Could be a long haul; Boston illegal; down the drain; and other highlights of recent tax cases. East Providence, Rhode Island: Michael Chaves, owner of an automobile transport company, has been sentenced to 30 months in prison for taking evasive steps to avoid paying personal federal income taxes owed to the IRS, falsifying U.S. Department of Transportation Federal Motor Carrier […]
Content Freshness Usefulness An important and easy-to-use guide for digital communication. Learn the best way to get updates on projects, run meetings and manage a happy and productive team. If you buy something through our links, we may earn money from our affiliate partners. Learn more. You know the old adage, “It’s hot what you say, it’s how you say […]
Table of Contents Key Findings The Coronavirus Aid, Relief, and Economic Security (CARES) Act made temporary structural changes to the federal tax code to enhance business liquidity, including more generous treatment of net operating losses and business interest expenses. Under the CARES Act’s Paycheck Protection Program (PPP), businesses that receive loan forgiveness are not required to include the discharged indebtedness […]
President Joe Biden’s proposal to raise the federal corporate income tax rate to 28 percent would increase the combined average top tax rate on corporate income to 32.4 percent, highest in the Organisation of Economic Co-operation and Development (OECD), reducing U.S. competitiveness and long-run economic growth. While the focus has been on the federal rate, it is important to include […]
Traders work on the floor of the New York Stock Exchange (NYSE) on March 16, 2020 in New York City. Spencer Platt | Getty Images Wall Street investors largely view higher interest rates as the biggest threat to derail the rally in stocks, according to a new CNBC survey. As a part of CNBC’s Quarterly Report, we polled more than […]
Getty Images As vaccines ramp up and the economy reopens, many individuals and families may be eager to see this side effect of the Covid-19 pandemic continue: government stimulus checks. A recent poll from Data for Progress found 65% of Americans are in favor of payments of $2,000 per month for the duration of the pandemic. Some political leaders agree. […]
If you’re like most CPA firms, you’ve had your fair share of partner accountability challenges. Luckily, industry experts, notable partners and developers have finally come together to lead change in this area with a new tool: the Partner Accountability App. Here are some of the common issues this groundbreaking technology addresses: 1. Timely review of work submitted by staff. Got […]
Download Data Table of Contents Key Findings A capital allowance is the amount of capital investment costs a business can deduct from its revenue through the tax code via depreciation. Ideally, countries should provide higher capital allowances, as they can boost business investment which, in turn, spurs economic growth. The average of OECD countries’ capital allowances gradually decreased between 2000 […]
The government of Hartford County, Connecticut is in line to receive $173 million in local aid under the American Rescue Plan Act (ARPA). There’s only one problem: the government of Hartford County doesn’t exist, nor do any of Connecticut’s other counties have county-level government despite being allocated a collective $691 million under the bill. The traditional county lines are useful […]
From accounting to personal finance, learn how to manage money smarter. December 30, 2020 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Entrepreneurs have to know money. No […]
In this article DISCA David Zaslav Anjali Sundaram | CNBC Discovery’s lightly traded class B shares surged 80% on Wednesday, showing a spike in volume and divergence from the company’s class A shares that is highly unusual. The class B stock, which often sees volume of less than 10,000 shares in a day, had already changed hands about 600,000 times […]
Samuel Corum/Bloomberg via Getty Images The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday. The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. Households with $150,000 or more in income are […]
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The Internal Revenue Service said Wednesday it plans to take steps to automatically refund money starting in May and continuing through the summer to taxpayers who filed tax returns reporting unemployment compensation prior to recent changes under the American Rescue Plan. The COVID relief package, which President Biden signed into law this month, enables taxpayers who earned under $150,000 in […]