Share to Twitter Share to Linkedin The beauty of Combined Federal State Filing is that you don’t have to report the same information twice for your federal and state/local taxes. But last year, the IRS didn’t include its new form for reporting non-employee compensation (1099-NEC) in the program. The form is used by business like Uber UBER and Doordash that hire independent contractors to do work. As a result, 36 states that participate in the combined tax reporting program scrambled to enact their own direct reporting requirement. For tax year 2021, the form is included in the sharing program. But now that states have their own reporting systems in place, they’re reluctant to scrap them. “The IRS really fumbled [when] they failed to include it in that sharing program,” said Sovos tax expert Wendy Walker. “By having 36 states go out and build their own requirements last year, why would they want to shift back over to the IRS’ sharing program this year? If … [Read more...] about IRS ‘Fumble’ Means Extra Tax Reporting For Businesses In More Than 30 States
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Image source: The Motley Fool. Colgate-Palmolive Co ( NYSE:CL ) Apr 30, 2021 , 8:30 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, and welcome to today's Colgate-Palmolive Company First Quarter 2021 Earnings Conference Call. [Operator Instructions] Now for opening remarks, I would like to turn the call over to Chief Investor Relations Officer, John Faucher. Please go ahead, John. John Faucher -- Chief Investor Relations Officer Thanks, Cierra. Good morning, and welcome to our 2021 first quarter earnings release conference call. This is John Faucher, Chief Investor Relations Officer. Today's conference call will include forward-looking statements. Actual results could differ materially from these statements. Please refer to the earnings press release and our most recent filings with the SEC, including our 2020 annual report on Form 10-K and subsequent SEC filings, all … [Read more...] about Colgate-Palmolive Co (CL) Q1 2021 Earnings Call Transcript
Share to Twitter Share to Linkedin I wrote an earlier version of this column rather quickly, without writing down the math. The point made before — that this is a good time to do Roth conversions — stands, but I want to be more precise. First, Roth conversions make sense when your tax bracket is temporarily low. Given our country’s long-term fiscal insolvency, tax rates are likely to be raised. Meanwhile, the real long-term pre-tax return we can earn from saving is essentially zero, but we have to pay taxes on nominal, not real income. Finally, the investment climate is highly uncertain suggesting the value of paying off sure liabilities. Investing these days, particularly in the stock market, is scary. The stock market’s PE ratio is historically very high. There is also considerable uncertainty about 1) annual inflation staying at 7 percent or even going higher, 2) the Fed's raising interest rates, 3) the precise course and curse of Omicron, 4) the potential … [Read more...] about Now Is a Good Time For Roth Conversions
Share to Twitter Share to Linkedin IRS Commissioner Charles “Chuck” Rettig recently testified before Congress that while the official estimate of the “tax gap” is $400 billion, “it would not be outlandish to believe that the actual tax gap could approach and possibly exceed one trillion dollars per year.” The “tax gap” is the difference between how much should be paid and collected in taxes in the United States each year and how much is actually paid and collected each year. According to the Congressional Budget Office , the IRS’ funding has been cut by an estimated 20 percent since 2010, forcing it to eliminate 22 percent of its staff. Enforcement is down by 30 percent. Without question, the IRS budget for enforcement should be increased, and done so quickly so that all Americans pay their fair share of taxes. However, if Congress and the President really want to get serious about tax enforcement, they must fund the IRS’s ability to provide good customer … [Read more...] about How To Close The Tax Gap? Provide Better IRS Service, As Well As More Audits Of The Rich
Experts believe Prime Minister Prayut Chan-o-cha's visit to Saudi Arabia heralds a major breakthrough in efforts to restore diplomatic ties between the two countries, which have been strained for more than 30 years. The visit is also expected to boost economic ties, especially via the renewed export of labourers to Saudi Arabia. Prime Minister Prayut will be in Saudi Arabia today for an official two-day visit which will end tomorrow in order to strengthen relations. Gen Prayut was invited by His Royal Highness Prince Mohammad bin Salman, also Saudi Arabia's deputy prime minister and minister of defence, according to a Thai government source. Abdulroning: Normalising ties a boon This is the first official government visit in 30 years, said the source. Saudi Arabia decided to downgrade diplomatic ties with Thailand and adopt a number of measures after the murder of Saudi diplomats and the disappearance of a Saudi businessman in Bangkok following the Saudi gems theft case … [Read more...] about Saudi trip ‘breakthrough’
Brightline, the only private passenger rail company in the U.S., could begin construction of its high-speed train from Las Vegas by early 2023 as U.S. regulators start reviewing an extension that would connect it to a Los Angeles suburb. The review focuses on a 49-mile section of Brightline West, the planned service, in California’s Cajon Pass by the Transportation Department’s Federal Rail Administration, the agency said . That segment of the railway, starting in Rancho Cucamonga, would run at speeds of up to 180 miles an hour and connect to a previously approved 216-mile portion from California’s Victor Valley to Las Vegas (speeds on that segment will be up to 200 miles an hour). The assessment could be completed by this November, allowing Brightline to finally begin construction of the project, with an aim of launching passenger rail service in 2026. If the Brightline West project receives final federal approval the Miami-based company could apply for potential … [Read more...] about High-Speed Las Vegas Train Back On Track As U.S. Reviews L.A. Extension
Gavet, photographed on the Bolshoy Kamenny Bridge, in Moscow, is that rare outsider who has thrived in Russia’s insular business community. | Photo by Yuri Kozyrev “We will have dinner,” Maelle Gavet says. “And you will see the girls.” advertisement advertisement “The girls?” I ask. “I told you I’d show you the nightlife of Moscow” is Gavet’s riddle of a reply. “I will show you the nightlife of Moscow.” Gavet–CEO of Russia’s largest e-commerce company, Ozon Holdings , and the closest thing this country has to a Jeff Bezos–is taking me to Soho Rooms, one of the city’s hottest nightclubs, and then we’ll be off to a few more clubs. If we’re still upright by 8 a.m., we plan to check out a pretty cool after-hours spot she knows about. “Or you can go home if you get too tired,” she adds. advertisement advertisement It’s 10 p.m. in Moscow on a sticky May night. The sun is just going down. And as Gavet’s driver–a … [Read more...] about Is This The Jeff Bezos Of Russia?
South Korean beauty influencer Song Ji-ah, who was embroiled in a fake branded goods controversy recently, has been revealed to make an average of 30 million won (RM105,000) per Instagram post. Her management agency Hyowon CNC shared the figure with South Korean magazine Star 1 and also divulged that she earns 80 million won (RM280,000) per video mention on YouTube. According to the report, Song, 25, who shot to fame as the fan favourite in reality dating show Single's Inferno, commands higher advertisement fees than some South Korean celebrities. Also known as FreeZia, she started her YouTube channel in 2019 and has seen her subscriber count skyrocket from about 500,000 before her Single's Inferno appearance to 1.9 million currently. Her Instagram account has seen a similar surge in popularity and she now has 3.5 million followers. Even after she apologised with a handwritten note on Jan 17 for using counterfeit luxury goods from brands such as Chanel and Dior, and … [Read more...] about ‘Single’s Inferno’ star Song Ji-ah makes RM105k per Instagram post
Malaysia: Covid-19 Watch: 3,214 new cases bring total to 2,836,159 Covid-19 Watch: 15 Kedah schools closed after 525 students and 25 teachers test positive Covid-19 Watch: 45.7% of adult population have received vaccine booster dose Covid-19 Watch: 313% increase in clusters involving educational institutions PLUS expects 1.6 million vehicles on highways for CNY peak days Court of Appeal to decide on Najib's appeal in suit against AMMB Holdings, two others on Thursday (Jan 27) Govt committed to addressing consumer goods price hikes, says Ismail Sabri Govt allows 32 firms to bring in frozen chicken in move to overcome supply shortage Najib to apply for Queen's counsel from UK for SRC appeal Rosmah's trial postponed to Feb 3 after lead counsel gets Covid-19 Zahid ordered to enter defence on 47 charges of corruption Bank Negara’s international reserves at US$116.2bil as at Jan 14 Shoppers are seen walking along the Orchard Road in Singapore. - Bloomberg … [Read more...] about Asean News Headlines at 10pm on Monday (Jan 24, 2022)
Share to Twitter Share to Linkedin Big data and analytics player Palantir’s stock (NYSE: PLTR) has already lost about 21% of its value year-to-date in 2022, underperforming the S&P 500 which is down by about 6%. The stock also remains down by almost 45% from its November 2021 highs. While high-growth software stocks have seen a sell-off, due to the prospect of rising interest rates and the broader market rotation out of pandemic winners into real economy sectors, there are some stock-specific factors that are impacting Palantir, as well. For example, investors are likely a bit concerned about the slower growth at the company’s government business over Q3 2021 and also due to its growing dependence on the U.S. market for commercial revenue growth. However, we think that Palantir stock looks like a good pick at its current market price of about $15 per share. Despite the recent concerns, Palantir’s overall growth rate is likely to remain solid. Sales are on … [Read more...] about Down 45% Since November, Is Palantir Stock A Buy?