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Budget agreement would revise partnership audit rules & clarify family partnership rules

Budget agreement would revise partnership audit rules & clarify family partnership rules

Bipartisan Budget Act of 2015  Bipartisan Budget Act of 2015 Section-by-Section Summary Late on Monday night, the White House and Congressional leaders reached a two-year budget deal (the “Bipartisan Budget Act of 2015”) to lift mandatory spending caps and raise the federal debt ceiling in an attempt to avert yet another fiscal standoff. In addition to providing […]

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Measure to increase U.S. debt limit could hit House floor soon

Measure to increase U.S. debt limit could hit House floor soon

WASHINGTON (Reuters) – The U.S. House of Representatives could attempt to pass legislation this month raising the amount the federal government is allowed to borrow, before Speaker John Boehner retires, an aide to Boehner said on Wednesday. “The speaker has made it clear that he wants to solve some outstanding issues before he leaves. No […]

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Obama says raising debt ceiling has to get done in the next five weeks

Obama says raising debt ceiling has to get done in the next five weeks

WASHINGTON (Reuters) – President Barack Obama said on Friday negotiations to raise the U.S. government’s debt ceiling should be completed in the next five weeks and that interfering with the debt limit could put the financial system in a tailspin. Obama told a news conference at the White House that the race to choose a new speaker […]

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Stopgap funding bill clears main hurdle in U.S. House

Stopgap funding bill clears main hurdle in U.S. House

WASHINGTON (Reuters) – A bill to temporarily fund the U.S. government and avoid agency shutdowns beginning on Thursday cleared a key procedural hurdle in the House of Representatives, which is expected to pass the legislation later on Wednesday. By a vote of 239-187, the House agreed to the rules for debating the bill to fund […]

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White House says talking to U.S. lawmakers to avoid a government shutdown

White House says talking to U.S. lawmakers to avoid a government shutdown

WASHINGTON (Reuters) – Obama administration officials have been talking to lawmakers on ways of avoiding a government shutdown, White House spokesman Josh Earnest said on Thursday. He told a news briefing that President Barack Obama does not want Congress to pass budget legislation with “ideological riders”, a reference to the push by some Republican lawmakers […]

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White House says does not see long extension for U.S. budget

White House says does not see long extension for U.S. budget

WASHINGTON (Reuters) – The White House said on Friday Republicans in Congress have put off budget talks for so long that it will be hard to reach an agreement before the deadline but it does not anticipate a long extension of current funding levels. “I would not envision a long extension of funding at current […]

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Republicans should fund U.S. budget on time – White House

Republicans should fund U.S. budget on time – White House

WASHINGTON (Reuters) – Republicans in Congress should fund the federal budget on time and avoid a government shutdown, the White House said on Thursday. White House spokesman Josh Earnest said Republicans should negotiate with Democrats on the budget, but he did not rule out future conversations between President Barack Obama and Republican lawmakers on the […]

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Treasury’s Lew says U.S. can still borrow through late October

Treasury’s Lew says U.S. can still borrow through late October

WASHINGTON (Reuters) – U.S. Treasury Secretary Jack Lew on Thursday maintained his forecast that U.S. borrowing capacity would last at least until late October, and added that the Treasury’s cash balance would temporarily rise with Sept. 15 tax payments. In a letter to U.S. congressional leaders, Lew urged them to raise the debt limit as soon as […]

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Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings

Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings

Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings, as reported in the WS Journal. U.S. stocks are expensive by historical standards and the market has been choppy since mid-September. Nervous? To figure out how much risk you’re exposed to, try looking at your portfolio from five different […]

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When Congress returns from vacation, budget fight looms

When Congress returns from vacation, budget fight looms

WASHINGTON (Reuters) – The U.S. Congress will soon embark on a high-stakes budget negotiation with President Barack Obama that, if productive, could give Republicans the increased military spending they want and Democrats the increased domestic spending they seek. Alternatively, the federal government could shut down. Scenarios in between these extremes are also possible, but congressional […]

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Where to Exit the Market Herd

Where to Exit the Market Herd

Editor’s Note: This article appeared in early January, 2015.  The timing and statements still appear true as of today  – – the date of publication. Where to Exit the Market Herd – Simon Constable Suggests Three Contrarian Investment Plays, as reported in the WS Journal. Going with the crowd might have helped in high school, […]

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Investing for the Long Term – How to Play Trends That Will Move Markets for Years to Come

Investing for the Long Term – How to Play Trends That Will Move Markets for Years to Come

Investing for the Long Term – How to Play Trends That Will Move Markets for Years to Come, as reported in the WS Journal. Investors often try to profit by betting on short- and medium-term shifts in stocks and bonds. But the real money comes from anticipating long-term trends, the kinds of changes that take […]

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10 things investors won’t tell you

10 things investors won’t tell you

10 things investors won’t tell you, as reported in the WS Journal. 1. We have no idea what we’re doing… Over the last four decades, the 401(k) plan has replaced the pension as the main form of retirement plan. About 31% of workers had so-called defined contribution retirement plans in 2008, up from just 8% […]

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Main fund for U.S. Medicare program to run out of money in 2030

Main fund for U.S. Medicare program to run out of money in 2030

WASHINGTON (Reuters) – A slowdown in healthcare spending has shored up the funding outlook for the federal program that pays elderly Americans’ hospital bills, trustees of the program said on Wednesday. The Medicare program’s trust fund for hospital care will run out of money in 2030 the trustees said in a report. That was the […]

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Commissioner Sheds Light On Specific Consequences Of IRS Underfunding

Commissioner Sheds Light On Specific Consequences Of IRS Underfunding

In a panel discussion hosted by the Urban-Brookings Tax Policy Center on April 8, IRS Commissioner John Koskinen highlighted ways in which IRS budget cuts are currently affecting the agency, taxpayers, and the tax system in general. He spoke of the drastically reduced workforce, which is resulting in fewer audit and collection case closures—and less […]

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U.S. House Budget Debate Could Set Off Defense Battle

U.S. House Budget Debate Could Set Off Defense Battle

WASHINGTON (Reuters) – Defense hawks in the U.S. House of Representatives will push for more robust 2016 military spending next week, Speaker John Boehner said on Thursday, setting the stage for a potentially contentious debate as the House lays out its budget blueprint. “There is overwhelming support in our conference for providing additional resources to […]

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White House Budget Director: Obama Won’t Lock In Spending Cuts

White House Budget Director: Obama Won’t Lock In Spending Cuts

WASHINGTON (Reuters) – U.S. President Barack Obama will not accept action by Congress that “locks in” spending caps enacted in 2011, White House budget director Shaun Donovan said on Thursday as Republicans hashed out final details on their own budget plans. Lawmakers from both parties have said they want to ease the “sequester” spending constraints, […]

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Here are 15 economic surprises for 2015 Business leaders predict what we’ll be talking about this time next year.

Here are 15 economic surprises for 2015 Business leaders predict what we’ll be talking about this time next year.

As reported in the OC Register: Think back a year ago. Did anybody see consumers rewarded with cheap money and cheap gasoline – along with a healthy economy – nicely wrapped under the 2014 economic Christmas tree? It’s a good lesson that it’s one thing to predict economic trends – the high-probability business patterns we […]

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Consumer Confidence Rose in August – Survey Data Suggest a Strong Jobs Report for the Month

Consumer Confidence Rose in August – Survey Data Suggest a Strong Jobs Report for the Month

Consumer Confidence Rose in August – Survey Data Suggest a Strong Jobs Report for the Month, as reported in the WS Journal. U.S. consumers viewed the economy with increased optimism in August, hinting at a strong jobs report for the month. The Conference Board, a private research group, said its index of consumer confidence rose […]

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U.S. House approves $1.1 trillion measure to fund government through September 30, 2014

U.S. House approves $1.1 trillion measure to fund government through September 30, 2014

WASHINGTON (Reuters) – The U.S. House of Representatives overwhelmingly approved a $1.1 trillion spending bill on Wednesday that quashes the threat of a government shutdown through September 30 and offers lawmakers a chance to end four years of chaotic, crisis-driven budgeting. The 359-67 vote, reflecting strong bipartisan support in the Republican-controlled chamber, sends the measure […]

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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