shapecharge | E+ | Getty Images Good news for those struggling to save for retirement may be on the way. House Democrats are including measures to help people prepare for the long term in their $3.5 trillion federal budget plan. The House Ways and Means Committee on Tuesday released legislative proposals for portions of the
Month: September 2021
Topline The wealthiest Americans are evading hundreds of billions of dollars in taxes each year, the Treasury Department asserted in a report released Wednesday, using the findings to bolster the case for a proposed $80 billion investment to help the Internal Revenue Service improve tax enforcement. Key Facts According to the Treasury’s report, the top
Josephine Gotianun-Yap is plowing ahead with growing her family’s diversified company despite a drag from the pandemic. In August, Filinvest Development president and CEO Josephine Gotianun-Yap made the gutsy call to go ahead with its listing of a REIT, into which it was injecting 17 office towers from its subsidiary Filinvest Land. At $236 million, Filinvest
Dallas Cowboys wide receiver Brandon Smith (80) runs for a first down during the game between the Dallas Cowboys and the Jacksonville Jaguars on August 29, 2021 at AT&T Stadium in Arlington, Texas. Matthew Pearce | Icon Sportswire | Getty Images The National Football League is on the clock and ready to commence its 102nd
A trader works on the floor at the New York Stock Exchange (NYSE) in New York, August 20, 2021. Andrew Kelly | Reuters U.S. stock futures were steady in overnight trading Wednesday as investors remained cautious on the remaining months of trading. Dow futures fell just 9 points. S&P 500 futures were flat and Nasdaq
Prosecutors called Theranos founder and CEO Elizabeth Holmes a liar and a cheat on Wednesday while her attorneys argued that the company’s failure was not a crime. “Out of time, out of money, Elizabeth Holmes decided to lie,” Robert Leach, an assistant U.S. attorney, said while laying out the case that Theranos ran out of
Health conscious American millennials have found their drink of choice: alcoholic carbonated water that is lower in calories and carbs than beer and wine. A hard seltzer craze is sweeping the United States as Generation Y and Generation Z pursue healthier lifestyles, influenced by viral trends on Instagram and YouTube. TIMOTHY A. CLARY | AFP
Thomas Barwick When it comes to income in retirement, one looming question confronts most individuals: How much money is enough? While the answer to that question in never black-and-white, recent headlines about the solvency of Social Security could be injecting more fear into that dilemma. Last week, the Social Security Administration released its annual trustees
Qualified charitable distributions (QCDs) can play an important role for charitably inclined owners of tax-deferred individual retirement accounts (IRAs) who are over age 70 1/2. Some taxpayers use QCDs when they are subject to mandated RMDs (required minimum distributions). How do QCDs work? The Issue Forbes reader D.E. wrote to ask: “I have read your
Victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is comparable to relief provided last week to Ida victims in Louisiana. The IRS is offering relief to
Bill Gates will purchase a majority stake in the Four Seasons hotel chain for $2.21 billion, the company announced Wednesday. Cascade Investment LLC, which manages the Microsoft cofounder’s massive fortune, agreed to buy half of Saudi Prince Alwaleed bin Talal’s stake in the hotel chain. The all-cash deal pushes Gates’ ownership from 47.5% to 71.25%
In this article DG A sign inside a Dollar General store in Chicago. Jim Young | Reuters Dollar General CEO Todd Vasos said Wednesday that the retailer is chasing business opportunities in health care for a simple reason: About 65% of the company’s stores are located in “health deserts.” That translates to more than 10,000
In this article GENI Genius Sports. Genius Sports National Football League data rights partner Genius Sports reported second-quarter earnings Wednesday morning. Revenue doubled year-over-year but it reported a big loss. Shares of Genius Sports were up about 2.5% on Wednesday morning. Genius provides NFL play-by-play stats and Next Generation data for sports gambling companies, allowing
A stop sign lies damaged at a street corner in the aftermath of Hurricane Ida in Grand Isle, Louisiana, September 2, 2021. Adrees Latif | Reuters The economic damages of Hurricane Ida are still being assessed, but the storm that wreaked havoc from New Orleans to New York could wind up becoming one of the
Aerial views of the $500 Million dollar mansion dubbed “The One” in Bel Air, California. Google Earth A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings. The 105,000-square-foot Bel Air estate, known
Five-starred red flags line the Nanjing Road pedestrian street in Shanghai, China, on June 22, 2021. This year marks the 100th anniversary of the Communist Party of China. Costfoto | Barcroft Media | Getty Images China is at a crucial moment in its political and economic evolution. The political growl that is trying to become
MANDEL NGAN | AFP | Getty Images Democrats may change the rules for “mega” individual retirement accounts with more than $5 million to help fund their expansion of the country’s safety net. “Mega retirement accounts” are among roughly two dozen tax categories congressional Democrats are eyeing to help raise money for a $3.5 trillion spending
Towfiqu Photography If you inherit a retirement account, you may want to pause before making any decisions on when and how to access the money. Basically, the rules that apply depend on your relationship to the person who died. Mistakes can be made, and depending on the specifics, they can be hard to undo. The
When Tina McGonagill wanted to expand her food container business, she took on an investor she met at a trade show. For $50,000, she gave Trent Lowenstein a 20% stake in Big Fat Lunch. Yet before she spent the money, the two were at odds over the best strategy to increase profits. McGonagill wanted to
State and local government pensions assure workers and retirees that they enjoy the same protections as the comprehensive federal law, ERISA provides to corporate participants. That’s simply not true. Don’t count on state law to protect your retirement security. It has been said that the Law is a blunt instrument, incapable of dealing with all
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