Nora Tam | South China Morning Post | Getty Images Tesla stock has risen more than 7% since Tesla CEO Elon Musk’s tweet a week ago that the company’s shares were priced “too high.” Shares of Tesla closed down down 10.3% last Friday on Musk’s tweet, but have quickly recovered those losses and then some –
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The Alabama Senate is considering legislative language (a substitute to the previously introduced SB 250 tax reform bill) which would exclude the rebate checks provided under the CARES Act from being taxed and exclude it from state income tax calculations. While those two phrases might sound redundant, they are both important in light of the
You might be wondering why the stock market is doing so well when you’re doing so badly. Even if you’re coasting, you likely know people who are struggling. The reality is, small-town America doesn’t go under the lens of Wall Street, says Walid Petiri, owner of Financial Management Strategies, an advisory firm in Baltimore. Certain
The Governmental Accounting Standards Board is postponing the effective dates of many of its pronouncements and implementation guides for 12 to 18 months to provide some breathing room for accountants who work for state and local governments and have to deal with the impact of the novel coronavirus pandemic. GASB issued Statement No. 95, Postponement
H&R Block is introducing a consulting service to help small businesses navigate the CARES Act stimulus options, including loan programs and tax credits. The Recovery Action Plan service includes up to an hour-long one-on-one phone consultation for $99 with a Block expert to discuss relief options, eligibility requirements and potential actions. After the session, the
A Boeing 747 cargo freighter belonging to the Atlas Air flies into the clouds after lifting off from Hong Kong International Airport, on 23 October 2017, in Hong Kong, Hong Kong. S3studio | Getty Images Not all airlines are reeling from the coronavirus pandemic. Cargo airlines are cashing in on rush for medical supplies and
This afternoon, Gov. Larry Hogan (R) vetoed a proposed first-in-the-nation digital advertising tax that would have imposed rates of up to 10 percent on digital advertising served to Marylanders. Although the bill ostensibly targets large technology companies and advertising platforms, much of the burden would fall on Maryland businesses and consumers, and the timing couldn’t
US President Donald Trump speaks about COVID-19, known as coronavirus, after signing a Proclamation in honor of National Nurses Day in the Oval Office of the White House in Washington, DC, May 6, 2020. Saul Loeb | AFP | Getty Images The White House is weighing a second Tax Day delay, according to NBC News.
Right Networks, provider of cloud hosting solutions, has acquired Rootworks, a firm improvement membership organization co-founded and run by Darren Root. The move adds a suite of new ways Right Networks can support firm clients, which is part of their strategy of services.Rootworks will continue to operate as an independent line of business within Right
Key Findings The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided economic relief to businesses in part by modifying net operating loss (NOL) deduction rules, expanding NOL carrybacks, and increasing NOL deductibility limits. Policymakers have an opportunity to build on these changes in Phase 4 of relief by advancing NOL deductions to firms that
In normal times, June is not the month for tax professionals to consider tax strategies for current-year returns. Of course, these are not normal times. The government response to the coronavirus threat has included a panoply of legislation and agency actions that has opened up a number of opportunities for taxpayers to lessen their taxes
Most countries’ individual income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top individual income tax rate applies to the share of income that falls into the
Peloton machine Source: Peloton Many on Wall Street were convinced the usual playbook would occur when this market and economic downturn hit. Bubble-like tech stocks that led the way up would get crushed as a bear market exposed their hype and sent stock speculators scrambling. But the opposite has happened. The names skeptics used to
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A driver adjusts his face mask as Uber and Lyft drivers with Rideshare Drivers United and the Transport Workers Union of America conduct a ‘caravan protest’ outside the California Labor Commissioner’s office amidst the coronavirus pandemic on April 16, 2020 in Los Angeles, California. (Photo by Mario Tama/Getty Images) Mario Tama Self-employed workers trying to
Financial executives are taking a two-phase approach to managing coronavirus issues that face their companies, according to a new survey. The Quarterly Priorities Survey from Financial Executives International’s Financial Education & Research Foundation asked a group of 228 senior finance execs about how their organizations have been dealing with the COVID-19 pandemic during the first
The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money. The CARES Act, the $2.2 trillion stimulus package that Congress passed last month, included provisions for sending economic impact payments of at least $1,200 to individuals, and
CNBC’s Jim Cramer said Monday that legendary investor Warren Buffett gave “no hope near term” in his annual shareholders meeting on Saturday with his sale of airline stocks. “Buffett’s overview on airlines really does make me very concerned about the near term,” Cramer said on “Squawk on the Street.” The billionaire investor said Saturday that
rmbarricarte When John Vogt, Jr. wondered where his stimulus check was, he was shocked to find out that he was not eligible for one. Vogt, 49, of Bronx, N.Y., is a fourth-generation American. In July, he married to a woman who is a Brazilian citizen. This year, they filed a joint tax return as a
As I write this, close to 70,000 people have died in the U.S. because of COVID-19. Most cities and states are on lockdown. Many companies are itching to get back in business but aren’t sure when and how. For small-business owners, the mood is dark and the outlook seems bleak. If you’re a CPA, don’t