For Jim Umpleby, who took charge as Caterpillar’s chief executive little more than two months ago, an escalating criminal investigation threatens to upstage the heavy-machinery maker’s efforts to regain footing in global construction and mining markets. The manufacturing giant has faced several investigations in recent years into whether it is paying enough U.S. taxes.
Category: Tax
11 Big Tax Mistakes to Avoid
Mistakes are part of life, but try not to make them part of your tax return. One misstep could hold up your tax return – maybe even your refund – for weeks or months, and you might even end up on the hook for interest and penalties.
Caterpillar denies that it broke tax laws
Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies. The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.
Why we’re unlikely to find any Russian connection in Trump’s tax returns
Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Donald Trump is the first U.S. president since Richard Nixon to shield his tax returns from public view, despite initially saying he would release them. Every week seems to bring yet another revelation about possible relationships between Russia and people close to Donald Trump.
10 Tax Breaks Every Parent Needs to Know
Starting a family isn’t cheap. According to a report issued by the Department of Agriculture in early January, a middle-income married couple with two children is estimated to spend $233,610 to raise a child born in 2015.
Price war among brokerages offers opportunity for investors
This Thursday, June 16, 2016, file photo shows a sign outside of a Fidelity Investments office in the Century City section of Los Angeles. On Tuesday, Feb. 28, 2017, Fidelity became the latest company to cut its fees in an ongoing industry battle that’s helped mom-and-pop investors keep more of their own dollars.
Caterpillar Sued by a Shareholder After Federal Raid
Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it “unlawfully used foreign subsidiaries” to avoid paying billions of dollars of U.S. taxes.
Caterpillar, a Trump Darling, Lands in Government Crosshairs
Caterpillar Inc., the bellwether U.S. equipment maker praised just last week by President Donald Trump, now finds itself a government target as federal tax and banking authorities raided its Illinois offices. The investigation comes as new Chief Executive Officer Jim Umpleby shifts its global headquarters to Chicago to bolster the machinery maker’s push into foreign markets.
Can’t pay your taxes? Here are 6 ways to cope
In this Jan. 14, 2017, photo, an online tax form is displayed on a computer at the offices of tax preparation firm Infinite Tax Solutions, in Boulder, Colo. Finding the cash to pay a larger-than-expected tax bill can be tricky, but tax pros say there are ways to deal with the surprise without having to pawn the family heirlooms.
How Owning or Selling a Home Affects Your Taxes
Owning a home is exciting, challenging and the biggest investment of many people’s lives. It’s also a good way to reduce your tax bill.
Get Started: IRS warns firms, beware of phishing email scam
The IRS is warning employers about a spreading phishing email scam whose targets include companies and that seeks to get employees’ Social Security numbers and other information. Cyberthieves send emails that appear to come from executives inside the targeted organizations.
Save or splurge? Making the most of your tax refund
Tax refund time is here. Last year the IRS issued 111 million refunds, with an average refund of $2,860.
Why Your Tax Refund Is Ideal for Paying Credit Card Debt
If you’ve ever promised to pay off your credit card debt “when you have more money,” now’s your chance. The Internal Revenue Service estimates that 70% of taxpayers will get refunds this year.
Why Your Tax Refund Is Ideal for Paying Credit Card Debt
If you’ve ever promised to pay off your credit card debt “when you have more money,” now’s your chance. The Internal Revenue Service estimates that 70% of taxpayers will get refunds this year.
Liz Weston: How to put more in working-class pockets
The American working class lost a shocking amount of wealth in recent decades as wages stagnated. Despite campaign promises, making up that lost ground will be no easy feat.
How to Drop Into a Lower Tax Bracket
Lowering your tax bill is always a joy. For most taxpayers, it’s fairly easy to trim down your tax liability without breaking the rules .
The 2017 Tax Refund Schedule
If every cloud has a silver lining, the silver lining for the onerous task of tax-return preparation is the tax refund that often follows it. Once you send your return to the Internal Revenue Service , you’re probably itching to get your payment.
3 Questions to Ask Before Hiring a Tax Professional
With tax season just around the corner, now’s the time to start thinking about not just when you’ll file your taxes but how. In fact, you may be looking at hiring a professional to file your return on your behalf — and if so, you wouldn’t be alone.
The Average American Investor Saved Up to $1,497 By Doing This. Did You?
Investors pay taxes on the income that their portfolios generate, and so they’re highly motivated to do what they can to save on taxes. One tax break available to investors offers a lower rate on the income that they get from qualified dividends.
3 Tax Breaks Retirees Won’t Want to Miss
Many seniors struggle financially when they go from earning a salary to living off a more limited fixed income. That’s why it’s important for retirees to take advantage of whatever tax breaks come their way.
The Best Retirement Account You Don’t Know About
An HSA combines the best features of all the various tax-advantaged retirement accounts available. If used correctly, money goes in tax-free, grows tax-free, and comes out tax-free.
3 Tax Mistakes You Don’t Want to Make
With tax season rapidly approaching, many of us are starting to gather our paperwork and work on hammering out our returns. But in reality, tax planning is something you should focus on year-round, and not just during the first few months of the year.
A 95-Year History of Maximum Capital Gains Tax Rates in 1 Chart
Don’t look now, America, but it’s time to don your thinking cap, grab your W-2s, and collect those 1099 forms, because it’s tax season! Between the beginning of this year and April 15, more than 150 million individual taxpayers are expected to file their 2016 income taxes, or at worst file for a six-month extension. For most Americans, tax time usually means a fat refund.
10 Frequently Asked IRA Questions
Individual retirement arrangements, or IRAs, are actively used by only about one-fifth of Americans. While many people have valid reasons for not using an IRA, like having a 401 at work, one of the most common reasons given for not contributing to an IRA is a lack of knowledge about this type of account.
Ready to file your 2016 taxes? Herea s a guide to credits, deadlines and more
The 2016 tax filing season has begun, with W-2s arriving in the mail and some confusion arising from news of a refund delay. While most people will be minimally impacted by changes this year, one of the biggest additions is aimed at helping low-income families.
When Charitable Donations Give Back to You: The Charitable Contribution Tax Deduction
The charitable contributions tax deduction is quite lucrative for millions of Americans. About one-fourth of Americans deduct their donations on their tax return, and the average deduction is about $5,800, which could translate into big tax savings on your return.
How Much Do You Get in Taxes for a Baby?
Having a baby is a life-changing experience in more ways than one. But while bringing a child into the mix might work wonders for your family dynamic, your finances might take a serious beating in the process.
What is the Standard Deduction For 2017?
The standard deduction for 2017 is $6,350 for single taxpayers and $12,700 for married taxpayers filing joint returns. However, there’s a chance it could change before next tax season, and no matter where it ends up, you may be better off not claiming it.
Why it’s a good idea to file your taxes early
Tax season is here, and while you have until April 18 to file your return, you may want to think about doing so sooner rather than later. Here are a few expert tips on why: Identity theft is a growing problem and one often tied to tax refund fraud, said Mark Steber, chief tax officer at Jackson Hewitt Tax Service.
This is how much it will cost you to do your own taxes
Your W-2, 1099s and other forms have probably landed in your mailbox. Now all you have to do is figure out the best way to file.
What Is a Death Tax, and Will You Have to Pay One?
If the two things that are inevitable in life are death and taxes, then it’s probably no surprise that someone figured out how to impose taxes after the grave. In the U.S., there are actually two different kinds of “death taxes”: the estate tax, which is levied by the federal government and certain states, and the inheritance tax, which is levied by only a handful of states.
Will I Pay a Marriage Penalty on My Taxes?
Tax laws treat married couples differently from single people, and in some cases, couples will end up paying more after they marry than they did when they were single. This phenomenon is known as the marriage penalty, and it most often happens when the two spouses each have similar and fairly high amounts of income.
2017 Tax Checklist: What to Gather Before Filing
Whether you hire a professional or do it yourself, you need certain information and documentation to file your tax return. Here’s a list of items taxpayers commonly need to complete the job.
4 Types of Tax Deductions You Probably Don’t Know About
To itemize or not to itemize? That’s one of the most important decisions you’ll make when preparing your tax return. Of course, you can’t make a good decision without understanding itemized deductions and knowing which ones are available for you to claim.
7 Tax Breaks You Might Actually Be Able to Use
You may have heard about some of the great money-saving tax deductions allowed by the IRS. The deductions for mortgage interest, charitable contributions, and medical expenses can be especially lucrative if you paid these expenses.
Transfer of Canadian banking records to U.S. tax agency doubled last year
Award-winning reporter Elizabeth Thompson covers Parliament Hill. A veteran of the Montreal Gazette, Sun Media and iPolitics, she currently works with the CBC’s Ottawa bureau, specializing in investigative reporting and data journalism.
Don’t Get Sucked In by These 2017 Tax Scams
It can be hard enough to hand over some of your hard-earned dollars to Uncle Sam each year in taxes, but it’s even more painful if you fall for a tax scam and end up enriching some crooks. Learn more about common tax scams so that you can recognize — and avoid! — them.
7 Million People Will Miss Out on a Tax Credit Worth up to $6,318
Nobody likes paying taxes, but they can be a particular burden for low-income families. And while tax credits can help lower earners make ends meet, countless Americans pass up one major money-saving opportunity every year: the Earned Income Tax Credit.
What Is the FICA Tax, and Why Do I Have to Pay It?
If you’ve ever received a paycheck from your employer, you’ve probably felt a sense of accomplishment and disappointment all at once. The accomplishment comes in the form of the cash that’ll be flowing into your bank account, whereas the disappointment comes from the realization that you may owe quite a bit of tax on the wages you’ve earned.
How to Get Help Preparing Your Tax Return for Free
There are countless paid services offering to help people do their taxes. Many of these are legitimate, while some push predatory advance refunds, which are essentially high-interest loans.