Taxes

A new International Monetary Fund (IMF) study shows that USD$5.2 trillion was spent globally on fossil fuel subsidies in 2017. The equivalent of over 6.5% of global GDP of that year, it also represented a half-trillion dollar increase since 2015 when China ($1.4 trillion), the United States ($649 billion) and Russia ($551 billion) were the largest subsidizers.
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Budget deal, debt limit talks continue. Senate Majority Leader Mitch McConnell hosted a meeting between Treasury Secretary Steven Mnuchin, White House Chief of Staff Mick Mulvaney, Senate Appropriations Chair Richard Shelby, and chairs of that panel’s key subcommittees on Wednesday. After the meeting, Shelby said of a potential deal: “Did we crystalize it? No…  We’re
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Next week, the House Ways and Means Committee plans a hearing on “Ending the TCJA Tax on Houses of Worship, Charities, and Nonprofits.” While this seems alarming, it isn’t. The provision ensures neutrality between tax-exempt organizations and C corporations as it relates to employee fringe benefits. Without it, not-for-profit employers could offer benefits at a
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Share to facebook Share to twitter Share to linkedin Cyber-security is a hot topic at every company this year and it needs to be a board level discussion – the risk associated with cyber attack and data breaches is now clear from all the headlines.  FedEx and Maersk forecast $300M in losses based on the
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The growth of the sharing economy has raised important questions about the proper tax treatment of assets divided between business and personal use. One example is the tax treatment of personal residences used as short-term rental properties, which are often advertised on new economy sharing platforms. While traditional hotels are permitted to fully deduct business-related
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Martin Feldstein (MONEY SHARMA) AFP/Getty Images The cleverest idea from Martin Feldstein was a plan to take unemployment funds away from employers and hand them to employees. Workers of the world, unite! Feldstein, who died June 11, was an illustrious Harvard economist of a conservative bent. He worked for a while in the Reagan administration.
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Neal shops a 3-year extender bill, and more. Politico reports that House Ways & Means Committee Chair Richard Neal is shopping a bill to restore and extend a pile of special interest tax provisions for three years. Neal also would expand the Earned Income Tax Credit, the Child Tax Credit, and the Child and Dependent
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While former Colorado Gov. John Hickenlooper (D)—currently a 2020 presidential candidate—has described his state’s earnings from legal marijuana sales as a “drop in the bucket,” current Gov. Jared Polis (D) is taking a different approach. On Wednesday, his administration issued a report touting the fact that Colorado has so far brought in more than $1 billion in cannabis
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Credit: Getty Royalty Free Getty The name of the measure before Congress sounds like a good deal: the Setting Every Community Up For Retirement Enhancement Act of 2019, a.k.a., SECURE. But the ever-astute Rick Kahler, president of Kahler Financial Group in Rapid City, S. D., smells something rotten: Larry Light: What’s wrong with the retirement reform legislation?
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One of the most common questions I get from investors is how crypto investments like bitcoin are taxed. There seems to be a great deal of confusion, perhaps because of the different names people use for this new asset class. If bitcoin is a cryptocurrency … is it taxed like currency? If bitcoin is “digital
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