Month: September 2020

A recent report from the Organisation for Economic Co-operation and Development (OECD) on 2020 tax reforms reveals an increase in the number of environmentally-related tax policies when compared to 2019. Reforms were concentrated in a limited number of countries and their scope continued to be narrow. Gas taxes, carbon taxes, and taxes on electricity consumption
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David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, April 29, 2019 Mike Blake | Reuters Goldman Sachs CEO David Solomon restructured several of his businesses and named new heads for the bank’s asset management and consumer and wealth management divisions.  The moves announced
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Intuit has created a software integration between its QuickBooks Online and Amazon Business. Small businesses using both platforms can now automate purchase reconciliation and categorization when making purchases on Amazon Business.Through the new integration, all Amazon Business purchases will be automatically imported into QBO, with data being refreshed multiple times per day. Purchase details, including
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The ongoing coronavirus crisis brought health care benefits at the center of employee benefits. But for millennials, career advancement opportunities are still the main driving force. According to the latest survey from Life Extension, about one-third of millennials prioritize work over health. Career Over Health: What Different Generations Do What is most important in life
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The Internal Revenue Service has issued final regulations that update the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31. In July, the IRS released a draft of a redesigned 2021 Form W-4P and instructions intended to align with the redesigned W-4. The draft W-4P also proposed a
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Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought. Combined with a desire to decriminalize marijuana, the zeitgeist is ideal for legalization. This Election Day, voters in Arizona, Montana, New Jersey, and South Dakota will consider legalization and
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An indoor farming start-up that heralds itself as the future of agriculture and has Martha Stewart on its board announced Tuesday it is going public through a reverse merger, the latest in a series of blank-check deals during the coronavirus pandemic.   Kentucky-based AppHarvest is merging with special purpose acquisition company Novus Capital Corp., while picking up $475 million
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More bucks for the IRS; deductible haircuts; virtues of virtual learning; and other highlights from our favorite tax bloggers. Getting serious Tax Vox (https://www.taxpolicycenter.org/taxvox): Yin and Yang Dept: “How Much More Money Could the IRS Collect If Congress Gave Them More Money?” TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Turns out the Congressional Budget Office has estimated that modest
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September 2020 Update: Since we released our first analysis of Biden’s tax proposals in April 2020, the campaign has proposed several new tax policies that have impacted our revenue and distributional estimates. You can see all the updates here. Key Findings Democratic presidential nominee Joe Biden would enact a number of policies that would raise
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Grant Thornton announced Monday revenues of $1.92 billion for the fiscal year ended July 31, 2020, representing a 1 percent year-over-year increase. The Top Eight Firm reported the uptick even as the latter months of its year marked the beginning of the coronavirus pandemic, which the firm quickly responded to by instituting a work-from-home policy
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Different states varied widely in the effect of the pandemic-generated shutdowns, with many suffering little or no revenue loss, while others are billions in the hole. Among the latter, most were not prepared with budget set-asides to make up for any shortfalls, and are awaiting bailouts in the form of relief packages in the next
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