theonlinetaxguy

Topline After a three-month delay sparked by antitrust concerns, TurboTax-developer Intuit has received approval from the Department of Justice to move forward with its $7.1 billion takeover offer for fintech giant Credit Karma after they agreed to divest Credit Karma’s tax business to Square. TurboTax products sit on display at Costco. getty Key Facts The
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The general disruption in life caused by COVID-19 has accelerated the pace of the mobilization of the workforce, creating tax policy considerations that have been slowly surfacing over the past decade. “The fact that states, employers and workers were all suddenly forced into remote work settings has provided an unexpected opportunity for a discussion about
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SpaceX prototype rocket Starship SN8 stands on the company’s launchpad in Boca Chica, Texas before an engine test. @LabPadre SpaceX is aiming to launch its latest Starship rocket prototype as early as “next week,” CEO Elon Musk said on Tuesday, in what would be the company’s most ambitious flight test of the rocket to date.
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Capitol Building in Washington, D.C. DEA / M. BORCHI | De Agostini | Getty Images Nearly 14 million American workers are collecting unemployment benefits through programs that will lapse at the end of the year without congressional action. Expiring aid would leave many without income at a time when protections for renters, homeowners and student
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Concept of moving to foreign countries and living as expat. getty In the latest installment of In the Pages, Tax Notes International contributing editor Robert Goulder sits down with the authors of the Tax Notes article “A Simple Regulatory Fix for Citizenship Taxation.” The authors discuss regulatory actions that Treasury can take that would, in the absence of legislative change,
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AJ Watt | Getty Images Are you stocking up on cold and flu meds for the winter? Buying an at-home Covid-19 test kit? If so, you are running out of time to use this tax-advantaged account for those purchases. Health-care flexible spending accounts, which may be available at your job, allow you to stash pre-tax
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The Internal Revenue Service and the Treasury Department issued final regulations related to Section 1031 like-kind exchanges. The new regs address the definition of real property, as well as the receipt of personal property that is incidental to real property received in a like-kind exchange. “Real property” now includes land and, generally speaking, anything permanently
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Richard Newstead | Moment | Getty Images Drones have arrived on Wall Street. Goldman Sachs, the world’s top mergers advisor, is among investment banks using drone technology to give its clients a bird’s-eye view of the companies they are bidding on, according to Stephan Feldgoise, the firm’s global co-head of mergers and acquisitions. After Covid-19
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The United States Supreme COurt Building getty The U.S. Supreme Court has clipped the commerce clause’s nexus wings, and much ink has been spilled on whether the due process clause will enjoy a resurgence in cases on a nonresident’s tax liability. Court due process precedent abounds, cases with which state tax professionals are quite familiar. However, there
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Typical millennial couples born in 1995 who retire in 2060 are scheduled to receive about $2.2 million in lifetime Social Security and Medicare benefits, approximately double the $1.1 million that a typical couple retiring this year will receive, according to our latest analysis. And some higher-earning couples will get more than $3 million in lifetime
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Changes for the year; partnerships’ reporting; building your brand; and other highlights from our favorite tax bloggers. Blunt truths Taxable Talk (http://www.taxabletalk.com/): Sometimes the IRS processing time “ain’t pretty” — though to be fair this tale does start with a return sent certified mail taking nearly a month to get from Las Vegas to Ogden,
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WASHINGTON, DC – DECEMBER 13: Former Federal Reserve Chair Janet Yellen speaks during her last news … [+] conference in office. (Photo by Alex Wong/Getty Images) Getty Images Janet Yellen, president-elect Joe Biden’s pick for Treasury Secretary, would come to the job with largely predictable views on tax policy for a mainstream, center-left economist. A
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With a likely divided U.S. Congress this January, the incoming Biden administration may have a limited ability to pass the tax changes proposed by Biden during the 2020 presidential campaign. Much of Biden’s tax plan included tax increases on higher earners and businesses, which are unlikely to be considered by a likely Republican-controlled Senate pending
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This month, New York Assemblywoman Linda Rosenthal (D) introduced A11123 which, if enacted, would increase the excise tax on ”other tobacco products” (including cigars) from 75 percent to 129 percent of wholesale value and the excise tax on vapor products from 20 percent to 48 percent of retail value. Excise taxes on tobacco products are
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