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Accounting
Top stories summarized by our editors
1/21/2022

This article summarizes the data on individual income taxes for tax year 2019 that the Internal Revenue Service has released. It shows that the average tax rate was more than seven times higher for those in the top 1% as compared with the bottom 50%.

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Tax Foundation
1/21/2022

A minor traffic violation can increase your car insurance rates by hundreds of dollars, according to a study by Insurify, which found that even a single violation can mean a 35% hike in costs. Poor credit can also mean a significant increase in annual costs, the study found.

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CNBC
1/21/2022

Although a taxpayer's ex-wife's cafeteria plan coverage was paid with untaxed wages, an alimony deduction was not an impermissible "double deduction," the Tax Court held.

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The Tax Adviser
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Tax Court
1/21/2022

Starting this summer, accessing certain tools and applications offered by the Internal Revenue Service will require taxpayers to send a video selfie to a third-party identity verification company. Getting a tax transcript or viewing a payment agreement will require the extra layer of security, but taxpayers can still file returns and make payments without this step.

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CNBC
1/21/2022

What does "there is no finish line" mean? Nike's Tanner Johnson explains in this podcast episode with transcript.

1/21/2022

Global trade volume has gone up, and the supply of truck drivers has gone down. As a result, shipping delays are persisting, Maersk Chairman Jim Hagemann Snabe explains in this video with transcript.

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FM
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Jim Hagemann Snabe
1/21/2022

Startups are withdrawing from previously planned deals with special-purpose acquisition companies as the share prices for such entities sink. Since the beginning of November, 10 startups set to be acquired by SPACs have pulled out of their deals, according to Dealogic.

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SPACs
1/21/2022

The 11th Circuit Court of Appeals in Atlanta upheld a previous ruling in favor of an insurance company in a pandemic-related business interruption case involving an operator of hotels and restaurants. The parties agreed that New York state law was applicable in the case, and the ruling found that the "alleged losses are not covered under the all-risks provision as a matter of New York law."

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Business Insurance
1/21/2022

A report by Fitch suggests there is sufficient capital in the reinsurance market, despite the impact of catastrophes in 2021. "While the issuance activity of traditional reinsurers slowed in 2021 compared to 2020, the better underlying profitability helped them to strengthen their balance sheets," Fitch notes.

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Reinsurance News
1/21/2022

The US will require non-US essential workers to be prepared to show proof of vaccination when crossing land borders starting Saturday. The announcement from the Department of Homeland Security could affect workers such as nurses and truck drivers.

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Reuters