Rolling over a 401(k) plan or another qualified retirement plan can potentially trigger a tax penalty if you fail to complete the transaction within the appropriate time frame. Fortunately, the Internal Revenue Service (IRS) is loosening up the rules on rollovers for certain taxpayers who aren’t able to roll their retirement account over quickly enough.…
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The crackdown on crooks who use stolen IDs to file fraudulent tax returns will expand in 2017 — including boosting efforts to identify phony W-2 forms and a plan involving delaying tax refund cash for some lower-income consumers. Taxpayers who claim the earned income tax credit or the additional child tax credit will face increased…
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Donald Trump on Monday (AEDT) recast himself as a more moderate US president in waiting, expressing flexibility on his core campaign pledges to build a wall on the Mexico border, deport illegal immigrants, prosecute Hillary Clinton and axe President Obama’s healthcare law. “I’m a very sober person,” the president-elect said. In his first television interview…
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WASHINGTON: Asserting that H-1B visa creates more jobs, a Silicon Valley-based CEO has urged US President- elect Donald Trump to reform the system and increase the quota of this speciality work visa, which would help in achieving his agenda of spurring growth in the country. “So here’s a first step: reform the H-1B visa program…
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The IRS isn’t doing enough to monitor the use of virtual currency, the agency’s inspector general said in a report Tuesday. There is “little evidence of coordination” between different parts of the Internal Revenue Service on policing virtual currencies such as bitcoin, according to the Treasury inspector general for tax administration. As with cash, the…
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Not only did Donald Trump win the presidency last night, but the Republican party retained control of both the House of Representatives and the Senate. This means that the tax plan Donald Trump has proposed, which is mostly in line with the ideas of the rest of his party, could actually happen, resulting in the…
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WASHINGTON — The stunning election of Donald J. Trump as president and the re-election of a Republican-controlled House and Senate will usher in sweeping change to the nation’s policy course that will most likely amount to a repudiation of much of President Obama’s legacy and will reorient the United States’ position on the world stage.…
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It may still be 2016 but the Internal Revenue Service (IRS) is already thinking about the 2017 tax season. The IRS convened with state tax agencies and industry partners this month to talk about plans for improving identity theft protections for taxpayers. The collective message? Cooperation is the key to protecting taxpayers from identity theft…
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State tax initiatives are not as captivating as the race between Donald Trump and Hillary Clinton. However, these measures may affect your financial life more. Proposed tax increases on vice — in the form of levies on cigarettes, marijuana and soda — will be on the ballot in many states. Some states will decide whether…
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Toward the bottom of Tuesday’s ballot — past the presidential candidates, the U.S. Senate race and the long list of statewide propositions — is a half-cent sales tax proposal that would fund the most ambitious transit expansion in Los Angeles County history. Measure M would generate an estimated $120 billion over four decades for Metropolitan Transportation Authority…
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