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Pedestrians walk past a J.P. Morgan Chase bank branch. Alex Tsai | SOPA Images | Getty Images WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday.  In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle
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Yacht happening; going, going, gone; grey and bootleg; and other highlights of recent tax cases. Lake Worth, Florida: Businessman Dusko Bruer has pleaded guilty to tax evasion and willful failure to file a FBAR. Bruer owned and operated a company that bought U.S.-made agricultural machinery and parts and sold them globally. Beginning in 2003, the
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American Institute of CPAs executive vice president of firm services Mark Koziel announced that he is leaving after almost a decade-and-a-half with the institute to take the helm at international accounting association Allinial Global. Koziel will become president and CEO of the association on August 1, following the retirement of current chief Terry Snyder. He
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Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries. One way to measure targeted tax relief for families is to compare the tax burdens on labor of a family with one
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Steven Mnuchin, U.S. Treasury secretary, speaks during a virtual Senate Banking Committee hearing seen on a laptop computer in Tiskilwa, Illinois, U.S., on Tuesday, May 19, 2020. Federal Reserve chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified on the $2.2 trillion virus rescue package passed by the Congress in March. Photographer: Daniel Acker/Bloomberg via
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Are you worried your employees may not come back to work post pandemic? Some may fear for their safety. Others could be enjoying temporarily enhanced unemployment benefits. Either way, getting some employees back to work may be tougher than you originally thought. Small Business Trends contacted Arran Stewart, CVO and co-founder of Job.com who shared
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The Internal Revenue Service issued its annual inflation adjustment Wednesday for health savings accounts for 2021, at a time when many taxpayers are worried about their health in the midst of the novel coronavirus pandemic. In Revenue Procedure 2020-32, the IRS said for calendar year 2021, the annual limitation on deductions for an individual with
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This week’s map continues our look at state revenue sources, this time focusing on revenue collected through the general sales tax. Sales taxes are the second largest source of state and local tax revenue, accounting for 23.6 percent of total U.S. state and local tax collections in fiscal year 2017 (the latest data available; see Facts
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In California, where state officials are projecting a stunning $54 billion deficit, Gov. Gavin Newsom (D)’s budget proposes a range of new revenue options, including an important change to how business income is calculated for tax purposes, eliminating net operating loss carryovers for most businesses for three years. Net operating loss provisions in corporate net
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