|
Jingle bills: Arkansas Powerball player strikes $1.8bn jackpot on Christmas Eve BBCPowerball $1.817 billion Christmas Eve jackpot won by one ticket, in Arkansas YahooWinning Powerball numbers last night, Dec. 24: Anyone win? Powerball winner in Arkansas IndyStar$1 million-winning Powerball ticket sold in Indiana WTHR
|
|
Which states tax Social Security benefits? Check out our map and see what you may pay in 2026. Business Insider18 Small Towns With No Taxes on 401(k), IRA, and Social Security Income to Consider InvestopediaThese 9 states tax Social Security benefits. Here's what to know. USA TodayPresident Donald Trump Made Changes to Social Security in 2025, but They Fell Short of What He Promised Nasdaq1 Social Security Change That Could Take Money Out of Your
|
|
Shares of Tesla have hit new highs on optimism about the company's self-driving taxis. But experts say Tesla is far behind Waymo, which has a big head start.
|
|
Many Americans can take advantage of President Trump's deduction on auto loan interest, but the tax break will provide only modest savings.
|
|
Congress is on a bit of a roll these days. Despite deep political divisions within the country, they've managed to send several major bills to the president's desk so far this year addressing semiconductor manufacturing, veterans' benefits, gun safety, climate change, and more. And they might not be done yet. Lawmakers in Washington are currently considering two separate bills that would make substantial changes to how Americans save for and are taxed in retirement. And one of the major areas of focus in these bills is reforming RMDs (i.e., required minimum distributions).
The SECURE Act, which was enacted in 2019, extended the age at which you must start taking RMDs from 70½ to 72. That was a big boost for seniors, who can now keep money in their tax-free retirement accounts longer. But that wasn't enough help for retirees in the eyes of many lawmakers. So, as soon as the ink was dry on the SECURE Act, a few key members of Congress began planning additional legislation to help more people save for retirement and hold on to their money longer in retirement.
Those efforts resulted in two bills that are now before Congress: the SECURE Act 2.0 and the EARN Act. The SECURE Act 2.0 was passed by the House of Representatives in March with a 414 to 5 vote. The EARN Act was introduced in the Senate in September. Both bills would make significant changes to RMDs, but there are differences in the two bills' RMD provisions.
SEE MORE The Basics of Required Minimum Distributions: 12 Things You Must Know About RMDs
M
|
|
There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
|
|
 The best women lawyers from across the continent gathered at The Savoy in London last night to celebrate Euromoney Legal Media Group's ninth annual Europe Women in Business Law Awards.
|
|
