The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Tilman Fertitta told CNBC on Monday that he is doing things in a "very conservative way" amid fears of a recession.Marketsread more
Saudi Aramco sent a request for proposal to several banks, people familiar with the matter told CNBC on Monday.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Stasior left Apple earlier this year. Prior to his time in charge of Siri, he was a top executive at Amazon.Technologyread more
The final stats are in from the IRS — and it looks like the average tax refund check isn't all that different from last year.
The average refund check for the week ended April 19 was $2,725, according to the tax agency. That's down 2% from a year ago.
In all, the federal government paid $260.9 billion in refunds to taxpayers, compared to $265.3 billion in 2018.
Tax returns are in the public eye as filers and accountants grapple with the Tax Cuts and Jobs Act, the 2018 overhaul of the tax code.
Under the new law, the standard deduction has been nearly doubled to $12,000 for single filers ($24,000 for joint) and a number of key itemized deductions have been curtailed. The personal exemption — once valued at $4,050 for each filer, spouse and dependent — has been suspended.
The new law also doubled the child tax credit to $2,000 per kid under 17.
Finally, the Tax Cuts and Jobs Act has trimmed down individual income tax rates across the board.Though the IRS data suggests that things aren't all that different for individual taxpayers year over year, CPAs said that clients had plenty of surprises when they filed.
"Everyone wants to compare refunds from one year to the next, but that doesn't tell the whole story," said Debbie Freeman, CPA and director of financial planning at Peak Financial Advisors in Denver.
"They did generally see a benefit from tax reform, be it from the adjustment to their income tax brackets or from the larger child tax credit, " she said.
"But they also saw less withheld in taxes, meaning they had more money in their paychecks, which created less of a refund," Freeman said.
Last year, the IRS and Treasury changed the tax withholding tables to closely follow the overhaul of the tax code. Employers use these tables and your Form W-4 to deduct income taxes from your pay.
Tax withholding is a balancing act. If you withhold too much in taxes, you'll likely get a refund the following year. Withhold too little, and you will owe the IRS.
Filers — especially those who used to itemize deductions or who have a mixture of W-2 income and side-gig money — ought to review their tax withholding to avoid being underwithheld for 2019.
Another tax tweak that tripped up filers this spring is the change to unreimbursed employee expenses.
This tax break, which is now suspended, is part of a group of miscellaneous itemized deductions. Prior to the tax overhaul, filers could only claim them to the extent they exceeded 2% of adjusted gross income.
A range of workers — from traveling salesmen and telecommuters to construction workers and pipefitters — were hit when they could no longer deduct those unreimbursed employee costs, CPAs said.
Residents in high-tax states took a hit when the new tax law applied a $10,000 cap on the deduction for state and local taxes.
Homeowners on the coasts felt the pain acutely, due to their inability to fully deduct their property tax bills.
The top three counties with the highest average property taxes were Westchester County, New York ($17,392); Rockland County, New York ($12,925); and Marin County, California ($12,242), according to Attom Data Solutions.
If you were unhappy with your 2018 tax results, now is the time to act.
• Prepare for 2019: Clients who had tax projections last year were on track this spring, said Freeman. Meet with your CPA, get a projection of your taxes for 2019 and see what — if anything — will you need to do differently. "This is about education," she said. "Not just with the tax law changes, but also being proactive with what you can do for next year."
• Plan your giving strategy: If you're on the bubble with itemizing deductions, consider working with your CPA on a charitable giving strategy. "Bunching" charitable giving allows you to stuff two or more years' of donations into one year. This way, you itemize deductions every other year.
• Assess your withholding: If your withholding fell short in 2018, you're likely to have a repeat performance in 2019 if you fail to act. Review your W-4 and make sure you are withholding sufficient taxes.
• Be tax-smart at work: Got a 401(k) plan? How about a health savings account at work? Saving in these accounts reduces your taxable income and boosts your chances at retirement security.
If you have kids under 13, ask about a dependent care flexible spending account at work. This way, you can save up to $5,000 on a pretax basis to pay for summer day camp, after-school care and more.