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Clinton disparages Trump's economic plan, vows to help workers

Yahoo Tax - Thu, 2016-08-11 17:42

By Jonathan Allen WARREN, Mich. (Reuters) - U.S. Democratic presidential candidate Hillary Clinton on Thursday said rival Donald Trump had no real plans to help middle-class families, arguing that his agenda of tax cuts and tough trade talk would throw the economy into recession. "He's offered no credible plans to address what working families are up against today," Clinton said in Warren, Michigan, shortly after touring Futuramic, a hangar-like, high-tech factory that makes parts for the aerospace industry. Clinton said Trump, the Republican presidential nominee, would scrap regulations meant to hold corporations accountable, cut taxes on "millionaires and Wall Street money managers," and eliminate the estate tax, an inheritance tax that generally hits the wealthy.


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U.S. public pension plans take more risks to keep contributions low -study

Yahoo Tax - Thu, 2016-08-11 12:03
U.S. public pension plans are taking more investment risks in an attempt to keep government contribution rates low, but ultimately that strategy could raise costs for taxpayers, a new study presented this week showed. In 2014, more than 30 major public plans across the country were underpaid by $100 million or more, Donald Boyd, the director of fiscal studies at the Nelson A. Rockefeller Institute of Government, said in an interview on Thursday. The study, presented earlier this week at the National Conference of State Legislatures in Chicago, showed state and local government contributions to pension funds have increased $0.59 for every $1.00 increase in tax revenue from 2007 to 2015.
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Several U.S. states unprepared for a recession: S&P

Yahoo Tax - Tue, 2016-08-09 14:40

Several U.S. states studied by S&P Global Ratings are ill-equipped to deal with an economic recession, hampered by the slow rebound in U.S. economic growth after the damage wrought by the Great Recession. Fiscal imbalances, slower state tax revenue growth and increased spending on social services have contributed to a challenging economic landscape, as real GDP has only increased at 2.1 percent per year since 2009, S&P said in a report issued on Tuesday. Real U.S. GDP growth of 2.43 percent in 2014 and 2015 compared to pre-recession rates of 3.79 percent in 2004 and 3.35 percent in 2005, according to data from the World Bank.


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Trump, in shift, to call for top tax rate of 33 percent rather than 25 percent: CNBC

Yahoo Tax - Mon, 2016-08-08 09:17
WASHINGTON (Reuters) - Republican presidential hopeful Donald Trump will call for a top income tax rate of 33 percent, rather than the 25 percent he previously had proposed, CNBC reported on Monday, citing remarks by an informal Trump adviser. In a tweet and posting on its website, CNBC said Larry Kudlow, a contributor at the cable outlet who is helping to shape Trump's tax plan, made the remarks. (Reporting by Timothy Ahmann; Editing by Eric Walsh)
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Trump would freeze new federal regulations, revive Keystone: speech

Yahoo Tax - Mon, 2016-08-08 06:30
WASHINGTON (Reuters) - Republican presidential candidate Donald Trump would impose a temporary moratorium on new federal regulations and revive Transcanada's Keystone pipeline project, according to an outline of an economic speech Monday obtained by Reuters. Trump's proposals include measures to simplify taxes for everyone and dramatically reduce the income tax and to "remove bureaucrats who only know how to kill jobs; replace them with experts who know how to create jobs," according to the outline. (Reporting by Emily Stephenson; Writing by Doina Chiacu; Editing by Chizu Nomiyama)
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IRS Taxes Rio Olympic Medals Despite Zika, But Not For Long ... - Forbes

Google IRS Federal Income Tax - Thu, 2016-08-04 05:46

Forbes

IRS Taxes Rio Olympic Medals Despite Zika, But Not For Long ...
Forbes
Senator Charles E. Schumer (D-NY) is urging Congress to block the IRS from taxing Olympic medals. In the scheme of things, the worry over Olympic medals ...

and more »
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Honda profit dented even as airbag crisis impact fades

Yahoo Tax - Tue, 2016-08-02 01:01

Honda on Tuesday said quarterly net profit slipped from a year ago, despite the fading impact of an exploding airbag crisis at supplier Takata. The Japanese automaker blamed an income tax increase for its net profit in the April-June quarter slipping 6.1 percent to 174.6 billion yen ($1.7 billion). Honda also said operating profit rose 11.5 percent as cost cuts helped offset a rally in the yen -- which takes a bite out of exporters' profits -- and temporary production shutdowns at factories in southern Japan.


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Buffett rebukes Trump, questions his business skill

Yahoo Tax - Mon, 2016-08-01 20:57

By Amanda Becker OMAHA, Neb. (Reuters) - Billionaire investor Warren Buffett on Monday campaigned alongside U.S. Democratic presidential candidate Hillary Clinton at a rowdy rally in his home state of Nebraska, where he challenged Republican Donald Trump to release his tax returns and questioned Trump's business acumen. Trump, a New York real estate developer making his first run at public office, has said he cannot release his tax returns, a ritual of U.S. presidential campaigns, until the Internal Revenue Service has completed an audit. “Now I’ve got news for him," said Buffett, whose Berkshire Hathaway conglomerate is based in Omaha.


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Swiss to pass information on HSBC accounts to U.S. tax agency

Yahoo Tax - Tue, 2016-07-26 07:18

By John Miller ZURICH (Reuters) - Switzerland said it plans to give information to U.S. tax authorities about accounts at HSBC Holdings Plc's Swiss private bank, as part of a U.S. investigation into tax evasion. HSBC's Swiss unit has already paid tens of millions of dollars in fines after admitting substandard compliance on tax evasion and other issues. The Swiss government said it made the announcement about its plans on Tuesday to alert HSBC account holders whom it has been unable to locate, and to give them the chance to lodge a legal appeal if they object to having their information sent to the U.S. Internal Revenue Service (IRS).


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British Columbia ends 2015-16 with larger-than-expected surplus

Yahoo Tax - Thu, 2016-07-21 12:19

By Julie Gordon VANCOUVER (Reuters) - British Columbia said on Thursday that it ended its 2015-2016 fiscal year with a larger-than-expected budget surplus, bolstered by higher tax revenues, including a 43.9 percent jump in its property transfer tax revenues. The western Canadian province ended the year with a surplus of C$730 million ($560 million), up from the C$377 million projected in February, and said it remains on track to balance the 2016-2017 budget. The province said it received C$1.2 billion more in tax revenue in 2015-16 than forecast in its original budget, led by a C$468 million jump in property transfer tax revenues compared with the previous year.


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Thai junta offers million baht raffle to bring tax returns online

Yahoo Tax - Tue, 2016-07-19 16:13

By Orathai Sriring and Pairat Temphairojana BANGKOK (Reuters) - "Want to win a million baht? Go for e-payment," says Thailand's junta, offering a lucky draw as an incentive to use a new online payment scheme for business, in an effort to bring some of the massive informal economy onto the books and boost tax revenues. As Southeast Asian economies struggle and tax income misses budget targets, Thailand's finance minister is hopeful a nationwide e-payment scheme will add tax revenue of 100 billion baht ($2.9 billion) a year to the coffers.


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In turnaround, FHA will insure mortgages with PACE assessments

Yahoo Tax - Tue, 2016-07-19 15:15
(Reuters) - The Federal Housing Administration on Tuesday said it would approve mortgages on properties with energy-related home improvements financed through special tax assessments, marking a turnaround for the agency. Property Assessed Clean Energy (PACE) obligations allow homeowners to finance energy-efficient upgrades and renewable energy systems and repay the cost through extra charges on their property tax bills. Lenders argue that a big attraction of PACE financing is that it is attached to the property, allowing homeowners to pass it on to subsequent owners.
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Canada launches tax probe of property cheats in Vancouver

Yahoo Tax - Fri, 2016-07-15 12:56

Canada's tax authority is probing real estate deals in British Columbia for underpayment of taxes, amid a boom in sales, prices and property flipping, and said on Friday it is not specifically focusing on foreign investors. The Canada Revenue Agency said 50 income tax auditors and 20 auditors who specialize in the Goods and Services Tax are looking into real estate deals in British Columbia, where a prolonged surge in prices has fueled fears of a bubble. Vancouver housing prices have risen 50 percent in five years, according to the Vancouver Real Estate Board, and all levels of government have come under pressure to address speculation and foreign investment, particularly from China.


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MMA promoter sentenced for under-reporting income - Quad-Cities Online

Google IRS Federal Income Tax - Wed, 2016-07-13 16:55

Quad City Times

MMA promoter sentenced for under-reporting income
Quad-Cities Online
A federal judge on Wednesday handed down a three-month prison sentence to a mixed martial arts fight manager and promoter from Bettendorf who admitted under-reporting his income on tax returns. "For 56 years, I've tried to be a good person," Monte A ...
QC MMA promoter sentenced to 3 months in tax caseQuad City Times
MMA promoter and manager Monte Cox gets 3-month prison term for federal tax chargeMMAjunkie.com

all 4 news articles »
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Eric Bartoli guilty in $34 million fraud case - Canton Repository

Google IRS Federal Income Tax - Wed, 2016-07-13 16:27

Canton Repository

Eric Bartoli guilty in $34 million fraud case
Canton Repository
Eric V. Bartoli, 61, pleaded guilty in U.S. District Court to eight counts including wire fraud, mail fraud, conspiracy, securities fraud, the sale of unregistered securities and attempted income-tax evasion. Two money-laundering counts were dismissed ...

and more »
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Obama plan to stop tax inversions stirs U.S. business concerns

Yahoo Tax - Wed, 2016-07-13 15:42

The Obama administration's plan to prevent American companies from shifting their headquarters overseas to avoid U.S. taxes is coming under fire from companies and banks that say it would be costly and cumbersome. At issue are proposed Treasury regulations to combat "earnings stripping," a key goal for companies that carry out tax-avoiding mergers known as "inversions" to reincorporate abroad, if only on paper, to cut their taxes. The practice effectively shifts taxable earnings from U.S. operations to the redomiciled former American parent as debt interest payments that are tax deductible in the United States and subject to a lower income tax rate overseas.


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How the Saver's Credit can work for both old and young - BenefitsPro

Google IRS Federal Income Tax - Wed, 2016-07-13 15:36

BenefitsPro

How the Saver's Credit can work for both old and young
BenefitsPro
The main requirement is to have earned income and make a contribution to a 401(k), SIMPLE, SEP, Traditional IRA, Roth IRA or other type of qualified plan. (Rollover contributions don't qualify.) The IRS has published the 2016 AGI thresholds and ...

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Key witness in Wrigley rooftop trial grilled on the stand - Chicago Sun-Times

Google IRS Federal Income Tax - Wed, 2016-07-13 15:10

Chicago Sun-Times

Key witness in Wrigley rooftop trial grilled on the stand
Chicago Sun-Times
Marc Hamid, a one-time Skybox on Sheffield executive, once tried to stop the Cubs from installing a video screen in right field. That same year, a federal grand jury accused Hamid of bilking the Cubs and local governments for hundreds of thousands of ...

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Former investment advisor pleads guilty to securities fraud - Minneapolis Star Tribune

Google IRS Federal Income Tax - Wed, 2016-07-13 14:46

Minneapolis Star Tribune

Former investment advisor pleads guilty to securities fraud
Minneapolis Star Tribune
The SEC's charges led to Welliver's indictment last August on 14 federal fraud and money laundering charges. It says that Welliver had agreed in 2010 to pay $100,000 to another investment adviser to buy the assets of two other mutual funds to increase ...

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Dallas Tax Return Preparer Pleads Guilty In Federal Court - CBS Local

Google IRS Federal Income Tax - Wed, 2016-07-13 14:13

CBS Local

Dallas Tax Return Preparer Pleads Guilty In Federal Court
CBS Local
COM) – Kevin Troy Jernigan, a man who owned a tax preparation business in Dallas, pleaded guilty to one count of aiding and assisting in the preparation or presentation of a false or fraudulent individual income tax return after appearing in federal ...

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