The International Monetary Fund has downgraded 2017 economic forecasts for the US and the UK and has predicted growth will pick up in the eurozone, China and Japan. The IMF forecasts global growth of 3.5%, the same as its estimate in April.
Departing foreign taxpayers are required to submit a sailing permit to prove they do not owe any US taxes when they leave the US. Here's what practitioners should know about who must obtain a sailing permit and the procedures for doing so.
A plan by Senate Republicans to overhaul the health care system would raise costs for people with private insurance coverage and increase the number of uninsured people by 22 million over a 10-year period, the Congressional Budget Office said last week. The bill would also lower the deficit by $420 billion.
Social Security's funding problems are fixable, says economist Alicia Munnell, who spent 20 years at the Federal Reserve Bank of Boston. She reviews some of the proposals on the table, noting that Americans will have to decide whether they want to cut benefits, raise taxes or do a little of both. For more information on Social Security, check out the Broadridge Advisor resource center, filled with ready-to-go, client-friendly communication tools (available to PFP/PFS Section members).
Here is a look at how one taxpayer lost a tax deduction and incurred a significant penalty by overstating the value of a charitable gift. This article offers tips on avoiding similar situations, beginning with careful compliance when claiming these types of deductions. PFP/PFS Section members can dive deep into charitable giving strategies in Chapter 5 of the Adviser's Guide to Financial and Estate Planning.
Eighteen states and Washington, D.C., tax inheritances or estates, a recent report from the Tax Foundation found. However, Delaware and New Jersey plan to eliminate their estate taxes in 2018, and several other states have raised their exemption levels for estate taxes.
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