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As it has so often in the past, Congress is making the end of the year difficult for accountants and tax practitioners, dragging tax legislation out to the last minute with a maximum of confusion and a minimum of advanced warning. The simultaneous release on Thursday of the Senate's proposals for tax reform and the House Ways and Means Committee's markup of an earlier House bill may bring the tax reform process closer to some kind of end, but they provide few, if any, actionable items for tax professionals to bring to their clients, and in fact may end up threatening the entire reform effort.
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The emerging Senate tax overhaul measure wouldn't touch the mortgage interest deduction, as a concession to the powerful real estate lobby. The move means homebuyers would still to be able to deduct interest payments on loans of up to $1 million as permitted under current law.
In the world of conservative thought, few issues are as popular as tax reform. It's an accepted truth, by nearly anyone on the right, that the tax code is too complicated for an average citizen to understand and too laden with loopholes to be fair.
Planet Home Lending announced the addition of Temporary Buydowns to its product portfolio, effective immediately. PHL will allow 2/1 buydowns at a rate of 2% for the first year and 1% for the second year.
So Oregon Sen. Ron Wyden, as ranking Democrat on the Senate Finance Committee, went down to the White House recently to talk to the president about the tax overhaul process, accompanied by other Democrats on the committee. One by one, the other Democrats explained to the president their predictable priorities on the bill: helping the middle class, protecting Social Security and Medicare, not exploding the deficit.
Homeowners in high-tax states like New Jersey, where a modest house within commuting distance of New York City can easily carry property taxes of over $15,000 a year, are wondering whether the Republican bill being sold as a tax cut would actually result in higher bills for them. At issue are provisions that would end deductions for state and local sales and income taxes and would cap the property tax deduction at $10,000.
If there's one thing Americans of all political parties can agree on, it's that taxes stink. But if there's another thing they can agree on, it's that they hate those jerks who don't pay their fair share of taxes.
The GOP tax plan released this week has a lot of promise. There are really good things in there that need to absolutely pass, and we as conservatives should endorse the good that is in there.
Authorities have released a new photo of the man they believe murdered a woman and three girls whose bodies were found in barrels in Allenstown decades ago.
House Republicans on Thursday unveiled a tax cut plan that would slash the corporate rate and lower the personal taxes of most Americans but also limit a cherished deduction for homeowners, as President Donald Trump and the GOP seek to deliver on the first tax revamp in three decades. The proposal would add $1.5 trillion to the nation's debt over the next decade as Republicans largely abandoned fiscal discipline in a plan that could secure a legislative achievement for Trump and score a political win ahead of next year's midterm elections.
House Republicans on Thursday unveiled a tax cut plan that slashes the corporate tax rate, lowers taxes for most Americans but limits a cherished deduction for homeowners as President Donald Trump and the GOP seek to deliver on the first tax revamp in three decades.
President Donald Trump listens during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday in Washington. WASHINGTON >> House Republicans would preserve the popular retirement account for middle-class Americans while limiting a cherished deduction for homeowners in a sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt.
Lt. Gov. Todd Lamb continues to lead in fundraising in the race for governor, but two other Republicans made huge loans to their own campaigns in an effort to keep pace, their latest reports show. Overall, through Sept.
Eighty-two percent of agricultural lenders reported a decline in farm profitability in the last 12 months, according to a joint survey by the American Bankers Association and the Federal Agricultural Mortgage Corporation . Despite the continued decline, the survey of more than 580 agricultural lenders revealed that the agricultural loan approval rate is 84 percent.
House Republican leaders are making last-minute changes to their tax bill in an attempt to win over skeptical members within their own party, crafting a provision that would allow Americans to deduct their local property taxes from their federal taxable income. House Ways and Means Committee Chairman Kevin Brady had planned for months to prohibit people from deducting any state or local taxes from their federal taxable income as part of a sweeping overhaul of tax rules, but huge pushback from Republicans in states such as New York and New Jersey precipitated the change.
Credit Suisse's plan to fulfill the consumer relief portion of its multibillion-dollar residential mortgage-backed securities settlement with the Department of Justice could cost it less than the face settlement amount. The $5.2 billion settlement includes $2.8 billion in consumer relief credit that does not necessarily require a dollar match in spending, and it could allow Credit Suisse to spend less, "potentially far less," than that amount, settlement monitor Neal Barofsky of Jenner & Block LLP noted in the report.
President Donald Trump's plan for overhauling the U.S. tax system faced growing opposition from interest groups on Sunday, as Republicans prepare to unveil sweeping legislation that could eliminate some of the most popular tax breaks to help pay for lower taxes. Republicans who control the U.S. House of Representatives will not reveal their bill until Wednesday.
House Majority Leader Kevin McCarthy said Sunday the GOP tax plan out this week will "expand" the overall amount Americans can invest in 401 retirement accounts. "The way we'll look at the 401 is we'll protect it," McCarthy said on Fox News' "Sunday Morning Futures."