The Internal Revenue Service issued a notice Monday providing interim guidance on a provision of the Tax Cuts and Jobs Act that imposes an excise tax on excess payments and remuneration of top officials at tax-exempt organizations. Bloomberg News Section 4960 of the Tax Cuts and Jobs Act taxes some nonprofits on the compensation they
Month: December 2018
Everything was going right for the stock market until Oct. 3rd. Then everything went wrong. Up to that point, the Dow Jones Industrial Average had been up about 8 percent for the year — a solid gain if not quite as gaudy as the year before. More importantly, the fundamental backdrop was solid: The economy
If there’s a jackpot winner in the next Mega Millions drawing, someone is going to have a very, very happy New Year. The top prize has climbed to $415 million for Tuesday night’s drawing. The last time someone hit the jackpot was Oct. 23, when a single ticket sold in South Carolina nabbed a whopping
Credit: Getty Royalty FreeGetty For many Americans, investing in mutual funds is their primary, or perhaps only, way of saving for retirement. This means their sole exposure to the stock market, one of the greatest methods of wealth creation, is through fee-driven funds over which they have little control. Throughout the last 20 years, total mutual fund net assets
Getty You didn’t have to look hard in 2018 to find folks talking about tax – especially on social media. Thanks to tax reform, SALT became a common term outside of the culinary world. Section 199A made headlines (and headlines and headlines). And, the complexities of sales tax were debated at the Supreme Court and
As the window for correcting paycheck withholding errors starts to close, a new survey shows why more than half of respondents failed to update their withholding: They don’t know how. Only 46 percent of respondents to the H&R Block survey said they felt prepared to update their W-4 on their own, and many showed confusion
Investor Peter Boockvar believes the stock market’s wild swings are evidence of a bear market. Boockvar recently told CNBC that the recent monster rallies do not signal the bulls are back. He noted bull market moves are more methodical. “We are in a bear market, and a bear market is not just going to end
Every financial New Year’s resolution is the same: Manage your money better. Yet different situations or goals call for different tweaks. Are you a millennial paying off college loans and making it work on an entry-level salary? Are you a Gen Xer wondering how to save for retirement as well as your kids’ college tuition?
If you’re planning to make New Year’s resolutions for 2019, there’s a good chance at least one of them will be related to your finances. Money management issues like big credit card bills or a small savings account balance may be more top of mind on a day-to-day basis, but the beginning of a
Ye Olde Mitre pub and coaching inne dating from the early 1600s located in High Barnet, north London, England, December 27, 2018. (Photo credit: RL Aitken).RL Aitken British pubs are closing their doors. But while the number of pubs across the nation since 2000 has fallen by 17% (10,500) and closures were two a day in the second
To increase information security, the IRS will stop its tax transcript faxing service as of Feb. 4. The IRS said that it worked with the tax prep community to agree that the move will meet practitioners’ needs in e-filing individual returns while further safeguarding taxpayer data. Cybercriminals who steal transcripts use them to file fraudulent
Blue Apron bounced back to over a dollar per share Friday as the stock skyrocketed for a second day in a row following the news of its new partnership with Weight Watchers, now known as WW. Shooting up 70 percent for the week, Blue Apron shares are now worth $1.12 each as of Friday’s close,
When Kevin Zraly first started studying wines almost 50 years ago, it wasn’t the most popular alcoholic beverage in the U.S. “People looked at me like I was nuts studying wines,” Zraly said. “All my friends were drinking beer.” At 21, Zraly hitchhiked to California to get exposure to the wines there. And after graduating
Higher interest rates will be a headwind for high-technology stocks, but they won’t cause another 2001-style wreckage in 2019. Higher interest rates have already shaken up technology stocks. The tech-heavy Nasdaq is beginning to look like the early days of the dotcom bubble burst, back in the early 2001. Popular stocks like Alphabet, Facebook, Apple, and Amazon
Paying taxes is rarely something you look forward to. It is perfectly legal to arrange your affairs to pay as little as possible. But if you think that paying taxes can’t get any worse, you would be wrong. The least satisfying of all taxes would be paying taxes that are not even yours. That might be how some people
A interview with billionaire debt investor and founder of Oaktree Capital Management, Howard Marks. In this interview, Howard discusses how he invests in market cycles and the mentality of a successful investor. Howard also talks about starting a Hedge Fund/Asset Management firm and the trade war. 📚 Books by Howard Marks and his favourite books
Andrew Harrer/Bloomberg A surprise tax blow could be looming for investors in hedge funds such as Point72 Asset Management. President Donald Trump’s tax law curbs the coveted deductions that most businesses were allowed to take for the interest they pay on loans. During the tax overhaul debate, private equity firms were the fiercest critics of
Here’s one good reason to hold off on receiving your holiday bonus this year: It’s a move that can help you save on taxes. Wall Street workers — that is, employees in the securities industry in New York City — received an average bonus of $184,220 in 2017, according to a report from the New
If you’re getting close to putting full-time work behind you, make sure you give the financial implications of that step more than just a passing once-over. Whether you’re viewing the next phase as retirement, semi-retirement or an unknown adventure, the transition is prone to delivering surprises if you don’t explore how your decisions going forward
Have you ever thought about what it would be like to live in another country? The world is a more fluid place now and many young people today get that opportunity with their jobs. Those opportunities were not nearly so abundant in the ’80s and ’90s when the baby boomers were building their careers. However,
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