Pedestrians pass in front of the New York Stock Exchange, May 24, 2019. Michael Nagle | Bloomberg | Getty Images Volatility is back on Wall Street. The average daily point range of the Dow Jones Industrial Average so far this month is about 482 points, which is more than double the average daily range from
For older Americans, Social Security promises guaranteed monthly income. Except when you have certain kinds of unpaid debt. While most creditors — i.e., credit-card companies or other lenders — can’t touch your Social Security payments, some types of delinquent debt can reduce those monthly checks. And when they do, look out. “If you’re actively paying
To facilitate and foster cross-border trade and to prevent significant competitive distortions, the European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.61 per gallon) on gas. As today’s map shows, only Bulgaria sticks to the minimum rate, while all other EU countries opt to levy higher excise
Few parts of the tax code seem to generate more widespread misunderstanding than the rules for selling a home. At least, that’s been my experience. The rules are fairly simple, as least compared to most of the tax code. Yet, there’s a lot of misinformation floating around. One problem seems to be that many people
The Internal Revenue Service said Wednesday it would automatically waive the estimated tax penalty for over 400,000 eligible taxpayers who have already filed their 2018 federal income tax returns but didn’t claim the waiver. Earlier this year, in response to complaints from taxpayers who discovered they hadn’t withheld enough from their paychecks last year after
Traders work on the floor at the New York Stock Exchange, August 13, 2019. Eduardo Munoz | Reuters The stock market has done something so unusual this week that it has only happened 19 times in the past 30 years, and the strange pattern could be an ominous sign if history is any guide. The
Getty Images If you faced a surprise penalty for coming up short on your 2018 taxes, the IRS might be giving you some relief. On Wednesday, the IRS said it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to
When countries consider changing their tax policies, sometimes they choose to make broad reforms and other times more narrowly targeted reforms. Recently, the Polish government proposed to lower taxes on workers under the age of 26, and on August 1, the targeted tax cut for young citizens went into effect. Lawmakers hope that the policy
Getty Did you owe an estimated tax penalty for 2018 but didn’t claim the waiver? All is not lost. The Internal Revenue Service (IRS) has announced that it is waiving the estimated tax penalty for those eligible taxpayers who filed their 2018 federal income tax returns but did not claim the waiver. The relief is
Few ideas in the last decade have provoked as much excitement — or as much misinformation — as the introduction of artificial intelligence in tax and accounting. Starting around 2015, the business world became captivated with the technology, drawn in by headlines that ran the gamut of emotion from hype (H&R Block is Using AI
A display of Procter & Gamble’s Pampers diapers are seen on sale in Denver. Rick Wilking | Reuters The bond market’s main yield curve inverted on Wednesday, triggering worries of an eventual recession. But investors can still win, even if the clock is ticking on this bull run. The yield on the benchmark 10-year Treasury
Hero Images | Hero Images | Getty Images American teenagers may spend a lot of time on their smartphones but when it comes to getting paid and spending their money, they prefer cash. According to a new survey by Junior Achievement USA and data-marking firm Alliance Data, 75% of the teens polled have made purchases
Key Findings There are over 11,000 sales tax jurisdictions in the United States, with widely varying rates. Among major cities, Chicago, Illinois and Long Beach and Glendale, California impose the highest combined state and local sales tax rates, at 10.25 percent. Three cities follow with combined rates of 10 percent or higher: Tacoma (10.2 percent)
HSA (Health Savings Accounts) can be a tax-efficient way to save for future health care expenditures Getty Health Savings Accounts (HSAs) might be the single most powerful tax-advantaged savings vehicle in the IRS tax code. You can deduct contributions, experience tax-deferred gains and withdraw money tax free for qualified tax expenditures. It’s essentially a no-tax
Taxpayer defined; W-4 2.0; cryptocurrency and FBAR; and other highlights from our favorite tax bloggers. Unresolved issues IRS Mind (https://www.irsmind.com/): In 2018, the IRS questioned the accuracy of about 6 million returns, most often using a CP2000 — under-reporter — matching notice. About 3 million CP2000 notices were sent in 2018. In second place is
Alan Greenspan Anjali Sundaram | CNBC Former Federal Reserve Chairman Alan Greenspan said nothing is stopping the U.S. from getting sucked into the global trend of negative yielding debt, Bloomberg reported Tuesday. “There is international arbitrage going on in the bond market that is helping drive long-term Treasury yields lower,” Greenspan said in a phone
A woman lights a candle at a makeshift memorial outside Walmart, near the scene of a mass shooting which left at least 20 people dead, on August 4, 2019 in El Paso, Texas. Mario Tama | Getty Images News | Getty Images The threat of gun violence is real enough that business owners, schools and
TV personalities Todd Chrisley (L) and Julie Chrisley attend the 52nd Academy Of Country Music Awards at Toshiba Plaza on April 2, 2017 in Las Vegas, Nevada. (Photo by Frazer Harrison/Getty Images) Getty Images A federal grand jury has indicted reality television stars Todd and Julie Chrisley on multiple counts of conspiracy, bank fraud, wire
The recent feud between President Trump and Representative Elijah Cummings (D-MD) over conditions in Baltimore may have one benefit: it lets us reopen a debate over how the federal government should best assist America’s cities. Federal aid to cities has declined dramatically since President Johnson’s 1960s war on poverty that nearly tripled federal grants to
The Association of International Certified Professional Accountants and the Management Accounting Section of the American Accounting Association have recognized two professors for their contributions to management accounting research. Adam Presslee uwaterloo.ca Adam Presslee, assistant professor of accounting at the School of Accounting and Finance at the University of Waterloo in Ontario, Canada, and Laura Wang,
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