Two major sports franchises might soon be on the auction block following Microsoft Corp. co-founder Paul Allen’s death last week. But a recent Internal Revenue Service rule could cut the teams’ sales prices. Allen died with no heirs and a $26 billion estate, including the National Football League’s Seattle Seahawks and the National Basketball Association’s
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It’s starting to look like deja vu all over again. On the heels of the Mega Millions jackpot climbing for three months to $1.537 billion before someone nabbed the prize this week, Powerball’s haul has surged to $750 million following no jackpot winners in Wednesday night’s drawing. It marks the 21st straight drawing with no
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The Securities and Exchange Commission (SEC)’s three-part fiduciary proposal has been the subject of intense scrutiny from consumers and financial professionals alike over most of the last six months. One of the most compelling questions that has arisen from all of the controversy has been the appropriateness of titles like “advisor” and “adviser” for different
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The Internal Revenue Service has posted a revised publication on backup withholding for taxpayers with missing or incorrect names or Taxpayer Identification Numbers, reflecting the reduced 24 percent withholding rate in the Tax Cuts and Jobs Act. Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), has been updated to reflect one of the changes
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Nearly 42 million Americans work for small businesses. Just 14 percent of small employers offer a retirement plan, according to the U.S. Government Accountability Office. What’s worse: Most workers without a workplace plan have no retirement savings, U.S. Secretary of Labor Alexander Acosta said in a press conference this week. The Labor Department this week
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Beyond the politics of reform; unanswered questions about Opportunity Zones; the value of meetings; and other highlights from our favorite tax bloggers. Need a LIFT? TaxProf (http://taxprof.typepad.com/taxprof_blog/): We’ve all heard the ballyhoo about the Tax Cuts and Jobs Act, the state and local tax deduction limit and state-level workarounds of varying levels of creativity. A
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