South Dakota’s new industry; a little clarity on contractors; the IRS and collections; and other highlights from our favorite tax bloggers. Scary stuff Taxbuzz (https://www.taxbuzz.com/blog): All the back and forth so far on the new tax proposal that allows the IRS to track bank transactions of $600 or more. AICPA Insights (https://future.aicpa.org/blog): Evolving from paper
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President Biden expanded and fundamentally changed the Child Tax Credit (CTC) for one year in the American Rescue Plan (ARP) passed in March 2021. Policymakers are now deciding the future of the expansion as part of the proposed reconciliation package, but a wide range of estimates for the effects of a permanent expansion is confusing
Inflation is often called a hidden tax, but in many states it yields a far more literal tax increase as tax brackets fail to adjust for changes in consumer purchasing power. This phenomenon is called “bracket creep,” and it’s far creepier than the décor beginning to pop up in people’s front yards as we enter
Starship prototype 20 is stacked on top of Super Heavy Booster 4 on August 6, 2021. SpaceX Elon Musk’s SpaceX has become one of the world’s most valuable private companies, and Morgan Stanley believes the Starship rockets the venture is developing will have wide-reaching implications. Starship is the massive, next-generation rocket SpaceX is developing to be
Democrats are vowing to crack down on tax cheats by giving banks new requirements to disclose to the IRS accounts that have total annual inflows or withdrawals of at least $10,000. The plan would help fund President Joe Biden’s multitrillion-dollar economic agenda, potentially raising $700 billion and reducing the need for tax increases to offset
VALERIE MACON | AFP | Getty Images When the Covid-19 pandemic prompted a dramatic drop in wages, that also sparked concerns that one particular cohort would see lower Social Security benefits as a result. Those concerns, however, have abated, according to new data from the Social Security Administration. The reason comes down to the national
CONTENT FRESHNESS USEFULNESS A guide for executives, managers, and business owners on how to identify and become an Impact Player. If you buy something through our links, we may earn money from our affiliate partners. Learn more. Tom Brady and LeBron James are recognized as superstars. Where they go, victories and championships follow. They aren’t
An animated trajectory map shows the path of the Lucy mission, with the spacecraft (blue) launching from the Earth (green) out to the asteroids around Jupiter (orange). NASA NASA’s latest exploration spacecraft launched over the weekend, beginning a 12-year journey to visit Jupiter’s Trojan asteroids. A tool familiar to Wall Street was used to craft
Bitcoin on display. Chesnot | Getty Images The first U.S. bitcoin futures exchange-traded fund will launch on Tuesday, a milestone for the cryptocurrency industry, and others may soon follow. The long-awaited ProShares ETF will offer exposure to bitcoin futures contracts — agreements to buy or sell the asset later for an agreed-upon price — rather
The Internal Revenue Service is teaming up with international organizations and regulators this week to call attention to the dangers of charity fraud. The Charity Fraud Awareness Week campaign brings together a group of charities, regulators, law enforcement organizations and nonprofits from around the globe. The goal is to raise awareness of fraud and cybercrime
In an effort to raise revenue, House Democrats have proposed increasing federal tobacco taxes and creating a new tax on other nicotine products in the Build Back Better Act. While the proposed increase on cigarettes is dramatic, it is relatively simple: an additional dollar per pack of 20 cigarettes. On the other hand, simplicity is
Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2020 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2021 Index. To access the full report, click the download button above.
In this article HOOD GME Rafael Henrique | LightRocket | Getty Images The Securities and Exchange Commission said online brokerages, enticed to increase revenue through the controversial industry practice of payment for order flow, are turning stock-trading into a game in order to encourage activity from retail investors. Wall Street’s main regulator on Monday released its
Democratic Senator Joe Manchin said there’s little chance that Congress can complete work on President Joe Biden’s economic agenda by the end of the month deadline set by his party’s leaders. “There is an awful lot to go. I don’t know how that would happen,” Manchin, whose vote is pivotal in the 50-50 Senate, told
fizkes | iStock | Getty Images For Medicare beneficiaries who want to join an Advantage Plan, now is the time to do it. Just be sure you know what the plan covers and what your potential costs will be — and how long you have to change your mind. During the annual fall open enrollment
In this article SPCE Virgin Galactic pilots walk to the company’s SpaceShipTwo Unity spacecraft, attached to the jet carrier aircraft Eve. Virgin Galactic Virgin Galactic stock plunged in trading on Friday after the company said it would delay any spaceflights to next year as it refurbishes its vehicles. While Virgin Galactic hoped to fly its
The Good Brigade | DigitalVision | Getty Images The vast majority of health savings account owners aren’t investing their money — and it’s likely shortchanging them over the long term. Just 9% of accountholders were investing a portion of their HSA balance in 2020, according to an Employee Benefit Research Institute study published Thursday. The
Even before COVID-19, unprecedented economic, regulatory, and social forces — including complex global trade regulations, advancements in accounting standards and global tax law developments — were pushing companies to rethink how they did business. The global pandemic made the need more urgent, exacerbating the challenges facing many tax teams. Budgets shrank, and corporations now face
Megan Leonhardt | CNBC As third-quarter earnings roll out and 2021 winds down, analysts and investors are looking for which companies can close out the year on a bullish note. Many firms had stellar starts to the year, and are in a tough spot to continue growing at such rapid paces. Costco braved the
VALERIE MACON | AFP | Getty Images People who collect Social Security are about to see bigger checks. The cost-of-living adjustment in 2022 will be 5.9%, the Social Security Administration said Wednesday. The bump, which will help beneficiaries keep up with rising costs due to inflation, is the largest increase in about 40 years. The
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