News 

IRS investigating erroneous tax documents sent to 100s naming Skokie car dealer

“Another taxpayer, Majidah Saleem of Chicago, worked at Sherman Dodge for about one week toward the end of 2017 before quitting” writes Stephanie Zimmermann for suntimes.com. Anyone who got one should dispute it and file their taxes without including the 1099 income, Buchmiller says. “The IRS will recognize it and not collect on it,” he says.But a spokeswoman for Sherman Dodge and a tax attorney representing the Fritzes and Saleem say the IRS has told them it has opened an investigation.Saleem initially worried the IRS might come after her for…

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Markets News Stocks 

Is the stock market up or down? Is the bull run beginning or ending? It depends.

“Is the bull market in its 11th year or just in its 11th week?” writes Allan Sloan Is for washingtonpost.com. That means both indicators are deemed to be in a bull market that had started on Dec. 24.Is the stock market up today or is it down today?. The first one is broad and involves how stock market indicators work.Partly because of what I’ve taken to calling the bifurcated bull market. Source: washingtonpost.com

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The Cradle Act would tap Social Security to fund parental leave—here’s what financial advisers think

“Almost every industrialized country except the U.S. gives working mothers at least three months of paid maternity leave, and in most of those countries, such programs are funded through a tax” writes Kerri Anne Renzulli for cnbc.com. But having workers tap their Social Security income early and delay retirement is likely to have big effects on their entire financial lives, not just the few months they cared for their new baby, according to financial planners CNBC Make It spoke with. Source: cnbc.com

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China’s Premier Acknowledges Economic Slowdown, Promising Tax Cuts

“Li delivered his acknowledgment of the slowdown at an annual meeting with foreign and domestic reporters that the Chinese leadership often uses to outline its priorities to its people and the world” reports nytimes.com. However, recently released economic data has suggested that the government is indeed turning to monetary expansion and heavy infrastructure investments in an effort to stabilize growth.He appeared to be addressing concerns that the United States and some of its allies have been raising about Huawei, the Chinese technology giant. Source: nytimes.com

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Austria pressing ahead with digital tax after EU-wide plan fails

“Austria said in January that it would tax firms like Google, Amazon, Facebook and Alibaba 3 percent of their advertising revenue from within Austria” writes Midwest Communications Inc for 95kqds.com. “I am here today to say clearly again that we will implement and stick to what we have always said, namely introduce a national digital tax in Austria.”. VIENNA (Reuters) – Austria will press ahead with a proposed tax on internet giants after plans for an European Union-wide levy fell through this week, Finance Minister Hartwig Loeger said on Friday.…

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UBS sets aside $516 million for French tax case

“UBS Group AG UBS, -1.26% has taken $516 million in provision for a tax case in which French judges ordered the bank to pay a hefty fine for helping wealthy clients in France evade taxes” writes Pietro Lombardi for marketwatch.com. Last month the bank confirmed its dividend after French judges ordered it to pay a 3.7 billion euro ($4.19 billion) fine, as well as EUR800 million in damages to the French government for lost tax revenue.UBS has appealed the French court’s decision and has said it followed its legal obligations.The…

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19 tweets about doing taxes to read while you procrastinate doing your taxes

“Good luck out there, and here’s hoping next tax season will suck a lot less” writes Nicole Gallucci for mashable.com. We regret to inform you it’s tax season once again.If you loathe doing your taxes or are lost on how to get started, here are 19 relatable tweets to take comfort in reading while you fail to file.If you’re a tax procrastinator, you’re not alone, and while we definitely won’t do your taxes for you, we’d love to help entertain you while you agonize over them.Filing taxes is an extremely…

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News 

UBS sets aside 450 million euros for French tax case

“ZURICH (Reuters) – Switzerland’s biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions after a French court slapped it with a 4.5 billion euro ($5.09 billion) penalty last month” writes Midwest Communications Inc for 95kqds.com. The appeals process is expected to take years, and could see the bank and prosecutors go through at least two more verdicts. Source: 95kqds.com

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News 

Democrats are pushing the biggest tax increase you’ve never heard of

“House Democrats are currently pushing the biggest tax increase that nobody’s heard of” reports washingtonexaminer.com. This payroll tax increase would also directly tax wage increases.This tax increase would raise the business portion of payroll tax costs by $30,000, to $185,000.Larson’s plan would increase small businesses’ annual payroll tax burden per employee earning $50,000 per year by $600, to $3,700.For many employees, the payroll tax is the biggest tax burden they face. Source: washingtonexaminer.com

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If you usually do your own taxes, this might be the year to hire a pro

“But for many taxpayers used to doing their own taxes, this could be the year to pull the plug on software and hire a human tax preparer” writes Tina Orem for marketwatch.com. One reason some may abandon their tax pro this year is that the standard deduction has increased to $12,000 for single filers, $18,000 for heads of household and $24,000 for joint filers.DIYers who are heavy itemizers might think about calling a tax pro this year, too.See: You need to pay your taxes quarterly if… “This is where it…

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