The leaders of the Senate Finance Committee issued three summary reports from their internal task forces examining what to do about the perennial problem of temporary tax breaks that need to be extended every few years. Even though the PATH Act of 2015 and the Tax Cuts and Jobs Act of 2017 were supposed to
The allegations by Madoff whistleblower Harry Markopolos of a $38 billion fraud at General Electric are “at best disingenuous” and “at worst highly inaccurate,” according to Nick Heymann, co-group head of global industrial infrastructure at the William Blair financial services firm. “You got the stock on sale yesterday for absolutely no basis. This is why
When Rep. John Larson, D-Conn., travels the country to talk about his plan for Social Security reform, he often holds up a Starbucks coffee cup. The cost of that latte — about $4.50 — could also cover nine weeks of Social Security payments if you’re making $50,000 per year, Larson said he points out to
Credit: Getty Royalty Free Getty Even though you may be retired, the tax man is ready to take a slice of your Social Security and retirement fund payouts. How can you minimize his cut? Stephen Nelson, a wealth manager at Aldrich Wealth in Carlsbad, Calif., has some very good advice here: Larry Light: With boomers
Renters’ rebates; nominal fees; bail fail; and other highlights of recent tax cases. Pennsauken, New Jersey: Preparers Omar Faruq, 37, and co-conspirator Omar Ali, 36, have both entered pleas of guilty on one count each of conspiracy to defraud the IRS, aiding another in the filing of a false return and filing a false return.
President Donald Trump held a conference call with the CEOs of the three biggest U.S. banks as the stock market plunged Wednesday. Trump held the call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America‘s Brian Moynihan and Citigroup‘s Michael Corbat, according to people with knowledge of the situation. The Dow plunged 800 points, or 3%, in
The average American has $38,000 in debt — a quarter of which comes directly from credit card charges. In December 2018, consumer debt overall hit a record high $4 trillion. Experts say a significant amount of this debt can be explained by what they call “money disorders.” Brad Klontz, author of “Mind Over Money” and
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses taking benefits early to invest them in a 401k, whether filing a restricted application was a mistake, taking retirement benefits before spousal benefits, when to file to get the
In his defense this week of the Trump Administration’s “public charge rule” that aims to limit immigration for people perceived likely to need public benefits, acting director of U.S. Citizenship and Immigration Services Ken Cuccinelli tried to rewrite poet Emma Lazarus’s famous words on the Statue of Liberty. His version: “Give me your tired and
Big Four firm Deloitte has created a new product, CognitiveTax Insight, or “CogTax,” to analyze indirect tax data sets using artificial intelligence. The product uses AI to assess the full population,of a clients’ accounts payable transactions, compared to a traditional, sampled approach. The use of AI is proliferating in the accounting space, especially to leap-frog
A visitor at Intel’s Artificial Intelligence (AI) Day walks past a signboard during the event in Bangalore, India Manjunath Kiran | Getty Here are the biggest calls on Wall Street on Friday: Bank of America downgraded Dow Inc. to ‘underperform’ from ‘neutral’ Bank of America said it downgraded the chemical company due to global demand
Steven Puetzer | Getty Images “Stock market gets ugly.” “The next recession is going to be brutal.” “Markets in turmoil.” Headlines of late on the direction of the economy — or, perhaps closer to home, your 401(k) balance — might have you on edge. Breathe. It’s O.K. If you haven’t already done so, you can
With online banking services, companies can save both time and resources while also keeping track of their expenses in a convenient and cost-efficient way. Gone are the days when a company representative had to go to the bank in-person to deposit a check or withdraw cash for wages, as all of these operations can now
A series of budget cuts at the Internal Revenue Service has led to an estimated $34.3 billion in lost tax revenue from large companies, according to a new study. New research from the Indiana University Kelley School of Business backs up previous statistics indicating that the IRS is auditing fewer tax returns from corporations because
Levi Strauss & Co. CEO Chip Bergh (L) and CFO Harmit Singh (R) pose ahead of the company’s IPO outside the New York Stock Exchange (NYSE) in New York, U.S., March 21, 2019. Brendan McDermid | Reuters Here are the biggest calls on Wall Street on Thursday: Bank of America upgraded Levi Strauss & Co.
Maskot | Maskot | Getty Images It’s only August, yet college students’ best chance at a decent financial aid package is right around the corner. Oct. 1 marks the first day for students and their families to apply for grants and other aid for the 2020-2021 school year through the Free Application for Federal Student
Additional evidence on the economic benefits of full expensing of investment was recently published in the American Economic Journal: Economic Policy. Two new studies exploit changes in the UK and Chinese tax codes and observe that movement towards a system of full, immediate expensing grows the economy and fosters a more productive business environment. At
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses whether filing and suspending is still a viable option, when spousal benefit can be available, when delayed retirement credits are applied to retirement benefit checks, survivors eligibility for Medicare
Economists love carbon taxes. According to polls, so do roughly two-thirds of Americans. Yet voters in one of the bluest states in the nation, Washington State, twice rejected a carbon levy in recent years. What’s going on? Why is a carbon tax, an effective tool to combat climate change that appears popular in public opinion
Todd and Julie Chrisley, the stars of the reality TV series “Chrisley Knows Best,” were indicted by a federal grand jury in Atlanta on charges of tax evasion, bank fraud, wire fraud and conspiracy, while their accountant Peter Tarantino was also indicted on tax-related charges Tuesday. Their show, which revolves around the lives of Todd