In this article GME GameStop shares surged in extended trading Thursday after the company said it planned to implement a stock split. The video game retailer said it will seek stockholder approval at its next shareholder meeting for an increase in the number of Class A common stock from 300,000,000 to 1,000,000,000 to partly conduct a stock split in the […]
Josh Gottheimer, D-N.J., talks to reporters in Washington, Nov. 4, 2021. Elizabeth Frantz | Reuters President Joe Biden has proposed a new tax on the ultra-wealthy as part of his 2023 federal budget, aiming to reduce the deficit by about $360 billion. Some experts say it’s unlikely to gain traction in Congress. The “billionaire minimum income tax” calls for a 20% levy on […]
One of the most important decisions you’ll make as a small business owner is choosing your legal business structure. As with most business decisions, there is no one-size-fits-all for selecting the best option. Which classification you choose ultimately depends on your business goals, ownership structure, and more. But how do entrepreneurs determine if a limited liability company (LLC) or a […]
Twenty and out; stop snapping; agent for change; and other highlights of recent tax cases. Belle Glade, Florida: Tax preparer Fred Pickett Jr. has been sentenced to 97 months in prison for preparing false returns. From 2013 to 2016 he prepared returns for some clients claiming that they owned fictitious businesses that lost tens of thousands of dollars each year. […]
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After the failed approach of the Trump administration’s tariffs and trade war along with the current need to reduce inflation and increase productive capacity, we hoped the administration would reevaluate the tariffs. But under the Biden administration’s new trade policy agenda, most U.S. businesses will continue facing tariffs on billions of dollars’ worth of imported goods. Instead, the tariffs should […]
The Good Brigade | Digitalvision | Getty Images The IRS says it is no longer deploying $1,400 stimulus checks and plus-up payments that were due to qualifying Americans in 2021. However, there may still be people eligible for those checks, or additional funds, once they file their returns this tax season. A Treasury Department report found that, as of the […]
President Biden’s budget came out this week with a very sensible message about the need for stronger economic growth and sound fiscal policy: “Critically, my Budget would also keep our Nation on a sound fiscal course. It fights inflation and helps families deal with rising costs by growing our economy, making more goods in America, and lowering the costs families […]
National Taxpayer Advocate Erin Collins issued a directive calling on the Internal Revenue Service to implement scanning technology as a way to reduce the backlog of unprocessed tax returns by 2023. Collins wrote in a blog post Wednesday about the Taxpayer Advocate Directive she issued Tuesday, which urges the IRS to leverage optical character recognition, 2-D bar coding and other […]
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A bill that would prohibit the sale of flavored tobacco and nicotine products, HB22-1064, is moving through the Colorado legislature, which undoubtedly would have a significant impact on the revenue from taxes levied on those products. Flavored tobacco and nicotine products make up a significant portion of the market: over 20 percent of cigarettes and other tobacco products and over […]
Mississippi lawmakers entered the 2022 legislative session with the motivation and resources to implement income tax reductions and, despite stark contrasts in approach, concluded by delivering meaningful relief for taxpayers. The Mississippi Tax Freedom Act of 2022 (HB 531) began the session as an effort to totally repeal the individual income tax, a proposal we critiqued as unbalanced. The energy […]
Fatcamera | E+ | Getty Images Sometimes, new retirees who sign up for Medicare may find themselves paying extra monthly charges for premiums. Yet for those whose income drops at retirement, it may be possible to change that. Roughly 7% of Medicare’s 63.3 million beneficiaries with income above a set threshold pay “income-related monthly adjustment amounts,” or IRMAAs, in addition […]
This week, President Biden introduced a new tax proposal as part of the White House fiscal year 2023 budget to raise taxes on households with net wealth over $100 million. The proposal would require wealthy households to remit taxes on unrealized capital gains from assets such as stocks, bonds, or privately held companies. Biden’s proposal would take the tax code […]
Nobody likes unpleasant surprises when it comes to taxes. And if you unexpectedly find yourself owing the IRS hundreds or thousands of dollars that you don’t have, it’s normal to feel the panic start to set in. But we can help. If you can’t afford to pay your entire tax bill upfront, you aren’t alone. And you have options! Read […]
The Internal Revenue Service has been auditing the poorest wage earners more than higher-earning taxpayers, according to an updated report. The report, from Syracuse University’s Transactional Records Access Clearinghouse, or TRAC, follows up on a report released earlier this month that covered IRS statistics through the end of last year (see story). It found that low-income workers earning less than […]
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In this article ARKK Catherine Wood, chief executive officer of ARK Investment Management LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, on Monday, Oct. 18, 2021. Kyle Grillot | Bloomberg | Getty Images It’s hard to talk about the topic of women in investing without mentioning Cathie Wood. The founder, CEO and chief investment officer of […]
Tetra Images If you turned age 72 during the second half of 2021, the deadline for your first annual required withdrawal from retirement accounts is April 1. In many cases, it’s the last chance to avoid a hefty penalty. These required minimum distributions, known as RMDs, apply to both traditional and Roth 401(k) plans, 403(b) plans and other workplace plans, […]
Should I Itemize or Take the Standard Deduction? To itemize or not to itemize? This is a question many taxpayers find themselves asking when tax season rolls around. Thankfully, deciding whether you should itemize your deductions or take the standard deduction is usually straightforward. The main question you need to answer is: “Which method leads to a greater deduction for […]