Month: January 2020

A group of IRS stakeholder organizations has submitted a letter to the Treasury Department and the Internal Revenue Services with suggestions on the implementation of the Taxpayer First Act. The group includes the American Institute of CPAs, alliantgroup, H&R Block, the Latino Tax Professionals Association, the National Association of Enrolled Agents, the National Association of
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Tesla CEO Elon Musk and Shanghai’s Mayor Ying Yong attend the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. Aly Song | Reuters Investors betting against Elon Musk’s electric-auto maker Tesla collectively lost more than $1 billion-plus on Thursday as the company’s stock rocketed higher after its better-than-expected earnings report. Tesla popped
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The world is full of secret heroes — everyday people who silently put more good into the world. Some perform everyday acts of kindness. Others save lives through organ donation. A generous offering that sometimes results in physical and financial challenges for the donor. From a tax perspective, living donors may qualify for resources to
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Very deconstructive; snowboard job; matters of discipline; and other highlights of recent tax cases. Heppner, Oregon: Dr. Kenneth Wenberg, 73, has been sentenced to a year and a day in prison and three years of supervised release for failing to report income resulting in a tax loss of some $128,000. Dr. Wenberg created nominee entities
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Elon Musk Jim Watson | AFP | Getty Images Tesla CEO Elon Musk doesn’t have a lot of love for Wall Street – a fact he often mentions, including on Wednesday night’s earnings conference call. To begin with, Musk’s company hosts an nontraditional quarterly call with shareholders: After making a short statement about Tesla’s results,
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In December 2019, identical bills HB 861 and SB 1112 were introduced in Florida’s House of Representatives and Senate. The proposals would tax water extraction (excluding production from public water systems) at a rate of 12.5 cents per gallon. The revenue from the tax would be deposited in the Wastewater Treatment and Stormwater Management Revolving
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Introduction Alaska has a history of blazing its own path. It forgoes both an income tax and a state sales tax, a distinction shared only with New Hampshire. Many sparsely populated jurisdictions forgo property taxes, and some jurisdictions—including large cities like Anchorage and Fairbanks—go without a local sales tax. Alaska is, therefore, the only state
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Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that
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Michael Corbat, CEO, Citigroup, speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020. Adam Galica | CNBC Citigroup is making a push for investors’ dollars with a new digital robo-advisor that’s free for customers with at least $50,000 in deposits or investments at the bank. That’s the threshold needed to qualify for
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A group of Republican lawmakers has sent a letter to Internal Revenue Service commissioner Chuck Rettig warning about misuse of the electric vehicle tax credit. Senate Finance Committee chairman Chuck Grassley, R-Iowa, joined Sen. Ron Johnson, R-Wis., John Barrasso, R-Wyo., and a dozen of their GOP colleagues in asking Rettig for more information about how
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Daniel Zuchnik | WireImage | Getty Images Warren Buffett, a life-long newspaper fan and booster, is giving up on his bet that local news would help protect papers in small to medium-sized cities. Berkshire Hathaway is selling its 31 newspapers to Lee Enterprises for $140 million in cash. The deal includes Buffett’s home-town daily, The
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