Saturday, January 13, 2018

Google Alert - tax

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tax
Daily update January 13, 2018
NEWS
JPMorgan Chase announced fourth-quarter earnings on Friday that beat analysts' estimates and kept the financial services company profitable despite a $2.4 billion charge related to the recently approved tax bill. But revenue from the banking giant's trading business fell, signaling Wall Street's overall ...
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Real estate investors were given a gift after Congress voted to maintain what are known as 1031 exchanges, a section in the tax code that allows for property to be sold tax-free as long as the proceeds are used to buy more property. The loophole had been open to others as well, including art collectors, ...
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The bank recorded a $3.35 billion benefit in the quarter tied to the Trump tax bill. Wells Fargo had $7 billion in deferred tax liabilities, basically taxes it may have owed in the future, and was able to write down some of those liabilities for a gain. Wells Fargo now expects its effective annual tax rate to be 19 ...
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"For example, if the farmer is in the 35% tax bracket, the maximum savings is 7%," he says. "However, if the farmer does not sell to the co-op, they will likely qualify for the regular Section 199A deduction of 20% of net farm income, so the likely tax savings due to selling to a co-op is simply 80% of the ...
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The Tax Cut and Jobs Act of 2017 lowers income-tax rates for all tax brackets, especially for high earners, and raises the estate-tax exemption—both of these changes benefit the wealthiest Americans. While the wealthy are clear winners, the vast majority of Americans will pay the same or less in taxes ...
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A review has found no improper political interference in a Treasury Department analysis of the Trump administration tax plan. The Treasury Department's inspector general opened the review in November, after The New York Times pointed out that the department had not produced the analysis, despite ...
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Tax equity investors have mostly kept quiet on how the Republican tax bill, which President Trump signed into law in December, may impact their participation in the clean energy market. During a Thursday webinar from law firm Norton Rose Fulbright, investors emphasized that the market remains in ...
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But the real difference comes the following budget year when individuals start filing their 2018 calendar year tax returns. They will find that, collectively, they owe $222 million more to the state than they otherwise would had the federal law not been changed; for the following year the figure is nearly $258 ...
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Democratic House leader Nancy Pelosi claimed that the new tax law will provide "at least a $1.3 trillion tax break for corporations." That's misleading. It's true that the nonpartisan Joint Committee on Taxation estimates that cutting the top corporate tax rate from 35 percent to 21 percent will reduce federal ...
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An audit of FC Barcelona placed considerable pressure on the five-time FIFA player-of-the-year, who already has a past tax evasion conviction on his record. The revelations arise from hundreds of internal club documents that have been provided to DER SPIEGEL by the whistleblowing platform Football ...
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No one likes to pay more tax than they have to. There are plenty of tax breaks that you can use to reduce your tax bill, but with tax reform efforts having just made it through Congress, a lot is changing in 2018. For the 2017 tax returns that you're about to file in the months to come, the following three tax ...
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Now that the Federal tax reform bill has passed and the dust has settled on the House and Senate wrangling over corporate tax rates, the minutia of pass-through profits, and the handling of various deductions, most commentators agree that big businesses are coming out on the winning side of the deal.
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Well, we have all heard about the tax reform bill that is supposed to put more money in our pockets to spend. I think I must wait to see what the real impact is going to be. Traditionally, this is the time of the year I check the mail every day to see what additional tax paper, forms, etc. show up in them.
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Wal-Mart plans to share part of its savings under the new tax law with its employees. ... JOHN YDSTIE, BYLINE: Retailers like Walmart will be among the biggest beneficiaries of the tax overhaul because they tend to pay taxes at a ... The new tax law slashes the top corporate rate from 35 to 21 percent.
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J.P. Morgan Chase made that clear Friday when it announced that it was taking a $2.4 billion charge against its fourth-quarter 2017 earnings due to the passage of the Tax Cuts and Jobs Act back on Dec. 22. Despite the hit, both CEO Jamie Dimon and the bank's chief financial officer, Marianne Lake, ...
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There's a new tax law in town. It passed without a single vote from Democrats in the House or the Senate, and it's a huge windfall for the richest Americans, including President Donald Trump. Forbes crunched the numbers and found Trump could save about $11 million a year from just one of the new ...
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The United States Supreme Court has agreed to hear the state of South Dakota's argument that a 26-year-old tax-related ruling be overturned, which could free state and local governments to collect billions in internet sales tax, according to a report today from Bloomberg. The 1992 ruling, from Quill v.
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Seattle policymakers should have paid more attention to what happened in Cook County, Ill., which repealed its soda tax last year within two months after a tremendous public outcry. Let's be clear. Soda taxes don't make people healthier. They don't raise revenue—they drive it outside city limits.
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The U.S. government recently passed one of the biggest changes to the tax code in decades, as it seeks to increase investments and accelerate economic growth. Under the new tax bill, the corporate tax rate will be lowered to 21% from 35%, while the overall tax structure is also expected to be ...
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NEW YORK (Reuters) - Walmart on Thursday said it will raise entry-level wages for U.S. hourly employees to $11 an hour in February as it benefits from last month's major corporate tax cut and on the same day said it will shut stores and lay off thousands of workers.
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House and Senate Republicans have released their tax conference report. (There's also a two-page summary.) It looks like it's on track to pass next week, now that key Senate holdouts — Sens. Marco Rubio and Bob Corker — have announced their support for the bill. What's next: The House will vote on ...
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On the one hand, some Americans will do better now that tax brackets have been overhauled. On the other hand, some taxpayers might lose out now that certain key deductions have been eliminated under the recent changes. But if there's one group that might truly prove to be a mixed bag as far as tax ...
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Syndicated conservation easements that allow certain investors to invest in land conservation deals have come under scrutiny. The deals enable investors to take tax deductions well above the money they invest, while critics say the environmental benefit may be limited. Advisors and tax experts who are ...
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New York state tax officials seized a rare Nazi Enigma encryption machine and three historical documents from convicted fraudster Martin Shkreli and auctioned them off. Federal prosecutors still want to seize more than $7 million, a Picasso painting and a Wu-Tang Clan album from the former ...
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Fed officials expect tax cuts signed into law by President Donald Trump last month to boost economic growth this year without putting upward pressure on prices, according to projections they published after their Dec. 12-13 meeting. The median estimate of the 16 participants on the interest-rate setting ...
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The Supreme Court agreed Friday to wade into the issue of sales tax collection on internet purchases in a case that could force consumers to pay more for certain purchases and allow states to recoup what they say is billions in lost revenue annually. Under previous Supreme Court rulings, when internet ...
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President Trump's D.C. hotel received a $53.6 million reduction in its 2018 assessment from the District of Columbia tax office, saving his company nearly $1 million. The District tax office initially valued the Trump International Hotel, in the federally owned Old Post Office building, at $163,587,412, ...
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State and local governments could have collected up to $13 billion more in 2017 if they'd been allowed to require sales tax payments from online merchants and other remote sellers, according to a report from the Government Accountability Office, Congress's non-partisan audit and research agency.
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The good news is; the new legislation substantially increases the amount allowed to calculate taxes on estates, where no federal tax would be applied. The new estate tax law stipulates that a single person could die owning up to $11.2 million without paying the dreaded death tax and for married ...
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WASHINGTON -- More than half of U.S. voters oppose the Republican tax plan that gutted the federal deduction for state and local taxes, according to a poll released on the same day that the Treasury Department told employers to prepare to withhold less from workers' paychecks. In the Quinnipiac ...
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The government raises revenue using various taxes, including income, sales, and property taxes. Economic principles show we can best judge the efficiency of any tax by looking at the costs it imposes on taxpayers. Two key economic principles are at play here: (1) People respond to incentives, and (2) ...
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These schemes date back to the early years of the century when wealthy British were sold on investment programs that offered both immediate tax breaks and future revenue from film rights. According to the Financial Times, several thousand wealthy celebrities and others took advantage of the ...
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Back in 2011, when Republicans still talked about deficits, a bipartisan budget commission proposed to save tens of billions a year by revamping the charitable deduction for federal income taxes. The plan was to substitute a 12 percent tax credit available only to those who gave more than 2 percent of ...
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A loophole in the new U.S. tax law could allow multinational corporations like Apple to avoid paying billions of dollars in taxes on profits stashed overseas, according to experts. Stemming from a Republican overhaul of international business taxes, the loophole involves the tax rates—15.5 percent or 8 ...
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Stemming from a Republican overhaul of international business taxes, the loophole involves the tax rates - 15.5 percent or 8 percent - that companies must pay on $2.6 trillion in profits they are holding abroad. By manipulating their foreign cash positions, a determining factor under the new law, a U.S. ...
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As part of an effort to promote a series of tax cuts, Greitens is expected to launch a statewide tour that will hit seven communities over four days. "It is the boldest state tax reform in America," Greitens said in his State of the State speech Wednesday, just hours before he admitted having the affair. He and ...
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President Trump's giant tax overhaul is scrambling the end-of-year earnings at the biggest US banks, causing huge swings in profit for what would have otherwise been a muted quarter. JPMorgan Chase, the largest bank in the US, reported a big drop in profit on Friday for its third quarter, thanks largely ...
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So as Americans digested the details of the tax bill that passed last month, it was natural to lament the end of deductions for interest people pay on home equity loans. After all, if you don't have enough savings but have been paying down your mortgage, it's awfully tempting to borrow against your house ...
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Tax Commissioner Tony Fulton said it's good news, but he's extended a note of caution. The report showed net individual income taxes were 16.3 percent higher than projections, which could be the result of people deciding to pay taxes early to take advantage of the state and local tax deduction.
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Donald Trump says his corporate tax cuts are setting off a domino effect that will finally end the long, lean years for American wage-earners. More than a million workers at companies from AT&T to Comcast already got their payout, the president said this week. There's more to come, Trump said, because ...
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The world's largest asset manager hit $6.3 trillion in the fourth quarter and said net income was bolstered by $1.2 billion related to the tax legislation as well as flows into exchange-traded funds last year. The New York-based company's Chief Executive Officer Laurence D. Fink said in a statement Friday ...
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Fiat Chrysler is paying double the bonus that phone carrier AT&T (t, -0.38%) said it would pay workers after President Donald Trump and Congress cut the U.S. corporate tax rate to 21% from 35% late last year. Wal-Mart (wmt, +0.34%) said earlier Thursday it will boost wages to $11 an hour and also ...
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Companies have been announcing one-time bonuses for employees and crediting the recent Republican tax law. Democratic House Minority Leader Nancy Pelosi called the bonuses "crumbs" compared to the benefits corporations were receiving.
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Editor's Note: Friday we talked to Phil Horwitz, the Director of Office of Tax Policy Analysis and Mim Mirsky, the Taxation Communications manager. They asked us to clarify the new rules and make sure to be clear that regardless of how much a person spends or how much business a company does in ...
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The Trump administration will release its long-waited infrastructure plan in coming weeks. The plan is expected to include $200 billion over 10 years of federal funding. Where will the money come from? The president has pondered raising the federal gas tax. Revenues from the 18.4 cent-per-gallon ...
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The restructuring of the tax code, the biggest in 30 years, handed President Donald Trump his first major legislative victory since taking office. The provision gives farmers a 20 percent deduction on payments for sales of crops to farmer-owned cooperatives, but not for sales to private or investor-owned ...
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Corporate tax cuts were supposed to be a boon for company earnings. But, due to U.S. accounting rules, many companies will feel a little pain before the long-term gains kick in. J.P. Morgan Chase made that clear Friday when it announced that it was taking a $2.4 billion charge against its fourth-quarter ...
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Strategists from Barclays Plc and Charles Schwab Corp. say demand for munis could increase from wealthy residents of high tax states this year because the Republican tax bill caps state and local property and income tax deductions at $10,000. That kind of money doesn't go a long way in Manhattan, ...
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PosiGen is one of many companies that are suddenly facing a new financing reality because of the tax overhaul, especially clean-energy developers seeking tax-equity deals. At least $3 billion in potential deals are on hold for this type of financing, according to John Marciano, a Washington-based ...
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The Republican tax bill, which President Donald J. Trump signed into law Dec. 22, created a new section in the tax code — Section 199A — that provides a 20% tax break to some pass-through business entities. These businesses pass their income through to their owners' tax returns, and is taxed at the ...
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WEB
About Form 2848, Power of Attorney and Declaration
Use Form 2848 to authorize an individual to represent you before the IRS. The individual you authorize must be a person eligible to practice before the IRS. You may authorize a student who works in a qualified Low Income Taxpayer Clinic (LITC) or Student Tax Clinic Program (STCP) to represent you ...
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IRS 2018 Income Tax Withholding Tables Published
The Internal Revenue Service released Notice 1036, January 11, 2018. This updates the 2018 income tax withholding tables reflecting changes made by the Tax Cuts and Jobs Act of 2017. This is the first step of many in the IRS' promise to publish updates regarding the changes made by the tax reform ...
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Bid to collect internet sales tax gets Supreme Court review Bloomberg
The U.S. Supreme Court will consider freeing state and local governments to collect billions of dollars in sales taxes from online retailers, agreeing to revisit a 26-year-old ruling that has made much of the internet a tax-free zone.
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Tonsager Tax
Take a look at our Home page. Tonsager Tax & Accounting is a full service tax, accounting and business consulting firm located in Richfield, MN.
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Cornerstone Tax Group, LLC
Cornerstone Tax Group, LLC is a full service tax, accounting and business consulting firm located in Gainesville, FL.
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Tax and Utility Payments
Late Payments: If you are paying Real Estate or Personal Property tax after the due date, please search "Updated Real Estate" or "Updated Personal Property".
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Maps Online
Survey Records Research Tool. Available Items: Records of Survey; Subdivision Plats; Partition Plats; Condominium Plats; Geodetic Control Point Sheets; Public Land Corner Records; Tax Maps ...
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IRS Private Tax Collectors: Lost Money, Lost Liberty
The federal reserve and IRS are not going anywhere. We all love our slavery! I also enjoy wasting my vote every four years on a republican because libertarians don't stand a chance of winning. I enjoy every paid internet warrior or stupid person that trolls me for free telling me I am crazy for believing in ...
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US Supreme Court Will Revisit Ruling On Collecting Internet Sales Tax
An anonymous reader quotes a report from Bloomberg: The U.S. Supreme Court will consider freeing state and local governments to collect billions of dollars in sales taxes from online retailers, agreeing to revisit a 26-year-old ruling that has made much of the internet a tax-free zone. Heeding calls...
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Yay Tax Reform! Chrysler Gives Bonuses, Moves Back from Mexico
Fiat Chrysler is moving production of heavy-duty trucks from Mexico to Michigan and paying bonuses to U.S. workers in response to the passage of U.S. tax reform late last year. The automaker will invest $1 billion in its Warren Truck Assembly Plant to make the Ram Heavy Duty Truck starting in 2020.
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Kmek Business & Tax Service
How do You File Your Tax Return With an Online Tax Service? How to Get a Federal Tax ID for Your Business · Important Tax Reasons to Start Freelancing as a Full Time Business · Latest Business News Headlines Focus On Economic Stimulus and Tax Changes. Subscribe for newsletters & Get Latest ...
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Houchin Tax Service & Bookkeeping
Find. Near. Home; \; nd; \; fessenden; \; Tax Return Preparation. Houchin Tax Service & Bookkeeping. 62 Main Ave S, Fessenden, ND, 58438. (701) 547 - 3369. Category : Tax Return Preparation ,. State & Income Taxes ,. Licensed Bookkeepers & Bookkeeping Services · Claim your listing. Print. 1. +-.
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Western Tax
Home; \; nd; \; powers lake; \; Tax Return Preparation. Western Tax. 119 Main St, Powers Lake, ND, 58773. (701) 464 - 5441. Category : Tax Return Preparation ,. State & Income Taxes · Claim your listing. Print. 1. +-. Leaflet | © OpenStreetMap. More Info Reviews. There Is No Information For This ...
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Craft Beverage Modernization and Tax Reform page
Information and FAQs on TTB's implementation of the Craft Beverage Modernization and Tax Reform, or CBMTR, part of the Tax Cuts and Jobs Act (Public Law 115-97).
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Dems holding emergency tax bill 'teach-ins' to explain Armageddon delay
**Written by Doug Powers. Are you among those who are confused about why the GOP tax bill has been signed into law and yet life as we know it has not been wiped out as we were promised? House Democrats, at the behest of Nancy Pelosi, will spend part of the weekend explaining the anomaly to ...
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The Obvious Internet Tax Solution in
Therefore Amazon has a legal duty to assess, collect and remit sales tax on every sale made on their site no matter whether it's "Shipped and sold by" or is a third-party seller listing because they are not just providing an advertising medium (which would not implicate nexus) for a fee but instead are ...
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Webinar to explain tax reform benefits for truckers
American Truck Business Services also offers "e-book" to guide owner-operators through new tax law changes.
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Tax ID Number: What is UMUC's Tax ID Number
Tax ID Number: What is UMUC's Tax ID Number (Also Known As UMUC Employer Identification Number [UMUC EIN])?. UMUC's Tax Id Number/UMUC Employer Identification Number is: 52-6002033 ** UMUC's Tax ID Number/UMUC EIN appears on your 1098-T Tax form. The discount for Federal ...
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Walmart Closes 63 Stores In Response to Republican Tax Cut
Actually we don't know the extent to which the tax cut was a factor in Walmart's decision to close 63 stores, as it announced it was doing yesterday. Nor do we know the extent to which the tax cut was responsible for the increases in wages and benefits that the company also announced yesterday, ...
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Tax Representatives' Corner
Profits Tax Return - Fair Value Accounting · Annual meetings between the Inland Revenue Department and the Hong Kong Institute of Certified Public Accountants · Practising Registration of Hong Kong resident as Certified Tax Agent ("註冊稅務師") in the Mainland · FAQ for Departmental Interpretation ...
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