Uncivil behavior; my client did it; 15 worthless payments; and other highlights of recent tax cases. New York: Preparer Richard Barker of the borough of Queens has pleaded guilty to conspiracy to defraud the U.S. by filing false returns. Barker owned and operated a tax prep business under the names Tax Depot and KPS Kampant,
Warren Buffett Gerry Miller | CNBC Investors are preparing for a variety of news in Berkshire Hathaway’s second-quarter earnings report this weekend, ranging from the possibility of record overall net income to weaker operating results from the conglomerate’s industrials companies. Wall Street also hopes that Berkshire, which is expected to report per-share earnings of $2.12
Tetra Images | Getty Images Maybe you know one: the person who saves boatloads for retirement, manages to follow a budget and even has a fat emergency fund. In other words, a “super saver.” While perhaps an enviable position, it’s one that typically involves making some sacrifices, according to a report from Principal Financial Group
The Senate will not go home this week. White House Chief of Staff Mark Meadows told reporters “I’ve become extremely doubtful that we’ll be able to make a deal if it goes well beyond Friday…” And Senate Majority Leader Mitch McConnell told reporters that the Senate will stay in session next week. He continues to
Democrats and Nancy Pelosi have been fighting to provide tax relief for homeowners hurt by the Trump … [+] Tax plan of 2017. Getty Images One of the most annoying parts of the Trump Tax Plan (TCJA 2017) was the $10,000 cap on State and Local Tax (SALT) Deductions when filing your federal tax returns.
Tamera Ripperda, the commissioner who runs the Internal Revenue Service’s Tax Exempt and Government Entities division, is retiring on Sept. 30 after 33 years at the IRS. Ripperda began working at the IRS’s Exempt Organizations unit in 1988 as a revenue agent. She has held executive leadership positions in three of the four services and
Source: Quicken Loans Rocket Companies, the parent of U.S. mortgage lender Quicken Loans, said its initial public offering (IPO) was priced at $18 per share on Wednesday, below a target range, and that it sold fewer shares than planned. Rocket sold 100 million shares to raise $1.8 billion in the IPO, which valued the company
Cabania | iStock | Getty Images Plus When the U.S. government sent out urgent stimulus checks this spring, some people who had already died received money. Now it seems another ineligible group may be getting checks: foreign workers. Reports surfaced this week that a number of those recipients are now living in their home countries.
Individuals respond to taxes by changing their behavior. Hence, when there are tax differences between countries, some might respond by moving to a lower-tax area. For higher-income individuals, the benefits of moving as a result of higher taxes are greater because they have more income or wealth at stake. In a recent article published by
As benefits expire, rent comes due, the school year looms and states struggle, Washington’s warring factions are racing to rescue the economy—and their political fortunes. Tom Williams/CQ-Roll Call, Inc via Getty Images, Mario Tama/Getty Images, Alex Wong/Getty Images, Doug Mills-Pool/Getty Images. Design by Forbes The coronavirus pandemic has taken an inconceivable toll on the American
U.S. Senator Bernie Sanders said he will introduce legislation to tax what he called the “obscene wealth gains” from billionaires during the coronavirus crisis. Sanders, a self-described democratic socialist, made the announcement in a Twitter post Wednesday evening. Last year, while running for the Democratic nomination, Sanders embraced a proposal that would tax fortunes above
Goldman Sachs is renewing its push into Wall Street’s digital future. The firm made Mathew McDermott, a managing director who ran the investment bank’s internal funding operations, its new global head of digital assets last month, CNBC has learned exclusively. The appointment means the newest face of blockchain and cryptocurrency on Wall Street isn’t a
Men wait at dawn in order to be the first in line to enter a bookkeeping shop to fill out unemployment forms near the U.S.-Mexico border in Imperial County, which has been hard-hit by the COVID-19 pandemic, on July 24 in Calexico, California. Photo by Mario Tama/Getty Images Thousands of workers in California are turning
The first day of school in most states is right around the corner. But parents all across the country have little idea what the school year will really look like for their children, whether it’s virtual, in person, or a blend. At least families know their children will start school, in some capacity, even in
The United States Capitol Building, Washington DC. You can see the capital dome. Building reflecting … [+] on the water fountain in front of the capital. getty n 1969 a 38-year-old lawyer in the Treasury Office of Tax Legislative Counsel contemplated the social ferment gripping the United States. Surging opposition to the war in Vietnam, combined with
The living room is the new conference room, and it could lead us down a sticky path when it comes to taxes. As COVID-19 upended the world this past spring, 98 percent of businesses in the U.S. went to a work-from-home model, and some CEOs — like Barclays’ Jes Staley — predicted crowded corporate offices
Nikola Motor Company Source: Nikola Motor Company Nikola’s entire second quarter revenue of $36,000 was related to solar installations for Executive Chairman Trevor Milton, according to a filing with the Securities and Exchange Commission. “During the three months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.03 million and $0.04 million,
Getty Images Some Americans who qualified for stimulus checks received an unwelcome surprise when the $500 payments for their children under 17 were not included. Starting today, the U.S. government plans to send out the missing cash. That applies to those individuals and couples who are not required to file a tax return and used
Sonoma County, California, USA getty Belair Woods LLC (TCM 2020-112, July 22, 2020) is one of a flurry of Tax Court decisions on conservation easements that have been flying through the Tax Court. I understand that there are a lot more coming. It is the third decision in the case. The first two did not
President Donald Trump said he is “talking about” doing a payroll-tax cut through an executive action, but doing so could result in hefty tax bills for employers later if the idea doesn’t get mired in legal challenges before then. Trump discussed the possibility Monday after Stephen Moore, an informal economic adviser to the president, wrote