American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
In a win for companies ranging from energy utilities to casinos, the U.S. Internal Revenue Service on Friday released new rules that broaden the kinds of business expenditures that can be treated as deductible asset repairs.
The difference between a deductible repair and a non-deductible improvement to "tangible property" has historically been a point of frequent dispute between the IRS and companies.
In more than 220 pages, the IRS has now finalized rules effective Jan. 1, 2014, making more costs deductible, including for instance, new laptop computers worth less than $5,000.
"Safe harbors have been expanded and clarified giving taxpayers that meet those safe harbors significant relief," said Brandon Carlton, an accountant with Big Four firm Ernst & Young.
Some corporate tax audits involving disputes with the IRS over the tax-deductibility of repairs have been in limbo pending the final rules. Now some audits can be resumed with the rules finalized, said Eric Lucas, a principal at KPMG LLP and a former Treasury Department tax counsel.
Companies including Alliant Energy, Boyd Gaming, Hyatt Hotels and NiSource earlier this year said their tax bills could change as a result of the final rules, according to their annual U.S. Securities and Exchange Commission filings.
"There has been a lot of controversy on this issue," Lucas said.
A spokesman for Alliant said on Friday the company is evaluating the final rules.
In 2005, FedEx successfully challenged the IRS over deducting the cost removing aircraft engines for repairs. The U.S. Court of Appeals for the Sixth Circuit affirmed that FedEx could deduct the engine repair costs and the package-delivery company was awarded a $66.5 million tax refund.
In addition to Friday's rules, the IRS has said it is separately working on repair rules for three specific industry sectors: cable networks, natural gas firms and retailers.
The IRS on Friday re-proposed some tangible property rules for further comment and set a public hearing for Dec. 19.