Today General Motors announced it will spend $5.5 billion to repurchase 200 million shares from the U.S. Treasury at about $27.50/shr. In turn Treasury announced its intent to sell its remaining stake of about 300 million shares within the next 12-15 months. GM will not be the buyer. Instead the government intends to liquidate its [...]
The Internal Revenue Service has issued proposed regulations on the "Additional Medicare Tax / Net Investment Income Tax" scheduled to take effect in 2013 as a result of the Affordable Care Act. Additionally and likely of more value is this handy FAQand this FAQ addressing such topics as income thresholds, what's included in the tax, tax treatment of the sale of a personal [...]
If you have a toothache and head to the dentist your only concern is he or she can resolve your problem...so when you call for an appointment and the receptionist insists you walk to the office instead of driving or taking a bus or whatever you're thinking, "Why does it matter?". If your child wants [...]
The Internal Revenue Service has raised most of the standard mileage rates by $0.01/mile for 2013 when calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning 1/1/13 the standard mileage rate for the use of a car, van, pickup or panel truck will be $0.565/mile for business miles [...]
The Internal Revenue Service is allowing 401(k) and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Sandy and members of their families as part of the Obama administration's efforts to bring all available resources to bear to support state and local partners affected by Hurricane Sandy. The IRS said [...]
"If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." " . . . whenever the people are well-informed, they can be trusted with their own government; that, whenever things get so far wrong as to attract their notice, they may be [...]
2013 2012 401(k) / 403(b) Elective Deferrals $17,500 $17,000 Catch-up Elective Deferrals $5,500 $5,500 Eligible Compensation $255,000 $250,000 Annual Contribution Plan Limit $51,000 $50,000 IRA Contribution $5,500 $5,000 IRA Catch-up Contribution $1,000 $1,000 Social Security Wage Base $113,700 $110,100
If stupid is as stupid does then it's clear Forrest Gump is running France. Today the French government proposed a budget that includes a 75% tax rate on income assessed against the "super rich." Robbing Peter to pay Paul is utterly pointless and is a reminder of Margaret Thatcher's wonderful comment about Socialism. To paraphrase: [...]
Recently reported data shows that close to 11,000,000 taxpayer accounts are in IRS Collection. This represents a near doubling since 2002 as shown in the accompanying graphic. The typical deadbeat owes $10,756.
The Internal Revenue Service ("IRS") has released a new draft version of Form 706 - the form used to prepare and file the Estate and Generation-Skipping Transfer Tax Return. For the first time the draft includes a check box enabling an executor to opt out of the portability election for the unused portion of a deceased spouse's estate and [...]