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1+ hour, 54+ min ago (604+ words) Donald Trump's aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser " in addition to his current job " should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter. Tapping Bessent to lead the White House's National Economic Council would allow him to consolidate oversight of Trump's economic policies if Hassett " the current NEC director " becomes the next leader of the U.S. central bank, an announcement Trump has hinted at in recent days. The people spoke on the condition of anonymity to discuss potential moves that have not been finalized. If Bessent is also named to the NEC, he would become the chief arbiter of the administration's economic portfolio spanning the purview of both the Treasury Department and White House. It would…...

8+ hour, 25+ min ago (706+ words) Wedding Gift Tax Exemption in India: The wedding season is currently underway across India. Gifts are typically given by family members and relatives as a token of affection. With crores being spent in the exchange of gifts during weddings, a lot of people often wonder if gifts received in weddings are taxable under the Income Tax Act. Typically, any gift up to Rs 50,000 in a given financial year has no direct tax implication. There's no ceiling if it is given to a parent, spouse or children. Experts state that the Income Tax Act allows exemptions for gifts received on the occasion of marriage, regardless of whether they are given before or after the wedding day. However, the intent behind the gift matters a lot. If the gift can be clearly linked to the wedding, it qualifies for the exemption under…...

15+ hour, 24+ min ago (157+ words) Planning around SSI COLAs; holiday business deductions; complex decisions of inheritance; and other highlights from our favorite tax bloggers. Rated M for Mature Vigilance is always best They grow up so fast The new accounting model would reflect how financial institutions manage interest rate risks in their portfolios. Identity theft, fictitious applicants and other forms of fraud continue with the advance premium tax credit for buying health insurance. The House approved two pieces of legislation to keep IRS agents from levying fines and penalties without supervisory approval, and to strengthen taxpayer rights in proceedings before the Tax Court. Small businesses in particular lost a total of 120,000 jobs. Just in time for Giving Tuesday, there's some good news for charities, thanks to the One Big Beautiful Bill Act, but also some new caps and limits. Eide Bailly adds Wall, Einhorn & Chernitzer;…...

15+ hour, 44+ min ago (187+ words) The International Accounting Standards Board proposed a new accounting model to reflect how banks and other financial institutions manage interest rate risks in their portfolios. "Our proposed Risk Mitigation Accounting model aims to bring accounting and risk management closer together to enhance internal efficiency and strengthen communication between financial institutions and their stakeholders," said IASB chair Andreas Barckow in a statement Wednesday. The new accounting model would reflect how financial institutions manage interest rate risks in their portfolios. Identity theft, fictitious applicants and other forms of fraud continue with the advance premium tax credit for buying health insurance. The House approved two pieces of legislation to keep IRS agents from levying fines and penalties without supervisory approval, and to strengthen taxpayer rights in proceedings before the Tax Court. Small businesses in particular lost a total of 120,000 jobs. Just in time…...

16+ hour, 8+ min ago (308+ words) Identity theft, fictitious applicants and other forms of fraud continue with the advance premium tax credit for buying health insurance under the Affordable Care Act, according to a new report from the Government Accountability Office that comes at a time when the enhanced subsidies that were added during the pandemic are in danger of expiring, leading to the recent government shutdown. The report found that the fraud risks have persisted since the GAO first reported on the problem for plan years 2014-2016. "For example, we were able to get subsidized insurance for fake enrollees," said the report. "We also found some issues with enrollees' Social Security numbers that could indicate identity fraud." The report noted that the program's fraud risks were last assessed in 2018, even though the program and its risks have since evolved. For plan year 2025, of the 20 fictitious applicants,…...

16+ hour, 55+ min ago (461+ words) The House of Representatives approved two pieces of legislation this week to ensure Internal Revenue Service agents aren't levying fines and penalties on taxpayers without supervisory approval, and to strengthen taxpayer rights in judicial proceedings before the U.S. Tax Court. The first bill, known as the Fair and Accountable IRS Reviews (FAIR) Act (H.R. 5346), introduced by Rep. Glenn Grothman, R-Wisconsin, would clarify that supervisory approval of a penalty would be considered to be timely only if the person who proposed the penalty obtained approval in writing prior to any written communication to a taxpayer with respect to the penalty." "For decades, federal laws required that before the IRS can impose penalties on a taxpayer, an agent must first receive written approval from that agent's immediate supervisor," said Grothman during the debate Monday. "Congress put this safeguard in place to ensure that penalties…...

20+ hour, 29+ min ago (317+ words) Private sector employment declined by 32,000 in November, payroll giant ADP reported Wednesday, as small businesses in particular lost a total of 120,000 jobs. "It is both mom-and-pop, Main Street companies and firms, small businesses and establishments that are really weathering what is an uncertain macro environment and a cautious consumer," said ADP chief economist Nela Richardson during a conference call with reporters Wednesday. Year-over-year pay for those who stayed at their jobs rose 4.4% in November, but that was down from 4.5% growth in October. For those who changed jobs, annual pay growth was up 6.3% in November, but that too slowed from 6.7% growth in October. In professional and business services, the average annual growth rate for job stayers was 4.2% in November. "There are a lot of different angles of concern for the smallest firms," said Richardson. "It's about supply. It's about high price…...

1+ day, 3+ hour ago (355+ words) Finance Minister Nirmala Sitharaman on Wednesday said higher prices or taxes on tobacco products are intended to act as a deterrent so that people would not get into the habit. She said that even before the GST regime, tobacco rates were increased annually. The finance minister said this during her reply to the discussion on the Central Excise (Amendment) Bill, 2025, in the Lok Sabha. The bill seeks to revise excise duties on tobacco and related products after the GST compensation cess, currently levied on "sin goods" such as cigarettes, chewing tobacco and nicotine-based items, expires next year. "Even in India, prior to GST, tobacco rates were increased annually. This was primarily due to health-related concerns, as higher prices or taxes were intended to act as a deterrent so that people would not get into the habit," Sitharaman said during her…...

1+ day, 20+ hour ago (327+ words) Just in time for Giving Tuesday, there's some good news for charities. The tax deduction for charitable giving is undergoing some changes next year thanks to the One Big Beautiful Bill Act, with a new above-the-line deduction for cash donations that may encourage some donations, but also new caps and limits that may discourage others. For tax years starting after Dec. 31, 2025, there's a $1,000 above-the-line deduction for single filers, or $2,000 for married couples filing jointly, who don't itemize. However, the provision isn't indexed for inflation and it's not available for donor-advised funds or private foundations, or for those who itemize." Taxpayers may want to evaluate their long-term philanthropy planning and accelerate some of their charitable giving for 2025 if necessary. One strategy is to bunch deductions by itemizing several years' worth of charitable contributions into one year, and then taking the standard…...

1+ day, 21+ hour ago (122+ words) Eide Bailly added Wall, Einhorn & Chernitzer; Brown Edwards acquired Sheldon & Co. CPAs; and LGA merged with Cohen Cohen & Co. Last month brought a slight uptick in wage and job growth at small businesses, payroll company Paychex reported. Carcaught; a big shank; this order's definitely to go; and other highlights of recent tax cases. A tweak to the deductibility of gambling losses may not bring in a lot of tax revenue, but it could certainly alter a lot of wagers next year. A study found that students underestimate the audit profession's attractive aspects and overestimate its less appealing aspects. The law requires the IRS to provide a clear explanation of tax-filing errors to taxpayers on its math error notices....