The IRS and Census Bureau estimate that only about 78 percent of people who are eligible for the earned income tax credit (EITC) get it. And this shortfall has advocates—and even the IRS—trying to figure out how to get the credit to everyone who qualifies. Unfortunately, a recent experiment with California EITC (CalEITC) shows how
Lending Club banners hang on the facade of the New York Stock Exchange for it’s IPO on December 11, 2014 in New York. Don Emmert | AFP | Getty Images LendingClub, a fintech company that pioneered personal loans made online, is buying a U.S. bank to give it access to a stable and cheaper source
skynesher | E+ | Getty Images If you’re like many Americans, you’re carrying a balance on your credit cards. And the candidate you choose in November for president could have an affect on how well you grapple with those debts. The latest numbers from the Federal Reserve show that credit card balances climbed to $930
Cedar Rapids, Iowa — Feb. 18, 2020 — TaxAct is giving customers free access to a proprietary tax-analyzer that suggests how to get bigger refunds while adding to their retirement savings. The software tool, called My Tax Plan, is free to all online TaxAct filers, including those who use TaxAct Free Edition. The free, downloadable
Leon Cooperman, CEO of Omega Advisors. Adam Jeffery | CNBC Billionaire investor Leon Cooperman told CNBC on Tuesday that investors have become too pessimistic on the energy sector and too optimistic on individual companies like Tesla. “I would say we’re in the early stages of knocking on the door of euphoria, but we’re not quite [fully
Spain will introduce a digital services tax at the end of the year that would hit the revenue of companies such as Facebook Inc. and Alphabet Inc.’s Google in a move likely to draw the ire of the U.S. administration. The 3 percent levy won’t be implemented until December to allow the Organization for Economic
Germany has had a Controlled Foreign Corporation (CFC) regime since 1972, when the German Foreign Transactions Tax Act was enacted. Under the German regime, a CFC is a foreign company where its capital or voting rights are either directly or indirectly majority-owned by German residents at the end of its fiscal year. (The rules apply
Tetra Images | Getty Images If you want to get your refund as quickly as possible, you’d better hustle that tax return out the door. The IRS has received 28.6 million tax returns for the 2019 tax year as of Feb. 7, and it anticipates receiving more than 150 million returns in total. Filers are
Corporate tax cuts: The messaging battle continues. The House Ways & Means Committee reviewed Treasury regulations that implement the Tax Cuts and Jobs Act’s business provisions. Committee Democrats argued that the rules are too favorable to business and were adopted in response to corporate lobbying. Republicans said stakeholder feedback is a normal part of the
Want to open Pandora’s Box? Talk to a tax professional about digital services taxes. In nearly every incarnation they have taken on, digital services taxes have proven controversial. Whether domestically, where at least half of the states in the U.S. have made waves by enacting digital provisions of some kind, to foreign governments like France
Jhanilka and Anthony Hartzog say they could have saved an extra $5,000 or $6,000 if they’d hired an accountant in their first year. Source: Jhanilka and Anthony Hartzog If only you could go back in time, but with today’s 20/20 vision. Starting a business is a little like that. You’re fired up with enthusiasm for
Taxpayers prevailed in only 23 out of 55 (41.8 percent) of the significant tax cases involving state and local taxes in the fourth quarter of 2019, and for the entire year only 83 out of 218 (38.1 percent) of the significant tax cases in 2019, according to a recent analysis. The global law firm Eversheds
Even though it’s still early to file your taxes, the sooner you crunch the numbers on your return, the better off you could be. The IRS issued more than 111.8 million refunds for the 2018 tax year, with taxpayers receiving an average payment of $2,869. This year could bring an even bigger windfall, for those
White House withdraws its nomination of Jessie Liu for Treasury post. Axios reports that the Trump administration has decided not to nominate Ms. Liu to serve as Treasury undersecretary for terrorism and financial crimes. Liu, a former US attorney, oversaw prosecutions against Trump associates Roger Stone, Michael Flynn, and Paul Manafort. The $3 trillion return
Britain’s Prince Harry speaks at Windsor Castle in Berkshire, Britain May 6, 2019. Steve Parsons | Pool | Reuters Goldman Sachs is in discussions to feature Prince Harry as a guest speaker for its interview series “Talks at GS,” according to a person with knowledge of the situation. The Duke of Sussex will likely want
Tax season is the time of year when every other tax professional is focusing on completing returns for their clients, leaving the marketing field open and ready for you to dominate. With no competing messages to clutter up marketing channels, you can spend less to create more visibility for your firm. Of course, it can
Democratic presidential candidate Mike Bloomberg gives the thumbs up as he embarks on his bus after speaking to supporters at the Viva Villa restaurant in San Antonio, Texas on January 11, 2020. Mark Felix | AFP | Getty Images Mike Bloomberg released plans to shore up Americans’ retirement on Sunday, promising to increase Social Security
The Internal Revenue Service could be doing more to help taxpayers who own Bitcoin and other forms of cryptocurrency to comply with their tax obligations, according to a new report from the Government Accountability Office. The report, issued Wednesday by the GAO, acknowledged that the IRS has provided some guidance in 2014 and 2019 on
If you’re a CEO hoping to give your stock a boost over time, you may want to start mentioning “growth” and “expansion” more often on earnings calls. Shares of companies with chief executives who made liberal use of positive words to describe financials during earnings conference calls outperformed those at businesses with more reserved CEOs,
Even though February isn’t known as a big sales month for cars, you’ll likely find some decent deals if you head to the dealership over this three-day holiday weekend. While some advertised specials may be pegged to Presidents Day, many deals last for the month. And with more of last year’s models still hanging around
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