The U.S. Supreme Court scaled back the federal penalties for failing to file required reports listing foreign bank accounts in a ruling likely to help some Americans living abroad. The justices, voting 5-4, threw out a $2.72 million fine on Alexandru Bittner, a businessman who didn’t file reports for five years when he was living
Month: February 2023
Maskot | Maskot | Getty Images The income and wealth gaps between people of color and white households are wide, but state-run retirement programs are attempting to help workers find parity. As many as 67% of private-industry workers had access to retirement plans in 2020, according to the U.S. Bureau of Labor Statistics. A significant
Morsa Images | E+ | Getty Images If you’re on track to max out your 401(k) plan for 2023 and want to save more, your plan may have another option: after-tax contributions. For 2023, you can defer up to $22,500 into your 401(k), and savers age 50 and older can add another $7,500. Some plans
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Keen technophiles may recall that the internet is “a series of tubes” (not a “big truck”), and sometimes those tubes get congested. The late Sen. Ted Stevens (R-AK) fretted about streaming services crowding out other data packets. The analysis is highly technical, but do your best to follow: “Ten movies streaming across that internet and
The Internal Revenue Service is giving taxpayers more time to file tax refund claims for tax returns they filed earlier in the pandemic. In Notice 2023-21, the IRS said Monday it’s lengthening the lookback period for refund claims for returns with due dates that were postponed by two earlier notices in 2020 and 2021, Notice
Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised. This
Damir Khabirov If you’re eager to capture higher yields amid rising interest rates, you may consider a Treasury bill ladder, depending on your goals, according to financial experts. Backed by the U.S. government, Treasury bills, or T-bills, are widely considered a relatively safe asset, with terms of four weeks to 52 weeks. You receive the
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Toronto-Dominion Bank said Monday it agreed to pay more than $1.2 billion to settle a lawsuit by investors claiming it aided R. Allen Stanford’s $7 billion Ponzi scheme more than a decade ago. Settlements also were reached with HSBC Holdings Plc, which will pay another $40 million, and Independent Bank Group Inc., formerly known as
Supreme Court. Douglas Rissing | Istock | Getty Images The Supreme Court on Tuesday will hear oral arguments over President Joe Biden’s student loan forgiveness plan, starting a decision-making process that will affect the balance sheets of tens of millions of Americans. The nine justices will consider two legal challenges to Biden’s plan to cancel
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. It’s tax season, a time of year very few entrepreneurs look forward to. Considering your tax situation is
As your business grows, it’s important to regularly assess whether your current software-as-a-service (SaaS) vendor is meeting your needs. Some factors you can evaluate periodically are whether the vendor is able to scale with your business, provide necessary features and offer the level of support that you require — and if the answer is “no,”
Lisa EndersJEREMY HESS THE PREMISE STUDIO Lisa Enders was named to the newly created position of tax innovation leader at RKL, Lancaster. Ken Wolfe, president and managing principal at Brown Schultz Sheridan & Fritz, Camp Hill, was named a leader on Central Penn Business Journal’s Power 100 List in 2023, for the third consecutive year.
Getty Images With some Treasury bills now offering 5%, the assets have become more appealing to investors. But there are a few things to know about the purchase process, experts say. Backed by the U.S. government, Treasury bills, or T-bills, are nearly risk-free, with terms of four weeks to 52 weeks. You receive T-bill interest
Our cognitive biases can get in the way of saving for the future, especially for retirement. Here’s how to recognize and overcome them. Sara Fernandes was 26 when she got her first credit card. “It felt like free money,” Ms. Fernandes said. “Like suddenly I could buy stuff and not worry about paying for it.
As the potential for a significant economic downturn looms on the horizon, more companies may find themselves under financial duress and consider bankruptcy as a path forward. As a company emerges from Chapter 11 bankruptcy, a wide range of accounting considerations must be contemplated to ensure the process goes smoothly and is in compliance with
An EV600 all-electric light commercial vehicle purpose-built for the delivery of goods and services, built by GM’s electric commercial vehicle business, BrightDrop, is seen in Detroit, Michigan, in this undated photograph. Brightdrop | Handout | via Reuters Layoff announcements and warnings of an economic downturn from multiple CEOs during the earnings season have made it
A renovated apartment in New York City after The Expert consultation sessions with designers Jessica Gersten and Athena Calderone. The Expert Aside from bingeing Netflix, creating the picture-perfect home may have been the pandemic’s most popular habit. Whether it’s organizing a pantry or adding on a home office, gym or spa-like bathroom, homeowners have been
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. One of the most common reasons a business can fail is when an entrepreneur doesn’t have a complete
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