President Donald Trump and Democratic presidential candidate Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22. Jim Watson and Brendan Smialowski | AFP | Getty Images President Donald Trump isn’t the only one who’s “prepaid” his taxes. Millions of other Americans have, as well. At least that’s the
The ever-changing landscape of giving advice has never been so dicey as this year. Perhaps the economic global growth environment we enjoyed in the past decade lulled us all into a sense of complacency. What could go so wrong that we’d be struggling to survive so early into the new decade? It’s against this challenging
Spencer Platt | Getty Images News | Getty Images The S&P 500 is up about 5% since the end of July, and that higher market historically would be a sign President Donald Trump will remain in the White House, if stocks hold their gains into the election. But strategists say the so-called stock market indicator
In early 2000, Michael and Lynn Terry started a business selling horse trailers that were lighter than their competitors’ and customized to each client’s needs. Nearly two decades later, their company, Cimarron Trailers, with tens of millions of dollars in sales, employed over 130 people in Chickasha, Okla., and their trailers were sold at 30
The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic. House Ways and Means Committee chairman Richard Neal, D-Massachusetts, and Oversight Subcommittee chairman Bill Pascrell,
Luis Alvarez | DigitalVision | Getty Images Generating income through safe investments like U.S. Treasurys was once was an easy move. Now, not so much. With yields on those government-issued bonds near zero, investors may need to add some risk to the income side of their portfolio. “Twenty years ago, generating income was a one-trick
The Internal Revenue Service is offering less generous settlement terms to participants in micro-captive insurance schemes as part of its clampdown on the transactions. The IRS said Thursday it will be sending settlement offers with terms that are stricter than ones it offered last year under an earlier micro-captive initiative. The IRS has been focusing
Billionaire hedge fund manager Paul Tudor Jones has turned more bullish on bitcoin, calling it the best inflation hedge. “I like bitcoin even more now than then. It’s in the first inning and has a long way to go,” Jones said on CNBC’s “Squawk Box” on Thursday. He first revealed his bitcoin investment in May and
International tax, audit and advisory firm Mazars has launched a new global brand identity that it expects will reaffirm its commitment to “a fair and prosperous world” – as well as helping position it as an alternative to the Big Four for large multinational clients. “The rebranding has been two years in the making, and
An employee stands on a social distancing marker in an elevator at an office in Dallas, Texas. Dylan Hollingsworth/Bloomberg via Getty Images The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department figures issued Thursday. That’s good news for workers and the U.S. economy — thousands of
The Internal Revenue Service released an early draft Thursday of the instructions for Form 1065, U.S. Return of Partnership Income, with newly revised directions for how partnerships should report on the capital accounts and tax basis capital for partners on Schedule K-1. The changes in the instructions are part of a bigger effort by the
(L-R) Lloyd Blankfein and David Solomon attend NYSCF Annual Summer Cocktail Reception at Private Residence on July 15, 2016 in Sagaponack, NY. Sean Zanni | Patrick McMullan | Getty Images Goldman Sachs is moving to claw back tens of millions of dollars in compensation it’s paid executives including CEO David Solomon and former CEO Lloyd
A pension fund for Pennsylvania teachers said it had frozen new investments with Apollo Global Management amid concerns about ties between its founder, Leon Black, and Jeffrey Epstein. The $63 billion Pennsylvania Public School Employees’ Retirement System said it spoke with Apollo officials last week after a New York Times report detailed the financial ties
The Internal Revenue Service is now allowing tax advisors and taxpayers to fax the Form 8918, Material Advisor Disclosure Statement, as part of its response to the novel coronavirus pandemic. Since the outbreak of the COVID-19 pandemic, the IRS has been easing its requirements for mailing in various types of tax documents by providing secure
Ditching the 9-5 grind and starting something on your own can look draining, daunting, and demanding at first. But the rewards often outweigh your struggle. It is not only about satisfaction, working for yourself means more money as well. According to Upwork’s report, 75% of the freelancers earn equal or more than when they were
Getty Images It’s no secret that many people worry whether Social Security will be there for them when they retire. And recent headlines could be stoking those fears. Last week, the Social Security Administration announced the annual cost-of-living adjustment will be 1.3% in 2021. The change will amount to just $20 more per month for
Democrats on the House Ways and Means Oversight Subcommittee are demanding answers from Treasury Secretary Steven Mnuchin about why the Internal Revenue Service suddenly revoked the tax-exempt status of more than 30,000 nonprofit organizations, including nearly 28,000 charities, many of which are in their home states, shortly before the crucial holiday giving season. They noted
JPMorgan’s Business Complete Banking service Source: JP Morgan JPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned. The bank is rolling out a checking account that is paired with a
Bloomberg Tax & Accounting has expanded its coverage of international tax research to more than 220 countries, with analysis of corporate taxation, value-added taxes and international withholding taxes, along with the changes brought about by the COVID-19 pandemic. The company offers a VAT Navigator that covers value-added taxes, goods and services taxes, and sales tax
Democratic presidential nominee Joe Biden and running mate Kamala Harris have said that, if elected, their administration would not raise taxes on anyone who makes less than $400,000 annually. We and other analysts from across the political spectrum concluded that the tax increases proposed by the Biden-Harris campaign, which include higher corporate and individual income
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