Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who didn’t file a 2016 federal income tax return. The problem: They have only until July 15 to claim the money. The IRS estimates the midpoint for the potential refunds is $861, or about a third of the average
The growth of the digital economy over the last several decades has raised important questions about how to tax corporations that no longer need a physical presence in a country to turn a profit there. For months, countries in the Organisation for Economic Co-operation and Development (OECD) have been working towards a multilateral solution to this challenge,
Bobby Bonilla of the New York Mets looks on before a baseball game against the Arizona Diamondbacks on May 15, 1999 at Shea Stadium in New York. Mitchell Layton/Getty Images Bobby Bonilla, who retired as a baseball player in 2001, hasn’t played for the New York Mets since 1999. Yet Bonilla is among the highest-paid
The Institute of Management Accountants appointed accounting professor Paul Juras as chair of IMA’s Global Board of Directors for fiscal year 2021 from July 1, 2020 to June 30, 2021. Juras (pictured), a professor at Babson College in Wellesley, Massachusetts, plans to focus on creating educational opportunities for students and developing technological strategies to drive
If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency. So far, the Internal Revenue Service has audited 0.05% of those earning $1 million to $5 million in 2018, according to data
Today begins Germany’s presidency of the council of the European Union. The EU presidency rotates among EU member countries every six months; Germany’s presidency will last through the end of 2020. In addition to a new six-month presidency, this is also the beginning of an 18-month cycle with Germany, Poland, and Slovenia working on a
BlackRock’s global chief investment strategist said after the market’s strong gains, he is more cautious on U.S. stocks into the second half of the year because of risks of fading fiscal stimulus and potential election volatility. BlackRock Investment Institute, in its second half outlook, said it retains equities at neutral, or benchmark weight in portfolios.
Even though this summer may not include sitting in the stands at an all-American baseball game or watching a community fireworks display, some summer staples are still within reach—like that beer in the fridge, for example. You can still crack open a cold one, whether you’re grilling something in your backyard or floating down a
Pedestrians in Washington pass a “We Are Open” restaurant sign during the Covid-19 outbreak on May 12. Jonathan Ernst | Reuters When it comes to the next coronavirus stimulus package and providing more direct financial aid, the question on most Americans’ lips is, “Will they or won’t they?” One political analyst predicts it’s likely lawmakers
As Tax Foundation president Scott Hodge wrote in a recent blog post, improving the tax treatment of residential investments is a good way to reduce construction costs and build more affordable housing. Under current law, when a company invests in building a new structure, it must deduct the cost of that investment over multiple decades.
The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their terms. FASB chairman Russell Golden has chaired the standard-setting board since July 2013 and has been a board member since 2010, He was succeeded Wednesday, July 1, by Richard Jones, a former chief
The Internal Revenue Service won’t further delay the tax filing and payment deadline past July 15, despite requests to do so, the agency said Monday. The IRS had previously extended the April 15 tax for three months to give taxpayers more time amid the coronavirus pandemic. The IRS said taxpayers could request automatic extensions to
(L-R) Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O’Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank
ROBERTO SCHMIDT It’s impossible to think about racial injustice in the U.S. without looking at the distribution of dollars. In many ways that Americans work to establish themselves financially — through the stock market, net worth and homeownership — Black families trail White families. “To put it simply, we don’t have a level playing field,” said Evelyn Brodkin, an
Sports fans have heard the adage, “The best offense is a good defense.” I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to
The art of estate planning is affected by a number of variables that change over time. The currently low-interest-rate environment and the imminent return of a lower estate tax exemption are among the factors shaping estate planning today. A sale to an intentionally defective grantor trust is one vehicle which works well to transfer wealth
The logo of Amazon Web Services (AWS) is seen during the 4th annual America Digital Latin American Congress of Business and Technology in Santiago, Chile, September 5, 2018. Ivan Alvarado | Reuters Amazon Web Services, the cloud-computing branch of the e-commerce giant, is further expanding its services in the growing space industry. The company announced
Iowa’s HF 2614, which passed both chambers of the legislature and now waits for the governor’s signature, makes several changes to the state’s tax code, which, although they will affect revenue, will encourage economic growth and make the state’s tax code more competitive. This bill decouples from GILTI and the net interest limitation and exempts
Bloom Productions Financial advisors are largely an optimistic bunch when it comes to growing their practices, new research shows. Yet they know they have some work to do to make that happen. While most advisors expect growth in their assets under management to come primarily from new and existing clients rather than market returns, they
Removing the tax code’s bias against long-term investment by implementing a neutral cost recovery system (NCRS) for structures and full expensing for other assets is estimated to increase economic growth and job creation. Using the Tax Foundation General Equilibrium Model, we estimate that permanent full expensing and neutral cost recovery for structures will add more
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