Key Findings Extrapolating from recently revised state revenue forecasts yields an estimated nationwide $121 billion decline in state tax collections across FYs 2020 and 2021 against a FY 2019 baseline, and $191 billion compared to initial tax revenue projections for those two years. These estimates are consistent with the results of other recent analyses, and,
Pass-through businesses, such as sole proprietorships, S corporations, and partnerships, make up a majority of businesses in the United States. The owners of these firms pay individual income tax on income derived from these businesses. The marginal tax rates vary for pass-through firms depending on the state where they operate, as states tax individual income
Following the Supreme Court’s Vance ruling, Trump must decide by Wednesday whether to challenge a subpoena for his tax documents. Last week, the US Supreme Court ruled that the President of the United States does not have “absolute immunity” from a criminal subpoena. But the high court said Trump still can contest a grand jury’s 2019
Companies that don’t receive tax services from their auditing firms to avoid compromising auditor independence could end up paying more in taxes, at least temporarily, according to a new academic study. The study found that companies that dismissed or substantially reduced their reliance on their audit firms as tax-service providers incurred substantial tax costs to
Charles Scharf Michael Nagle | Bloomberg | Getty Images Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic. The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66
Medical staff work outside the Covid-19 intensive care unit at United Memorial Medical Center in Houston on June 30. Go Nakamura | Getty Images Amid one of the worst public-health crises in history, a record number of Americans are without health insurance. More than 5.4 million people who were laid off from their jobs are
Atlanta, Georgia, USA Downtown Skyline Aerial. Getty The state of the conservation syndication easement industry brings to mind one of my favorite Kingston Trio songs – Everglades. Where a man can hide and never be found And have no fear of the bayin’ hound But he better keep it movin’ and don’t stand still If
The Internal Revenue Service and the Treasury Department released proposed drafts of redesigned partnership form schedules for tax year 2021 (filing season 2022) that aim to provide more clarity for partners on how to figure their U.S. income tax liability in terms of international tax reporting, including claiming the appropriate tax deductions and credits. The
Jamie Dimon, CEO of JP Morgan Chase, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Adam Galica | CNBC JPMorgan Chase managed to throw off the most quarterly revenue in its history at the same time that the U.S. economy was in the throes of a sharp recession. The bank posted
More and more schools are joining the fight against the Trump Administration over a new rule that may bar international students from studying in the U.S. Now, 59 public and private colleges — including Johns Hopkins University, Stanford University, Duke University and Emory University, as well as every member of the Ivy League — have
A group of five national tax authorities has been working together for the past two years on cooperating in the fight against tax crimes, with one man pleading guilty last week in Germany to fraud charges involving cryptocurrency. The Joint Chiefs of Global Tax Enforcement, or J5, is marking its two-year anniversary this week. The
For many Americans, budgeting has become a more precarious balancing act these days. Both sides of the equation — income and expenses — are wrought with uncertainty. What will happen when your unemployment benefits run out? Will you be able to keep up with your credit card payments? Here is some information on where things
Getty Back in April, I wrote about Bank of America’s horrible handling of Payroll Protection Loans. I wrote about a case I knew — my own. After my column appeared, I received one email after another written by business owners who experienced the same nightmare. I then wrote a column, copying some of these emails,
Last week, former Vice President and presumptive Democratic presidential nominee Joe Biden released a set of economic proposals aimed at increasing investment in research & development (R&D) and “breakthrough” technology in energy. Biden should include canceling the upcoming amortization of R&D expenses in 2022, which would pair well with his plan and remove a headwind
Last Friday, the Wisconsin Supreme Court struck down several of Gov. Tony Evers’ (D) partial vetoes to the state’s biennial budget for fiscal years 2020 and 2021. Of the 78 partial vetoes issued by the governor in July 2019, four were challenged and the court struck down three. In Wisconsin, per the constitution, the governor
In 1970, Philadelphia’s Franklin Institute got a Moog synthesizer—a giant, unwieldy computer that created music. The sound was weird and quite evidently electronic. My fellow high school science geeks and I found it endlessly fascinating. But we couldn’t imagine how wonderfully diverse and inventive electronic music would become. It’s grown into a mainstay of pop
The Tax Court struck down four more abusive syndicated conservation easement transactions last week, prompting the IRS to call on any taxpayer involved in such transactions who receives a settlement offer from the Service to accept it soon. These time-limited settlement offers, announced last month, are only being made to certain taxpayers with pending docketed
A view of the New York Stock Exchange (NYSE) is seen at Wall Street on June 29, 2020 in New York City. Angela Weiss | AFP | Getty Images Warner Music Group Corp., the label for artists like Ed Sheeran and Cardi B, went public last month with 28 underwriters. More than a third of
The median price for a home in San Francisco is about $1.3 million, according to real estate site Zillow. Education Images | Universal Images Group | Getty Images There’s one part of the mortgage world that’s harder for some would-be home buyers to access: Jumbo loans. While there are signs that lenders may be easing
The COVID-19 pandemic has disrupted global supply chains, worsened geopolitical tensions with China, and produced a spike in unemployment. These trends have combined to make bringing jobs back from overseas a politically valuable idea. There are several tax-related bills in Congress intended to incentivize specific industries to come back to the United States. But before
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