As taxpayers roll into the second tax-filing season under the Tax Cuts and Jobs Act, one question remains: “Will I come out ahead in 2019?” The IRS began accepting 2019 tax returns on Jan. 27 and anticipates it will receive more than 150 million individual returns this year. Thus far, the agency has delivered 4.3
Today, the OECD presented its preliminary impact assessment on the Pillar 1 and Pillar 2 proposals. The impact assessment includes estimated revenue and investment effects presented at a country group level (low-, middle- and high-income countries and investment hubs). The OECD estimates global corporate income tax revenues to increase by 4 percent if both pillars get implemented, equaling
A federal judge rejected Roger Stone’s claim that he deserved a new trial because a biased Internal Revenue Service employee sat on the jury that convicted him of lying to help President Donald Trump. U.S. District Judge Amy Berman Jackson’s ruling on the previously sealed request was made public on Wednesday, a day after four
The following was presented at the European Economic and Social Committee’s hearing, “The Collaborative Economy – Data Exchange with Tax Authorities.” When designing their supply chains and investing across borders businesses generally follow what makes most sense from an economic point of view. Nevertheless, over past decades there has been a significant shift in how
Tesla shares slid after the electric automaker said it plans a $2 billion common stock offering, just two weeks after CEO Elon Musk said the company would not take advantage of its surging stock to raise more capital. Musk himself will buy as much as $10 million of stock in this offering, while Tesla board member Larry Ellison
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Tetra Images | Getty Images In a world where much of consumer banking has gone high-tech, the most costly scams involve an old-school tool: checks. At about $2,000 a pop, fake-check scams cheated consumers out of more than $28 million in 2019, according to the Federal Trade Commission. That per-instance amount is more than six
The Trump Administration claims its budget would sharply reduce the deficit by 2030 and eliminate it altogether by 2035, thanks in part to substantial new tax revenues driven by persistently strong economic growth. But under more realistic economic assumptions, federal revenues over the next decade would fall more than $3 trillion short of President Trump’s
The Internal Revenue Service introduced a new payment option in 2016 that lets individuals pay their taxes with cash at participating retail chains, but less than 700 payments have been made each year since the option was made available, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted
Monday, the Office of Management and Budget (OMB) released the White House’s fiscal year 2021 budget proposal, kicking off the first step of the budget process for the next fiscal year. The president’s budget, while only a set of recommendations sent to Congress, communicates the White House’s policy priorities and is an opportunity to highlight
Charles Munger David A. Grogan | CNBC Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s longtime business partner, issued a dire warning about the future on Wednesday. “I think there are lots of troubles coming,” he said at the Los Angeles-based Daily Journal annual shareholders meeting. “There’s too much wretched excess.” Munger —
About 115 pages into President Trump’s proposed 2021 budget are two line items that Medicare beneficiaries might want to take note of. While the president’s proposals pertaining to Medicare are largely aimed at behind-the-scenes shifts — i.e., lowering reimbursement rates to providers and rooting out waste or fraud — the budget also includes changes that
Several states have considered bans on flavored tobacco and nicotine products this legislative session, spurred by increased vaping by minors.[1] Among them are California, Maine, Maryland, New York, Vermont, and Virginia. There is also a federal proposal to ban flavors in tobacco products. While youth uptake is a very real concern which deserves the public’s
As culture shifts, so does language. “Intentional living” started trending recently, and now there’s an entire movement behind it. The concept is wide-reaching, but the core idea is quite simple: Our daily actions, when purposeful, can build to create meaningful, thoughtful futures. Or, to take it another way: Self-discipline equals self-care. When you practice intentional
9. Starbucks offers a meditation app to their employees Think working at Starbucks is stressful? So does Starbucks. So much so that the company announced in a press release this past week that they have added Headspace — a meditation app that offers guided meditation — to the benefits that their employees will receive. The
CNBC’s Jim Cramer on Wednesday blasted Bed Bath & Beyond‘s decision to announce disappointing same-store sales figures well ahead of its fourth-quarter earnings release. However, Cramer said investors could use the subsequent stock plunge as a buying opportunity. “I would buy it,” he added. Bed Bath & Beyond shares sank about 25% on Wednesday after
Getting into college is one thing. Figuring out how to pay for it is another. Price has become a growing consideration among students and parents. Now, financial concerns govern decision-making for nearly 8 in 10 families, according to education lender Sallie Mae, outweighing even academics when choosing a school. At the same time, most students
The benefits of itemized and standard deductions shifted during the 2019 tax reform, leaving most filers with even more questions. In order to file your return with confidence, it’s important to stay informed. The standard deduction The standard deduction simplifies the filing process by assigning an easy, no-proof-required, flat-dollar adjustment to your gross income.
I often see tax proposals that are well-intentioned but poorly designed. I sometimes see ideas that are well designed but wrong-headed. Then, there is President Trump’s plan to provide a 100 percent federal income tax credit for individuals and businesses that contribute to scholarship funds for private K-12 schools. It hits the daily double: It
The sharp divergence between Republicans and Democrats over the 21 percent corporate income tax rate was on display Tuesday at the House Ways and Means Committee as Democrats began making the case for a large increase should their party succeed in November’s elections. Several Democratic presidential candidates — including Senators Bernie Sanders, Elizabeth Warren, and
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