The U.S. Department of the Treasury and the IRS have recently introduced a plan to address a significant tax loophole that has been exploited by large, complex partnerships. The loophole in question involves “related party basis shifting,” where businesses operating through multiple legal entities manipulate original purchase prices on assets to minimize their tax obligations.
Personal
Car payments have been on the rise lately due to a combination of factors such as high prices and high interest rates. According to industry insiders, while there may be some relief in the near future, prices are likely to remain high for an extended period of time. As of May, the average monthly car
The recent decision by the Federal Reserve to hold interest rates steady has left many consumers with high credit card debt feeling the pinch. With only one rate cut expected by the end of the year, the likelihood of relief from sky-high interest charges is slim. As interest rates on credit cards are linked directly
The rate of price increases for food has subsided, but many shoppers are still feeling the burden of high prices in the grocery store aisles. With grocery prices rising 25% since the start of the pandemic, some consumers have had to make sacrifices to afford food. According to Intuit Credit Karma, 28% have sacrificed other
Student loan forgiveness is a contentious issue that elicits strong emotions about fairness, personal responsibility, and economic implications. For individuals like Arkansas Attorney General Tim Griffin, who took around 30 years to pay off a $100,000 student loan balance, the idea of debt forgiveness can be challenging to accept. Griffin, who advocates for repaying debts
When assessing your retirement preparedness, one common practice is to compare your 401(k) balance with that of other savers. However, looking at people in your field may provide a more accurate comparison point than simply looking at your age group. Recent data from Fidelity reveals that the average 401(k) balance for investors on the firm’s
Gen Z is showing a promising trend when it comes to investing. According to the 2024 Schwab Modern Wealth survey, Gen Z adults have started investing and saving at the age of 19 on average. This is significantly earlier than previous generations, with baby boomers starting at an average age of 35 and millennials at
Paying taxes is a necessary part of being a responsible citizen, and for many individuals, this includes making quarterly estimated tax payments. The second-quarter estimated tax deadline for 2024 is coming up on June 17, and failure to make a payment could result in penalties from the IRS. While it is commonly believed that only
The housing market is currently facing a conundrum where more homeowners are listing their properties for sale, leading to a surge in new listings. According to a report by Zillow, new listings increased by 13% in May compared to a year ago. Despite this influx of new properties entering the market, potential buyers are not
As Congress faces a critical decision on expiring tax breaks worth trillions of dollars, the debate over imposing higher taxes on corporations and wealthy Americans has taken center stage. Proponents of these tax hikes argue that they are crucial in addressing income inequality and reducing the federal budget deficit. Joseph Stiglitz, a professor of economics
