Thu, 19 Jan 2017 20:45:00 -0500On 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.
Thu, 19 Jan 2017 16:45:00 -0500With 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.
Thu, 19 Jan 2017 15:43:00 -0500At 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.
Thu, 19 Jan 2017 15:41:00 -0500Mary 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 [...]
Thu, 19 Jan 2017 14:55:00 -0500The 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.
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.
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[...]
Thu, 19 Jan 2017 14:18:00 -0500In 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.
Thu, 19 Jan 2017 11:52:00 -0500The 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 [...]
Thu, 19 Jan 2017 10:00:00 -0500Starting 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.
Thu, 19 Jan 2017 09:30:00 -0500Today’s column explores the effects of continuing income, the Windfall Elimination Provision, benefit availability, retroactive benefits and Railroad Retirement Board benefits.
Wed, 18 Jan 2017 19:32:00 -0500Use of RV as a dwelling precludes business deduction. Ninth Circuit upholds Tax Court. Penalty remains.
Wed, 18 Jan 2017 19:18:00 -0500Are you a chump if you pay nanny taxes?
Wed, 18 Jan 2017 16:19:00 -0500US 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 [...]
Wed, 18 Jan 2017 15:48:00 -0500The 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.
Wed, 18 Jan 2017 12:10:00 -0500The 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.
Wed, 18 Jan 2017 09:30:00 -0500Today’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.
Wed, 18 Jan 2017 09:28:00 -0500The new year is here, and 2017 has the potential to dramatically alter the tax policy climate in both the United States and Europe.
Wed, 18 Jan 2017 07:03:00 -0500High-end life insurance agents will need to restructure their business models or adjust to significantly lower income if the federal estate tax is repealed.
Wed, 18 Jan 2017 06:49:00 -0500The 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.
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: [...]
Tue, 17 Jan 2017 19:55:00 -0500It's Getting To Know You Tuesday. Today's tax professional is Desmond Hudson.
Tue, 17 Jan 2017 17:25:00 -0500Millions 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.
Tue, 17 Jan 2017 16:45:00 -0500FILE -- 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 [...]
Tue, 17 Jan 2017 13:45:00 -0500CHARLESTON, 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 [...]
Tue, 17 Jan 2017 11:16:00 -0500In 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).
Tue, 17 Jan 2017 10:23:00 -0500Today’s column looks at the potential effects of public pensions, restricted applications, multiple exes and widow(er)'s benefits.
Tue, 17 Jan 2017 09:08:00 -0500One of the most important pieces of retirement planning is estimating spending. Here's what you need to know.
Tue, 17 Jan 2017 09:08:00 -0500Morgan 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.
Tue, 17 Jan 2017 08:48:00 -0500More tax whistleblowers are getting paid by the IRS. That could mean more civil and criminal tax investigations too.
Mon, 16 Jan 2017 21:11:00 -0500The 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.