Author: Press Room
The U.S. Department of the Treasury has finally proposed regulations to deal with so-called microcaptive transactions. You can read the proposal here. You can read the IRS press release in IR-2023-74 (April 10, 2023), here. In a nutshell, microcaptives are for the most part insurance companies that attempt to qualify for treatment under section 831(b) of the Internal Revenue Code by way of a shared risk-pool arrangement which only superficially provides risk sharing and risk distribution for tax purposes, and whose real purpose is to provide inflated deductions for the businesses that the microcaptives are insuring. Note that these are…
Tax Notes contributing editor Robert Goulder discusses the history of bank secrecy, Credit Suisse’s role in it, and the bank’s recent collapse. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: Can you keep a secret? Bank secrecy is once again in the spotlight with Credit Suisse getting new scrutiny after its recent dramatic collapse. In March, the U.S. Senate Finance Committee released a report about the bank’s violation of a plea deal related to tax evasion. However, this isn’t…
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Based on data compiled by Credible, mortgage rates for home purchases are mixed with three key rates rising while one remained steady since yesterday. Rates last updated on April 11, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000…
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Graduate student loans can help you pay for school as you pursue a law degree, medical degree, MBA or higher education in another graduate program. While the federal government offers some loans for graduate students — offering lower interest rates and more protections than many private student loans — they’re not always enough.…
Interest rate rises have increased banks’ vulnerabilities — and their response presents a significant risk to global growth, the International Monetary Fund’s chief economist warned Tuesday.”We are concerned about what we have seen in the banking sector, particularly in the U.S. but maybe also in other countries, might do to growth in 2023,” Pierre-Olivier Gourinchas told CNBC’s Joumanna Bercetche in Washington, D.C.Central bank hikes have increased funding costs for banks, while lenders have also seen some losses in assets like long-term bonds.”Banks are in a more precarious situation. They have healthy cushions, but it’s certainly going to lead them to…
When I was born in 1922, the average life expectancy in the U.S. was 58 years old for men, and 61 years old for women.So as a 100-year-old practicing medical doctor and neurologist, patients often ask me for tips on how to stay healthy, happy and mentally sharp.Good genes and a bit of luck can give you a head start, but here are some lifestyle rules I have lived by over the past century:1. I don’t spend my days retired.I’ve been working for more than 75 years, and was even named as the world’s oldest practicing doctor by the Guinness…
US Treasury Secretary Janet Yellen said she believes the American economy remains strong and its banking system is resilient despite some recent turmoil among regional financial institutions. “I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility,” Yellen said at a press conference Tuesday ahead of the spring World Bank meetings. “I believe our banking system remains strong and resilient; it has solid capital and liquidity.” She added that the “US economy is obviously performing exceptionally well,” noting solid job creation, moderating inflation and robust consumer spending. “So I’m not anticipating a…
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A group of filmmakers and community participants is working on a feature film chronicling the rise of Kabosu, the Shiba Inu featured in the famous Doge meme, from an abandoned puppy to a global icon. The Doge documentary, titled “Dogumentary,” is produced by Own the Doge and Web3 art and culture collective PleasrDAO and portrays how a Shiba Inu dog inspired a cryptocurrency with an $11.6 billion market cap, a life philosophy, and a holy pilgrimage to Japan over the past decade. Own the Doge, a Doge-oriented NFT community, and PleasrDAO recently acquired the rights to the original Doge meme image for…
Parents are paying consultants up to $750,000 to help get their kids into Ivy League colleges. Bloomberg reported that demand for consultants is rising as standardized testing requirements fall. Consultants advise on coursework, extracurricular activities, and teacher relationships. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Ambitious parents are forking out hundreds of thousands of dollars to consultants to try to get their offspring into Ivy League colleges, Bloomberg reported.It said some parents are paying consultants as much as $750,000 to work on their…
