The poppy was adopted as the official memorial flower of the Veterans of Foreign Wars in 1922. One century ago today, history's bloodiest war to date ended after more than four years of slaughter. The Veterans Day holiday was conceived as Armistice Day to honor the 4.7 million Americans who served — and the 116,500 who died — in World War I, or what was then called the Great War. The original specificity has a solemn meaning. It marks the armistice between World War I's Allied forces and Germany ending the fighting on the Western Front at precisely 11 a.m.... Read more →
Global
This dog might not feel as guilty as he looks, but shame can be useful in some tax collection situations. (Photo by Ansel Edwards/Flickr) When I was a kid and did something I wasn't supposed to, all it took was one quick glance from my mom to make me feel so ashamed. I'm not sure even my mother's steely look would work nowadays on kids who've grown up on reality TV and who make their every move, good or bad, public on social media. But when it comes to taxes, shame seems to work. Many U.S. jurisdictions post the names... Read more →
Canadian taxpayers have been victims of a telephone tax scam in which identity thieves purport to be from the Canada Revenue Agency. Tax and law enforcement authorities hope recent arrests at Indian call centers will at least slow the scam. (Screenshot from the joint The National/CBC Marketplace report. Click image to watch full video.) Despite some recent diplomatic and trade strains in the United States' relationship with Canada, the two countries share a lot of things, including tax scams. The most pervasive tax scam in America is telephone calls made by crooks pretending to be Internal Revenue Service agents. The... Read more →
The World, Mostly by Leif Kurth via Flickr CC Donald J. Trump got a lot of attention when he popped down to Texas last week for a midterm campaign rally. He told the Houston crowd that he was a nationalist. That term, he explained, describes the philosophy he's espoused since the get go of his presidential political life. He wants to put America first. There's nothing wrong with wanting your country to get the best deals and treatment in international relationships. But Trump also narrowly, and to my thinking incorrectly, defined globalists as people who want to put global issues... Read more →
Got enough money that you've diversified by investing in some international accounts? Good for you. If, however, those non-U.S. holdings are, shall we say, designed to be ultra-private, you might want to think about opening them up. Specifically, tell the Internal Revenue Service about that money you've been hiding from Uncle Sam or pay a big price when your tax haven money is discovered. One way to do that is by taking advantage of the IRS' Offshore Voluntary Disclosure Program (OVDP). That opportunity, however, is about to end. Closing OVDP: Back in March, the IRS announced that it was giving... Read more →
An EU sign greets international travelers at a passport control checkpoint at Tegel Airport in Berlin, Germany (Voice of America News photo) Many folks are taking one final quick vacation this long Labor Day weekend to mark the end of summer and beginning of the school year. But some folks who are crossing international borders might find they're not welcome. It has nothing, however, to do with the country they want to visit. It's because of their passports have been revoked because they owe big tax bills. How tax bills hamper travel: Since the December 2015 enactment of the federal... Read more →
One, in addition to being the loneliest number, also soon could cost some Chinese taxpayers when it comes to their family size. Three years ago, China abandoned its policy, which had been in place since 1979, of fining people for having more than one child. Now Chinese leaders want to encourage people to have more kids. The reason for wanting more babies is that China's previously restrictive family planning policy has produced a growing aging society and a shrinking young population. That's not healthy for any economy. To remedy that situation, China is exploring a variety of proposals, including a... Read more →
The trade war with China is on. At midnight on Friday, July 6, the $34 billion tit-for-tat between the world's two largest economies took effect. The Trump Administration placed added charges mostly on Chinese aerospace products, information technology, auto parts and medical instruments. Beijing retaliated with its own tariffs primarily aimed at on American farm products, cars and crude oil. But if China doesn't blink, the White House says it could ultimately impose charges on up to $500 billion of Chinese goods. Business opposition continues: For months, potentially affected U.S. companies and the organizations that represent their economic sectors have... Read more →
Instead of my usual cup of coffee, I'm celebrating America's 242nd birthday this July 4th with a spot of tea. Yes, the British beverage and phrasing is intentional, since as we all know, the taxation of tea without representation was the final act of tyranny that sparked the American colonies' revolt. Tea other British taxes: Our colonial forebears had long dealt with British taxes. The passage in 1767 of the Townshend Revenue Act imposed taxes on glass, lead, oil, paint, paper and tea. But while all those other duties were repealed in 1770, the British decided to keep the tax... Read more →
Real Madrid teammates Cristiano Ronaldo, left, and Luka Modrić go against each other in a Portugal vs. Croatia friendly match in June 2013. (Photo by Fanny Schertzer via Wikipedia) I'm not a soccer or World Cup fan, but many of my social media pals are. That's why my Twitter feed is full of updates on upsets and expected results from this year's tournament hosted by Russia. But those sports fans have overlooked one thing. Some of soccer's — football to the world beyond the United States — biggest global stars also have faced serious international tax battles. Portugal star fights... Read more →
June's a busy month for me. Lots of family birthdays. Father's Day. Graduations. Taxes. Yep. Taxes. In June. Specifically, June 15. The midpoint of the first month of summer is a major tax deadline. Estimated taxes: The biggie for a lot of taxpayers (including me) is the second installment of 2018's estimated taxes that's due by June 15. You have several ways to make this payment — six, actually, according to the current Weekly Tax Tip. I'll let you check out the details in that other post at your leisure, but here are some of the more popular options: Credit... Read more →
Donald J. Trump arrived in Quebec for the G-7 meeting with some controversial ideas (notably, letting Russia back in the club) and he left the international meeting the same way. Tweeting from Air Force One as he headed to Singapore to meet with North Korea's Kim Jung Un, Trump gave notice he's ready to escalate trade disagreements with Canada by imposing automobile tariffs. The initial reaction has been what such a move could actually mean to the U.S. automotive industry. Tax cut tariff costs: But auto tariffs also could undermine any gains from the TCJA, according to a Washington, D.C.-based... Read more →
The fresh pepper section is always my first stop at my local H-E-B grocery store. Most of these delectable edibles come from Mexico. Donald J. Trump's forays last week into international issues got lots of attention. There was, of course, the on-off-on-again (and potentially taxpayer costly) Singapore Summit with North Korea. While I'm all for working to keep Kim Jong Un from reverting to his nuclear missile happy persona, my Texas neighbors and I were focused on another global matter. Yep, I'm talking about Trump's statement that he'd like to scrap the North American Free Trade Arrangement, or NAFTA, followed... Read more →
Actress Meghan Markle may give up her U.S. citizenship after marrying Prince Harry this weekend, but other American expatriations so far this year have slowed. Prince Harry and Meghan Markle join the rest of the British royal family at Sandringham Christmas Day Services last December. (Photo by Mark Jones via Flickr) Great Britain's Prince Harry and American Meghan Markle will tie the knot this Saturday, May 19, (note the international time change if you, like I, plan to watch) at St George's Chapel on the grounds of Windsor Castle. After Markle answers the wedding vow questions about having and holding... Read more →
Feliz Cinco de Mayo! Today is a commemoration of the Mexican Republic's victory in 1862 over French forces at the Battle of Puebla. While it's a national holiday in Mexico, festivities in that country are mostly located in and around the Puebla region. Here in the United States, however, Cinco de May is a big deal. That's especially true in Texas, where my native state once was part of Mexico. The Lone Star State's origins and the role of Mexican nationals and other Texians in helping establish Texas' independence in 1836 is one reason why we celebrate Cinco. That, and... Read more →
@bublywater via Giphy.com If you missed this year's doubly extended tax filing deadline simply because you procrastinated, or actually over-procrastinated, then you're out of luck. If you owe tax for the 2017 tax year, interest and penalties already are piling up. If this is you — no judging here, just some advice — at least get a belated extension request into the Internal Revenue Service ASAP, along with the money you owe, to stop that costly process from getting worse. The first Weekly Tax Tip of 2018 offers some guidance on moves to make if your missed the Tax Day... Read more →
Cover photo from 2017 report Offshore Shell Games by ITEP and PIRG Offshore tax havens. The phrase immediate conjures up images of dubious financial guys who've traded in their high-powered jobs and three-piece suits for floral print shirts and umbrella-shaded drinks on a tropical beach, all funded by cash they stashed in island-based accounts, hidden from the U.S. tax collector. Sometimes that's true. Everyone knows by now of the scrutiny given to Cayman Island banks, as well as the hidden accounts revealed by the Panama Papers. But offshore in Internal Revenue Service parlance means any location outside United States boundaries.... Read more →
Don't hate losing an hour to Daylight Saving Time. The clock change, along with charitable donations, could save koalas and other wildlife. (Photo by Arnaud Gaillard via Wikipedia CC) How are y'all feeling after losing that hour of sleep last night, or rather early this morning? Me, not so good. I'm apparently among that group of folks who experience headaches when our circadian rhythms are affected by going in and out of Daylight Saving Time (DST). But at least it's not a heart attack, which some studies have shown increase a bit during the first three weekdays following clocks' springing... Read more →
While most investors have been closely following the recent gyrations of the stock market, fans of cryptocurrency also have been on their own frenzied financial journey. One bitcoin, as of this morning, was worth almost $8,433. I'd be happy with that value, but that's less than half what the cryptocurrency was worth in mid-December. On Dec. 16, 2017, the digital currency topped out at more $19,000. The cryptocurrency can be spent like real money — don't email me bitcoin et al fans; it will always be just one step above Monopoly money to me — but many tax collectors worldwide... Read more →
Photo courtesy Mike via Flickr CC Even though the federal government is shut down, one thing U.S. travelers heading overseas don't have to worry about is getting a passport. The U.S. Department of State says it will continue to issue the blue-bound international travel documents. It has that option since passport services are funded by fees, meaning they essentially pay for themselves and don't rely solely on funds authorized by Congress. But if you're a world traveler who owes back taxes, you could be stuck here at home. The hold comes not from State, but from the Internal Revenue Service.... Read more →