Month: January 2020

The Internal Revenue Service has convinced nearly 80 percent of the taxpayers who received settlement offers after engaging in micro-captive insurance schemes to accept the settlement terms. But there are still thousands of other taxpayers who have participated in what the IRS considers to be “abusive” insurance transactions, and the agency is setting up 12
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CNBC’s Jim Cramer said Friday he’s done with fossil fuel stocks because young investor’s concerns about climate change are holding them down. On “Squawk Box,” Cramer compared oil and other fossil fuel stocks to the sigma attached to investing in tobacco companies, saying they are in the “death knell phase.” He added, ”They’re tobacco. I think
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Home concept,Businessmen holding home keys krisanapong detraphiphat Many people entering the traditional home-buying years already have debt – student loans, of course. And those loans can make landing in a new house trickier. “Although many Americans have student loans, mortgage companies will still evaluate these outstanding debts while making their decision to approve or deny
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Nichols, Cauley & Associates LLC, a firm in Dalton, Georgia, has added the Morehouse Group, a firm based in the same city, expanding Nichols Cauley’s presence in North Georgia. The Morehouse Group partners and staff will be moving into the recently renovated parts of Nichols Cauley’s existing Dalton office. They include Penny Carpenter, Jerry Watkins,
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Several recent tax law changes promise to help religious groups, houses of worship, charities, private foundations, utilities and other tax-exempt organizations, according to the Internal Revenue Service. The Taxpayer Certainty and Disaster Tax Relief Act, which Congress passed in December, includes some provisions that can apply to tax-exempt organizations’ current and previous tax years. The
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Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that
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Elon Musk Jim Watson | AFP | Getty Images Tesla CEO Elon Musk doesn’t have a lot of love for Wall Street – a fact he often mentions, including on Wednesday night’s earnings conference call. To begin with, Musk’s company hosts an nontraditional quarterly call with shareholders: After making a short statement about Tesla’s results,
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Introduction Alaska has a history of blazing its own path. It forgoes both an income tax and a state sales tax, a distinction shared only with New Hampshire. Many sparsely populated jurisdictions forgo property taxes, and some jurisdictions—including large cities like Anchorage and Fairbanks—go without a local sales tax. Alaska is, therefore, the only state
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Very deconstructive; snowboard job; matters of discipline; and other highlights of recent tax cases. Heppner, Oregon: Dr. Kenneth Wenberg, 73, has been sentenced to a year and a day in prison and three years of supervised release for failing to report income resulting in a tax loss of some $128,000. Dr. Wenberg created nominee entities
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What is a digital services tax? A DST is a tax on selected gross revenue streams of large digital companies. Each country’s proposed or implemented DST differs slightly. For example, France applies a 3 percent tax on revenues from targeted advertising, the transmission of data collected about users for advertising purposes, and from providing a digital
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Tesla Inc CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, China, January 7, 2020. Aly Song | Reuters Investors betting against Elon Musk’s electric-auto maker Tesla collectively lost more than $1 billion-plus on Thursday as the company’s stock rocketed higher after its better-than-expected earnings report. Tesla popped 11.4%
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In December 2019, identical bills HB 861 and SB 1112 were introduced in Florida’s House of Representatives and Senate. The proposals would tax water extraction (excluding production from public water systems) at a rate of 12.5 cents per gallon. The revenue from the tax would be deposited in the Wastewater Treatment and Stormwater Management Revolving
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The world is full of secret heroes — everyday people who silently put more good into the world. Some perform everyday acts of kindness. Others save lives through organ donation. A generous offering that sometimes results in physical and financial challenges for the donor. From a tax perspective, living donors may qualify for resources to
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A group of IRS stakeholder organizations has submitted a letter to the Treasury Department and the Internal Revenue Services with suggestions on the implementation of the Taxpayer First Act. The group includes the American Institute of CPAs, alliantgroup, H&R Block, the Latino Tax Professionals Association, the National Association of Enrolled Agents, the National Association of
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