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Your Money: State taxes are too hard for mere mortals to compute

NEW YORK(Reuters) – Can regular people calculate their state taxes in light of the new U.S. tax law? No way, experts say. “There isn’t a way to figure it out,” said Craig Smalley, an enrolled agent tax preparer in Orlando, Florida. “I’ve worked with clients al... More »

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Column: Illinois budget debate raises key questions on taxing…

CHICAGO (Reuters) – Greetings from Illinois, a state that never tops the rankings of places to retire. We have one of the great American cities, but also polar vortexes and an enormous state budget deficit – and now there is renewed talk about taxing retiremen... More »

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China-U.S. trade talks ‘making a final sprint’: state media

SHANGHAI (Reuters) – Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced “step-by-step” progress. Xi made the comments at a m... More »

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U.S. Steel wins tax breaks from one of America’s poorest cities

GARY, Indiana (Reuters) – United States Steel Corporation founded Gary, Indiana in 1906 – naming it after co-founder Elbert Henry Gary – and the city’s fortunes have been closely tied to the company ever since. When the firm started losing business to cheap As... More »

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$1.5 trillion U.S. tax cut has no major impact on business capex…

WASHINGTON (Reuters) – The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more th... More »

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Indonesia cracks down on e-commerce to raise tax collection

JAKARTA (Reuters) – Indonesia is bringing in new rules requiring e-commerce sellers to share data with authorities, while also stressing that they must pay taxes, the finance ministry said on Monday. Surging smartphone use and a rising middle-class income in I... More »

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Russia has not promised Belarus help over oil tax overhaul: PM

MOSCOW (Reuters) – Russian Prime Minister Dmitry Medvedev said on Monday that Moscow has never promised Belarus any help over losses incurred due to an overhaul of Russia’s oil tax after Minsk requested compensation. Russia has kept Belarus in its political or... More »

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Tokyo court rejects request to end Ghosn’s detention: Jiji

TOKYO (Reuters) – The Tokyo District Court has rejected a request by lawyers of Carlos Ghosn to end the detention of the ousted Nissan Motor Co Ltd chairman, who has been held since his Nov. 19 arrest on accusations of financial misconduct, Jiji Press reported... More »

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YOUR MONEY: The IRS might be closed, but your taxes are still due

NEW YORK (Reuters) – The U.S. Internal Revenue Services is closed, thanks to the government shutdown, but your taxes are still due on April 15 and that is why individuals need to proceed through tax season as if nothing is amiss, experts say. The opening day o... More »

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How partial shutdown of U.S. government could play out

WASHINGTON (Reuters) – A partial U.S. government shutdown was widely expected to continue after Congress reconvenes on Thursday, with lawmakers split over President Donald Trump’s demand for $5 billion in taxpayer funding for a proposed Mexican border wall. Th... More »

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Big firms could help rein in French deficit: minister

PARIS (Reuters) – Finance Minister Bruno Le Maire said on Wednesday he favored calling on big companies to contribute to efforts to keep France’s budget deficit as close as possible to the EU limit next year. Facing a popular revolt that started out against fu... More »

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EU court ruling boosts Brexit opponents

LUXEMBOURG (Reuters) – The European Union’s top court ruled on Monday that the British government may reverse its decision to leave the bloc without consulting other member states in a decision welcomed by those campaigning to stop Brexit. In an emergency judg... More »

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U.S. says farmers could get cash aid by October but will not be…

BUENOS AIRES (Reuters) – U.S. farmers could receive cash payments from a planned $12 billion aid package as soon as late September, U.S. Agriculture Secretary Sonny Perdue told Reuters on Saturday, warning that the program will not make tariff-hit farmers whol... More »

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Europeans press for digital tax at G20 meeting

BUENOS AIRES (Reuters) – European finance leaders called for progress on global rules to tax the digital economy at a meeting of G20 finance ministers and central bankers in Argentina on Sunday, putting them at odds with U.S. counterparts. The final communique... More »

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New Jersey averts government shutdown with last-minute budget

NEW YORK (Reuters) – New Jersey Governor Phil Murphy struck a last-minute budget deal on Saturday, ending threats of a government shutdown that had raged for weeks as he struggled to reach an accord with members of his own party. It was the state’s first budge... More »

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Smart IRA opportunities exist under new U.S. tax law, but hurry

CHICAGO (Reuters) – (The writer is a Reuters columnist. The opinions expressed are his own.) Ed Slott is a certified public accountant by training, but he admits that his professional colleagues have their faults. “By nature, we are history teachers – we’ll te... More »

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Jordan’s PM submits resignation after protests, source says

AMMAN (Reuters) – Jordan’s Prime Minister Hani Mulki submitted his resignation to King Abdullah on Monday, an official source said, to soothe widespread anger over economic policies that have sparked the largest protests in several years and dozens of arrests.... More »

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Jordanian PM resigns after protests: official source

AMMAN (Reuters) – Hani Mulki resigned from his post as Jordan’s prime minister in a meeting with King Abdullah on Monday, an official source said, a move aimed at defusing anger over economic policies that have sparked the largest protests in years. Source: ht... More »

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Jordan police: protests against price hikes under control

AMMAN (Reuters) – Jordan’s police chief said security forces had detained 60 people for breaking the law during major protests over tax hikes in recent days. Major General Fadel al-Hamoud said at a press conference that 42 members of the security forces were i... More »

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Jordanians renew protests against IMF driven-tax hikes

AMMAN (Reuters) – Hundreds of Jordanians took to the streets of the capital Amman on Sunday in a fourth day of nightly protests against IMF-backed price increases that have shaken the kingdom, witnesses said. They said demonstrators who converged near the cabi... More »

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China launches tax evasion probe into film, TV industry

BEIJING/SHANGHAI (Reuters) – China will launch a tax evasion investigation into the country’s film and television industry, the tax bureau said in a statement posted on its official website on Sunday. Some of the country’s most famous actors have been accused ... More »

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America’s poor becoming more destitute under Trump: U.N. expert

GENEVA (Reuters) – Poverty in the United States is extensive and deepening under the Trump administration whose policies seem aimed at removing the safety net from millions of poor people, while rewarding the rich, a U.N. human rights investigator has found. P... More »

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EU fears new Italian policies could set stage for next euro zone…

BRUSSELS (Reuters) – Italy’s emerging ruling coalition is likely to put deeper euro zone integration on hold and could set the stage for the bloc’s next crisis if it delivers on its tax-cutting and high-spending policies, European policymakers and economists f... More »

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Kuwait to postpone VAT implementation to 2021, says parliament…

DUBAI (Reuters) – Kuwait will not implement value-added tax before 2021 but will push ahead with introducing excise tax, parliament’s budget committee said in a statement posted on the assembly’s website on Tuesday. “The committee said implementation of value-... More »

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South African authorities raid Gupta compound in Johannesburg

JOHANNESBURG (Reuters) – South African police on Monday raided the compound of former president Jacob Zuma’s allies the Guptas, who were accused two years ago in a report by a corruption watchdog of using their influence to gain control of state companies and ... More »

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South Dakota e-commerce sale tax fight reaches U.S. Supreme Court

WASHINGTON (Reuters) – A high-stakes showdown at the U.S. Supreme Court on Tuesday will determine whether states can force out-of-state online retailers to collect sales taxes in a fight between South Dakota and e-commerce businesses. South Dakota is asking th... More »

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After walkouts, U.S. teachers eye elections for school funding gains

OKLAHOMA CITY/TULSA, Okla. (Reuters) – High school physics teacher Craig Hoxie filed to run for Oklahoma’s House of Representatives on Friday, a day after the end of a two-week teacher walkout that had pressed lawmakers for school funding. “A week ago, I would... More »

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Struggle to replace Ryan could blow up Congress budget deal

WASHINGTON (Reuters) – A six-month budget truce stitched together by Congress in March could unravel if Republican leaders vying to replace U.S. House of Representatives Speaker Paul Ryan indulge party conservatives who want to renege on critical parts of the ... More »

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Republican tax cuts to fuel historic U.S. deficits: CBO

WASHINGTON (Reuters) – The massive tax cuts signed into law in December, which Republicans said would pay for themselves, will balloon the U.S. deficit in years ahead, the Congressional Budget Office said on Monday, possibly hobbling President Donald Trump’s f... More »

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As Hungary roars ahead, Orbanomics leaves some of the poorest behind

HOSSZUHETENY, Hungary (Reuters) – The pre-election fanfare over Hungary’s stellar growth and surging wages hardly registers with Laszlo Reisch, an employee in a government works program who is stuck on the wrong side of a growing social divide. Prime Minister ... More »

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India’s electronics ministry moots duties on key smartphone…

MUMBAI/NEW DELHI (Reuters) – India is exploring new duties on the import of a key smartphone component, according to two government sources, the latest in a series of moves aimed at boosting domestic manufacturing in the world’s second-biggest smartphone marke... More »

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Japan government lays groundwork for more stimulus spending to…

TOKYO (Reuters) – Japan’s government began laying the groundwork on Thursday for big spending next year to offset the impact of a planned nationwide sales tax hike. The government should manage fiscal policy to prevent growth from collapsing and should keep th... More »

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Do you need a do-over on your Roth conversion?

Dan Demeglio, race and sports book supervisor, cashes a 200-to-1 future bet for Doug O’Neill, trainer of Kentucky Derby winner “I’ll Have Another”, at the Primm Valley Casino in Primm, Nevada June 25, 2012. REUTERS/Las Vegas Sun/Steve Marcus CHICAGO (Reuters) ... More »

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China will not join international tax cut race: state cabinet…

BEIJING (Reuters) – China has no intention of joining the international tax cut race, head of the government’s state council research office said on Monday, even as Beijing rolled out fresh tax cuts worth more than 800 billion yuan (91.6 billion pounds) for 20... More »

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UK PM May tells Trump of ‘deep concern’ over metals tariffs

Britain’s Prime Minister Theresa May talks to Andrew Marr for the Marr Show on BBC television in London, Britain March 2, 2018. Picture taken March 2, 2018. Jeff Overs/BBC/Handout via REUTERS LONDON (Reuters) – British Prime Minister Theresa May told U.S. Pres... More »

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EU eyes tax on tech giants closer to 2 percent than 6 percent of…

FILE PHOTO: The Amazon logo is seen at the Young Entrepreneurs fair in Paris, France, February 7, 2018. REUTERS/Charles Platiau PARIS (Reuters) – The European Union this month will unveil plans to tax large global tech companies’ revenue at a rate in the 2-to-... More »

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Slovak investigative journalist killed at home: report

PRAGUE (Reuters) – A Slovak investigative journalist reporting on tax fraud among businessmen connected to the country’s ruling party was shot dead at his family home over the weekend, news website Dennik N reported on Monday, citing the Interior Ministry. Axe... More »

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Trump tax cut fuels record profit for Buffett’s Berkshire

FILE PHOTO: Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska, U.S., May 2, 2015. REUTERS/Rick Wilking/File Photo (Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday reported a record ... More »

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Republicans face first test of tax cuts’ power to sway voters

A window announcing support for Congressional candidate Rick Saccone is seen on High Street in Waynesburg, Pennsylvania, U.S., February 14, 2018. Picture taken February 14, 2018. REUTERS/Maranie Staab WASHINGTON, Penn (Reuters) – Mark Marran, an operations man... More »

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Trump plan to overhaul U.S. infrastructure faces steep hurdles

U.S. President Donald Trump speaks to reporters in the Oval Office at the White House in Washington, U.S., February 9, 2018. REUTERS/Jonathan Ernst WASHINGTON (Reuters) – U.S. President Donald Trump will roll out an infrastructure plan on Monday that already f... More »

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Trump signs deal to end brief agency shutdown, boost U.S. spending

U.S. President Donald Trump delivers remarks at the National Prayer Breakfast in Washington, U.S. February 8, 2018. REUTERS/Jonathan Ernst WASHINGTON (Reuters) – A brief U.S. government shutdown ended on Friday after Congress passed and President Donald Trump ... More »

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House Speaker Ryan deletes tweet praising $1.50 pay increase

House Speaker Paul Ryan (R-WI) speaks at a news conference with Republican leaders on Capitol Hill in Washington, U.S., January 18, 2018. REUTERS/Yuri Gripas WASHINGTON (Reuters) – U.S. House Speaker Paul Ryan deleted a tweet on Saturday cheering a $1.50 incre... More »

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Dreading your taxes? Try filing as U.S. military

U.S. service member stands guard as an U.S. military transport plane lands at the Kandahar air base, Afghanistan January 23, 2018. REUTERS/Omar Sobhani – RC1A69651DE0 NEW YORK (Reuters) – No matter how U.S. tax policies evolve in the future, it is doubtful tha... More »

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I tweet from bed sometimes, Trump says

U.S. President Donald Trump waves as he arrives in Zurich, Switzerland January 25, 2018. REUTERS/Carlos Barria LONDON (Reuters) – U.S. President Donald Trump, who has garnered a large following on social media with rambunctious postings, said he sometimes twee... More »

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‘I am a stable genius,’ Donald Trump says

U.S. President Donald Trump gestures as he delivers a speech during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 26, 2018. REUTERS/Denis Balibouse LONDON (Reuters) – U.S. President Donald Trump said he was a stable genius and tha... More »

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U.S. wage growth, tax-bonuses spark shopping in retail stocks

A woman shops at a Macy’s department store in Roosevelt Field shopping mall in Garden City, New York, U.S., November 24, 2017. REUTERS/Shannon Stapleton NEW YORK (Reuters) – U.S. fund managers are betting that rising wages and the effects of the Republican-led... More »

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Starbucks disappoints after holiday drink sales lose steam

FILE PHOTO: A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, U.S. on October 27, 2015. REUTERS/Lucy Nicholson/File Photo (Reuters) – Starbucks Corp (SBUX.O) on Thursday warned that 2018 global cafe sales grow... More »

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Column: Using 529 funds to pay for private school? Check new rules

A student sits in a hallway as he looks through a text book in Chicago, Illinois February 14, 2013. REUTERS/Jim Young CHICAGO (Reuters) – Uncle Sam has given families the green light to use $10,000 per child each year to pay for private schools out of 529 savi... More »

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Germany’s SPD wants Merkel to sweeten coalition deal

German Chancellor Angela Merkel arrives for a statement at the CDU headquarters in Berlin, Germany, January 21, 2017, after Germany’s Social Democrats (SPD) voted to begin formal coalition talks with Chancellor Merkel’s conservatives. REUTERS/Axel Schmidt BERL... More »

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Factbox: Impact of the U.S. government shutdown

Birds fly over the White House in Washington, U.S., on the second day of Government shutdown, January 21, 2018. REUTERS/Yuri Gripas (Reuters) – U.S. lawmakers struggled on Sunday to reach a breakthrough during the second day of a government shutdown. If Republ... More »

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Facebook to open digital training hubs in Europe

FILE PHOTO: Balloons are seen in front of a logo at Facebook’s headquarters in London, Britain, December 4, 2017. REUTERS/Toby Melville/File Photo BRUSSELS (Reuters) – Facebook (FB.O) said on Monday it will open three new centers in Europe to train people in d... More »

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Ice packs: Cigarette smugglers find frozen route to Lithuania

1,500 packs of cigarettes found being smuggled under a block of ice flowing on river Neris from Belarus are seen near village of Moliai, Lithuania January 19, 2018 in this photo provided by State Border Guard Service. State Border Guard Service/Handout via REU... More »

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Morgan Stanley raises targets, but Wall Street wants more

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File Photo (Reuters) – Morgan Stanley raised key profitability and efficiency targets on... More »

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Your estate plan needs an update, even if it is new

A generic picture of a some office folders or binders. OFFPO REUTERS/Catherine Benson NEW YORK (Reuters) – Got a dusty old binder with your will and estate plan? Even if you had your paperwork set up a few years ago, all of your documents are now out of date, ... More »

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Alien sightings are no excuse for filing your tax return late

FILE PHOTO – A pedestrian walks past the headquarters of Her Majesty’s Revenue and Customs (HMRC) in central London February 13, 2015. British lawmakers plan to call up the bosses of HSBC and the tax authority, HMRC, to quiz them over allegations some clients ... More »

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PNC Financial fourth quarter profit more than doubles

(Reuters) – PNC Financial Services Group Inc reported a better-than-expected quarterly profit on Friday, helped by higher interest income and consumer loan growth and the U.S. regional lender also forecast mid-single digit loan and revenue growth for 2018. The... More »

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Uproar over crackdown on cryptocurrencies divides South Korea

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. REUTERS/Kim Hong-Ji SEOUL (Reuters) – With a tech-savvy population quick to adopt the latest gad... More »

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PNC Financial profit more than doubles in fourth quarter

(Reuters) – U.S. regional lender PNC Financial Services reported a better-than-expected quarterly profit on Friday, helped by higher interest income and consumer loan growth. The Pittsburgh, Pennsylvania-based bank said on Friday that net income attributable t... More »

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French finance minister pledges ‘no new taxes’ under Macron

French Finance Minister Bruno Le Maire leaves the Elysee Palace after the first weekly cabinet meeting of the year and a government seminar in Paris, France, January 3, 2018. REUTERS/Benoit Tessier PARIS (Reuters) – Emmanuel Macron’s finance minister said on F... More »

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Marijuana taxes and a surplus expected to boost California budget

FILE PHOTO: California Governor Jerry Brown attends the International Forum on Electric Vehicle Pilot Cities and Industrial Development in Beijing, China June 6, 2017. REUTERS/Thomas Peter/File Photo SACRAMENTO, Calif. (Reuters) – California Governor Jerry Bro... More »

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Lenovo to make $400 million one-off charge on U.S. tax reforms

FILE PHOTO – A Lenovo logo is seen on a computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo HONG KONG (Reuters) – Lenovo Group Ltd said on Wednesday it expected to make a one-off charge of $400 million for nine months ended in December d... More »

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U.S. grain companies fear harm from new tax law

FILE PHOTO: An early wheat crop in the Central Valley in Davis, California, U.S., May 1, 2017. REUTERS/Hyungwon Kang – File Photo CHICAGO (Reuters) – The new U.S. tax law is poised to drive more control over the nation’s grain supply to farmer-owned cooperativ... More »

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Cheers! Cider, craft beer makers get U.S. tax cut in new year

FILE PHOTO: Goose Island beer taps are seen amongst other craft beers at a bar in New York January 21, 2015. REUTERS/Brendan McDermid/File Photo (Reuters) – Makers of craft beer, artisanal spirits, hard cider and mead may lift their glasses a bit higher next y... More »

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Companies have up to a year for new U.S. tax bill reporting: SEC

Jay Clayton, Chairman of the Securities and Exchange Commission in Washington, U.S. September 26, 2017. REUTERS/Aaron P. Bernstein WASHINGTON (Reuters) – U.S. financial regulators said on Friday that because the new tax bill could make timely financial reporti... More »

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Trump on Twitter (Dec 22) – Tax cut, Missile defense bill

U.S. President Donald Trump walks across the South Lawn as he departs the White House to visit Walter Reed National Military Medical Center in Washington, U.S., December 21, 2017. REUTERS/Jim Bourg The following statements were posted to the verified Twitter a... More »

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Mexico to review need for tax changes after U.S. reform-document

MEXICO CITY (Reuters) – Mexico’s finance ministry will evaluate whether to make fiscal changes in response to the U.S. tax reform, according to a document seen by Reuters on Friday. In the document, the ministry said Mexico would not make changes that left it ... More »

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Ski slopes and beaches forgotten: tax takes precedence

A tax form is pictured on tax deadline day at the main Post Office in New York April 15, 2009. REUTERS/Chip East NEW YORK (Reuters) – There will be no holiday slowdown this year for tax consultant Jonathan Traub, who skipped hitting the ski slopes with his fam... More »

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In Silicon Valley, much-feared tax bill pays dividends for workers

FILE PHOTO: An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson SAN FRANCISCO (Reuters) – The U.S. tax overhaul is a boon to Silicon Valley technology companies like Apple Inc (AAPL.O) and Alphabet Inc (GOO... More »

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Trump on Twitter (Dec 21) – Tax Cuts, Home sales

U.S. President Donald Trump celebrates with Congressional Republicans after the U.S. Congress passed sweeping tax overhaul legislation on the South Lawn of the White House in Washington, U.S., December 20, 2017. REUTERS/Carlos Barria The following statements w... More »

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Your Money: Get ready for a flood of difficult divorces in 2018

A rose is covered with fresh snow on a cold winter day in the village of Lavacherie, Belgium December 3, 2017. REUTERS/Yves Herman NEW YORK (Reuters) – Acrimonious couples who were racing to get divorced by Dec. 31 or face dire tax consequences can breathe a s... More »

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U.S. tax overhaul requires new math for 529 savings plans

The top of the cap of a graduating student is pictured during their graduation ceremony at UC San Diego in San Diego, California, U.S. June 17, 2017. REUTERS/Mike Blake NEW YORK (Reuters) – Families with children in private or parochial school will be able to ... More »

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Investor equity valuation worries grow – BAML survey

FILE PHOTO: Traders react at the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., November 30, 2017. REUTERS/Brendan McDermid/File Photo LONDON (Reuters) – Two-thirds of investors believe U.S. tax cuts will boost equity marke... More »

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Dollar dips on U.S. tax reform caution

FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo LONDON (Reuters) – The dollar dipped against a basket of major currencies on Monday, on caution ahead of a vote in U.S. Congress on... More »

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U.S. taxpayers rush to claim deductions under threat from tax bill

Copies of tax legislation are seen during a markup on the “Tax Cuts and Jobs Act” on Capitol Hill in Washington, U.S., November 15, 2017. REUTERS/Aaron P. Bernstein NEW YORK (Reuters) – Financial advisers and accountants are working overtime as many U.S. taxpa... More »

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Republicans confident tax bill to become law this week

FILE PHOTO: Senator John Cornyn (R-TX) speaks during Senate Intelligence Committee hearing to answer questions related to Russian use of social media to influence U.S. elections, on Capitol Hill in Washington, U.S., November 1, 2017. REUTERS/Joshua Roberts/Fil... More »