Archive for the ‘Debt Consolidation News’ Category
Taxing the London Whale
Now that a once-obscure J.P. Morgan Chase derivatives trader named Bruno Iksil has become infamous as the London Whale, I suppose it is time to ask whether what he does should be subject to new taxes.
The question predated Mr. Iksil’s misadventures, of course. Ever since the U.S. financial crash of 2008 and the beginnings of the pending Euro-zone financial collapse, governments have been debating whether financial services should be subject to a new tax.
Such a levy could, in theory, accomplish at least three goals: It could raise revenue for countries under great fiscal stress, assure that the financial sector (which often avoids tax) pays a “fair and substantial” share of taxes, and discourage bad behavior and thus stabilize markets.
These last two aims are especially important since the cost to governments of bailing out stupid (at least) financial institutions has run into hundreds of billions of dollars over the past four years.
Of course, such a tax could also have damaging unintended consequences that would damage financial markets.
Now that your tax return is prepared, its time for some spring cleaning, but how long must you keep records before you can throw them out? It depends.
According to the IRS, you must keep the records needed to substantiate all your income and deductions available for inspection. You dont have to spread them out on the coffee table in case someone from the IRS knocks your door. But upon reasonable notice from the IRS, you must be able to produce the records for an audit.
Except in the case of fraud, the IRS must audit your return within three years from the due date of the return or the date of filing, whichever is later. That statute is extended by three years if you misstated your income by 25% or more, and indefinitely if you file a fraudulent return, or no return at all.
Prior Tax Returns Keep copies of all tax returns you have filed in the past.
Key Question Now is Finding the Finance
The decision to install the new National Childrens Hospital next to the Mater on the north side of Dublin has been dogged by controversy since it was announced in 2006.
Hours of talk time and newspaper printing hectares have been allocated to the various arguments for and against the chosen site.
Many people have expressed concern about the access path to the bustling city, the lack of parking, the proposed metro station site has not yet been built, and it would be too much wind on top of a 16-storey building to build a heliport essential.
On the other hand, those arguing in favour of the Mater campus say it’s important to get on with the hospital once and for all, as the facilities at Crumlin and Temple Street hospitals in particular are far from ideal.
Initially there was reluctance on the part of the children’s hospitals in Tallaght and Crumlin to get involved in the development of the hospital at the Mater site. Eve
Taxes, Health Reform, and the Supreme Court
There is more to the Affordable Care Act than the individual mandate. There are also, for example, taxes. And since this is TaxVox, I thought it would be useful to think about some of those revenue provisions in the wake of the Supreme Court’s three-day hearing on the fate of the ACA.
The law includes both tax increases and tax cuts. Even if the controversial individual mandate is struck down, most of those tax changes would survive—unless, of course, the High Court grants the law’s critics their fondest wish and kills the entire act.
The only tax—if it is a tax at all—that relates directly to the mandate is the penalty people would owe for failing to buy insurance. Whatever High Court does to the mandate, it will be interesting to learn whether the justices decide this levy is in fact a tax or a penalty. The Obama Administration is firmly on both sides of this question, as are the opponents of the law.
The ACA also includes some important tax cuts—generous credits aimed at subsidizing small businesses that buy insurance for their employees. You might n
How Are Gambling Winnings Taxed?
Most people dont think about taxes on their way to the casino. But what might seem like nothing more than a fun night in Las Vegas actually carries significant tax consequences if you win. As is often the case, the federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report your haul can result in serious penalties and headaches you just dont want.
Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet its important to know the thresholds that require reporting. As Bankrate.com explains, winnings in the following amounts must be reported:
- $600 or more at a horse track
- $1,200 or more at a slow machine or bingo game
- $1,500 or more in keno winnings
- $5,000 or more in poker tournament winnings
All of these require giving the payer your Social Security number, as well as filling out IRS Form W2-G to report the full amount won. Read more…
Do you know who your insurer is? This is neither a trick question, nor a bungling of the famous 1970s parenting PSA. Rather, it’s an honest question that I’d hazard to guess a large segment of the 100 million consumers under the Blue Cross and Blue Shield umbrella would be unable to answer due to the confusing corporate structure behind this association.
I mean, do you know the difference between Anthem Blue Cross Blue Shield, Blue Cross Blue Shield, Blue Cross Blue Shield of Illinois, Premera Blue Cross Blue Shield, and Blue Cross Blue Shield of Nebraska? Probably not, but don’t feel bad.
You see, the aforementioned names all denote distinct insurance companies who operate in different states yet are all under the umbrella of the Blue Cross and Blue Shield Association, which was formed in 1982 and is altogether comprised of 38 independently operated insurance providers as well as a federal employee program.
The independent providers operating under this overarching association use an exceedingly confusing naming convention filled with a hodgepodge of “blues,” “crosses,” “shields,” and company names in order to create a national brand for products offered by 38 different companies.
Such an approach works fine for physical products, as no matter where you buy a Pepsi, for example, it’s going to be a Pepsi, and you know that the buck eventually stops with PepsiCo. However, the most i
The Corporate Blog Vs Social Networking Sites
It’s an oft repeated question these days: who needs a corporate blog these days? There are better ways to grab eyeballs, generate a buzz and basically let your brand interact with your customers; Facebook with all its apps and the ‘like’ feature, Twitter’s short and sweet one-line updates, LinkedIn with its professional look appealing especially to B2B marketers.
The fact that most organizations already have a presence on most of these networks also lends credence to these newly emerging notions. A recent study indicated the following:
- 74 percent of companies maintain a Facebook page
- 73 percent of business organizations have a presence on LinkedIn.
- 64 percent are using Twitter
These figures lend support to the argument that since your garden variety corporate blog needs support from Facebook and Twitter anyway to generate traffic, why not rely on these alone?
Given the amount of effort that g
oes into turning out a well-written, relevant blog that is regularly updated, such sentiments are understandable. And ther
Not All Taxes on the Rich Are Created Equal
In the face of growing income inequality and big budget deficits, some political leaders and commentators are showing a growing interest in raising taxes on the rich. But the ideas on the table would have very different results.
The Tax Policy Center has looked at several plans, including the 28 percent limit on the tax savings from itemized deductions that President Obama has proposed and a minimum 30 percent tax rate on households earning over $1 million. Obama has endorsed this “Buffett rule,” although he has not proposed a specific version. TPC also analyzed a 21 percent effective minimum tax that would phase in for couples with income over $250,000 ($200,000 for singles). This EMT is similar to the Buffett rule, but would apply a lower minimum tax rate beginning at a lower income level. Both the Buffett rule and the EMT would be imposed on top of the current alternative minimum tax.
Relative to TPC’s current policy baseline, which assumes the 2001-2010 tax cuts and the AMT patch are extended, the version of the Buffett rule proposed by Sen. Sheld
We’ve heard from many of you about concerns about TurboTax adverting. We have investigated multiple reports that TurboTax ads recently ran on the Rush Limbaugh show. We have confirmed that TurboTax ads did not air on the Rush Limbaugh show on Friday, Mar. 2 and Mon. Mar. 5, in accordance with our media buying guidelines.
We believe that TurboTax has been erroneously included in a list of advertisers because we do advertise on other Clear Channel Network programs. We take every possible step to ensure our media buying guidelines are fully enforced.
If you heard first-hand, a TurboTax ad, please let us know the date, time, city and station so we can immediately investigate.