Democratic presidential candidates Joe Biden and Bernie Sanders have overestimated the amount of revenue their tax proposals would generate by hundreds of billions, or even trillions, of dollars, according to a new study. The former vice president and the senator from Vermont have proposed vastly different tax plans: Biden is calling for rate increases on
American Express reported fourth-quarter results that beat analyst expectations, sending the stock higher as card fee revenues grew more than expected. The shares rose 2% in premarket trading Friday. Here’s how the payments company’s results compared to what Wall Street analysts expected: Earnings: $2.03 per share vs $2.01 per share forecast by Refinitiv Revenue: $11.365
Richard Sharrocks A case before the Supreme Court has the power dramatically reshape how the U.S. government polices financial fraud and other misdeeds against consumers — which many experts fear would weaken existing protections and expose the public to more harm. The case, which concerns the Consumer Financial Protection Bureau, could ultimately lead to the
The Internal Revenue Service is giving financial institutions a break when it comes to notifying owners of individual retirement accounts about taking their required minimum distributions after a new law increased the age for taking RMDs from 70½ to 72. The SECURE Act was signed into law last month and includes a number of changes
When you get a new client, they are usually all over the place when it comes to their expectations of what you can do for them. Managing their expectations is one of the most important things you need to do early on. If you underpromise too much, you risk driving the client away. On the
The U.S., the United Kingdom, Canada, Australia and the Netherlands undertook a global day of action to stem offshore tax evasion this week. The action was part of investigations into a financial institution in Central America whose products and services are believed to be facilitating money laundering and tax evasion worldwide. The “day of action”
The past week has been nearly nonstop with news on various fronts of a dispute over taxation of digital businesses. The main characters have been the U.S., France, and the UK, although the EU and the OECD have also played roles. Though the dust is still settling, it is worth trying to tie the various
Seth Klarman Getty Images Billionaire hedge fund manager Seth Klarman defended value investing, saying in a letter to clients that several factors, including the proliferation of passive investing, have created market mispricings that will soon lead to a payoff for the long underperforming strategy. Klarman, the CEO of the Baupost Group, said his fund posted
Thomas Barwick If you’re a Vanguard investor who is hoping to file your taxes early, you may be disappointed. Clients at The Vanguard Group who switched from the firm’s mutual fund platform to its brokerage account in 2019 will receive two sets of tax forms for that year, the company confirmed. These Form 1099s will
Perfect mess; package deal; bad medicine; and other highlights of recent tax cases. Gulfport, Mississippi: Former preparer Alvin Mays has pleaded guilty to aiding and assisting in the preparation of false returns. Mays owned and operated City Tax Service and from 2012 through 2017 prepared and trained employees to prepare false returns. To fraudulently inflate
Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. Today’s map shows which European OECD countries impose a type of FTT. FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives.
David Solomon, Goldman Sachs Adam Galica | CNBC Goldman Sachs CEO David Solomon told CNBC on Thursday that starting this year, his investment bank wouldn’t help companies go public without at least one “diverse” board member. “Starting on July 1st in the US and Europe, we’re not going to take a company public unless there’s
If you happen to hit the next Powerball jackpot, brace yourself for the life-changing decisions ahead of you. With no one matching all six numbers drawn on Wednesday, the top prize has jumped to $373 million for Saturday night’s drawing. And while winning such a huge amount could open a world of possibility, formulating a
Key Findings A broad-based financial transaction tax (FTT) in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately
By now, almost everyone in the CPA profession knows about the Qualified Improvement Property drafting error in the Tax Cuts and Jobs Act of 2017. In an effort to reduce redundancy in the Tax Code, the law inadvertently removed QIP from bonus eligible property. This was a mistake and a technical correction was expected. However,
If your business struggles, you might see it as a sign you should pivot. Jack Dorsey wisely pivoted his podcast platform Odeo. Dorsey’s startup became Twitter — after suffocating in the shadow of iTunes as just another podcast platform. But pivots don’t provide a surefire route to success. Before you tap the brakes and change
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020. Aly Song | Reuters The very short-sellers that Elon Musk skewers frequently for betting against Tesla could ironically help the eccentric chief executive score a big payday. Nearly a fifth of Tesla
Former Vice President Joe Biden (L) greets Sen. Bernie Sanders (I-VT) before the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images Top Democratic presidential candidates all want to boost Social Security benefits. But two of the candidates — Sen. Bernie Sanders (I-Vt.) and
Grant Thornton LLP has introduced its new iNDIRECT.360 system to help companies manage their indirect tax processes and data needs. The system handles sales tax, property tax, business licenses, exemption certificate management, consulting and automation of the indirect tax function, using workflow technology. iNDIRECT.360 employs proprietary Grant Thornton technology to import and process raw client
The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act. The IRS said Friday it has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of
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