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Does UK Still Want 'Brexit' Amid The Negative Rhetoric?

Sun, 4 Dec 2016 13:06:00 -0500

Fewer Brits would vote to leave the European Union (EU) if given a second chance according to new YouGov research commissioned by the financial entrepreneur behind the Campaign For Fair Finance and who heads price comparison website FairMoney.com. A new opinion poll now reverses the referendum result. But as we [...]


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2 "Trump-Proof" 6% Yielders To Buy Now

Sat, 3 Dec 2016 08:36:00 -0500

There’s no doubt Donald Trump’s election win has been great for stocks. Municipal bonds? Not so much. In the last month alone, “munis” have lost over 3% of their value—a huge decline for an asset class that’s supposed to be safe and stable. So is it time to sell your munis, give up [...]


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Fix The Tax Code Friday: Corporate Tax Incentives

Fri, 2 Dec 2016 23:29:00 -0500

It's Fix The Tax Code Friday! Today's question focuses on corporate tax incentives.


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14 Surprising Facts About Health Savings Accounts (HSA)

Fri, 2 Dec 2016 13:25:00 -0500

A health savings account offers some of the best tax advantages available anywhere. In this article we cover those advantages and other tips on how to make the most of an HSA.


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Many Ways Traders Can Save Taxes Before Year-End

Fri, 2 Dec 2016 12:54:00 -0500

Act fast before 2017 begins. Don’t wait until 2017 for likely Trump tax cuts to lower your taxes; act before year-end for quicker tax breaks. In this blog post, learn how to defer income, deal with wash sale losses, make a valuable Section 475 election, maximize trader tax status, accelerate itemized deductions, [...]


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Ask Larry: Disabled and Later Widowed? Don't Miss the Enormous Widows Benefit Freebee!

Fri, 2 Dec 2016 09:30:00 -0500

Today’s column examines widow's benefits for a disabled widow, the temporary benefits of being held harmless, filing with a small public pension, withdrawing and repaying a benefit and divorced spousal benefits.


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Bitcoin Users Brace For IRS Audits From Coinbase Summons

Fri, 2 Dec 2016 09:12:00 -0500

Bitcoin users and others could face IRS probes now that Coinbase records are in the IRS crosshairs. Be prepared.


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Family Business Owners Decry Estate Tax Valuation Rules At Treasury Hearings

Fri, 2 Dec 2016 08:51:00 -0500

Will 2704 regulations curbing valuation discounts withstand a Trump presidency?


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How Much Will Trump Cut Taxes For Top 400? We'll Never Know, As IRS Ends 400 Report

Thu, 1 Dec 2016 20:30:00 -0500

The top earning 400 paid an average effective federal income tax rate of 23.13% in 2014, up from 16.72% in 2012, before the Bush tax cuts finally expired.


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Thomas More Law Center Victory Over California AG - Big Win For Free Speech Or Dark Money?

Thu, 1 Dec 2016 17:34:00 -0500

The Thomas More Law Center is very concerned about donor confidentiality and is quite pleased about its recent win in the Ninth Circuit where it was opposing the California Attorney General.


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How A Boring Morgan Stanley Made ValueAct Capital $650 Million Since The Summer

Thu, 1 Dec 2016 14:32:00 -0500

ValueAct Capital's $1.1 billion bet on Morgan Stanley is up roughly 60%, or $650 million, in a matter of months as stock-pickers rush back into the banking sector in the wake of the election.


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Money Masters 2016Wall Street Wonders1. Steve Schwarzman, Blackstone Group2. David Tepper, Appaloosa Management3. Jamie Dimon, JPMorgan Chase4. Warren Buffett, Berkshire Hathaway5. Laurence Fink, BlackRock6. Ken Griffin, Citadel7. Jeffrey Gundlach, DoubleLine Capital8. Carl Icahn, Icahn Enterprises9. Lloyd Blankfein, Goldman Sachs10. George Soros, Soros Fund Management11. Ray Dalio, Bridgewater Associates12. Abigail Johnson, Fidelity Investments13. Jorge Paulo Lemann, 3G Capital14. John Stumpf, Wells Fargo15. John Grayken, Lone Star Funds16. Steve Cohen, Point72 Asset Management17. James Simons, Renaissance Technlogies18. Leon Black, Apollo Global Management19. James Gorman, Morgan Stanley20. Jonathan Gray, Blackstone Group21. John Elkann, Exor S.p.A22. Mary Erdoes, J.P. Morgan Asset Management23. Henry Kravis, KKR24. Andreas Halvorsen, Viking Global Investors25. Howard Marks, Oaktree Capital27. Mark Walter, Guggenheim Partners27. Jiang Jianqing, Industrial and Commercial Bank of China28. Daniel Loeb, Third Point29. Israel Englander, Millennium Management30. William Conway, Carlyle Group31. Paul Singer, Elliott Management32. Brian Moynihan, Bank Of America33. Uday Kotak, Kotak Mahindra Bank34. Pollyanna Chu, Kingston Securities35. Yngve Slyngstad, Norwegian Sovereign Wealth Fund37. Andrew Beal, Beal Bank37. Robert Smith, Vista Equity Partners38. Joseph Safra, Safra Group39. David Booth, Dimensional Fund Advisors40. James Coulter, TPG Capital

Thu, 1 Dec 2016 14:32:00 -0500

From banking to buyouts, trading to takeovers, these 40 financiers dominate the world of money. The hedge fund managers, private equity moguls and lenders who control the flow of trillions of dollars around the global economy impact just about all of us one way or another. To compile the2016 Money Masters list, we considered people who run businesses on both the buy and the sell sides of high finance. On Wall Street, money talks, so we judged our candidates on four factors: net worth, assets undermanagementor overseen, three-year track records and influence onmarkets.

Even after a run up in asset prices, the chief of the world's biggest private equity firm is finding ways to put money to work around the world, including recent real estate deals in India, where Blackstone Group now owns 15 million square feet of office space in major cities. "If we end up buying more near a top, that’s never as much fun as buying everything at bottoms,” says Schwarzman. "What's relevant is that you're always outperforming."

The legendary hedge fund manager thinks markets have relaxed because of China's more stimulatory policy. “As far as equity markets are concerned, it’s a fair value market that in lieu of any bad events like a British exit or a surprising election result—which is a bit less the case now—you are going to get a U.S. equities market that is going to grind higher," says Tepper. "The question will be at what point will interest rates go up? I think the Fed is going to be very very patient because they have a view that they can contain inflation, but it’s much harder to create inflation in the world. So that is driving my view that they will take their time.” Adds Tepper on the Federal Reserve: “They have said it a million times but the market maybe only now seems to be recognizing that is the case—that they are going to let some degree of inflation come back before they try to kill it.”

The man with the keys to America's largest bank, Dimon oversees an institution that moves $5 trillion a day. JPMorgan is navigating volatile global markets, but Dimon is thinking bigger about bad policies like an outdated tax code, which he says creates more risk than anything on his bank's balance sheet. "We have serious issues that we need to address – even the United States does not have a divine right to success," Dimon said in a letter he wrote in April.

Buffett’s best tip for Forbes readers today? "Read ‘The Intelligent Investor’ and during major market declines,” he says, “read it again.” Buffett has long been a devotee of Benjamin Graham’s book on value investing. In his 2016 investor letter, Buffett told Berkshire Hathaway shareholders that the babies being born in America today “[...]


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IRS Launches New Online Tool To Assist Taxpayers With Account Balances, Paying Taxes & More

Thu, 1 Dec 2016 14:00:00 -0500

The Internal Revenue Service (IRS) has announced the launch of a new online application to help taxpayers. The new tool, available on IRS.gov, allows taxpayers to view their tax account balance.


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Ask Larry: ​I'm 68. Can I Still Raise My Retirement Benefit?

Thu, 1 Dec 2016 09:30:00 -0500

Today’s column examines the continuing ability to file for and suspend a retirement benefit, and various cases involving the effects of public pensions.


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Can Zenefits Write Off $7 Million Fine?

Thu, 1 Dec 2016 09:17:00 -0500

Zenefits is paying a $7 million fine to California, but its after tax cost could be less.


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20 Plant Workers' $420 Million Powerball Win Cleverly Misses Tax Mess

Thu, 1 Dec 2016 09:12:00 -0500

The 20 Tennessee co-workers who won a $420M jackpot must determine if they are partners or just a loose collection of friends. And the IRS could be watching.


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Costs Edge Up To Purchase All Of The Gifts In 'The 12 Days Of Christmas'

Thu, 1 Dec 2016 08:50:00 -0500

if you're in the gift-giving mood, get ready to pull out your wallet: purchasing all the gifts in the classic carol "The 12 Days of Christmas" will cost you $34,363.49 in 2016, a boost of $232.50 from last year. That's the official tally according to the 33rd PNC Christmas Price Index.


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If Trump Doesn't Do This, We Will Have The Great Depression 2.0

Thu, 1 Dec 2016 08:50:00 -0500

US President-elect Donald Trump meets John Kelly at the clubhouse of Trump National Golf Club on November 20, 2016 in Bedminster, New Jersey. / AFP / DON EMMERT (Photo credit should read DON EMMERT/AFP/Getty Images) No matter who won the presidency, the economic way forward was not going to be easy. [...]


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Court Allows IRS John Doe Summons For Bitcoin, Other Virtual Currencies

Wed, 30 Nov 2016 20:07:00 -0500

With a John Doe Summons, the IRS has been handed a big victory in its hunt for users of Bitcoin and other virtual currencies. Remember, the IRS broke Swiss banking with the same device.


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Court Grants IRS Authority To Demand Identities Of Bitcoin Users At Coinbase

Wed, 30 Nov 2016 19:09:00 -0500

A federal court has granted a motion authorizing the Internal Revenue Service (IRS) to serve a "John Doe" summons on Coinbase requesting the identities of United States Coinbase customers.


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Trump's Treasury Pick Describes A Very Different Tax Plan Than His Boss Campaigned On

Wed, 30 Nov 2016 13:12:00 -0500

On CNBC, Steven Mnuchin outlined a very interesting tax plan in which the bulk of tax cuts would go to middle-income households and no aggregate tax cut for the upper class. Problem is, that bears no resemblance to any of the multiple plans that Donald Trump proposed during the campaign.


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Still Time For Trading Entities To Make Valuable Year-End Tax Moves

Wed, 30 Nov 2016 12:51:00 -0500

It's time for year-end payroll. (Shutterstock) If you conduct a trading business in an S-Corp and plan on employee benefit plan deductions for 2016, you need to execute certain transactions at year-end. If you have a partnership, there are fewer steps to take. S-Corp year-end planning for traders Before the end of the [...]


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Trump's Treasury Pick Steven Mnuchin Is Best Hope Yet For Fannie And Freddie Hedge Fund Billionaires

Wed, 30 Nov 2016 11:38:00 -0500

Incoming Treasury Secretary Steven Mnuchin says he will get Fannie Mae and Freddie Mac out of government control


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Money Masters 2016Wall Street Wonders1. Steve Schwarzman, Blackstone Group2. David Tepper, Appaloosa Management3. Jamie Dimon, JPMorgan Chase4. Warren Buffett, Berkshire Hathaway5. Laurence Fink, BlackRock6. Ken Griffin, Citadel7. Jeffrey Gundlach, DoubleLine Capital8. Carl Icahn, Icahn Enterprises9. Lloyd Blankfein, Goldman Sachs10. George Soros, Soros Fund Management11. Ray Dalio, Bridgewater Associates12. Abigail Johnson, Fidelity Investments13. Jorge Paulo Lemann, 3G Capital14. John Stumpf, Wells Fargo15. John Grayken, Lone Star Funds16. Steve Cohen, Point72 Asset Management17. James Simons, Renaissance Technlogies18. Leon Black, Apollo Global Management19. James Gorman, Morgan Stanley20. Jonathan Gray, Blackstone Group21. John Elkann, Exor S.p.A22. Mary Erdoes, J.P. Morgan Asset Management23. Henry Kravis, KKR24. Andreas Halvorsen, Viking Global Investors25. Howard Marks, Oaktree Capital27. Mark Walter, Guggenheim Partners27. Jiang Jianqing, Industrial and Commercial Bank of China28. Daniel Loeb, Third Point29. Israel Englander, Millennium Management30. William Conway, Carlyle Group31. Paul Singer, Elliott Management32. Brian Moynihan, Bank Of America33. Uday Kotak, Kotak Mahindra Bank34. Pollyanna Chu, Kingston Securities35. Yngve Slyngstad, Norwegian Sovereign Wealth Fund37. Andrew Beal, Beal Bank37. Robert Smith, Vista Equity Partners38. Joseph Safra, Safra Group39. David Booth, Dimensional Fund Advisors40. James Coulter, TPG Capital

Wed, 30 Nov 2016 11:38:00 -0500

From banking to buyouts, trading to takeovers, these 40 financiers dominate the world of money. The hedge fund managers, private equity moguls and lenders who control the flow of trillions of dollars around the global economy impact just about all of us one way or another. To compile the2016 Money Masters list, we considered people who run businesses on both the buy and the sell sides of high finance. On Wall Street, money talks, so we judged our candidates on four factors: net worth, assets undermanagementor overseen, three-year track records and influence onmarkets.

Even after a run up in asset prices, the chief of the world's biggest private equity firm is finding ways to put money to work around the world, including recent real estate deals in India, where Blackstone Group now owns 15 million square feet of office space in major cities. "If we end up buying more near a top, that’s never as much fun as buying everything at bottoms,” says Schwarzman. "What's relevant is that you're always outperforming."

The legendary hedge fund manager thinks markets have relaxed because of China's more stimulatory policy. “As far as equity markets are concerned, it’s a fair value market that in lieu of any bad events like a British exit or a surprising election result—which is a bit less the case now—you are going to get a U.S. equities market that is going to grind higher," says Tepper. "The question will be at what point will interest rates go up? I think the Fed is going to be very very patient because they have a view that they can contain inflation, but it’s much harder to create inflation in the world. So that is driving my view that they will take their time.” Adds Tepper on the Federal Reserve: “They have said it a million times but the market maybe only now seems to be recognizing that is the case—that they are going to let some degree of inflation come back before they try to kill it.”

The man with the keys to America's largest bank, Dimon oversees an institution that moves $5 trillion a day. JPMorgan is navigating volatile global markets, but Dimon is thinking bigger about bad policies like an outdated tax code, which he says creates more risk than anything on his bank's balance sheet. "We have serious issues that we need to address – even the United States does not have a divine right to success," Dimon said in a letter he wrote in April.

Buffett’s best tip for Forbes readers today? "Read[...]


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Ask Larry: ​Is Money From An Invention Count​ed​ Under The Social Security Earnings Test?

Wed, 30 Nov 2016 09:30:00 -0500

Today’s column examines the earnings test, filing early to activate spousal benefits, how spousal benefits are calculated, whether both spousal can receive their spousal benefits and whether it would be good to take advantage of the continuing ability to file and suspend.


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For 3.8% Trump Tax Cut, Push 2016 Payments To 2017

Wed, 30 Nov 2016 09:05:00 -0500

This year-end, there are extra tax reasons to push income and transactions into 2017.


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Here's How We Can Avoid A Horrific Future

Wed, 30 Nov 2016 06:53:00 -0500

We have to face up to our economic reality. If we don’t bring the budget deficit beneath the nominal growth rate of GDP (which is unlikely to go above 4% in the near future), our debt will explode during recessions; and we will ultimately face a debt crisis. Those never end well. [...]



Who Is Trump Pick Steven Mnuchin & What Does The Treasury Secretary Do Anyway?

Tue, 29 Nov 2016 22:05:00 -0500

President-elect Donald Trump is expected to name Steven Mnuchin as Secretary of the Treasury.


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Ask Larry: Should I File Early To Activate My Husband's Spousal Benefit?

Tue, 29 Nov 2016 09:30:00 -0500

Today’s column examines sequencing benefits for couples, widow's benefits, the effect of the new law on disabled adult child's benefits, the continuing ability to file and suspend and spousal benefits under the new law.


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