Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California on May 14, 2019. – Global markets remain on red alert over a trade war between the two superpowers China and the US, that most observers warn could shatter global economic growth,
If you’ve been considering a mortgage with an adjustable rate, your reasons for going that route might be disappearing. As recessionary fears cause longer-term interest rates to hover near or below short-term rates, the advantage that typically comes with adjustable rate mortgages has shrunk — or entirely disappeared — at some lenders. ARMs, as they
CHICO, CALIFORNIA – AUGUST 22: Supporters hold signs as democratic presidential candidate U.S. Sen. Bernie Sanders (I-VT) speaks during a town hall meeting about climate change on August 22, 2019 in Chico, California. Bernie Sanders held a town hall Getty Images Earlier this week, this Bernie Sanders campaign released an expansive set of proposals meant
The challenge of Samuel and Louise Edelman to the State of New York is a protest against double taxation. I covered it here last month and even came up with a workaround for people in their situation. I had a nice talk with Tom Corrie of Friedman LLP. He directs Friedman’s State and Local Tax Group
The Internal Revenue Service issued a revenue ruling explaining what happens when a distribution check from a qualified retirement plan isn’t cashed by the recipient and found that even when the check isn’t cashed, it still counts as taxable income. In Revenue Ruling 2019-19, which the IRS released last week, the IRS gave the example
With a growing trend of telecommuting, you cannot always expect that your employees will gladly work in your office. Flexibility at work (or a lack thereof) now plays an important role in hiring employees and keeping them on board. According to FlexJobs’ 8th annual survey, 30% of respondents have left a job because it lacks
Some advantage; Justice done; everyone needs a hobby; and other highlights of recent tax cases. Santa Ana, California: Preparer Karla Montano, a.k.a. Karla Cervantes Montano and Karla Esmeralda Montano, 31, has admitted that she submitted fraudulent income tax returns to the IRS, claiming fraudulently inflated tax refunds. Montano has agreed to plead guilty to five
France and the U.S. are currently engaged in a bit of a tax dispute over France’s recently adopted digital services tax. The U.S. is currently investigating the distortionary and discriminatory aspects of the tax, with potential for retaliation. What is old is new again, though, because Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking
James Bullard David Orrell | CNBC This is a breaking news story. Please check back for updates. St. Louis Fed President James Bullard spoke with CNBC’s Steve Liesman on Friday from the Federal Reserve’s economic policy symposium in Jackson Hole, Wyoming. “You take out the insurance, if nothing happens you take it back,” said Bullard.
So-called money diets work about as well as the ordinary kind. That is, they may work for a short time, but you’ll have to stay on the diet to keep the weight off. Pauline Yan, 41, says managing your money starts with scouting your feelings. Source: Pauline Yan There’s plenty of disagreement about whether diets
Share to facebook Share to twitter Share to linkedin A few million people still are eligible to use a Social Security benefits strategy that’s so valuable Congress banned it. But time is running out for them. The strategy is known as filing a restricted claim for benefits. It’s available to married couples and some divorced
Share to facebook Share to twitter Share to linkedin “I’m not looking at a tax cut now. We don’t need it. We have a strong economy,” President Trump said Wednesday. ASSOCIATED PRESS Topline: President Trump said Wednesday he is no longer considering a payroll tax cut, contradicting a Tuesday statement in which he said the
The Public Company Accounting Oversight Board issued four documents Thursday providing guidance from its staff on the new requirements for auditing accounting estimates and the auditor’s use of a specialist. The new requirements will be taking effect for audits of financial statements for fiscal years ending on or after Dec. 15, 2020, and the PCAOB
The Internal Revenue Service is warning taxpayers and tax practitioners about a new email phishing scam in which criminals are impersonating the IRS, sending unsolicited emails with subject lines like “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder” that appear to come from the IRS. The IRS and its partners in the Security Summit
Countries around the world have been trying different approaches to changing their tax laws to address some of the difficulties associated with taxing digital commerce. While many countries are looking at digital services taxes to tax gross revenues associated with online advertisements and marketplaces or sales of user data, other countries are taking a different
Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters Arturo Estrella, the economist who first discovered the predictive power of the yield curve, has a message for recession naysayers: It could hit sooner than you think. “It’s been 50 years and 7 recessions with a perfect record,” Estrella told
With fears about a possible recession on the horizon, people are coming up with different ways to get their hands on some cash. Some may even be thinking about taking out a home equity line of credit as an insurance policy in case the economy goes south. Those concerns were renewed on Thursday when a
As broke investors worry more and more about a stock market crash, billionaires are quietly loading up on their favorite dividend paying stocks. Investing for growth and income, these “country clubbers” know how to 4X their yields without taking on any additional risk. Who would you rather invest with? Obviously, the rich guy or gal
Share to facebook Share to twitter Share to linkedin Serving on the board of directors of a nonprofit can be rewarding, but not if you end up paying for the organization’s tax problems. Your first reaction might be to say what tax problems, for aren’t nonprofits, especially public charities, tax exempt? Not entirely. For example, nonprofits
The Internal Revenue Service and the Treasury Department issued a notice Thursday saying they intend to issue regulations that will permit a domestic partnership or an S corporation that is a U.S. shareholder of a controlled foreign corporation to apply some proposed rules for determining the amount of the global intangible low-taxed income, or GILTI,
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