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Economy

A guide to drawing down your savings in retirement

A guide to drawing down your savings in retirement

As reported in the LA Times, “A guide to drawing down your savings in retirement.” The approach of retirement should be an exciting time for 50- and 60-somethings. But when the issue is your finances — and whether you’ve saved enough to last the rest of your life — excitement can quickly be overridden by […]

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How to divvy up assets as you head for retirement

How to divvy up assets as you head for retirement

As reported in the LA Times, “How to divvy up assets as you head for retirement.” Choosing how to invest retirement savings often ends up being a dartboard exercise for younger people, because it all seems so theoretical. As the date of retirement or semi-retirement gets nearer, however, you begin to realize that your financial […]

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Most Americans support usage fees to fix crumbling roads

Most Americans support usage fees to fix crumbling roads

(Reuters) – Nearly two-thirds of Americans would support roadway user fees to help fix the country’s crumbling transportation infrastructure, according to a survey to be published on Thursday that was seen by Reuters. Options include paying for the number of miles a vehicle travels, according to the survey conducted by Kelton Global for HNTB Corp, […]

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Long-term care insurance: Less bang, more bucks

Long-term care insurance: Less bang, more bucks

As reported in the OC Register, “Long-term care insurance: Less bang, more bucks.” Mary Julia Klimenko thought she was prudent 20 years ago when she invested in a long-term care insurance policy, one she believed would help pay for the care she’d need as she aged. Now she wishes she’d banked the money instead. Her […]

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U.S. money market assets fall on tax payments – iMoneyNet

U.S. money market assets fall on tax payments – iMoneyNet

NEW YORK (Reuters) – U.S. money market fund assets fell to their lowest level since September in the latest week on withdrawals for tax bills in advance of the April 18th deadline, the Money Fund Report said on Wednesday. Money fund assets dropped $34.55 billion to $2.679 trillion in the week ended April 19, the […]

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U.S. posts $108 billion budget deficit in March

U.S. posts $108 billion budget deficit in March

WASHINGTON (Reuters) – The U.S. government posted a $108 billion budget deficit in March, more than double the amount from the same period last year, the Treasury Department said on Tuesday. The government had a deficit of $53 billion in March of 2015, according to the Treasury’s monthly budget statement. Analysts polled by Reuters had […]

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Innovation boxes and their potential role in international tax reform

Innovation boxes and their potential role in international tax reform

“Encouraging Innovation and the Role of Tax Policy,” Remarks by Jason Furman, Chairman, Council of Economic Advisers. “An Innovation Box Would be a Bad Innovation for American Tax Policy,” Treasury Notes post by Mark Mazur, Assistant Secretary of Tax Policy. So-called “innovation boxes” — essentially, preferential tax regimes for income derived from intellectual property (IP) […]

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Future of U.S. solar threatened in nationwide fight over incentives

Future of U.S. solar threatened in nationwide fight over incentives

Los Angeles (Reuters) – Two sun-drenched U.S. states have lately come to very different conclusions on a controversial solar power incentive essential to the industry’s growth. In California, regulators voted in January to preserve so-called net metering, which requires utilities to purchase surplus power generated by customers with rooftop solar panels. But neighboring Nevada scrapped […]

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Treasury secretary & key lawmakers weigh in on EU state aid, inversions & tax reform

Treasury secretary & key lawmakers weigh in on EU state aid, inversions & tax reform

Letter to European Commission President Jean-Claude Juncker (Feb. 11, 2016). Treasury Secretary Jacob Lew has written a letter to European Commission President Jean-Claude Juncker objecting to the use of European Union (EU) State aid investigations as a way to retroactively tax earnings that rightfully belong to the U.S. He also expressed support for immediate U.S. […]

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For sugar tax supporters, 2016 may be the sweet spot

For sugar tax supporters, 2016 may be the sweet spot

LONDON (Reuters) – 2016 could be the year of the sugar tax, as several large nations consider levies on sweetened food and drinks to battle obesity and fatten government coffers. For years, public health advocates have called for such measures as one prong of an attack against a growing obesity epidemic that has fuelled rates […]

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Washington Alert – DOJ files criminal charges against Bank Julius Baer & Co., Ltd; CBO report on estimated budget deficit of $165 billion; TIGTA report on IRS’s Return Review Program (RRP)

Washington Alert – DOJ files criminal charges against Bank Julius Baer & Co., Ltd; CBO report on estimated budget deficit of $165 billion; TIGTA report on IRS’s Return Review Program (RRP)

The Justice Department (DOJ) on Feb. 4 announced that it has filed criminal charges against Bank Julius Baer & Co., Ltd., a Swiss financial institution, and also entered a deferred prosecution agreement that requires a payment by the bank of $547 million by Feb. 9. As described by DOJ, “Julius Baer is charged with conspiring […]

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Puerto Rico study optimistic on job creation under tax breaks

Puerto Rico study optimistic on job creation under tax breaks

SAN JUAN (Reuters) – Tax incentives aimed at spurring Puerto Rico’s economy have created 5,800 jobs in the four years since their enactment, but could create 50,000 more jobs in the next eight, a study commissioned by the island’s government said. The study, released on Tuesday by the economic consulting firm Estudios Tecnicos, said the […]

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U.S. government signals more businesses liable as joint employers

U.S. government signals more businesses liable as joint employers

(Reuters) – More U.S. companies could be classified as “joint employers” of workers employed by a staffing agency or contractor and held liable for labor violations tied to those staff, the U.S. Labor Department said in guidance published Wednesday. Joint employment has emerged as a major issue in franchising, contracting, temporary staffing and other arrangements […]

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Congressional Budget Office – U.S. tax breaks to increase deficit for first time since 2009

Congressional Budget Office – U.S. tax breaks to increase deficit for first time since 2009

WASHINGTON (Reuters) – The U.S. budget deficit will grow sharply to $544 billion in 2016 after six years of declines, largely because of permanent tax breaks that Congress passed late last year, the Congressional Budget Office said on Tuesday. The new projection makes it harder for Republicans who control Congress to demonstrate election-year fiscal restraint. […]

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Washington Alert – Another Bank enters the Swiss Bank Program; CBO report on the budget; IRS issues reminder to non-credentialed tax preparers

Washington Alert – Another Bank enters the Swiss Bank Program; CBO report on the budget; IRS issues reminder to non-credentialed tax preparers

The Justice Department (DOJ) announced on Jan. 6 that Union Bancaire Privée, UBP SA (UBP) reached a resolution under the department’s Swiss Bank Program and agreed to pay a penalty of nearly $188 million. According to DOJ, the bank had a decades-long history of aiding and assisting U.S. clients in opening and maintaining undeclared accounts […]

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Experts find in record $1.6 bln lottery, states not such big winners

Experts find in record $1.6 bln lottery, states not such big winners

DENVER/CHICAGO (Reuters) – The fervor around this week’s $1.6 billion Powerball jackpot will feed annual lottery ticket sales worth tens of billions of dollars, but public policy experts estimate only about a quarter of that revenue will ultimately make it into state coffers. Forty-four states plus Washington D.C. and two U.S. territories sold millions of […]

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Puerto Rico edges back towards default precipice

Puerto Rico edges back towards default precipice

NEW YORK (Reuters) – Puerto Rico once again is teetering on the brink of default with roughly $1 billion in payments coming due Jan. 1, which could open the door to litigation and even messier debt negotiations with creditors while further damaging the reputation of the debt-laden U.S. territory in the capital markets. The tiny […]

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3 Tips for Taking the Stress Out of Business Planning

3 Tips for Taking the Stress Out of Business Planning

Good tip from the U.S. Small Business Administration.  If you’ve got a great small business idea, everyone will tell you that you need a business plan. But the process of creating a plan for a business that’s just a spark in your mind can be scary. But writing a business plan isn’t like taking a […]

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Retirees see economy glass as half empty

Retirees see economy glass as half empty

NEW YORK (Reuters) – With 69 straight months of job growth, unemployment at a seven-year low, the Dow Jones Industrial Average near all-time highs and the Federal Reserve confident enough to hike interest rates, you might think a sturdy U.S. economy has given everyone reason to cheer. Apparently not everybody. New data from Wells Fargo […]

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Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

The Congressional Budget Office (CBO) recently released an assessment of the accuracy of its past revenue forecasts beginning with ’82. (CBO’s Revenue Forecasting Record) “On average, the agency’s projections have been a bit too high—more so for projections spanning six years than for those spanning two—owing mostly to the difficulty of predicting when economic downturns […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney