One of the many policy questions Colorado voters will be tasked with deciding this November is whether to amend the state constitution to repeal the Gallagher Amendment, a provision within the Colorado constitution that, since 1982, has limited residential property to 45 percent of the statewide property tax base. Repealing the Gallagher Amendment would cause
Month: September 2020
After six unsuccessful tries at passage, it appears the coronavirus crisis has tipped the scales in favor of Gov. Phil Murphy’s (D) millionaires tax. After reaching a deal with legislators earlier this month, Murphy included a tax increase on those making more than $1 million in his FY 2021 budget. The New Jersey legislature confirmed
Headway in negotiations, with a nod toward a pared down stimulus bill. House Democrats trimmed their coronavirus relief bill from $3.4 trillion to $2.2 trillion this week, and may vote on it at the end of the week. Speaker Nancy Pelosi says talks with the White House have been “positive” and hopes to reach a
The Internal Revenue Service has issued final regulations that update the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31. In July, the IRS released a draft of a redesigned 2021 Form W-4P and instructions intended to align with the redesigned W-4. The draft W-4P also proposed a
Barry Sternlicht, Starwood Capital Group Chairman and CEO, speaking during the 2020 Delivering Alpha conference on Sept. 30th, 2020. CNBC Starwood’s Barry Sternlicht expects high flying technology stocks to fall from their heights if Former Vice President Joe Biden wins the 2020 election and Democrats take control of both chambers of Congress. ”Maybe long term, two,
A young couple going through financial problems Geber86 | E+ | Getty Images As Americans prepare to vote in the Nov. 3 presidential election amid the global coronavirus pandemic, some are wondering if the potential for outsized market volatility is a reason to delay investing in stocks. The U.S. stock market has moved sharply up,
Key Findings At the end of 2025, most individual income tax provisions of the Tax Cuts and Jobs Act (TCJA) will expire, increasing taxes on individuals. Making these provisions permanent is estimated to reduce federal tax revenues by $176 billion annually (in 2021 dollars). While making these provisions permanent would increase the long-run size of
As we end the Q3 2020, let’s look at what happened in the past quarter in the crypto tax compliance world (What Happened In the Cryptocurrency Tax Space In Q2 2020). Infamous Crypto Question Was Moved To The Front & Center Of Form 1040 The 2020 draft Form 1040 released by the IRS on August,
Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought. Combined with a desire to decriminalize marijuana, the zeitgeist is ideal for legalization. This Election Day, voters in Arizona, Montana, New Jersey, and South Dakota will consider legalization and
More bucks for the IRS; deductible haircuts; virtues of virtual learning; and other highlights from our favorite tax bloggers. Getting serious Tax Vox (https://www.taxpolicycenter.org/taxvox): Yin and Yang Dept: “How Much More Money Could the IRS Collect If Congress Gave Them More Money?” TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Turns out the Congressional Budget Office has estimated that modest
An indoor farming start-up that heralds itself as the future of agriculture and has Martha Stewart on its board announced Tuesday it is going public through a reverse merger, the latest in a series of blank-check deals during the coronavirus pandemic. Kentucky-based AppHarvest is merging with special purpose acquisition company Novus Capital Corp., while picking up $475 million
Joe Biden speaks at the National Constitution Center in Philadelphia on Sept. 20, 2020, to make a statement on the nomination for replacement of recently deceased Supreme Court Justice Ruth Bader Ginsburg. Roberto Schmidt | AFP | Getty Images Residents in high-tax states who lost out on a substantial write-off are in good company. Democratic
Rising gas prices on the Ethereum network have significantly cut into users’ profits. Luckily, if reported correctly, you can convert these burdensome gas fees into tax savings. What Is Gas? Gas is the transaction fee you have to pay to the Ethereum network to execute transactions. Gas is measured in gwei, a subunit of the
A recent report from the Organisation for Economic Co-operation and Development (OECD) on 2020 tax reforms reveals an increase in the number of environmentally-related tax policies when compared to 2019. Reforms were concentrated in a limited number of countries and their scope continued to be narrow. Gas taxes, carbon taxes, and taxes on electricity consumption
For cities, the COVID-19 economy is turning many winners into losers. Before the global pandemic, economists and policymakers worried about the widening gap between cities that were “haves” and those that were “haves-nots.” While globally connected mega-cities prospered, the economies of small to mid-sized places—especially those without colleges and universities—were subject to the vagaries of weather,
Deductions for haircuts, consulting fee write-offs, a family estate that is treated as a business property and an aggressive refund claim could open President Donald Trump to legal risks once he’s out of office. An analysis published by the New York Times, based on more than two decades of Trump’s tax returns the news organization
Earnings season kicks off in a couple weeks and here’s why it may be better than expected. The S&P 500 is down 4% for the month, the first down month since March, but investors are expecting big things from corporate earnings reports, which begin Oct. 13 when JPMorgan releases results. “September has been a rough
A protester blocks the street leading to the Washington, D.C., home of U.S. Senate Majority Leader Mitch McConnell, R-Ky., demanding the extension of unemployment aid, on July 22, 2020. Jonathan Ernst | Reuters Stimulus checks and enhanced unemployment benefits that helped the poorest Americans weather the coronavirus pandemic are in danger of ending, throwing the
getty The COVID-19 pandemic and social distancing have accelerated a trend which has been underway for many years – the closing of houses of worship. There are many reasons a congregation, parish, or other religious community might close down their physical house of worship. If the physical property will no longer be in use for
Reopenings begin with masks, conference rooms have gone Zoom, and businesses face a load of new questions — but for many, the future comes down to one: “How am I going to survive?” “It really depends on the business. It’s hard to tell a spa client to go virtual,” said Lawrence Pon, a CPA at
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