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Tag: Reform

The time is now for IRS reform: Senators

The time is now for IRS reform: Senators

Finance
Central to Americans' confidence in our government is their confidence in our tax-collection system. Unfortunately, the Internal Revenue Service has not always earned that trust, undermining this system of voluntary compliance and taxpayer engagement. Fortunately, this has been a bipartisan issue in the past, and we believe a bipartisan proposal exists to once again solve the problem and make the agency more responsive and accountable to taxpayers. Based on recent testimony before a congressional committee, IRS technology is outdated and the Taxpayer Advocate estimates that only 29 percent of the telephone calls to the IRS are answered. ...
IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

IMF’s Christine Lagarde praises the ‘courage’ of Arab countries undergoing economic reform

Finance
Changes in the world economy and the price of oil mean that many countries across the Arab world will need to undergo significant changes in order to survive, and those that are doing so should be praised, Christine Lagarde, the managing director of the International Monetary Fund (IMF) told CNBC."These countries have gone through a massive transition. Those that were exporting oil have clearly seen a big drop in their growth rates. But those economies have to transition from an oil-fed economy to a more diversified, more inclusive, reformed economy," Lagarde said at the World Government Summit in Dubai.Some countries are ahead of the game, she described, while others are working on reforms. "But certainly we will be seeing different countries in a few years' time, given where the price of...
6 year-end tax moves to make before tax reform lands

6 year-end tax moves to make before tax reform lands

Finance
Year-end tax moves may be even more vital this year — before tax breaks and other provisions change under the pending Tax Cuts and Jobs Act.Senate Republicans pushed the latest version of their tax plan through early on Saturday. Senate and House lawmakers will now work to come up with one version of the bill, though they still have some differences to resolve.There are some moves that individuals may want to consider making before the end of the year based on the revisions that are being considered. But experts warn that any moves should be made with the latest Washington happenings in mind."Make sure you're paying attention to what the latest versions of the bills are," said Tim Steffen, director of advanced planning at Baird Private Wealth Management.Here are six areas where year-end ta
Midday Update: Stocks Retreat From Record Highs as Wall Street Assess Geopolitical Risks, Tax Reform Debate

Midday Update: Stocks Retreat From Record Highs as Wall Street Assess Geopolitical Risks, Tax Reform Debate

Finance
Shutterstock photoWall Street's major indices retreated from record highs into negative turf on Tuesday as tax reform debate in Congress along with fresh geopolitical risks in the Middle East rekindles risk aversion.Financial stocks are leading decliners with Dow component stocks Goldman Sachs ( GS ) and JP Morgan ( JPM ) causing the bulk of the blue chips' losses. The energy sector is also underwater after West Texas intermediate ran into profit-taking before challenging the $ 60 per barrel mark.US stocks were flat to slightly lower at the open in sympathy with European bourses, which reversed early gains following a significant miss on German production data along with worries about war erupting between Saudi Arabia and Iran, as well as the fallout from the "Saudi purge" this weekend.S...
Don’t wait for a tax reform to start your tax-planning strategy

Don’t wait for a tax reform to start your tax-planning strategy

Finance
There has been a great deal of discussion concerning tax reform these days, and many people are putting tax planning on hold until they see what Congress is actually going to do. Since that could take a lot of time and we don't know if any changes will actually occur, it makes more sense to plan now and adjust later if the world changes. Focus on what you know and what you can control, and don't worry about any changes until they actually occur.Don't wait until 1099s start arriving, to begin gathering your data for filing. The top priority and most important tax-planning advice is to file as early as possible to avoid tax-return identity theft. Have all backup data possible in early January so that when 1099s do arrive, you are ready to file.One of the most important things you can do righ...