In an increasingly globalized world, many individuals and corporations work and do business abroad. As a result, jurisdictions need to define how income earned in foreign countries is taxed. Otherwise, income could be taxed in more than one country, resulting in double taxation. To avoid this, countries have negotiated double tax agreements (DTAs). These tax
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The stock market has had a “good run” this year, but its rate of increase may slow down, the billionaire co-founder of Blackstone Group told CNBC on Thursday. The S&P 500‘s roughly 16% rise in 2019 is “not nothing,” Steve Schwarzman said in a “Squawk Box” interview. “”I think we’ve had a good year. …
Chanel Reynolds got the call you never want. Her husband, Jose, had been in a terrible accident and was now in intensive care, irreparably wounded. A week later, with no signs of brain function, he was removed from life support and died. Meanwhile, Reynolds realized they had wills, but they were not signed or notarized.
Hello, I just found out I am the beneficiary of my late uncle’s large 401(k) and IRA. What can I do to avoid taxes now on my new inheritance? – Anonymous Reader Figuring out to do with an inheritance can be difficult. We share some tips to minimize taxes on your inherited IRA. Getty
Key Findings Senator Elizabeth Warren (D-MA) released a proposal for a surtax on corporate profits called the “Real Corporate Profits Tax.” The Real Corporate Profits Tax would be equal to 7 percent of a corporation’s profits as reported on its financial statement with an exemption for the first $100 million in profits. According to the
The Supreme Court heard oral arguments Tuesday in a case involving a state’s ability to tax income from a trust based on the beneficiaries residing there before taking any distributions. At issue in the case, North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, is whether the Due Process Clause of
CNBC’s Jim Cramer on Wednesday said that business in the construction industry seems to be picking up and it could make an interesting play for Waste Management. “Jim Fish, CEO of Waste Management who comes on all the time on the show, often commented that his best source of revenue is construction,” the “Mad Money”
With the Powerball Jackpot at $118 million, Americans in 43 states and D.C. are lining up for tickets. While one or more persons will get the winning numbers sooner or later, every state that allows ticket sales also wins big. After all, the coffers of the 44 participating jurisdictions get a slice of every jackpot,
President Donald Trump has called for a sweeping look at regulation of the energy industry — and that includes investments in retirement plans. In an executive order issued last week, Trump called for the Department of Labor to complete a review of energy investment trends and the fiduciary responsibilities tied to proxy voting to determine
Share to facebook Share to twitter Share to linkedin Tax Day was Monday, April 15, for most taxpayers (though taxpayers who live in Maine or Massachusetts have until April 17, 2019). Not every taxpayer who needed to file made it on time (I’m not counting those of you who filed for an extension since you’re
On April 3, House Ways and Means Committee Chair Richard Neal wrote to the IRS requesting six years of President Trump’s personal income tax returns as well as the returns for eight of Trump’s more than 500 business entities. Neal wants to determine whether the IRS is auditing the President in a fair and impartial manner. And
Senator Elizabeth Warren really hates it when corporations that report billions of dollars in profit pay little or no tax to Uncle Sam. (She’s totally steamed about Amazon.) As a policy-oriented presidential candidate and scholar of business law, Warren favors technical solutions to perceived problems, and last week she tackled this one in a post
Tech giant Apple and Qualcomm settled a legal dispute over royalties and patents on Tuesday and it has Wall Street analysts buzzing over the chipmaker’s prospects moving forward. Analysts at Stifel, J.P. Morgan and Evercore ISI all upgraded Qualcomm on the news. Mizuho Securities, meanwhile, hiked its price target on Qualcomm to $82 per share
If you’re among the 4.3 million consumers whose car lease ends in 2019, don’t be surprised if going that route holds less appeal this time. With record-high auto prices, higher interest rates and generally weakening residual values on cars, consumers can expect to pay $1,600 more on average for a lease than they did in
Tax Day brings stress as taxpayers conflate their refunds with their actual income tax bill. Getty Polls show that the majority of Americans don’t think their taxes were cut with the landmark tax cut and reform bill signed into law by President Donald Trump in December 2017. But just in time for tax day, the
Another one in the books; bias in the TCJA; talking basis; and other highlights from our favorite tax bloggers. School for scandal Boyum Barenscheer (https://myboyum.com/blog/): In its 2018 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners reported that owners and executives accounted for only 19 percent of all
J.B. Hunt Transport Services‘ downbeat earnings call on Monday should put to rest any ideas that the economy is too strong and that the Federal Reserve should tighten interest rates again, CNBC’s Jim Cramer said Tuesday. The trucking and transportation company’s stock sank nearly 5% after missing Wall Street’s expectations and blaming low volume on
Tax season has come and gone — at least for the more than 103 million filers who submitted their returns before April 15. This spring marked the first time taxpayers and their accountants submitted tax returns under the Tax Cuts and Jobs Act. The overhaul of the tax code, which went into effect in 2018,
Key Findings Comparisons of capital gains tax rates and tax rates on labor income should factor in all the layers of taxes that apply to capital gains. The tax treatment of capital income, such as capital gains, is often viewed as tax-advantaged. However, capital gains taxes place a double-tax on corporate income, and taxpayers have
Magnifier and retirement text on blue background. Horizontal composition with copy space. Getty Royalty Free Getty Is there a retirement crisis? The debate centers on how much people have saved or set aside for retirement. But the focus on savings amounts misses the point. Retirement isn’t about achieving some magical retirement savings number. Instead, it’s
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