The Internal Revenue Service (IRS) is expected to issue formal guidance on the legality of SALT deduction cap workarounds any day now, and the tax community is on pins and needles. What will the guidance say? Will it spare existing credits? While we wait on the IRS, let’s consider a few questions about what’s to
The Treasury Department and the IRS are preparing regulations on the viability of tax workarounds adopted by several high-tax states. Some lawyers are questioning whether the agencies might set their sights on other states’ tax credit programs, too. The Tax Cuts and Jobs Act, which went into effect this year, capped the state and local
In May, the U.S. Bureau of Economic Analysis released new data covering differences in purchasing power in different metropolitan and nonmetropolitan areas in 2016. In layman’s terms, the data compares how much $100 can buy in different regions of the country. This post focuses on comparing the purchasing power in different metropolitan areas around the
Shutterstock Franchisees seek to sell their business for a variety of reasons including burnout, personal issues, retirement or new opportunities. Whatever, the reason, every franchise ought to have an existing exit plan whether the execution of the
Aretha Franklin at the ‘Clive Davis: The Soundtrack of Our Lives’ Concert. (Photo by Theo Wargo/Getty Images for Tribeca Film Festival) Aretha Franklin died intestate — that is, apparently without a written will or a trust — and now her heirs will embark upon a very public, likely long series of court appearances before the Queen of Soul’s estate
Revamped child credit benefits; docs and tax help; Social Security scams; and other highlights from our favorite tax bloggers. New tariff in town Houston Tax Attorney (http://www.irstaxtrouble.com/category/tax-blog/): Yaryan v. Commissioner provides an opportunity to consider one aspect of the new Sec. 199A deduction: regulations that adopt a “trade or business” standard that can limit the
Pension funds can make a big splash when they all jump into financial markets at the same time. That’s pretty much been the experience in the bond markets this year, a phenomena that has helped keep rates low and provided a steady stream of buyers for Treasurys and corporate bonds, according to strategists. But now
Many young retirement savers seem to be missing the point. Nearly 60 percent of investors ages 18 to 34 say they already have taken money from their retirement account, according to research from E-Trade Financial being released today. That figure has been growing steadily since 2015, when it was 31 percent. “There’s a temptation to
Author’s wife wearing a sombrero in MexicoChuck Bolotin There are very few data points that can change your understanding of a place more profoundly than actually living there and seeing for yourself. That’s how it was with my wife and me before we embarked on our eight-month road trip through Mexico and subsequently living here
Former Trump Lawyer Michael Cohen Enters Plea Deal Over Tax And Bank Fraud And Campaign Finance Violations2018 Getty Images President Trump’s former personal lawyer, Michael Cohen, pleaded guilty today to a total of eight counts of tax evasion, making false statements, and campaign finance violations. Here’s a look at the charges, and how they evolved.
The Internal Revenue Service has been sending a series of messages in recent weeks to taxpayers and tax professionals urging them to check the online withholding calculator to make sure they have the proper amount withheld from their paychecks so they can avoid a nasty surprise next tax season. Last December’s passage of the Tax
The so-called “smart money” hedge funds are dramatically underperforming this year. Goldman Sachs explained the weakness is the result of big positions in Facebook shares and disastrous bets against stocks. The firm said the average stock hedge fund is down 1 percent this year through Aug. 17 versus the S&P 500’s 8 percent gain. “Volatility
Here’s a personal finance query that will puzzle your advisor: Will he or she be able to snag this attractive tax break for small businesses? Earlier this month, the IRS and Treasury issued a proposed regulation addressing the 20 percent qualified business income deduction. This break, originally outlined in the Tax Cuts and Jobs Act,
Key Findings Complying with the individual income tax code creates real costs for taxpayers. Estimates of the compliance burden vary widely depending which calculation method is used. Each method produces unique illustrations of the cost of complying with the U.S. tax code. Quantifying compliance costs can be complex. Calculations may include out-of-pocket costs on things
Shutterstock Here’s an article by a Forbes staff writer earlier today: “Employers Say 64 Is Too Old To Get A Job.” This headline is based on the replies employers gave in a survey conducted by the Transamerica Center for Retirement Studies, “Striking Similarities and Disconcerting Disconnects: Employers, Workers and Retirement Security” in response to two
Paul Manafort Convicted On 8 Counts Of Tax And Bank Fraud2018 Getty Images The jury reached a partial verdict in USA v. Manafort today. Paul J. Manafort, Jr., President Donald Trump’s former campaign chairman, was found guilty of five counts of tax fraud, two counts of bank fraud and one count of failing to file foreign bank
Wells Fargo & Co. investors who were learning to live with an unprecedented penalty the Federal Reserve imposed for bad behavior will have their patience tested again as details emerge on another scandal. The bank disclosed earlier this month that it faces a U.S. inquiry into its purchase of low-income housing credits. Late Friday, Bloomberg
EA’s most important nonsports game for this holiday season is struggling, according to Cowen. The firm reiterated its market perform rating for Electronic Arts shares, citing weak preorders for the publisher’s “Battlefield V” title. “EA’s Battlefield V currently appears to potentially be headed for serious disappointment,” analyst Doug Creutz said in a note on Monday.
If you plan to live off of your Social Security checks, you may want to consider relocating to a state where you will get more for your money. Personal finance website GOBankingRates ranked which states are most affordable based on average monthly benefits — $1,295.08 — and the overall cost of living in each state.
Though tales of its existence have been recounted around the globe for thousands of years, and legend has it that even Juan Ponce de Leon never found it, researchers at the University of Alabama at Birmingham (UAB) might have discovered the Fountain of Youth. And although it probably wouldn’t be in the form of a