Friday, October 23, 2020

Can you prepay taxes? Trump claims he did but can pay the IRS upfront?

President Donald Trump and former Vice President Joe Biden tangled over taxes during the Thursday presidential debate, with Trump stating he prepaid taxes in the amount of "tens of millions of dollars" after Biden criticized him for failing to release his tax returns.

"I prepaid, because at some point, they think it's an estimate. They think I may have to pay tax," Trump said during the debate.

Publisher: USA TODAY
Author: Aimee Picchi
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Quite a lot has been going on:

L.A. school bond measure seeks higher property taxes - Los Angeles Times

The Los Angeles Unified School district is asking voters to increase their property taxes and approve a $7-billion bond measure that would pay for campus renovation and construction as well as technology, which has risen to prime importance during coronavirus-forced distance learning.

School bonds in Los Angeles and statewide have not fared well lately, but supporters of Measure RR have reason for optimism — there's no significant opposition campaign and the November electorate is expected to be more tax friendly.

Publisher: Los Angeles Times
Date: 2020-10-23T13:00:20.114
Author: https www latimes com people howard blume
Twitter: @latimes
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Trump Again Pledges to Release Tax Returns - The New York Times

President Trump — under fire from Joseph R. Biden Jr. over his low tax payments — again vaguely promised to release his tax returns once a federal audit was completed.

"I released all my tax returns. Twenty-two years — go look at them," Mr. Biden said. "You have not released a single solitary year of your tax return. What are you hiding? Why are you unwilling? The foreign countries are paying you a lot. Russia is paying you a lot. China is paying you a lot. And your hotels, your businesses all around the country, all around the world. China is building a new road to a golf course you have overseas, so what's going on?

Date: 2020-10-23T01:42:02.000Z
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Work-at-home crowd prefers to relocate to places with lower taxes, less regulation – Orange

We're now starting to see what happens when the bonds between a person's city of residence and city of work are broken. The results are intriguing.

Thanks to detailed data on moving patterns from moving company Hire A Helper, we know exactly which states experienced the largest net gains and losses during the pandemic. Between January and June, New York, California, and Illinois experienced the greatest net losses in state residents, followed closely by Minnesota, New Jersey, and West Virginia. What do these states have in common? What immediately jumps out at me is that these are among the most economically unfree states in the U.S.

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Publisher: Orange County Register
Date: 2020-10-23T13:00:12 00:00
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Not to change the topic here:

In Trump Donations, Big Tax Write-Offs and Claims That Don't Always Add Up - The New York Times

And according to his tax records, he has given back at least $130 million since 2005, his second year as a reality TV star.

But the long-hidden tax records, obtained by The New York Times , show that Mr. Trump did not have to reach into his wallet for most of that giving. The vast bulk of his charitable tax deductions, $119.3 million worth, came from simply agreeing not to develop land — in several cases, after he had shelved development plans.

Three of the agreements involved what are known as conservation easements — a maneuver, popular among wealthy Americans, that typically allows a landowner to keep a property's title and receive a tax deduction equal to its appraised value. In the fourth land deal, Mr. Trump donated property for a state park.

Date: 2020-10-23T21:41:02.000Z
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Opinion | Many companies pay nothing in taxes. The public has a right to know how they pull it

Lawrence Summers is a professor at and past president of Harvard University. He was treasury secretary from 1999 to 2001 and an economic adviser to President Barack Obama from 2009 through 2010. Natasha Sarin is an assistant professor of law at the University of Pennsylvania law school and an assistant professor of finance at the Wharton School.

Corporations are increasingly recognizing the importance of being responsive not just to their shareholders but also to the interests of stakeholders, such as customers, employees and their communities. The corporate leaders of the Business Roundtable issued an announcement to that effect last year.

Publisher: Washington Post
Date: 2020-10-22T16:59:32.669Z
Twitter: @WashingtonPost
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The IRS Reels in a Whale of an Offshore Tax Cheat—and Goes for Another - WSJ

U.S. tax officials have thrown a historic one-two punch at wealthy Americans hiding money offshore.

On Oct. 15, they announced that Robert Smith, the 57-year-old private-equity billionaire who founded Vista Equity Partners, admitted he criminally evaded taxes on more than $200 million of income from 2000 through 2015 by using secret foreign accounts in the Caribbean and Switzerland.

The two cases are landmark events in a U.S. crackdown on undeclared offshore accounts that has been underway since 2009. Mr. Brockman's alleged evasion of tax on $2 billion is the largest criminal tax prosecution ever brought, according to the Department of Justice, and Mr. Smith's $139 million payment is among the largest made in connection with secret offshore accounts.

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Publisher: WSJ
Date: 2020-10-23T09:30:00.000Z
Author: Laura Saunders
Twitter: @WSJ
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Cancellation Of Debt: What To Know About Taxes When You Can't Pay Your Bills

There was an article that circulated recently suggesting that bankruptcies didn't peak as expected. If the folks who are reaching out to me are any indication, just give it time. With unemployment numbers still high and many areas still under shutdown orders due to the pandemic, it's clear that the economy is not back to normal. And one of the consequences of that economy is the inability of many consumers to pay off debt.

When you can't pay off your debt, you may settle with the creditor for less than you owe. This can take a few forms, including short sales, foreclosures, or just agreeing with a credit card company to pay less than you owe if they stop chasing you for the balance.

Publisher: Forbes
Date: 2020-10-22
Author: Kelly Phillips Erb
Twitter: @forbes
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