Key Findings: California has one of the nation’s least business-friendly tax environments, ranking 48th on the Tax Foundation’s State Business Tax Climate Index, which measures tax structure. However, the state’s property tax code is a relative bright spot, with the state ranking 14th on that component of the Index. If approved by California voters on
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Will Congress standardize state tax rules for remote workers? The Hill reports that lawmakers and tax professionals are working on legislation to simplify a remote worker’s experience when filing taxes next spring. Many are working from homes that are in a different state as their employer, causing filing headaches and in some cases, higher taxes.
Recently, the Colorado Municipal League in tandem with businesses and the state’s Department of Revenue created a model ordinance on economic nexus and marketplace facilitator laws to help simplify sales tax within the state. Localities that adopt it will align with the state’s economic nexus threshold for their local taxes. Colorado has historically had self-collected
Tim Cook, chief executive officer of Apple, speaks at the 2019 Dreamforce conference in San Francisco on November 19, 2019. David Paul Morris | Bloomberg | Getty Images With all due respect to the late, and great, Tom Petty, when it comes to today’s stock market averages, it’s “the weighting that is the hardest part.”
Siri Stafford | Getty Images You probably know a Roth individual retirement account is one way to save for your post-working years. It also may come in handy for certain homebuyers. Basically, up to $10,000 in Roth IRA earnings can be withdrawn — free of both taxes and penalty — for a home purchase if
When I tell people that I’m a tax accountant, they invariably ask, “Is the tax law really as complicated as people say it is?” OK, that never really happens, because as a tax accountant, I generally avoid engaging other humans in conversation. But if that question ever WERE asked, I would finally, FINALLY, have a
Key Findings Implemented in 1991, Sweden’s carbon tax was one of the first in the world, second only to Finland’s carbon tax, which was implemented a year earlier. Sweden levies the highest carbon tax rate in the world, at SEK 1,190 (US $126) per metric ton of CO2. The tax is primarily levied on fossil
The work at the Organisation for Economic Co-Operation and Development (OECD) has included plans to propose a global minimum tax. While negotiations are ongoing, it is worth considering a design for the minimum tax that would be neutral toward investment decisions and minimize complexity and compliance costs. Over the summer, a draft of an OECD
Tax season is a lot like baseball season, and both have been for the record books this year. We started 2020 with hopes of a solid season after a rebuilding year following the Tax Cuts and Jobs Act. Instead, this season threw us more curveballs, changeups, game delays and empty seats than any season in
In this photo illustration, the Interactive Brokers LLC logo seen displayed on a smartphone. Igor Golovniov | LightRocket | Getty Images Market action around the election is expected to be so volatile that Interactive Brokers is forcing clients to put up more money in order to trade using leverage. The retail broker is increasing margin
A health worker injects a person during clinical trials for a Covid-19 vaccine at Research Centers of America in Hollywood, Florida. Eva Marie Uzcategui | Bloomberg | Getty Images If you’re on Medicare and hope to get a coronavirus vaccine as soon as it’s available, it may take an act of Congress for it to
Topline JPMorgan Chase CEO Jamie Dimon told CNBC that he supported higher taxes on the rich as a way to boost economic growth, but that a wealth tax would be “almost impossible” to implement compared to an income tax. The JPMorgan CEO said higher taxes on the rich could help economic growth. Alex Wroblewski/Getty Images
As a result of the COVID-19 pandemic, the economies of many countries have been significantly damaged. In Sweden, GDP is expected to fall by 4.6 percent in 2020, despite the country’s lack of business and school lockdowns. In August, Sweden’s unemployment rate was 9 percent. Unsurprisingly, Sweden’s economic recovery is a priority in the upcoming
Pelosi and Mnuchin make a deal. The House passed a stopgap spending bill after Speaker Nancy Pelosi reached a deal with Treasury Secretary Steven Mnuchin to keep the government open to December. She says Mnuchin agreed to $8 billion in additional child nutrition money and she agreed to increase spending for farm aid, a demand by President
The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. In Announcement 2020-12, the IRS said that when all or a portion of the stated principal amount of a covered
Investors turned on their favorite group of stocks recently, dumping tech shares in historic numbers and increasing their bets against the sector amid a September sell-off. The move came just before the shares began to stabilize this week, but it remains to be seen whether the bearish tilt represented the kind of capitulation that marks
Oliver Rossi | Stone | Getty Images Once you hit your 50s, retirement is no longer something happening far off in the future. Whether you have been a super-saver your entire career or are just starting to think about retirement, it’s time to take a serious look at what you expect your golden years to
WASHINGTON, DC – SEPTEMBER 16: U.S. President Donald J. Trump speaks to the press during a news … [+] conference in the James Brady Press Briefing Room of the White House on September 16, 2020 in Washington, DC. Trump continues to trail challenger Joe Biden in the polls with the election less than two months
Today, the House Republican Study Committee released a proposal to address education, labor, and welfare policy with the aim of expanding opportunity, liberty, and free enterprise for all Americans. Among the 118 policy recommendations by the task force in the “Reclaiming the American Dream” white paper are several tax policy changes across the education, labor,
Last week, Maryland Senator Antonio Hayes (D) announced that in the next legislative session he will sponsor a bill to increase Maryland’s alcohol excise tax to raise revenue for health-care spending. Specifically, the bill would, if enacted, increase the ad valorem component of the state’s alcohol excise tax from 9 percent to 10 percent. This
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