Avocado toast and that extra side of guacamole are probably going to get more expensive if President Donald Trump‘s newest trade threat becomes a reality. The United States gets the vast majority of its supply of the popular fruit from Mexico. If Trump’s surprise threat of 5% tariffs on imports from the country goes into effect,
Month: May 2019
The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC Call your accountant and bring out last year’s tax return: The Internal Revenue Service has released a draft of its new tax withholding form. The new Form W-4 is expected to be in use for 2020, and is currently open for comments from
The Organisation for Economic Co-Operation and Development (OECD) has just released a 44-page “programme of work” document outlining the process by which the more than 130 member countries in the OECD’s Inclusive Framework will come to an agreement on how to tax multinational businesses in the digital age.[1] While tax professionals pore over the document’s
Oregon’s Corporate Activity Tax, a gross receipts tax levied on businesses with receipts over $1 million, is one step closer to facing voters in in early 2020 after an association of Oregon industrial businesses filed a referendum to repeal the tax this week. The referendum is an opportunity for Oregonians to determine if the tax
5/31/19 update: President Trump threatened to impose tariffs at a rate of 5 percent on all imports from Mexico, worth $346.5 billion, until, he said, illegal immigration across the southern border was stopped. The tariffs would begin on June 10, rising to 10 percent on July 1, 15 percent on August 1, 20 percent on
Having a judge refer to an IRS regulation as “goofy” is not a good thing. Fortunately, it has only happened once and not that long ago. In 2016 Judge Richard Posner in overturning a Tax Court decision in the case of Merrill Roberts wrote: We mustn’t be too hard on the Tax Court. It felt itself
This week, the Congressional Research Service (CRS) released a report on preliminary observations of the Tax Cuts and Jobs Act (TCJA). The report provides a broad overview of many of the effects on the economy that one could expect from the TCJA regarding output (GDP), investment, federal revenues, effective tax rates, wages, repatriation, international capital
Treasury Secretary Steven Mnuchin has been “unresponsive” to questions about his refusal to hand over President Donald Trump’s tax returns to Congress, Senator Ron Wyden said. Wyden, the top Democrat on the Senate Finance Committee, said Thursday he received a reply to a letter he sent to Mnuchin earlier this month asking why he and
A docker works in front of a container ship at Qingdao Port in Qingdao, Shandong Province of China. ChinaFotoPress | Getty Images Just five components of the Dow Jones Industrial Average are on track for May gains, yet another reflection of the effect the U.S.-China trade war is having on Wall Street. UnitedHealth, Pfizer, Travelers
Kena Betancur | Getty Images New Jersey, it seems, is the last place where people want to spend their golden years. Almost 67% of all New Jersey moves were outbound last year, according to a survey from United Van Lines. The relocation company polled 26,998 of its customers who moved last year, through Nov. 30,
Shutterstock Shutterstock There are various types of financial products with different tax treatments, and Section 1256 contracts have the best overall tax advantages. Tax treatment of financial products affects investors, traders, and hedge funds. But sadly, many tax preparers overlook essential differences in tax treatment for these groups, resulting in overpayments. Education is key. It’s
In response to a call from the Organization for Economic Co-operation and Development for ideas on how to tax a global, digital economy, the Association of International Certified Professional Accountants offered a number of principles. In its submission to the OECD, the association wrote that “a consensus-based, equitable, and successfully durable rebalancing of multi-jurisdictional taxing
Miners are seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Stringer | Reuters China’s threat to curb exports of rare earth minerals to the United States could move the needle in an escalating trade war as the world’s two largest economies continue to jockey for leverage.
Dan Kitwood | Getty Images When Michael Bloch’s wife graduated from law school with more than $300,000 in student loans, the couple sat down to come up with a plan. After reading blogs and articles, drafting spreadsheets and consulting a financial advisor, they still didn’t have an answer. “We really struggled with what is the
Washington Dc: Internal Revenue Service federal building Washington DC USA. The Internal Revenue Service (IRS) is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury. The Getty Is the Internal Revenue Service (IRS) overwhelmed? It’s a question I’ve been mulling as I’ve sat
A recent report compares to what extent OECD countries rely on various tax revenue sources. Today’s map looks at property tax revenue, which, compared to other taxes, accounts for a relatively small share of total tax revenue in Europe. In 2017, property taxes accounted for only 4.6 percent of tax revenue on average in the 27
In a word, the 2019 filing season was “painful,” said Ryan Losi, executive vice president of Virginia CPA firm Piascik. “It was painful because Treasury did not issue the regulations on changes in the Tax Cuts and Jobs Act between January and March, so if you were trying to understand what the law was in
Elon Musk Mike Blake | Reuters Barclays cut its price target on Tesla on Thursday and said the market is finally coming around to the firm’s thesis on the automaker. The firm also said Tesla is “stalling as a niche automaker,” and cut its 12-month price target to $150 from $192. “Model 3 demand is
Alex wroblewski | The New York Times Given the latest volatility in the stock market, people are generally advised to leave their investments alone. That can be hard with a 529 college savings plan if you expect to tap the account for a tuition bill due in a few months. The state-sponsored investment plans encourage
Getty Getty The Internal Revenue Service announced new, higher contribution limits for health savings accounts for 2020 today. HSAs are the best way to save courtesy of Uncle Sam, with triple tax benefits. You put money in on a taxfree basis (usually through salary deferrals), it builds up tax free (you can invest it), and
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