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☆ IRS aims to more than double its audit rate for wealthiest taxpayers in strategic plan update
▼ + stars: | 2024-05-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Commissioner Danny Werfel speaks during his swearing in ceremony at the IRS in Washington, D.C., on April 4, 2023. The agency also renewed its focus on "tax fairness" with plans to increase audits on the wealthiest taxpayers, large corporations and complex partnerships. The IRS aims to more than double the audit rate for the wealthiest taxpayers with total positive income of more than $10 million by tax year 2026. This would bring the audit rate for these individuals to 16.5% in 2026, compared to 11% in 2019. The agency also plans to "nearly triple audit rates" on large corporations with assets over $250 million and boost audit rates "by tenfold" for large, complex partnerships with assets over $10 million, Werfel said.

Persons: Danny Werfel, Werfel Organizations: Washington , D.C, IRS, Finance, Fed Locations: Washington ,

☆ America’s largest companies are fueling inequality, says new study
▼ + stars: | 2024-03-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

About 90%, or $1.1 trillion, of that profit went to shareholders through stock buybacks and dividend payments, according to new research from anti-poverty organization Oxfam International. At the same time, the study found, only 10 of those 200 companies have made public statements in support of paying a living wage. For some of those companies, the average CEO-to-worker pay ratio is now above 1,500 to 1, the nonprofit confederation found. Oxfam’s study found that on average, pharmaceutical companies paid just 11.6% in taxes in 2022 (that’s down from 11.8% in 2021). Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: —, we’ll, ”, Irit Tamir, Joe Biden, Donald Trump, Matt Egan, Devin Nunes, Dave Calhoun, Chris Isidore, Calhoun, Max Organizations: CNN Business, Bell, New York CNN, CME, Oxfam International, Oxfam, Corporations, Institute for Policy Studies, Tax, Truth Social, Trump Media, Trump Media & Technology Group, Corp, Digital, Trump, Nasdaq, Big Tech, ”, overvaluing Trump Media, SEC, Twitter, CNN, Boeing, CNBC, Alaska Airlines, Max Locations: New York, United States

☆ Rich parents want to give to charity and leave more money to their kids. Here's how billionaire families do it.
▼ + stars: | 2024-01-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Read previewWhen the rich give to charity, they find a way to get the most bang for their buck. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, CLATs, Alice, Jim Walton, Rick T, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Walmart, Bank of America Private Bank Locations: Withersworldwide, CLTs, Fayetteville , Arkansas, Israel, Palestine

☆ How the superrich, like Walmart's Waltons, get richer by using trusts to give to charity and save on tax
▼ + stars: | 2024-01-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine

☆ IRS postpones rule change on digital payment reporting for small businesses and side hustles
▼ + stars: | 2023-11-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

The change might have resulted in 44 million more 1099-K forms being sent in January to such filers, including small business owners, freelancers, those with side hustles and gig workers. Regardless of delay or rule change, your tax obligations remain the sameNeither the delay of the rule change nor the eventual implementation of it will change your tax burden in any way. That’s because you have always been obligated as a taxpayer to report the money you make from your business activities to the IRS. The difference once the rule change goes into effect is that the IRS will be learning about your business income from a third party payment platform. And the change will effectively pull back the curtain on just how much business income is being generated on third-party payment platforms.

Persons: “, ”, Danny Werfel, –, Sherrod Brown of, Bill Cassidy, Biden, Arshi Siddiqui, Akin Gump, they’re Organizations: New, New York CNN, IRS, American, The Coalition, Electronic Transactions, Airbnb, PayPal, Democratic, Ks Locations: New York, Poshmark, Sherrod Brown of Ohio, Louisiana

☆ Billionaire politicians have become 'shockingly common' around the world, new study finds
▼ + stars: | 2023-10-26 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

More than 11% of the world's more than 2,000 billionaires have run for election or become politicians, according to a study highlighting the growing power and influence of the super-wealthy. "Billionaire politicians are a shockingly common phenomenon," the study said. Outside the U.S., billionaire politicians are even more common. Terry Gou, the Taiwanese billionaire and founder of Foxconn, is running for president of Taiwan. Of course, billionaires wield even more political power through their (often secret) donations to support candidates, parties and super PACs.

Persons: Donald Trump, Terry Gou, Vivek Ramaswamy, Doug Burgum, Michael Bloomberg, Tom Steyer, Billionaire Rick Caruso, J.B, Pritzker, Andrej Babiš, Silvio Berlusconi, Bidzina Ivanishvili, Najib Mikati, Sebastián, Thaksin, Phil Ruffin, Larry Ellison, Nelson Peltz, Richard Uihlein, Jeffrey Yass, Stanley Druckenmiller, Cliff Asness, David Tepper, Bruce Kovner Organizations: Wisconsin Valley Science, Technology, Northwestern University, Democratic, Los Angeles, Tax Fairness, Billionaire Locations: Wisconsin, Mount Pleasant , Wisconsin, U.S, Illinois, Taiwan, Czech Republic, Italy, Georgia, Lebanon, Chile, Thailand

☆ Global tax loss: Countries could lose trillions in revenue to tax havens in next decade
▼ + stars: | 2023-07-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.

Persons: TJN, ”, Alex Cobham, Cobham, “ Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States

No matter how much Kevin McCarthy swears that won’t involve cuts to Social Security or Medicare, it’s almost impossible to imagine they aren’t on the table. If Congress cuts spending to balance the budget as some Republicans have suggested, it could mean big cuts to very popular programs like Social Security and Medicare. Bret: Other than trying to find ways to slow the rate of spending growth, I can’t imagine there would be cuts to either program. They’re popular with Republican voters, too, after all. For some reason, Social Security payroll taxation stops at about $160,000.

☆ Americans will soon be able to save a lot more for retirement — but it might help the wealthy the most
▼ + stars: | 2022-12-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

It includes changes to Americans' retirement savings, like raising the age of required withdrawal. A significant element of the bipartisan government spending plan included changes to Americans' retirement funds. It also allows an increased contribution in retirement savings for older workers and paves the way for automatic enrollment for workers starting in 2025. White Americans are far more likely to have retirement savings, and those savings dwarf those of Americans of color. Some Democratic lawmakers acknowledged they did not get to include everything they had hoped for in this spending package, like increased funding to help Americans recover from the pandemic.

☆ Kyrsten Sinema was doing the GOP a favor by blocking Democrats' taxes on the wealthy. Now a Republican-controlled House will have to fight that battle.
▼ + stars: | 2022-12-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Sen. Kyrsten Sinema repeatedly threw cold water on Democrats' plans to raise taxes on the wealthy. Now that Sinema is officially becoming an independent, Democrats still likely won't be able to pass anything. However, the House — which has to pass any legislation that would include hikes — will soon be controlled by Republicans. Raphael Warnock's reelection in the Georgia runoff also gave Democrats an opening to work around Sinema. Republicans are very tax averse, already mounting opposition to a 15% minimum tax on big multinational corporations like Amazon and Facebook.

☆ Dutch conclude lobbying didn't influence Uber International's taxes
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

"The conclusion of the investigative report is that no advantaging of Uber took place," the document sent to parliament on Tuesday said. "Whatever Uber thought or hoped it would achieve in terms of special fiscal treatment did not succeed." The Dutch subsidiary Uber International BV has around 1,000 employees in Amsterdam. Dutch tax authorities do not reveal information about how they treat individual companies and parts of the findings were redacted. In one redacted passage, the review said that pressure from Uber and the Dutch government's agency tasked with attracting foreign investment "was resisted in an effective way" by the Dutch tax office.

☆ Yellen sees key role for Treasury's racial equity council despite Republican criticism
▼ + stars: | 2022-12-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 5 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members of the Treasury Advisory Committee on Racial Equity that the Biden administration remained focused on ensuring that disadvantaged communities were no longer left behind in the U.S. economy. "The Treasury Advisory Committee on Racial Equity will play a major role in our effort," she said. Yellen in 2021 named Janis Bowdler, a Latina activist and former head of the philanthropic arm of JPMorgan Chase & Co (JPM.N), as the department's first-ever counselor for racial equity. A spokesperson for Brady said the lawmakers had not yet received a reply from Yellen or the Treasury.

☆ Blow for EU crackdown on tax deals as Fiat wins appeal
▼ + stars: | 2022-11-08 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

[1/2] New Fiat Panda and Fiat 500 mild-hybrid cars are seen in piazza Maggiore, in Bologna, Italy, February 4, 2020. REUTERS/Flavio Lo ScalzoLUXEMBOURG, Nov 8 (Reuters) - Fiat Chrysler on Tuesday won its fight against an EU order to pay 30 million euros ($30 million) in back taxes to Luxembourg, dealing a major setback to EU antitrust chief Margrethe Vestager's crackdown on sweetheart deals between EU countries and multinationals. In her 2015 decision, Vestager said Luxembourg had granted Fiat Chrysler, now part of Stellantis (STLA.MI), an unfair tax advantage by endorsing artificial and complex methods that artificially lowered the company's taxes. Judges faulted the EU competition watchdog for its analysis of the reference system used to determine whether Luxembourg had given a selective advantage to Fiat. Vestager's high profile cases include her record 13-billion-euro tax order for Apple (AAPL.O) and Amazon's (AMZN.O) Luxembourg deal.

☆ American billionaires spent a record $880 million on the U.S. midterm elections
▼ + stars: | 2022-11-03 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

America's billionaires spent a record $880 million on the U.S. midterm elections so far, with most of their spending favoring Republicans, according to a new report. They have given a total of $3.5 million to a single-candidate super PAC in Wisconsin supporting GOP Sen. Ron Johnson. A relative newcomer to the billionaire political class is Sam Bankman-Fried, the 30-year-old crypto mogul. He donated $40 million this cycle, most of it to a super PAC he created called Protect Our Future. Hedge-fund billionaire Stephen Mandel of Lone Pine Capital has spent $17.7 million on Democratic groups, including the super PAC Future Forward.

☆ Миллиардеры в США во время пандемии разбогатели на $1,3 трлн
▼ + stars: | 2021-02-20 | by ( Super User | ) mybusiness.md time to read: +2 min

С начала пандемии коронавируса миллиардеры в США суммарно разбогатели более чем на $1,3 трлн, в то время как безработными оказались 80 млн человек. — «Америка за налоговую справедливость»), за последние 12 месяцев общий капитал 657 миллиардеров в США увеличился на 44,6% по сравнению с допандемийным уровнем. «Пока состояние миллиардеров стремительно росло, с 21 марта 2020 года по 20 февраля 2021-го почти 80 млн человек потеряли работу. С начала пандемии в США появилось 43 новых миллиардера, сообщили в ATF. За момент начала пандемии организация приняла именно эту дату, так как тогда в США уже действовало большинство ограничений, введенных из-за пандемии COVID-19.

Persons: Tesla, secretmag.ru, Илона Маска, Джефф Безоса, Марк Цукерберг, Боб Ким, Дэн Гилберт, Эрнест Гарсия Organizations: Tax, Tesla SpaceX, Facebook, ATF Forbes, Oxfam Locations: —, DoorDash, Snowflake, США

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