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☆ IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17
▼ + stars: | 2024-05-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a "final reminder" this week. The deadline is "terribly important" because there's a three-year refund expiration after each tax deadline, said certified public accountant John Karls, partner at accounting firm Armanino. "If you let if you let it slip, there's nothing anybody can do," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. "You won't get your refund when the statute of limitations has run out."

Persons: —, John Karls, Roth, Bill Smith, CBIZ Organizations: Finance

You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.

Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA

☆ What Walmart’s new focus on employee stock could mean for the wealth of the average American household
▼ + stars: | 2024-02-03 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

Walmart is offering its store managers stock grants, which based on a manager's store format, can range between $10,000 and $20,000. It's not only managers that Walmart wants to encourage to buy into stock ownership. 1 employer, Walmart's decisions are likely to have significant ripple effects and could even lead to broader equity ownership among rank-and-file employees. Already companies such as Ingersoll Rand and Harley-Davidson have taken steps to broaden stock ownership to employees. "Stock ownership is a pillar of worker financial wellness."

Persons: John David Rainey, Chris Taylor, It's, John Furner, Doug McMillon, Biden, Marc Roloson, Aalap Shah, Pearl Meyer, Shah, Brian J, Albert H, Gordon, Stacey Kole, Ed Rataj, Michael Kestenbaum, Gallagher, Peter Follows, Kole, Ingersoll Rand, Davidson, Martin Whitman, Whitman, Pete Stavros's, Walmart's, Harvard's, WTW's Roloson Organizations: New York Stock Exchange, Walmart, International, NYSE, LinkedIn, Companies, Business Administration, Harvard Business School, The University of Chicago Booth School of Business, CBIZ, Carpedia, Harley, Just Locations: U.S

☆ Child tax credit could change — but ‘don't wait on Congress’ to file your taxes, IRS commissioner says
▼ + stars: | 2024-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesAs the tax season kicks off, Congress is still negotiating a $78 billion tax package with retroactive changes, including a boost for the child tax credit. If enacted, the child tax credit changes could affect 2023 filings this season. If enacted, the child tax credit changes could expand access, increase the refundable portion of the tax break and add future inflation adjustments. How to handle retroactive child tax credit changesMeanwhile, there are lingering questions from tax professionals about how to handle possible tax law changes for 2023, especially for those who file early. By law, filers claiming the child tax credit or earned income tax credit won't receive refunds until Feb. 27 at the earliest, according to the IRS.

Persons: Danny Werfel, Tom Williams, Jason Smith, Bill Smith, CBIZ, Werfel, filers Organizations: Senate, IRS, Washington , D.C, CQ, Inc, Getty, Urban, Brookings Tax, Republicans, Friday Locations: Washington ,

☆ Your 401(k), gas prices and homes: 3 surprising reasons to be happy — for now
▼ + stars: | 2024-01-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Consumer sentiment is surging. A tough housing market and exorbitant child care costs continue to bedevil budgets, but the inflation pendulum is finally swinging in the other direction. A slowly improving US housing marketAmerica’s housing market is still tough, but there are some subtle signs of improvement. Builder confidence surged in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index, climbing seven points to a reading of 44. It’s unclear when the Fed will begin to cut rates, and how many cuts there will ultimately be this year, but rate cuts in general mean even lower mortgage rates, further improving affordability.

Persons: vibing, aren’t, it’s, Anna Rathbun, ”, isn’t, bode, Joe Biden’s, ” James McCann, Biden, Alicia Huey Organizations: Washington CNN, Big Tech, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, CNN, Fed, Apple, Meta, Microsoft, Nvidia, Tesla, of Michigan’s, AAA, National Association of Home Builders Locations: Wells Fargo

☆ Premarket stocks: January’s turnaround could be a good omen for the year
▼ + stars: | 2024-01-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

New York (CNN) — US stocks rallied powerfully last week after a topsy-turvy start to the month. History indicates that if the market can cling to those gains, that could bode well for the rest of the year. But last week, all three major indexes turned positive for the year as tech stocks led the broader market higher. The January barometer, introduced in the Stock Trader’s Almanac, states that however stocks perform during January, their year-end performance will follow suit. That is good news for the 85 million homeowning households that enjoyed further gains in housing wealth, said Lawrence Yun, chief economist at NAR.

Persons: turvy, bode, Bell, Anna Rathbun, we’re, it’s, we’ve, Bryan Mena, ” Joanne Hsu, Anna Bahney, Lawrence Yun, Read Organizations: CNN Business, Bell, CNN, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, The University of Michigan’s, National Association of Realtors Locations: New York

☆ Home builder stocks shine as prospective buyers turn to new construction
▼ + stars: | 2023-09-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Home builder stocks are on a tear, boosted by a jump in demand as some Americans shun the historically tight and unaffordable market for existing housing. The Federal Reserve’s bid to bring down inflation by raising interest rates has sent US mortgage rates soaring over the past year. That’s been a boon to home builder stocks. That helped lift some home builder stocks, though many still slipped in August along with the broader market. Labor Day weekend gas prices are near all-time highsDrivers hitting the road this Labor Day weekend will be greeted by historically high gas prices for this time of the year.

Persons: That’s, Pultegroup, DR Horton, Lennar, Warren Buffett, Berkshire Hathaway, DR, NVR, Anna Rathbun, Ethan Allen, Read Organizations: CNN Business, Bell, CNN —, Federal, Toll, Bank of America, Berkshire, CBIZ Investment Advisory Services, Labor, CNN, AAA, government’s National Bureau of Statistics Locations: China, Beijing, —

☆ Small stocks are cheap and finally joining the market rally
▼ + stars: | 2023-06-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Small cap stocks are domestic bellwethers, since smaller companies generate most of their revenue from US customers. Investors say that recent gains in small caps are helping prop up the burgeoning bull market, even as a potential economic downturn draws near. Cheap buysNow, the rally in small caps suggests that Wall Street is optimistic about the economy’s health. Some investors say cheap valuations and and hopes for a muted economic downturn means small caps look more attractive than they have in months. Optimism about the economyThe small caps’ rally is also an auspicious sign for the broader economy, says Quincy Krosby, chief global strategist at LPL Financial.

Persons: they’ve, Rambus, ”, John Ragard, Quincy Krosby, Russell, Francis Gannon, Anna Rathbun Organizations: New, New York CNN, Investors, Valley Bank, Signature Bank, First Republic Bank, Apellis Pharmaceuticals, Shockwave, Management, LPL, Penn Capital Management, Royce Investment Partners, Federal Reserve, CBIZ Investment Advisory Services Locations: New York, That’s

☆ No, the IRS still isn't hiring an 'army' of armed auditors—here's how the agency is actually spending $80 billion
▼ + stars: | 2023-05-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Last month, the IRS released a plan for how the agency plans to spend nearly $80 billion in funding granted through the Inflation Reduction Act passed in August. The IRS is already spendingThe IRS has already started using a portion of the appropriation to beef up customer services. More audits for wealthy filersThe biggest sticking point in the funding plan is IRS efforts to close the $600 billion "tax gap," the difference between what Americans owe and what they actually pay. To that end, the agency plans to higher more staff in order to ramp up auditing efforts on wealthy families, large corporations and business partnerships. What is clear, Smith says, is that corporations are likely to receive the "majority" of the uptick in IRS scrutiny.

But if you're still missing key forms or feeling overwhelmed, you can buy more time by filing a free tax extension. You can avoid a late-filing penalty with an extension by the federal deadline on April 18. You may also need a separate state income tax extension, depending on where you live. How to file a federal tax extensionIf you can't make the April 18 tax deadline, there are a few ways to file for a federal extension, with or without a tax professional. One option is to file Form 4868 online via IRS Free File, which offers free guided tax prep software.

Bill Oxford | E+ | Getty ImagesWith the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. Indeed, the average refund payment was $2,933 compared to $3,305 at the same point last year. For example, many families got relief in 2021 from the enhanced child tax credit, worth up to $3,600 per child, and the child and dependent care tax credit of up to $4,000 per dependent. For 2022, the child tax credit returned to a maximum of $2,000 per child, and the child and dependent care tax credit was $1,050 per dependent. As of March 19, 2021, the average refund was $2,929, only $4 less from the numbers reported Friday.

☆ The IRS has issued nearly 8 million tax refunds. Here’s the average payment
▼ + stars: | 2023-02-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Bill Oxford | E+ | Getty ImagesThe tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,963, down from last year's payment of $2,201 at the same point in the filing season. Of course, the average may change as the IRS processes millions more returns before the April 18 deadline. As of Feb. 3, the IRS processed more than 16.7 million returns, over 29% more than the previous year, according to the report released last Friday. The nearly 8 million refunds compare to around 4.3 million the previous year.

☆ How to Invest in Stocks
▼ + stars: | 2022-12-30 | by ( ) www.wsj.com time to read: +23 min

Set your time frameWhen you’re ready to invest in stocks, it’s natural to start by looking at how the stock market has performed recently. If you’re saving for the long-term: Invest in stocksOn the other hand, if you have a long-term financial goal—especially retirement, but any goal a decade or more out—you can afford to invest in the stock market. Decide how much risk to takeJust because you have time to invest in stocks doesn’t mean you have the stomach. Return Best Year Worst Year Years with a loss 100% Stocks 12.3% 54.2% -43.1% 25/96 80% Stocks 11.1% 45.4% -34.9% 24/96 60% Stocks 9.9% 36.7% -26.6% 22/96 40% Stocks 8.7% 35.9% -18.4% 19/96 20% Stocks 7.5% 40.7% -10.1% 16/96 100% Bonds 6.3% 45.5% -0.8% 20/96 VanguardStep 3. Most ETFs are index funds, meaning they merely aim to match the returns of a stock market index, although some target very narrow slices of the market, such as just tech stocks or just energy stocks.

☆ Hot Market for Cyber Insurance Begins to Stabilize
▼ + stars: | 2022-11-15 | by ( Richard Vanderford | ) www.wsj.com time to read: +6 min

The market for cyber insurance has begun to stabilize after a surge in ransomware attacks in recent years propelled a steep rise in premiums, observers say. Cyber insurance can pay ransoms to hackers who lock company technology systems, or it can help offset the cost of responding to data breaches. The insurance itself remains relatively niche—insurer Munich Re Group estimated the global value of cyber insurance premiums at $9.2 billion at the outset of 2022, compared with hundreds of billions of dollars spent in the U.S. alone for commercial insurance, according to the Insurance Information Institute—but events spurring premium increases have become familiar. But not all companies can, as some must have cyber insurance to work with partners, Mr. McNicholas said. “The cyber insurance community has to be fairly nimble and flexible in how it looks at risk.”Write to Richard Vanderford at Richard.Vanderford@wsj.com

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