......Change and Instability is all Around Us
These are truly historic times we are living in. We have:
Today is the start of the first day of the 2012 Shell Houston Open played at Redstone Golf Club. The "SHO" as it is referred to, is an annual PGA Tour event that raises millions of dollars for charities. It is held the week before The Masters golf tournament that is arguably the biggest golf tournament of them all. Thousands of golf fans attend the SHO but few of them know that their business can actually deduct 100% of the cost of the ticket on their tax return.
How can you do that when entertainment deduction is limited to 50% of the cost?
The SHO is what is referred to as a qualified charity event. A qualified charity event must be
- A sporting event
- Gives all its net proceeds to 501 (c) (3) charities
- And uses volunteers for substantially all the work performed in carrying out the event.