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Jan 27 (Reuters) - Credit ratings agency S&P on Friday cut Hungary's long- and short-term foreign and local currency ratings to 'BBB-/A-3' from 'BBB/A-2', citing persistently high inflation and external pressures. The ratings agency revised its outlook to "stable" from "negative" on expectations that Hungary's economy will avoid a substantial economic downturn over the next two years and weather the indirect effects of the Russia-Ukraine war. S&P expects the Hungarian government, which has pledged to reduce the 2023 budget shortfall to 3.9% of gross domestic product, to gradually reduce fiscal deficits over the next few years. Last week, Fitch cut its outlook on Hungary's long-term foreign currency issuer default rating to "negative" from "stable". Reporting by Aatrayee Chatterjee and Richard Rohan Francis in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
You’re My No. 1. Except on Our Joint Tax Return.
  + stars: | 2023-01-25 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—When calculating federal income taxes, it makes absolutely no difference which spouse is listed first on a joint tax return. An opposite-sex couple can put the man’s name first, start with the woman’s name, list them in order of income, go alphabetically or begin with the spouse who woke up earlier last Tuesday. But there are two lines for names on Form 1040. Somebody has to go first, and somebody has to go second. Maybe knowing something about the order we choose can help us make a deduction about ourselves.
IRS Says Tax-Filing Season to Start Jan. 23
  + stars: | 2023-01-12 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Internal Revenue Service will begin accepting 2022 individual income tax returns on Jan. 23, kicking off a tax-filing season in which officials promise better customer service than last year. The tax-payment deadline this year is April 18 for most taxpayers. Many California residents can wait until May 15 because of the recent natural disasters there. Taxpayers can claim an automatic six-month extension to file their full returns; that doesn’t change the payment deadline.
Rep. Jason Smith of Missouri had been the top Republican on the House Budget Committee. WASHINGTON—House Republican leaders chose Rep. Jason Smith (R., Mo.) to run the House Ways and Means Committee, giving him a prime perch to shape the party’s approach to tax, trade and health policy. As chairman, Mr. Smith will lead a committee with broad power over economic policy and healthcare that is poised to receive an influx of new Republican members. He will help guide the party’s oversight work as the Internal Revenue Service starts spending the $80 billion it received last year.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPiper Sandler's Rich Repetto says the 'FTX debacle' could be a tailwind for CoinbaseRichard Repetto, Piper Sandler senior research analyst, joins 'Closing Bell' to discuss Coinbase cutting more of its workforce.
GOP House Takes First Swipe at IRS Money
  + stars: | 2023-01-09 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/gop-house-takes-first-swipe-at-irs-money-11673284367
Danny Werfel has demonstrated a passion for the details of government work. WASHINGTON— Danny Werfel spent most of his public-sector career deep in the details of federal government operations and his private-sector career in the behind-the-scenes world of consultants. His next turn will be in the harsh political spotlight.
The tax law that Donald Trump signed in late 2017 echoed through his finances in the following years, limiting some tax benefits for him and opening some tax-planning opportunities, according to the former president’s tax returns. Like many other taxpayers from high-tax states such as New York, Mr. Trump was affected by the $10,000 limit on deducting state and local taxes that was imposed by the wider tax law he championed. In 2018, for example, while he was in the White House, he reported paying over $10 million in state and local taxes but could only deduct the $10,000. The House Ways and Means Committee released six years of Mr. Trump’s tax returns Friday.
Donald Trump’s Tax Returns Released by House Committee
  + stars: | 2022-12-30 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—The House Ways and Means Committee released six years of Donald Trump‘s tax returns Friday, pushing documents into the public sphere that the former president had long tried to keep confidential. The panel’s move, days before Democrats lose control of the House on Jan. 3, caps years of political and legal wrangling. House Democrats said they needed the material to oversee the Internal Revenue Service’s annual audits of presidential tax returns, while Mr. Trump and Republicans called it an invasion of taxpayer privacy for political reasons.
WASHINGTON—The House Ways and Means Committee released six years of Donald Trump’s tax returns Friday, showing that his charitable contributions varied widely year to year and that he used reported losses at many real-estate investments including the Trump International Hotel in Washington, D.C., to his advantage. The panel’s move came days before Democrats lose control of the House on Jan. 3, and it capped years of political and legal wrangling while adding details to a set of reports that the committee made public last week.
Instead, at the CNBC Investing Club with Jim Cramer, our team attempts to do so based on position size. Avoiding putting all your eggs in one basket is the reason we strive to construct a diversified portfolio in the first place. At the time of our Apple trim, no other position was appreciably above 5%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
In Alexandria, Virginia, $31 billion landlord CIM Group bought a massive apartment complex in 2020. The group was organizing against CIM Group, the landlord they said had upended their lives. Insider spoke with 10 Southern Towers tenants. The battle between the Southern Towers tenants and CIM could presage what's to come across America. "We're not going to leave"The Southern Towers tenants aren't the only ones following the money.
The Internal Revenue Services postponed the reporting requirement after efforts in Congress failed to delay it or raise the $600 threshold. The Internal Revenue Service on Friday gave millions of Americans a one-year reprieve on new tax-reporting requirements, delaying implementation of a law that requires e-commerce platforms such as eBay , Etsy and Airbnb to give the tax agency information on users with more than $600 in revenue. The delay means the platforms won’t have to send sellers and the IRS a blizzard of 1099-K tax forms early in 2023, and it gives opponents of the $600 threshold more time to push for a change in the law next year.
In a yearly series, CNBC Travel highlights diverse Christmas celebrations around the world. The Gavle goat is moving to a new location this year for the first time in 56 years, according to Visit Gavle, the city's visitor's guide. "He means a lot for us in Gavle, and he's a big part of the Christmas spirit," she said. Teachers, students and parents hold Christmas lanterns made from recycled materials during a campaign for sustainable Christmas celebrations at an elementary school in Quezon City, Philippines. "If I'm in Brazil during Christmas, I take my nephew and niece to a Christmas parade, and we have a blast!
WASHINGTON—The Internal Revenue Service has completed two audits of President Biden’s tax returns since he took office in 2021, but records released this week show it has not finished any audits of Donald Trump from his time in the White House, prompting Democrats to call for mandating annual scrutiny and disclosure of presidential tax filings. For tax year 2020, the IRS determined that Mr. Biden and his wife, Jill, were owed an additional refund, White House spokesman Andrew Bates said. For 2021, which the Bidens filed in April 2022, the couple paid an extra $13 after the audit, Mr. Bates said.
The House Ways and Means Committee late Tuesday made public details of six years of former President Donald Trump’s taxes and audit records, capping a yearslong legal and political fight and showing that he reported little income-tax liability for several years. The reports, drawn from previously confidential Internal Revenue Service documents, said Mr. Trump and his wife, Melania Trump, reported negative adjusted gross income in four of the six years from 2015 through 2020. The Trumps paid some form of federal taxes every year, but reported income-tax liability of $750 or less in three of the six years.
The Internal Revenue Service’s audits of Donald Trump‘s tax returns were thinly staffed and unusually deferential to Mr. Trump’s tax advisers, according to a nonpartisan report from congressional tax specialists. At times, only a single IRS agent was assigned to examine Mr. Trump’s complex tax returns, with insufficient support from specialists, according to the report by the staff of the Joint Committee on Taxation, which provided the information to the House committee that voted to release the former president’s tax information.
Representatives of former President Donald Trump have criticized the decision of Democrats to make his tax returns public. The Internal Revenue Service’s audits of Donald Trump’s tax returns were thinly staffed and at times unusually deferential to Mr. Trump’s tax advisers, according to a nonpartisan report from congressional tax specialists. At times, only a single IRS agent was assigned to examine Mr. Trump’s complex tax returns, with insufficient support from specialists, according to the report by the staff of the Joint Committee on Taxation, which provided the information to the House committee that voted to release the former president’s tax information.
House Panel Votes to Release Donald Trump’s Tax Returns
  + stars: | 2022-12-21 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The House Ways and Means Committee voted Tuesday to release former President Donald Trump’s tax returns, capping a yearslong legal and political fight. The committee released reports and some documents that revealed details about Mr. Trump’s tax returns and audits on Tuesday, showing that he and his wife, Melania Trump, reported negative adjusted gross income in four of the six years from 2015 through 2020. The Trumps paid some form of federal taxes every year, but reported income-tax liability of $750 or less in three of the six years. A full set of tax documents is expected to become public in subsequent days.
Donald and Melania Trump reported negative income in four of the six years from 2015 through 2020 and little or no income-tax liability for several years, according to tax documents released by a House committee. The Trumps paid some form of federal taxes every year, but they reported income-tax liability of $750 or less in three of the six years, documents released by the House Ways and Means Committee showed. The couple’s adjusted gross income totaled negative $53.2 million during that period.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trump-tax-returns-irs-audits-discussed-in-closed-door-house-meeting-11671571402
Congress Clamps Down on Land-Conservation Tax Deals
  + stars: | 2022-12-20 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—Congress is on the verge of imposing strict new tax limits on certain land deals, and the change would mark a victory for the Internal Revenue Service. The legislation targeting so-called syndicated conservation easements was included in an omnibus spending bill released Tuesday that is expected to pass Congress and become law as soon as this week. It takes aim at the proliferation of deals whereby investors can make money from tax breaks for conservation.
Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer. The bill nearing approval raises the age people are required to start withdrawing money from tax-deferred retirement accounts to 75 from 72. It increases retirement savings contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts. It also paves the way for more employers to offer emergency savings accounts inside 401(k) plans.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trump-tax-returns-may-be-released-after-house-panel-meets-tuesday-11671220933
Tom Brady cofounded Autograph at the height of the NFT sports boom. Disgraced FTX founder Sam Bankman-Fried joined the board of the company last year. Insider has learned the company has laid off dozens of employee and cut ties with Bankman-Fried. Autograph, the buzzy NFT platform cofounded by NFL star Tom Brady, has laid off dozens of staffers after separately severing ties with former board member Sam Bankman-Fried, the disgraced founder of FTX, Insider has learned. Bankman-Fried joined the board of directors last year several months after Brady and his then wife, Gisele Bundchen, invested in FTX.
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