Share to facebook Share to twitter Share to linkedin A judge revealed that Deutsche Bank is not in possession of Trump’s tax returns. (AP Photo/Richard Drew) ASSOCIATED PRESS Topline: Deutsche Bank said it doesn’t have President Donald Trump’s tax returns in a court filing released Thursday in what is a blow to House Democrats’ efforts
Taxes
Getty The Social Security Administration announced key numbers that affect workers and retirees today—a substantial increase in the wage base for workers and a modest increase in benefits for retirees. First the wage base news. The maximum amount of earnings subject to Social Security tax will rise 3.6% to $137,700 in 2020. That means a
Getty The Internal Revenue Service (IRS) has issued new guidance for taxpayers who engage in transactions involving virtual currency, including cryptocurrency. The new guidance, which is intended to help taxpayers better understand reporting obligations for specific transactions involving virtual currency can be found at Revenue Ruling 2019-24 (downloads as a PDF) and the frequently asked
Tax return forms and wage statements with a note saying Taxes Due. Getty You have probably seen the recent headlines saying that US income inequality has reached a 50-year high. They are based on the Census Bureau’s latest report on Income and Poverty in the United States, published last month. The Census Bureau’s data, however,
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses when spousal benefits can be available, remarriage and continued benefits, filing a restricted application for spousal benefits only, filing and suspending and whether a particular public pension will reduce
It is only natural to worry about an IRS audit, and the duration of audit periods can be downright frightening. Tax lawyers and accountants are used to monitoring the duration of their clients’ audit exposure, and so should you. Watch the calendar until you are clear of audit. In most cases, that will be either three years
Share to facebook Share to twitter Share to linkedin Both major indexes fell over 1%. Getty Images Topline: The stock market was off to a rough start on Tuesday, and although it rebounded slightly in the afternoon, rising uncertainty over trade talks with China—set to start Thursday—took a huge toll and prompted a further sell-off.
I’m not sure whether advisers who specialize in the tax issues of expatriates will learn a lot from studying the recent Tax Court decision in the case of Elena Lea Morgan Weschenfelder and Frederick Burkhart Weschenfelder. What they can definitely do is use it as advertising. United States Tax Court building in Washington DC Getty
People take part in a protest against the Republican tax bill in Los Angeles, California on December 4, 2017. Democrats and many economists warn that the GOP tax plan gives large tax cuts to corporations and the wealthy and will hurt middle class NurPhoto via Getty Images The most obvious parts of financial inequality are
Share to facebook Share to twitter Share to linkedin Brokerages will cumulatively lose billions of dollars in revenue. BLOOMBERG NEWS Topline: As the race to the bottom continues, slashing trading fees will eliminate billions of dollars of revenue for discount brokerage firms, although some may be better positioned to weather the impact. Charles Schwab—the first
If you’ve been tied up the past few Mondays, you may have neglected to notice that at the beginning of each week, we’ve been taking a look at the tax proposals put forth by one of the 20, 18, 17 remaining candidates for the Democratic nomination for President. If you need a reminder as to
US President Donald Trump speaks to the press aboard Air Force One in flight as he travels from Joint Base Andrews in Maryland, to Bedminster, New Jersey, June 29, 2018. – Trump denied he is planning to withdraw the United States from the World Trade AFP/Getty Images The list of U.S. tariffs on EU products
By the time reality stars Todd and Julie Chrisley were indicted on 11 criminal counts of tax evasion and bank fraud, many things had gone wrong. If the weight of the federal government is pressing down on you with charges that, if proven, could draw up to an astounding 30 years in prison, it seemed
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses filing restricted applications in light of recent changes, which month to file an application, eligibility for spousal benefits, potential effects of a public pension survivor benefit, and spousal benefits
Many stock mutual funds can quietly rob unsuspecting investors by creating unnecessary taxes. This primarily occurs when mutual funds are held outside a tax-favored work retirement plan, individual retirement account or Roth IRA. To help understand why this occurs, it is important to first learn about how stocks that are not owned within a mutual
Share to facebook Share to twitter Share to linkedin Lawsuits are pending in a host of federal courts. Getty Images Topline: With Democrats pursuing multiple investigations into the president’s elusive finances, ongoing court battles over the release of Trump’s tax returns are heating up. Here’s a running list of where the various lawsuits stand: New
PLYMOUTH, NH – SEPTEMBER 29: Democratic presidential candidate, Sen. Bernie Sanders (I-VT) speaks at Plymouth State University (Photo by Scott Eisen/Getty Images) Getty Images This week, Democratic presidential hopeful Bernie Sanders proposed raising the tax rates for large corporations where there are “exorbitant” pay gaps between top executives and rank-and-file workers. It is just the
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses when the earnings test comes into effect, restricting an application to spousal benefits only online, what to do if a payee withheld benefits from the beneficiary, filing retroactively and
Getty If you made a purchase on the internet yesterday, you might have noticed something different: sales tax. Changes in sales tax compliance laws for remote sellers and marketplace in more than a dozen states kicked in beginning October 1, 2019. More than 40 states have tweaked their sales tax laws since a 2018 Supreme Court
Where are we to turn for high, safe dividends these days? Certainly not 10-Year Treasuries, unless you think you can scrape by on their 1.7% yields. I’ll save you the calculation: you can’t, because that yield matches the inflation rate to the decimal point. Your “true” income? $0. The S&P 500 isn’t much better: for