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Financial advisors and clients seeking to boost the tax savings available through loss harvesting may consider an increasingly popular leveraging strategy known as the “long-short” method.The combination of “long” investments on a stock’s positive outlook with “short” ones based on equity declines, plus margin loans that add debt leverage to the vehicle, may turn off some advisors with risk-averse clients who don’t have a lot of capital gains that need offsetting. But tax-aware long-short investing is drawing clients seeking to maximize returns through active management on a lengthy timeline with lower payments to Uncle Sam.At their root, tax-aware long-short vehicles…

The Financial Accounting Standards Board released an accounting standards update Monday to improve the requirements for identifying the accounting acquirer in business combinations such as mergers and acquisitions.The update applies to Topic 805, Business Combinations, and Topic 810, Consolidations, in FASB’s Accounting Standards Codification, and is based on a recommendation of FASB’s Emerging Issues Task Force.In a business combination, FASB noted, the determination of the accounting acquirer can significantly affect the carrying amounts of the combined entity’s assets and liabilities. The update will revise the current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity…

Michael Jordan, NBA Hall of Famer and co-owner of 23XI Racing, walks the grid prior to the NASCAR Cup Series Straight Talk Wireless 400 at Homestead-Miami Speedway in Homestead, Florida, on Oct. 27, 2024.James Gilbert | Getty Images Sport | Getty ImagesNBC is adding Michael Jordan to its National Basketball Association coverage.The network announced on Monday at its Upfront presentation that Jordan will join the network as a special contributor to NBA broadcasts.”I am so excited to see the NBA back on NBC,” Jordan said in a video alongside the announcement. “The NBA on NBC was a meaningful part of…

The 2026 Cadillac Vistiq EV.CadillacDETROIT — General Motors has hired Sterling Anderson, a former Tesla executive and co-founder of autonomous vehicle company Aurora Innovation, as its chief product officer.In the newly created position, Anderson will oversee the “end-to-end product lifecycle for both gas- and electric-powered vehicles, including hardware, software, services, and user experience,” GM said Monday.Anderson, who worked at Tesla for two years before forming Aurora in 2017, will start with the Detroit automaker on June 2. He will report to GM President Mark Reuss, who has been the automaker’s longtime product head, or resident “car guy.”Anderson is the latest…

Trump Media & Technology Group Corp. showed “material weakness” in internal controls over financial reporting, raising risks of misstatements, the firm’s latest quarterly result showed. The company carried out an evaluation of its disclosures and controls and found that procedures were not effective, the report said. It cited “failure to design and maintain formal accounting policies, processes and controls to analyze, and account for complex transactions as well as a need for additional accounting personnel who have the requisite experience in SEC reporting regulation.”The findings come after the company posted a net loss of $31.7 million for the first quarter, which…

House Republicans are struggling to resolve key issues with President Donald Trump’s multitrillion-dollar tax package after weekend talks, including a change in the deduction cap for state and local taxes and a potential hike in the rate for high earners.Key GOP-led committees dribbled out parts of their plan over the weekend, such as an increase in the maximum child tax credit to $2,500 and raising the estate tax exemption to $15 million. Those were items in an incomplete menu of proposals required to be released before Monday.On the government savings side, the Energy and Commerce Committee proposed on Sunday a…

House Republicans want to impose work requirements on some Medicaid recipients up to 64 years old and impose more costs on some beneficiaries to help pay for President Donald Trump’s planned sweeping tax package.The moves, unveiled by Republican leaders in draft legislation Sunday night, are described as ways to better protect coverage to people who most need it. Critics counter that millions of recipients will have trouble navigating complex reporting systems and lose coverage. The proposed cuts to the federal health insurance program that offers coverage for poor and disabled Americans are shaping up as one of the most contentious fights…

House Republicans plan to help pay for an extension of President Donald Trump’s massive tax cuts by clawing back unused funds from scores of programs and grants in his predecessor’s signature climate law. Billions of dollars allocated under former President Joe Biden’s Inflation Reduction Act would be rescinded under a portion of Trump’s sweeping tax package released by a key House committee on Sunday. That includes funds channeled to the Energy Department’s $400 billion green bank loan program, and to industrial facilities to help lower their greenhouse gas emissions, according to a GOP summary of the House energy and commerce committee’s…

The House Ways and Means Committee on Friday night released a partial version of President Donald Trump’s tax proposal that calls for increasing the maximum child tax credit to $2,500 and raising the estate tax exemption to $15 million.”Ways and Means Republicans have spent two years preparing for this moment, and we will deliver for the American people,” Representative Jason Smith of Missouri, the committee’s chairman, said in a statement.The 28-page document is slated to be expanded before the committee votes on it this week. It provides a framework to achieve Trump’s campaign promise to extend his 2017 tax overhaul. It…