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January 17, 2021

Tax

TREASURIES-Yields fall on weak retail sales, Biden tax fears

Reuters
(Adds fresh prices, Gundlach tweet) By Karen Brettell and Herbert Lash NEW YORK, Jan 15 (Reuters) - U.S. Treasury yields fell on Friday after retail sales data came in below economists' expectations and following President-elect Joe Biden's proposed $1.9 trillion stimulus program. Yields jumped ahead of Biden’s announcement late on......

IRS delays start of tax filing season to Feb. 12

CNBC
CNBC – For more and to sign up click here The Internal Revenue Service (IRS) building in Washington, D.C. Getty Images The IRS is delaying the start of the 2020 tax filing season to Feb. 12, according to an announcement Friday from the agency. On that date, the IRS will......

Biden’s stimulus proposal would boost these tax credits for families

CNBC
CNBC – For more and to sign up click here US President-elect Joe Biden speaks at The Queen theater in Wilmington, Delaware on January 7, 2021, to announce key nominees for the Justice Department. Jim Watson | AFP | Getty Images President-elect Joe Biden’s stimulus proposal includes a bevy of......

Stocks are climbing a ‘wall of worry’ too quickly amid tax risks, Oppenheimer’s John Stoltzfus says

CNBC
CNBC – For more and to sign up click here Oppenheimer Asset Management’s John Stoltzfus is questioning the force of the historic market rally. Stoltzfus, who is the firm’s chief investment strategist, warned clients in a research note this week that “These benchmark moves had even long-term bulls like us......

Labour calls for ‘responsible’ tax and spending

BBC
The shadow chancellor has called for a “more responsible” approach to tax and spending policy, including annual audits from the public spending watchdog. Anneliese Dodds said a Labour government would ask the National Audit Office to vet spending each year and respond with “clear, tangible commitments”. Speaking at the Business......

State tax departments set their sights on pro athletes’ earnings

CNBC
CNBC – For more and to sign up click here LeBron James of the Los Angeles Lakers at a game against the LA Clippers at ESPN Wide World Of Sports Complex on July 30, 2020 in Lake Buena Vista, Florida. Mike Ehrmann | Getty Images In a search for revenue,......

How the $600 stimulus checks could affect your tax refund this year

CNBC
CNBC – For more and to sign up click here Fertnig | E+ | Getty Images If you don’t receive your second stimulus check in your bank account or the mail, the good news is you can claim the money when you file your tax return this spring. But beware:......

How concerned investors should be about Biden’s tax proposals

CNBC
CNBC – For more and to sign up click here US President-Elect Joe Biden delivers remarks before the holiday at The Queen in Wilmington, Delaware on December 22, 2020. Alex Edelman | AFP | Getty Images Stocks and taxes: What’s going to happen?  The Democrats’ control of Congress is shining a......

New Jersey lawmaker wants to extinguish Pennsylvania’s cigar tax advantage

WashingtonExaminer
USA TODAY – For more and to sign up click here A Republican state assemblyman wants to extinguish a tax advantage Pennsylvania has over New Jersey on cigars, saying it is hurting small businesses in the Garden State. Assemblyman Brian Bergen, R-Morris, proposed A4936 to limit the wholesale cigar tax......

The Covid relief bill will keep these tax breaks around even longer

CNBC
CNBC – For more and to sign up click here Oliver Contreras/Bloomberg via Getty Images Taxpayers will have another shot at a package of tax breaks that would have otherwise expired at the end of 2020. That’s because when lawmakers hammered out the 5,593-page Covid relief act, they resurrected a......

Despite pandemic, Illinois’ legal marijuana sales skyrocket, but tax revenue not panacea

WashingtonExaminer
USA TODAY – For more and to sign up click here Within three months time in 2020, cannabis in Illinois went from being illegal to essential, and it is big money. Illinois started the new year with the first legal adult-use cannabis sales. On Jan. 1 in Springfield, David Watson,......

DA tax probes could be miserable for Trump — and the rest of country

NYPost
Charles Gasparino In a few short weeks, Donald Trump will no longer be president, but the serious and politically fraught investigations into him will continue well into 2021. These investigations, unfortunately for the president and the country itself, don’t involve imaginary visits to Moscow hotel rooms. Instead, they’re aimed directly......

Small mom-and-pop businesses that took PPP loans may face a surprise tax bomb

CNBC
CNBC – For more and to sign up click here Letizia Le Fur | ONOKY | Getty Images While the federal Covid relief bill addresses a key concern for small businesses with forgivable loans, these firms could still face a tax hit — this time on their state returns. In......

New Covid relief bill boosts tax breaks for charitable giving in 2021

CNBC
CNBC – For more and to sign up click here Vladimir Vladimirov | E+ | Getty Images Giving to charity is about to pay off a little more — that is, if the latest Covid relief bill becomes law. The $908 billion pandemic relief bill features $600 stimulus checks, $300......

New Mexico mayor: Taxing Social Security benefits is an unfair double tax

WashingtonExaminer
USA TODAY – For more and to sign up click here The Carlsbad City Council is taking a symbolic stand against taxing Social Security income. The City Council voted unanimously to repeal New Mexico’s income tax on Social Security, a move that has no legal force. New Mexico is one......

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