Share to facebook Share to twitter Share to linkedin The latest data points to a resilient U.S. economy. Getty Topline: Major stock market indexes hit fresh highs on Wednesday, as improved U.S. economic growth in the third quarter, solid consumer spending last month and renewed optimism on Wall Street over a trade deal with China
Month: November 2019
Climate change is a leading issue in the 2020 presidential elections, especially among Democratic voters. According to a recent CBS poll, almost two thirds of Americans feel climate change is either a crisis or a serious problem. Most Presidential candidates acknowledge the urgency of addressing climate change, but few would use tax policy to its
Virtual currencies have been growing rapidly in terms of type and frequency of use. They are increasingly becoming an accepted form of payment even by major established companies and financial institutions. Not all taxpayers, however, appear to be familiar with or complying with their tax reporting obligations involving virtual currencies. The Internal Revenue Service estimates
China successfully launched satellites to space last week but a shower of rocket debris after the launch crushed buildings in the Sichuan province, captured in a video shared widely on social media. Before the government launched a Long March 3B rocket from the Xichang Satellite Launch Center on Friday evening, it warned residents with a
New York state governor Andrew M. Cuomo Wang Ying | Xinhua | Getty Images Four blue states that had unsuccessfully sued the IRS over a new $10,000 cap on the federal deduction for state and local taxes filed an appeal on Tuesday. The states — New York, New Jersey, Connecticut and Maryland — originally filed
(Photo via Smith Collection/Gado/Getty Images). Getty Images Residential real estate seems to have regained health of late, and in more ways than one. On the macro side, activity, after months of stagnation and decline, has turned upward again. Alone, this change has lifted the specter of recession. Still more encouraging, lower-priced housing has begun to appreciate
Utah lawmakers are reportedly targeting a December 12th special session as a tax reform task force makes the final adjustments to a plan which broadens the sales tax base, reduces income tax rates, and adjusts revenue earmarking. The proposal is intended to help rebalance a tax code that has swung too far toward reliance on
The Internal Revenue Service updated its guidance Tuesday for business travelers and their employers on the per diem rates for substantiating expenses, in light of the changes in the Tax Cuts and Jobs Act. Revenue Procedure 2019-48 updates the rules for utilizing the per diem rates to substantiate the amount of ordinary and necessary business
Democratic presidential candidates Senators Warren (D-MA) and Sanders (I-VT) have proposals to end full expensing and lengthen depreciation schedules and the New York Times in a recent article analyzes the size of tax cuts, including the effect of full expensing, and the size of investments made by companies. While it is encouraging to see such
Slack Technologies Inc. CEO Stewart Butterfield stands on the trading floor during the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S. June 20, 2019. Brendan McDermid | Reuters The biggest hurdle for companies aiming to follow Spotify and Slack into the public markets is that the direct listing process they
Members of the District of Columbia Council are considering a new excise tax on sugar sweetened beverages (SSB). The excise tax would be levied at a rate of 1.5 cents per ounce of taxable beverage, defined to include all drinks with “any form of natural common sweetener.” The bill exempts beverages where milk is the
Senior man celebrates his 90th birthday Urbazon / Getty A change proposed by the IRS could alter how much retirees are required to withdraw each year from their traditional retirement accounts. The reason? People are living longer now than when the agency last issued its tables for required minimum distributions in 2002. As a result,
Last week, a New York Times reporter reached out to ask if I had heard that the village of Amelia, Ohio was dissolving over a tax increase. Facing an unpopular new tax, voters went to the polls and just… abolished their local government. I wasn’t aware of the drama bubbling up in Amelia (or in
A man uses his mobile phone as he walks past advertising for the new iPhones outside the Apple store … [+] in Hong Kong on October 10, 2019. (Photo by PHILIP FONG/AFP via Getty Images) AFP via Getty Images In the world of sin taxes, chemical taxes tend to fly under the radar. They aren’t
With the year coming to a close Wall Street’s equity strategists are releasing their predictions for the coming year. But Morgan Stanley’s Michael Wilson said that forecasting for even just the end of this year — let alone the entire 2020 — is difficult given all of the unknowns like the state of the ongoing
Guido Mieth | DigitalVision | Getty Images With a New Year comes a new start, and your retirement is no exception. That’s because the limits for pre-tax saving have gone up for aspiring retirees. And those already in retirement will see a modest boost to their Social Security retirement benefits, along with increased Medicare Part
Cultura Creative (RF)/Alamy Stock Photo With nearly 700,000 Americans collecting Social Security while living abroad, foreign retirement is no longer an odd or terribly unusual proposition. But as with many major life decisions, deciding to pick up and leave these shores requires considerable thought and planning. This much is certain: In many places it’s
The Internal Revenue Service intends to make the criminal background checks and tax compliance checks it performs on tax professionals such as enrolled agents, e-file providers and acceptance agents more consistent, with more up-to-date fingerprint information from the FBI, according to a new report. The report, from the Treasury Inspector General for Tax Administration, acknowledged
China’s hand in cementing a phase one trade deal with the U.S. keeps getting weaker even though many American media outlets keep reporting otherwise because they seem to like Chinese President Xi Jinping better than President Donald Trump, CNBC’s Jim Cramer said on Monday. Cramer said on “Squawk Box” the mainstream media wrongly thinks that
Ever since the June 2018 South Dakota v. Wayfair decision, in which the U.S. Supreme Court gave the green light for broader remote sales tax collections by overturning the physical presence requirement, tax observers have wondered which state’s remote sales tax regime will be the next to show up in court. Five states—Alabama, Colorado, Kansas,
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