Month: July 2019

As the federal government looks to pass an extenders package, various excise tax provisions are on the table. Excise taxes are placed on specific products or activities instead of on a general tax base, like income or sales. Because excise taxes disproportionately burden low-income people, lawmakers should use excise taxes properly. Excise taxes can be
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Today’s map shows gasoline tax rates in each state as of July 2019, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers which are passed along to consumers in the form of higher prices,
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Recently, in Revenue Procedure 2019-32, the IRS provided a six-month extension for certain partnerships to file a superseding Form 1065 (its partnership return) and corresponding Schedules K-1 to each of its partners.  The Bipartisan Budget Act of 2015 (the “BBA”) drastically changed the way that partnerships are audited, including partnership-level assessments; smaller partnerships, however, can
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Is Trump’s China trade deal falling apart? After insisting for months that his tariffs on Chinese imports would drive the Asian nation to make broad concessions on intellectual property and purchases of US agricultural goods, President Trump now saysa trade agreement may not happen until after the 2020 elections. While he is lowering expectations in the midst
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Democratic presidential contenders divided sharply on Tuesday over whether middle-class taxes would have to increase to pay for a government-run health care system known as “Medicare for All.” Senators Bernie Sanders and Elizabeth Warren — two of the most ardent supporters of replacing private health coverage with government-sponsored care — have said that taxes for
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Retiring as a millionaire may seem like a fantasy rather than a practical financial goal, yet it’s possible with savvy monthly saving. Reaching that milestone, however, takes determination, especially if you don’t start until later in life. Luckily, personal finance site NerdWallet crunched the numbers, broken down by age group, to demonstrate how much you’ll
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The cost of lipstick; making meetings effective; virtual warnings; and other highlights from our favorite tax bloggers. Kids’ stuff Tax Vox (https://www.taxpolicycenter.org/taxvox): Do your clients ask about the “Presidential Election Campaign” box on the 1040? The share of filers who check the box to contribute $3 for presidential campaigns has plummeted in recent decades (28
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Ariel Skelley | DigitalVision | Getty Images The CFP Board of Standards, the group overseeing the Certified Financial Planner credential, will overhaul its practices, making it easier for investors to spot financial advisors with a questionable past. In a Tuesday afternoon phone call, the group announced it would establish an independent task force to review
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Key Findings Local income taxes are imposed by 4,964 taxing jurisdictions across 17 states, with a heavy concentration in Rust Belt states, particularly Ohio and Pennsylvania. Depending on the state, local income taxes may be levied by counties, municipalities, school districts, or special districts, with most levied by municipalities (3,816) and school districts (954). Six
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To pay for health care, candidate Harris says she won’t raise taxes on families earning less than $100,000. Presidential hopeful and California Senator Kamala Harris would expand Medicare and allow private insurance companies to offer Medicare plans. She would exempt households making below $100,000 from an income-based premium and would set a higher income threshold
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