Month: September 2020

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
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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,
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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
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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
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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
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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
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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
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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,
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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
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