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Forbes - Taxes

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Copyright: Copyright 2017 Forbes LLC

What You Need To Know About Inauguration Day, Including Who Picks Up The Tab

Thu, 19 Jan 2017 20:45:00 -0500

On Friday, January 20, Donald J. Trump will be sworn in as the 45th President of the United States. Here's what you need to know about the history, tradition, and rules surrounding Inauguration Day, including who picks up the tab.

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The Top 5 Tax Stories Of 2017

Thu, 19 Jan 2017 16:45:00 -0500

With all eyes on Donald Trump and his bold plan to take the US corporate tax rate down to 15%, 2017 is certain to be a year of big tax stories. But Trump is only one piece of the story. On a global basis, tax conflict and a constantly evolving set of laws have set the stage for a monumental year.

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Memo To Steven Mnuchin: Trump's Tax Plan Would Add $7 Trillion To The Debt Over 10 Years

Thu, 19 Jan 2017 15:43:00 -0500

At his confirmation hearing, Mnuchin insisted that the Trump tax plan wouldn't add to the debt, after including economic effects. The problem: Unless the tax cuts are offset with spending reductions, increased government borrowing would drive up interest rates and wash away the economic benefits.

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SEC Scrutiny Of Public Pension Advisers A Top Priority

Thu, 19 Jan 2017 15:41:00 -0500

Mary Jo White, outgoing chairman of the SEC, listens during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, June 14, 2016. Photographer: Andrew Harrer/Bloomberg The Securities and Exchange Commission recently announced its Office of Compliance Inspections and Examinations’ 2017 examination priorities. Public pension advisers [...]

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Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling

Thu, 19 Jan 2017 14:55:00 -0500

The two most germane statements Treasury Secretary nominee Steven Mnuchin made for global investors during the early parts of testimony surrounded the U.S. dollar and the U.S. debt ceiling.

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Donald Trump Through The YearsDonald Trump: Through The Years1971: The Trump family business1977: Trump's first marriage1982: The Forbes 4001983: Trump Tower opens1985: Mar-a-Lago mansion1987: "The Art of the Deal" is published1989: Trump Shuttle airlines1991: Bankruptcy #11992: Bankruptcy #21993: Trump's second marriage1995: Trump Hotels & Casino Resorts Inc. goes public1996: Trump buys the Miss Universe Organization1999: Trump International Golf Course opens2000: Trump for president?2004: Trump's clothing line launches2004: "The Apprentice" premieres2004: Bankruptcy #32005: Trump's third marriage2007: Trump Vodka launches2009: Bankruptcy #42015: Trump runs for President2015: Boycotting the Donald2016: Presumptive GOP nominee

Thu, 19 Jan 2017 14:55:00 -0500

From business tycoon to presidential frontrunner, here are some of the Donald's biggest milestones.

Though Donald Trump had joined the family business (here he is pictured with his father, Fred) when he graduated from Pennsylvania's Wharton Business School in 1968, he doesn't regain control of the real estate development company until 1971.

Donald Trump marries his first wife Ivana in 1977. The pair would have three children, Donald Jr., Ivanka and Eric, and separate in 1990. A divorce is finally settled in 1992.

In the inaugural year of the Forbes 400 (then millionaires), Trump and his father evenly split a $200 million fortune.

Throughout the years, Trump has alleged he's worth much more than what Forbes has estimated. Most recently, Trump claimed he was worth $10 billion, while Forbes calculated his net worth at $4.5 billion.

Upon completion in 1983, Trump Tower on 5th Avenue becomes Manhattan's tallest all-glass structure. It houses luxury condominiums, offices, stores and restaurants.

Trump purchases the 126-room Mar-a-Lago landmark in Palm Beach, FL in 1985 and opens it as a private club a decade later.

It is the location for his wedding to third wife, Melania Knauss, in 2005.

Donald Trump's first book "The Art of the Deal" is released in 1987. It reaches#1 on the New York Times Bestseller list and holds a position on the list for 51 weeks.

Trump's airline, Trump Shuttle, operates from1989 to 1992. It never turns a profit and is sold off to US Airways.

In 1990, Donald Trump opens the $1 billion Trump Taj Mahal Casino Resort in Atlantic City, N.J. One year later, the venture would file for Chapter 11 reorganization after accumulating $3 billion in debt.

Meanwhile, Trump reportedly racked up nearly $900 million in personal liabilities. Hegives up half his personal stake in the casino and sells his yacht and airline.

Donald Trump acquires New York's Plaza Hotel in 1988 for a price of$390 million. By 1992, the hotel sits $550 million in debt. Trump keeps his title of CEO as he gradually sells off his ownership.

Donald Trump remarries in 1993 to Marla Maples, who he was rumored to be having an affair with while still married to Ivana Trump. The two have a daughter, Tiffany. They divorce in 1999.

In 1995, Trumptakes Trump Hotels & Casino ResortsInc. public on the New York Stock Exchange after raising $140 million. The stock's ticker? Trump's initials: DJT.

Nearly ten years later, the stock crashes and the company files Chapter 11 bankruptcy.

Trump purchasesthe Miss Universe Organization (which includes Miss Universe, Miss USA and Miss Teen). Refusing to say how much he paid, Trump says, "It's a very, very great entertainment format. It gets very high ratings, it's doing very well and we'll make it even better.''

Trump would co-own the pageants with NBC until September 2015. He bought out NBC's entire share to become the sole owner, and soon after sold theMiss Universe Organization totalent agency WME-IMG.

On a budget topping $40 million, Trump Internation[...]

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Obama Pardons Former Studio 54 Owner, Baseball Hall Of Famers On Tax Charges

Thu, 19 Jan 2017 14:18:00 -0500

In 1980, Ian Schrager, a former co-owner of the storied Studio 54 disco, was sentenced to jail time following a conviction for federal tax evasion. This year, however, Schrager got a second chance when he was granted a presidential pardon.

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Battle Lines Being Drawn Between Trump, Rest Of GOP, On Tax Reform: Where Do They Stand?

Thu, 19 Jan 2017 11:52:00 -0500

The Presidential Inauguration is tomorrow, a moment you are likely greeting with one of two reactions: MAGA!!! /firespistol into air Kill me. Kill me now. Wherever you stand on the whole thing, there is no escaping that tomorrow, our country enters a period that is sure to bring major change.In this [...]

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3 Big Mistakes To Avoid This Tax Season

Thu, 19 Jan 2017 10:00:00 -0500

Starting Monday, January 23rd, the IRS will begin accepting tax returns for the 2016 tax year. Here are three of the biggest tax filing mistakes people make.

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Ask Larry: ​​How Much Would I ​Lose in Benefits​ If I Stop Working Now?

Thu, 19 Jan 2017 09:30:00 -0500

Today’s column explores the effects of continuing income, the Windfall Elimination Provision, benefit availability, retroactive benefits and Railroad Retirement Board benefits.

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Ninth Circuit Upholds Tax Court In Disallowing RV Business Deductions

Wed, 18 Jan 2017 19:32:00 -0500

Use of RV as a dwelling precludes business deduction. Ninth Circuit upholds Tax Court. Penalty remains.

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A Border Adjustment Tax Threatens Disruption For U.S. And Its Neighbors

Wed, 18 Jan 2017 16:19:00 -0500

US President-elect Donald Trump answers questions from reporters accompanied by wife Melania for a New Year's Eve party December 31, 2016 at Mar-a-Lago in Palm Beach, Florida. DON EMMERT/AFP/Getty Images By Luis de la Calle Donald Trump has been elected U.S. President as disrupter in chief; somebody that can get things done [...]

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Why Uncle Sam Is Prince's Biggest Fan

Wed, 18 Jan 2017 15:48:00 -0500

The deadline for Prince's estate to file its tax payment is this week, and the government is expected to take nearly half of the late artist's assets.

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Is The Trump Administration Doomed To A Recession? History Says Yes

Wed, 18 Jan 2017 12:10:00 -0500

The first two years of a Republican President’s term show a long and lousy record. Sam Stovall, chief investment strategist at CFRA Research explains to Forbes contributor Simon Constable.

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Ask Larry: ​​​​​​Can My Wife Get Spousal Benefits After Filing For Her Own Benefit?

Wed, 18 Jan 2017 09:30:00 -0500

Today’s column examines spousal benefits, obtaining records of benefit payments, the effects of incarceration on benefits, how disability benefits affect other benefits and sequencing benefits.

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2017 Could Be A Big Year For Tax Policy

Wed, 18 Jan 2017 09:28:00 -0500

The new year is here, and 2017 has the potential to dramatically alter the tax policy climate in both the United States and Europe.

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High-End Life Insurance Agents Without An Estate Tax Become Wealth Managers

Wed, 18 Jan 2017 07:03:00 -0500

High-end life insurance agents will need to restructure their business models or adjust to significantly lower income if the federal estate tax is repealed.

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This Hedge Fund Made 37% Betting On Banks In 2016 And Remains Bullish After The Trump Rally

Wed, 18 Jan 2017 06:49:00 -0500

The bank stock rally has only just begun, say Martin Friedman and Andrew Jose, co-founders of a $700 million hedge fund called FJ Capital that returned 37% in 2016.

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America's Best And Worst Banks 2016America's Best And Worst Banks 2016America's Best Banks: #1 CVB Financial#2 PacWest Bancorp#3 Prosperity Bancshares#4 Glacier Bancorp#5 Hilltop Holdings#6 Signature Bank#7 First Republic Bank#8 Community Bank System#9 Bank of Hawaii#10 Western Alliance BancorpAmerica's Worst Banks: #91 Synovus Financial#92 Fulton Financial#93 Regions Financial#94 TCF Financial#95 Citizens Financial Group#96 People's United Financial#97 Hancock Holding#98 EverBank Financial#99 First Niagara Financial#100 First Horizon National

Wed, 18 Jan 2017 06:49:00 -0500

Forbes ranked the 100 largest publicly traded banks and thrifts on 10 measures of financial health: net interest margin; net charge-offs as a percentage of loans; nonperforming assets as net percentage of assets; two return figures (average assets and tangible common equity);reserves as a percentage of nonperforming loans; two capital ratios (Tier 1 and risk-based); one-year revenue growth and efficiency ratio. All of the data was provided by Charlottesville, Va., financial data firm SNL Financial. Forbes compiled the ranking of the best and worst banks based on an average of the individual ranks of each metric.

Headquarters: Ontario, Calif.

Assets: $7.6 billion

Price/Book value: 1.9

Efficiency ratio: 47%

Risk based capital ratio: 18.7%

Headquarters: Los Angeles, Calif.

Assets: $17 billion

Price/Book value: 1.2

Efficiency ratio: 40%

Risk based capital ratio: 16.3%

Headquarters: Houston, Tex.
Assets: $22 billion
Price/Book value: 0.9

Efficiency ratio: 40%

Risk based capital ratio: 14.1%

Headquarters: Kalispell, Mont.
Assets: $8.8 billion
Price/Book value: 1.8

Efficiency ratio: 55%

Risk based capital ratio: 17.9%

Headquarters: Dallas, Tex.

Assets: $12 billion

Price/Book value: 1.1

Efficiency ratio: 79%

Risk based capital ratio: 19.3%

Headquarters: New York, N.Y.
Assets: $32 billion
Price/Book value: 2.6

Efficiency ratio: 35%

Risk based capital ratio: 12.3%

Headquarters: San Francisco, Calif.
Assets: $55 billion
Price/Book value: 2.1

Efficiency ratio: 54%

Risk based capital ratio: 13.9%

Headquarters: Dewitt, N.Y.
Assets: $8 billion
Price/Book value: 1.5

Efficiency ratio: 60%

Risk based capital ratio: 19.4%

Headquarters: Honolulu, Hawaii
Assets: $15 billion
Price/Book value: 2.4

Efficiency ratio: 60%

Risk based capital ratio: 15.4%

Headquarters: Phoenix, Ariz.
Assets: $14 billion
Price/Book value: 2.4

Efficiency ratio: 48%

Risk based capital ratio: 12.1%

Headquarters: Columbus, Ga.
Assets: $28 billion
Price/Book value: 1.4

Efficiency ratio: 65%

Risk based capital ratio: 12%

Headquarters: Lancaster, Pa.
Assets: $18 billion
Price/Book value: 1.1

Efficiency ratio: [...]

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Getting To Know You Tuesday: Desmond Hudson

Tue, 17 Jan 2017 19:55:00 -0500

It's Getting To Know You Tuesday. Today's tax professional is Desmond Hudson.

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Millions Of Workers Will Pay More Taxes In 2017 Despite Not Having A Higher Tax Rate

Tue, 17 Jan 2017 17:25:00 -0500

Millions of taxpayers will see a tax increase in 2017: they just won't realize it immediately. That's because the tax increase can't be found with a bump in income tax brackets or a rate increase but a change in the cap on wages subject to Social Security taxes.

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Trump May Have Killed The House GOP's Business Tax Reform

Tue, 17 Jan 2017 16:45:00 -0500

FILE -- In this Wednesday, Dec. 28, 2016 file photo, President-elect Donald Trump listens to a question as he speaks to reporters at Mar-a-Lago, in Palm Beach, Fla. (AP Photo/Evan Vucci, File) RIP DBCFT It was probably too good an idea to survive the Washington policy meat grinder, but President-elect Donald Trump [...]

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President Trump May End The Bond Bull Market, But He Must Choose Growth Plans Over Political Fights

Tue, 17 Jan 2017 13:45:00 -0500

CHARLESTON, WV - MAY 05: Donald Trump models a hard hat in support of miners during a May 5, 2016 rally in Charleston, West Virginia. (Photo by Mark Lyons/Getty Images) The flurry of optimism about the economy and the rapid rise in bond yields after Donald Trump’s November election has led [...]

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What Is A Border Adjustment Tax?

Tue, 17 Jan 2017 11:16:00 -0500

In a nutshell, a border adjustment tax means that a tax is levied on imports (goods made overseas but sold in the United States) and exports are not taxed (goods made in the United States but sold elsewhere).

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Ask Larry: ​​​​​​Will I Get Badly Hurt By Teaching For a Non-Coverage Public School System

Tue, 17 Jan 2017 10:23:00 -0500

Today’s column looks at the potential effects of public pensions, restricted applications, multiple exes and widow(er)'s benefits.

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How Much Do You Need To Retire: Here's The First Step

Tue, 17 Jan 2017 09:08:00 -0500

One of the most important pieces of retirement planning is estimating spending. Here's what you need to know.

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Morgan Stanley Q4 Profits Surge 83% On Trading Gains, But Wealth Management Remains Growth Engine

Tue, 17 Jan 2017 09:08:00 -0500

Morgan Stanley saw its profits surge 83% in the fourth quarter as its trading desks picked up steam and its $2.1 trillion wealth management operations continue to show steady growth and record profitability.

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Tax Cheats Beware: IRS Whistleblower Awards Soar 322%

Tue, 17 Jan 2017 08:48:00 -0500

More tax whistleblowers are getting paid by the IRS. That could mean more civil and criminal tax investigations too.

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Congress Eliminates Huge Penalties On Small Employers' Health Insurance Reimbursement Arrangements

Mon, 16 Jan 2017 21:11:00 -0500

The circle of life is complete with regard to the penalties imposed on small employers who reimburse employees for premiums paid for health insurance purchased on the individual market.

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