A handful of extremely wealthy U.S. taxpayers holds trillions of dollars in foreign accounts, much of it in tax havens and through partnerships, according to a new study based on data reported to the IRS by foreign financial institutions. Since 2015, the Foreign Account Tax Compliance Act has required foreign banks, investment funds, and other
Month: March 2023
Commercial leases often require tenants to deliver letters of credit instead of cash security deposits. This practice reflects the belief that an L/C gives the owner better security than a cash deposit if the tenant goes bankrupt. Until very recently, many of those L/Cs came from Signature Bank or—especially for start-up or high-tech companies—Silicon Valley
A “For Sale” sign outside of a home in Atlanta, Georgia, on Friday, Feb. 17, 2023. Dustin Chambers | Bloomberg | Getty Images Home prices cooled in January, up only 3.8% nationally than they were a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is down from 5.6%
Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on “Recent Bank Failures and the Federal Regulatory Response” on Capitol Hill in Washington, March 28, 2023. Evelyn Hockstein | Reuters The run on Silicon Valley Bank’s deposits this month went far deeper than
It’s getting harder to keep up with higher prices. As of February, 62% of all U.S. adults were living paycheck to paycheck, up from 60% a month earlier, according to a new LendingClub report. To make ends meet, more people have picked up a side hustle, the report also found. As pandemic-related benefits are scaled back,
A day may come when the fallout from the tax shelter scandal at the turn of millennium is no more. But it is not this day. On this day we share the story of Robert “Bobby” Kotick, CEO of Activision Blizzard ATVI , and Seaview Trading LLC. Mr. Kotick is a controversial figure for several
In this article DIS Follow your favorite stocksCREATE FREE ACCOUNT Bob Iger, CEO, Disney, during CNBC interview, Feb. 9, 2023. Randy Shropshire | CNBC Disney will begin layoffs this week, the first of three rounds before the beginning of the summer that result in about 7,000 job cuts, according to a memo sent by Chief
In this article .BBKA Follow your favorite stocksCREATE FREE ACCOUNT A slogan is written on the sidewalk in front of the global headquarters of Swiss bank Credit Suisse the day after its shares dropped approximately 30% on March 16, 2023 in Zurich, Switzerland. Arnd Wiegmann | Getty Images News | Getty Images The collapse of
Even when they don’t buy a fixer-upper, most people will end up doing some amount of repairs on a new home. About 95% of homeowners said they plan to take on a major home improvement project in the next five years, according to a recent report by Real Estate Witch. However, only 50% said they
Late last year, Congress passed and President Biden signed SECURE 2.0 legislation as part of the Omnibus spending bill. Enactment of this legislation is a clear signal that policymakers understand the depths of the frightening retirement savings shortfall facing millions of Americans. The reasons are many for the nation’s retirement crisis – from rising costs
Few things herald the coming of spring in the United States like the blooming of the cherry blossom trees around the Tidal Basin in Washington, D.C. Although the National Park Service has deemed March 23, 2023, as “peak bloom” for the blossoms, March 27 is a bit more significant: It was on this day in
The tide has turned as housing markets in tech hubs and pandemic migration hot spots are cooling more rapidly than other parts of the country as the tech sector falters and mortgage rates remain elevated, according to a recent survey. The Redfin analysis found that Austin, Texas cooled the fastest over the last year as
In this article VORB SPCE Follow your favorite stocksCREATE FREE ACCOUNT NEWQUAY, ENGLAND – JANUARY 09: A general view of Cosmic Girl, a Boeing 747-400 aircraft carrying the LauncherOne rocket under its left wing, as final preparations are made at Cornwall Airport Newquay on January 9, 2023 in Newquay, United Kingdom. Virgin Orbit launches its
Asia-Pacific’s private equity market plummeted last year — as investors’ appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. That’s compared
Bill Oxford | E+ | Getty Images With the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. In January, the IRS warned filers that refunds could be “somewhat lower,” and, so far, that prediction has been accurate for many filers.
In this article SBNY Follow your favorite stocksCREATE FREE ACCOUNT Nicoletaionescu | Istock | Getty Images When it comes to bank deposits, $250,000 is the key number experts are talking about in light of recent financial shocks in the banking sector of a severity not seen since the Financial Crisis. That amount is the threshold
With President Biden’s veto of the Congress’s bipartisan joint resolution, ESG has been one of the hottest news stories in the financial world. Beyond the politics of it, proponents and opponents of the ESG push have their own reasons for staking out their positions. Would it surprise you to learn that self-interest plays a role?
“Has anyone had clients actually do the apocryphal story of a client using a 529 to go on a continuing education cruise of Europe?” asked one of my peers in a recent forum, “Trying to figure (this out) after client asked.” Can You Get An Education At Sea? There are a host of companies offering
In this article CMG Follow your favorite stocksCREATE FREE ACCOUNT Chipotle restaurant in Teterboro, New Jersey. SOPA Images | LightRocket | Getty Images Chipotle Mexican Grill has agreed to pay $240,000 to the former employees of an Augusta, Maine, location as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle
In this article FRC VLY FCNCA Follow your favorite stocksCREATE FREE ACCOUNT The winning bidder in the government’s auction of Silicon Valley Bank’s main assets received several concessions to make the deal happen. First Citizens BancShares is acquiring $72 billion in SVB assets at a discount of $16.5 billion, or 23%, according to a Sunday
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