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☆ Bipartisan lawmakers visit Taiwan as Biden seeks to stabilize China relationship
▼ + stars: | 2023-06-27 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

Taiwan is a self-ruling democracy, but China views Taiwan as a province of the Chinese mainland. The visit comes at a sensitive time for America's relationship with China, its largest trading partner and strategic competitor in political, economic and security arenas. WASHINGTON — A bipartisan congressional delegation led by House Armed Services Committee Chairman Mike Rogers landed in Taiwan on Tuesday for a three day visit, according to the American Institute in Taiwan. Treasury Secretary Janet Yellen reportedly plans to visit China in July, Bloomberg News reported this week. But while visits by senior Biden administration officials to China may help normalize the U.S.-China relationship, visits like Rogers' delegation to Taiwan tend to have the opposite effect.

Persons: Mike Rogers, Tsai Ing, Adam Smith, WASHINGTON —, Rogers, Biden, Antony Blinken, Blinken, Janet Yellen Organizations: Republicans, U.S, Capitol, Taiwanese Ministry of Foreign Affairs, The Alabama Republican, House Armed Services, American Institute, Congressional, United, Bloomberg News, Treasury, Biden, ., National Security Council Locations: Afghanistan, Taiwan, Washington, Pacific, China, Beijing, WASHINGTON, Taipei, United States

☆ IRS weighs guidance for small business tax credit. ‘People were duped,’ taxpayer advocate says
▼ + stars: | 2023-06-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After a flood of business returns with a pandemic-era tax credit, the IRS is weighing guidance for those who wrongly claimed the tax break. The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. There's still time to amend returns and claim the credit — worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. Experts say the opportunity has sparked a wave of specialist firms falsely promising business owners they qualify for the complicated tax break. As of March 3, just over 866,000 companies claimed and received employee retention credits totaling over $152.6 billion, according to the latest IRS Data Book.

Persons: Erin Collins Organizations: ERC, American Institute of Certified Public Accountants, Finance, Firms, IRS

☆ Firms are 'bombarding' small businesses with ads for a Covid-era tax credit, advisor says. Here's how to know if you qualify
▼ + stars: | 2023-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. The tax break — known as the employee retention credit, or ERC — was enacted in 2020 to support small businesses during the Covid-19 pandemic, worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. While the credit applies to tax year 2020 or 2021, business owners still have time to amend returns and claim the credit, which has sparked a flood of ads from companies offering to help. While Hausz's company has completed at least 100 amended filings for clients to claim the employee retention credit, it has also informed clients when they don't qualify. "ERC mills" have popped up, charging small businesses up to 25% to 30% of the credit received, said Kristin Esposito, director for tax policy and advocacy for the American Institute of CPAs.

Persons: Craig Hausz, Kristin Esposito Organizations: ERC —, Finance, CMH Advisors, ERC, American Institute of CPAs Locations: Dallas

☆ Taiwan sends up fighters as Chinese warplanes cross strait's median line
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, June 11 (Reuters) - Taiwan's air force scrambled into action on Sunday after spotting 10 Chinese warplanes crossing the sensitive median line of the Taiwan Strait, as the island's defence ministry said four Chinese warships also carried out combat patrols. In a short statement, Taiwan's defence ministry said that as of 2 p.m. (0600 GMT) on Sunday it had detected 24 Chinese air force planes, including J-10, J-11, J-16 and Su-30 fighters, as well as H-6 bombers. It did not specify where the aircraft flew but said 10 had crossed the median line of the Taiwan Strait, which separates the two sides and had previously served as an unofficial barrier. China's defence ministry did not immediately respond to requests for comment. In April, China held war games around Taiwan following a trip to the United States by Taiwan President Tsai Ing-wen.

Persons: Tsai Ing, William Lai, Lai, Tsai, Laura Rosenberger, Ben Blanchard, Martin Pollard, Michael Perry, William Mallard Organizations: Taiwan, Democratic Progressive, American Institute, Thomson Locations: TAIPEI, Taiwan, Pacific, China, Taiwan Strait, United States, Beijing, Washington, Taipei

☆ This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
▼ + stars: | 2023-06-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — If you received a tax penalty notice from the IRS, it's possible to get the fees waived in certain situations, tax experts say. "It's like a get out of jail free card," said Rosemary Sereti, managing director of Deloitte Tax and a former IRS senior executive. "Very frequently, these two penalties run together," said Debra Estrem, managing director of private wealth controversy at Deloitte Tax, who also worked at the IRS Office of the Chief Counsel. Another fee, the accuracy-related penalty, is typically assessed at 20% of the underpayment amount for cases of "negligence or disregard," according to the IRS. There's also a high fee for civil fraud — "a whopping 75% penalty" — but the IRS has the "burden of proof" for those cases, she said.

Persons: Rosemary Sereti, Debra Estrem, Estrem, There's Organizations: Deloitte Tax, IRS, American Institute of Certified Public Accountants, Finance Locations: Las Vegas

☆ IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says
▼ + stars: | 2023-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But there's still work to do, according to National Taxpayer Advocate Erin Collins. However, despite customer service boosts, the agency is still working through a sizable backlog — including amended returns, filings in suspense and other correspondence, she said. Collins said the IRS is currently juggling 3.7 million amended returns, 6.8 million "in suspense" with missing information and 5.3 million pieces of correspondence. This season, the agency has prioritized phone service and answered more than 85% of calls from key phone lines in less than five minutes. "The problem is, we are now back to a backlog of paper correspondence and amended returns, similar to where we were a year ago," she said.

Persons: there's, Erin Collins, Collins Organizations: VEGAS, IRS, American Institute of Certified Public Accountants, Finance, Advocate Service Locations: Las Vegas

☆ Taiwan activates air defence as China aircraft enter zone
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 8 (Reuters) - Taiwan activated its defence systems on Thursday after reporting 37 Chinese military aircraft flying into the island's air defence zone, some of which then flew into the western Pacific, in Beijing's latest mass air incursion. Taiwan's defence ministry said that from 5 a.m. (2100 GMT on Wednesday) it had detected 37 Chinese air force planes, including J-11 and J-16 fighters as well as nuclear-capable H-6 bombers, flying into the southwestern corner of its air defence identification zone, or ADIZ. China's defence ministry did not immediately respond to a request for comment. On Monday, she told Taiwan media that the United States had an enduring interest in preserving stability in the Taiwan Strait and the United States would continue to arm the island, a source of constant friction in Sino-U.S. ties. In April, China held war games around Taiwan following a trip to the United States by Taiwan President Tsai Ing-wen.

Persons: Laura Rosenberger, Tsai Ing, Ben Blanchard, Tom Hogue, Raju Gopalakrishnan Organizations: Pacific, American Institute, Taiwan, Thomson Locations: TAIPEI, Taiwan, Pacific, China, Russia, Japan, East China, Washington, Taipei, United States, Taiwan Strait, U.S

☆ Here are tax-savvy ways to donate money, according to a charitable giving expert
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — Tax savings aren't typically the main reason for philanthropy. But if you're planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Roughly 33% of taxpayers itemized deductions in 2017, compared with fewer than 10% in 2021, said Hoyt, speaking at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Tuesday. Given these constraints, investors can maximize tax breaks by "bunching gifts," Hoyt said. "Concentrate your gifts in one year, as opposed to spreading them over several."

Persons: there's, Christopher Hoyt, Hoyt, Ivy League acceptances Organizations: VEGAS, University of Missouri, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Kansas City, Las Vegas

☆ Fact Check-Pregnancy ultrasound does not cause the DNA damage of ‘250 chest x-rays’
▼ + stars: | 2023-06-06 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

The text in one post sharing the claim (here) reads, “A Single Exposure to Ultrasound Causes DNA Damage Similar to 250 Chest X-Rays” overlayed on an ultrasound image of a fetus. A URL printed across the fetus image leads to an article (here) that makes unfounded claims about the risk of fetal ultrasound, and cites a 1981 study for the “250 chest x-rays” figure. The 1981 study did not draw any such conclusion. In response to a request for comment, the author of the article Jeanice Barcelo said she stands by her claim about the 1981 study. A 1981 study of mouse cells in test tubes did not conclude that ultrasound caused DNA damage equivalent to that of hundreds of x-rays, and extensive research finds ultrasound to be safe for use during pregnancy.

Persons: RAY, “, ”, Safwan, Ann, Robert H, Lurie, Ken Karipidis, Karipidis, Halabi, Jeanice Barcelo, Barcelo, Read Organizations: grays, Reuters, RAY Ultrasound, U.S . Food, Drug Administration, FDA, Lurie Children’s Hospital of Chicago, Chicago Institute for Fetal, Australian Radiation Protection, Nuclear Safety Agency, International Commission, American Institute of Ultrasound, International Society of Ultrasound, Gynecology, Health Organization Locations: mSv

☆ These lesser-known tax tips may help college-bound families
▼ + stars: | 2023-06-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — College is a major expense for many families, but a payment strategy can provide significant tax savings, according to a college funding expert. "Distribution planning is not just for retirement," said certified financial planner Ross Riskin, chief learning officer for the Investments & Wealth Institute. Families also need a plan when tapping assets to pay for college, he said. Education funding can be complicated, especially when you're juggling eligibility for college tax credits, Riskin said at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Monday. However, you can't "double dip" tax breaks by claiming one of these credits and withdrawing money from a 529 college savings plan for the same expense.

Persons: Ross Riskin, Riskin Organizations: VEGAS —, Investments & Wealth Institute, Families, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Las Vegas

☆ Chinese state media dismiss U.S. diplomat's Beijing visit
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 5 (Reuters) - A Chinese state-backed newspaper criticised the visit of a senior U.S. State Department official to China, saying his visit was motivated more by Washington's own goal to portray itself as the side seeking communication and not Beijing. Sino-U.S. relations have sunk to new lows since U.S. State Secretary Antony Blinken scrapped a planned trip to China in February after an alleged Chinese spy balloon flew through U.S. airspace. Some experts have great doubts as to whether the U.S. side can inject some positive energy into bilateral relations ahead of the next U.S. presidential elections, the Global Times said. "The U.S. has been seeking dialogue while continuing to be provocative," it reported, quoting an expert at a Chinese state think tank. "We haven't seen any positive statements from the U.S. concerning the core interests or bilateral relations."

Persons: Washington's, Pacific Affairs Daniel Kritenbrink, Antony Blinken, Laura Rosenberger, Lloyd Austin, Li Shangfu, Ryan Woo, Ben Blanchard, Michael Perry, Stephen Coates Organizations: U.S . State Department, United, Global Times, State, East Asian, Pacific Affairs, State Department, American Institute, Washington, Central News Agency, . Defense, China's, Austin, Thomson Locations: BEIJING, U.S, China, Beijing, United States, Taiwan, South China, Taipei, Singapore, Russia

☆ Factbox: Who are the three Russian scientists accused of state treason?
▼ + stars: | 2023-05-18 | by ( Lucy Papachristou | ) www.reuters.com time to read: +6 min

May 18 (Reuters) - Three Russian scientists who have worked on hypersonic missile technology face "very serious accusations" of state treason, the Kremlin says. Maslov was detained early in the morning of June 28 last year in Novosibirsk, according to an interview that his sons Nikolai and Alexei gave to local media. He declined to tell them anything about the possible reasons for his arrest, and they learned from his lawyer that he was being charged with state treason. Kommersant newspaper reported that Maslov was accused of divulging state secrets related to hypersonics, but provided no further details. Born in Siberia, he studied in the aircraft engineering department at Novosibirsk State Technical University.

☆ Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing
▼ + stars: | 2023-05-12 | by ( Anna Mutoh | ) www.wsj.com time to read: +1 min

Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. Photo: Thomas Wells/The Northeast Mississippi Daily/Associated PressGraduates entering the workforce this year who are considering careers in accounting should see plenty of demand for their services as the industry grapples with a dearth of candidates. But even so, they may find what companies are willing to pay them underwhelming, particularly given the rigorous academic and testing requirements required to follow this career path. Recruiters say experienced accountants are often moving into new roles in finance and technology. And the exodus is expected to worsen as baby boomers leave the workforce, with 75% of certified public accountants retiring or close to retiring in the next 15 years, according to the American Institute of CPAs.

☆ Taiwan says F-16 deliveries delayed, working to minimise damage
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

[1/3] 12 F-16V fighter jets perform an elephant walk during an annual New Year's drill in Chiayi, Taiwan, January 5, 2022. REUTERS/Ann WangTAIPEI, May 4 (Reuters) - Taiwan Defence Minister Chiu Kuo-cheng said on Thursday that the delivery of 66 advanced new F-16Vs from the United States has been delayed due to supply chain disruptions and the ministry was working to minimise the damage and "make up deficiencies". Speaking to reporters at parliament, Chiu said Taiwan had asked the United States to "make up the deficiency", including prioritising spare part deliveries for the existing fleet. The ministry is using diplomatic channels, such as via the de facto U.S. embassy in Taipei, to resolve the problem, Chiu said. Neither the de facto embassy, the American Institute in Taiwan, nor Lockheed Martin immediately responded to a request for comment.

☆ Tomorrow Is Earth Day. Let’s Celebrate Our Harbor.
▼ + stars: | 2023-04-21 | by ( James Barron | ) www.nytimes.com time to read: +1 min

Weis, a professor emerita at Rutgers University and a former president of the American Institute of Biological Sciences, nominated the estuary. “That’s not the people I was hoping to reach. “We haven’t met the goals of the Clean Water Act,” he said. “The spring runs of American shad up the Hudson River were once legendary,” he said. “Now it’s just a fraction of what it was.” He said the same was true of herring and other migratory fish.

☆ Is it smarter to get a tax refund in 2023 or more money throughout the year? Tax experts weigh in
▼ + stars: | 2023-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Namely, you'd be wise to assess your withholding, tax experts say. To adjust your withholding, you'll have to file a new W-4 form with your company. If you instructed your employer to withhold too much throughout 2022, you got a tax refund; too little and you owed a bill. You can use the IRS's withholding estimator tool to give yourself a good idea of your breakeven number. But depending on your financial habits, you may want to adjust to receive a refund or owe a bill, tax experts say.

☆ Bangladesh to pay Russia $300 million in Chinese yuan for a nuclear plant loan
▼ + stars: | 2023-04-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bangladesh will pay Russia $318 million worth of yuan for a loan payment on a nuclear power plant. Russia, whose state-owned Rosatom is building the nuclear plant, had initially insisted on payment in rubles and refused yuan due to concern over potential conversion losses, according to Bloomberg. But a representative for Rosatom confirmed to the Washington Post that the loan payment will be made in yuan. The payment is partial reimbursement for a $12 billion loan the South Asian country previously received from Moscow, and will help fund a nuclear power plant near the capital city of Dhaka. Bangladesh's yuan payment is the latest example of de-dollarization.

☆ SpaceX’s Starship ‘Learning Experience’ Ends in Explosion
▼ + stars: | 2023-04-20 | by ( Kenneth Chang | ) www.nytimes.com time to read: +1 min

SpaceX’s Starship rocket exploded above the Gulf of Mexico on Thursday, minutes after lifting off from a launchpad in South Texas. There were no people aboard the spacecraft, the most powerful ever to launch. While it failed to reach orbit, it was not a fruitless failure for the private spaceflight company. Before the launch, Elon Musk, the company’s founder, had tamped down expectations, saying it might take several tries before Starship succeeds at this test flight. The brief flight produced reams of data for engineers to understand how the vehicle performed.

☆ This strategy could save thousands off the cost of college: 'It's a very smart way to start your higher education,' says expert
▼ + stars: | 2023-04-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

Gabriel Quezada, 17, is a senior at Early College High School in Costa Mesa, California. His father, Humberto Quezada, said he first heard about the Early College High School in Costa Mesa, California, when Gabriel was in third grade. Although there are up to 900 early college programs nationwide, according to Zeiser, not that many people know about them. 'A very smart way to start your higher education'"The culture is different from your average high school," said David Martinez, principal of the Early College High School. David Martinez principal of Early College High School, Costa Mesa, California

☆ U.S. says it's monitoring China's drills around Taiwan as Beijing kicked off 3 days of military drills
▼ + stars: | 2023-04-09 | by ( ) www.cnbc.com time to read: +1 min

Two Chinese military helicopters fly past a PLA Navy tugboat, as seen from Pingtan island, the closest point to Taiwan, in China's southeast Fujian province on April 7, 2023. The U.S. says it's closely monitoring China's drills around Taiwan after Beijing began three days of military exercises around the island. The United States is monitoring China's drills around Taiwan closely and is "comfortable and confident" it has sufficient resources and capabilities regionally to ensure peace and stability, the de facto U.S. embassy in Taiwan said on Sunday. China, which claims democratically governed Taiwan as its own territory, began three days of military exercises around the island on Saturday, the day after Taiwan President Tsai Ing-wen returned from the United States. "We are monitoring Beijing's actions closely," said a spokesperson for the American Institute in Taiwan, which serves as the United States' de facto embassy in the absence of formal diplomatic ties.

☆ U.S. says it is monitoring China's drills around Taiwan closely
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, April 9 (Reuters) - The United States is monitoring China's drills around Taiwan closely and is "comfortable and confident" it has sufficient resources and capabilities regionally to ensure peace and stability, the de facto U.S. embassy in Taiwan said on Sunday. China, which claims democratically governed Taiwan as its own territory, began three days of military exercises around the island on Saturday, the day after Taiwan President Tsai Ing-wen returned from the United States. "We are monitoring Beijing's actions closely," said a spokesperson for the American Institute in Taiwan, which serves as the United States' de facto embassy in the absence of formal diplomatic ties. U.S. channels of communication with China remain open and the United States has consistently urged restraint and no change to the status quo, the spokesperson said. China says Taiwan is the most important and sensitive issue in its relations with the United States, and the topic is a frequent source of Sino-U.S. tensions.

☆ Factbox: Relations between Taiwan and the United States
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

Here are some facts about the relationship between Taiwan and the United States. * During the height of the Cold War, Taiwan hosted U.S. military bases and the two had a Mutual Defence Treaty. * In 1979, the United States severed official relations with the government in Taipei and instead recognised the government in Beijing. * Post-1979, the U.S. relationship with Taiwan has been governed by the Taiwan Relations Act, which gives a legal basis to provide Taiwan with the means to defend itself, but does not mandate that the United States come to Taiwan's aid if attacked. * The United States retains a large de facto embassy in Taipei called the American Institute in Taiwan, staffed by diplomats.

☆ U.S. Audit Watchdog Proposes Move to Get Inspections Started Faster
▼ + stars: | 2023-03-28 | by ( Mark Maurer | ) www.wsj.com time to read: +1 min

Erica Williams has been chair of the Public Company Accounting Oversight Board for just over a year, and has increased its enforcement efforts. The Public Company Accounting Oversight Board proposed cutting by more than half the amount of time auditors have to assemble final audit documentation, which might allow the audit watchdog to start its inspection process up to a month earlier and provide key information to investors sooner. The U.S. audit regulator has been working to update more than 30 standards that have gone largely unchanged since they were adopted on an interim basis roughly 20 years ago from the American Institute of Certified Public Accountants. With the proposal released Tuesday, the PCAOB suggested consolidating and modernizing four interim standards into one standard on auditors’ core responsibilities, including areas such as professional skepticism, independence, competence and professional judgment.

☆ U.S. warns China's promises often empty as Honduras wavers on Taiwan
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] The flags of Taiwan and Honduras flutter in the wind outside the Taiwan Embassy in Tegucigalpa, Honduras March 15, 2023. At stake is China's growing footprint in Central America, once a steadfast base for Taiwan and where the United States is worried about Beijing's expanding influence in its backyard. The American Institute in Taiwan said that while Honduras' possible severing of ties with Taipei in favour of Beijing was a sovereign decision, China does not always follow through on its promises. The Honduras drama is happening ahead of a high-profile visit by Taiwan President Tsai Ing-wen to the United States and Central America next week. The United States also has no official ties with Taiwan but is the island's most important international backer and arms supplier.

How do I even begin to tackle this mountain of debt on a single income with minimal child support help? Costas is the vice president of EP Wealth Advisors and a certified divorce Financial Analyst. The snowball method is about using small financial achievements to fuel larger ones. The sense of victory you will feel from paying off that small debt will help you feel you've conquered a challenge, which will go a long way in helping you summit the $60,000 mountain of debt in your path. Ways to make your money go furtherKennedy also encouraged you to start saving money while you continue prioritizing paying down debt.

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