Month: September 2020

zimmytws | iStock | Getty Images The stimulus stalemate has pitted Democrats and Republicans against each other on Capitol Hill. But another issue — Social Security and its ability to pay retirement, disability, survivor and other benefits into the future — has also created a rift between leaders of the two parties. Congressional lawmakers gathered
0 Comments
President Trump issued a presidential memorandum on Aug. 8, 2020, directing the Secretary of the Treasury to permit employers to defer the employee portion of Social Security taxes between Sept. 1 and Dec. 31, 2020. On Aug. 28, 2020, the Treasury issued Notice 2020-65, providing a few details about how the deferral should work. The
0 Comments
Westend61 | Westend61 | Getty Images With so many companies seeking to cut costs to survive the Covid-19-induced economic downturn, many corporate executives are now weighing the answer to a simple question: “Does it make sense to take an early retirement?” I work closely with corporate executives from a wide range of Fortune 500 companies.
0 Comments
Wolters Kluwer Tax & Accounting and Thomson Reuters Checkpoint have released their predictions for the expected annual inflation adjustments from the Internal Revenue Service for various tax-related items. The information includes estimated ranges for the various 2021 tax brackets along with projections for different inflation-sensitive tax figures, such as the standard deduction. The projections are
0 Comments
A Panama sentencing; ‘subcontractor’ mess; fun with funds; and other highlights of recent tax cases. New York: Harald Joachim von der Goltz (a.k.a. H.J. von der Goltz, Johan von der Goltz, Jochen von der Goltz, “Tica” and “Tika”), of Needham, Massachusetts, and Key Biscayne, Florida, has been sentenced to four years in prison for wire
0 Comments
As a result of the COVID-19 pandemic, the economies of many countries have been significantly damaged. In Sweden, GDP is expected to fall by 4.6 percent in 2020, despite the country’s lack of business and school lockdowns. In August, Sweden’s unemployment rate was 9 percent. Unsurprisingly, Sweden’s economic recovery is a priority in the upcoming
0 Comments
The Association of Chartered Certified Accountants is doing a global rollout of its mentoring program connecting members and affiliates with each other after a successful pilot test in six markets. ACCA’s global network of members are sharing their knowledge with others through the program, with the goal of making impactful connections and providing accountants around
0 Comments
The Internal Revenue Service and the Treasury Department issued the last set of final regulations Monday to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act, enabling companies to write off the cost of most depreciable business assets in the year they are put in service. The 100 percent
0 Comments
Billionaire media mogul Barry Diller on Tuesday urged investors to maintain sizable cash positions following the stock market’s robust rally from coronavirus-induced lows in late March.  “Personally, and professionally, every nickel you can, keep it … wherever it’s banked,” the chairman of both Expedia and digital media group IAC said on CNBC’s “Squawk Box.”  Diller noted that IAC in August
0 Comments
Key Findings: California has one of the nation’s least business-friendly tax environments, ranking 48th on the Tax Foundation’s State Business Tax Climate Index, which measures tax structure. However, the state’s property tax code is a relative bright spot, with the state ranking 14th on that component of the Index. If approved by California voters on
0 Comments
U.S. companies notched a big Trump-era win Wednesday as regulators made it harder for small-time shareholders to put forth proposals aimed at cracking down on excessive pay, climate change and other corporate governance concerns. The Securities and Exchange Commission rules overhaul follows years of C-suite complaints that proxy regulations are outdated and play into the
0 Comments