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☆ Here's what to know before withdrawing funds from inherited individual retirement accounts
▼ + stars: | 2024-04-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you've inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called "non-eligible designated beneficiaries," have a 10-year window to deplete an inherited IRA. Non-eligible designated beneficiaries are heirs who aren't a spouse, minor child, disabled or chronically ill. Certain trusts may also fall into this category. They just want the money," said individual retirement account expert and certified public accountant Ed Slott.

Persons: you've, RMDs, Ed Slott Organizations: IRS, Finance

☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

Where to buy glasses online using insurance FAQsWhat is FSA/HSA? A FSA, or flexible spending account, is an account provided by your employer in order to save on taxes and pay for qualified expenses. An HSA, or health savings account, is a type of flexible spending account geared towards qualified medical expenses. By enrolling in a High Deductible Health Plan and opening an HSA, your monthly insurance premium is usually lower, while tax exempt dollars from your HSA pay for higher deductibles, copayments, coinsurance, and other health-related costs. When ordering glasses online, you'll be prompted for your PD, or pupillary distance.

Persons: Read, you'll Organizations: IRS

Basics of how home equity loans workWith a home equity loan, you use your home as collateral for a loan. Home equity loan terms vary, but you usually have anywhere from five to 30 years to repay the loan. Differences between home equity loans and HELOCsHome equity lines of credit (HELOCs) are similar to home equity loans in that they let you borrow from your home's equity. What's the difference between a home equity loan and a home equity line of credit (HELOC)? She covers mortgage rates, refinance rates, mortgage lender reviews, and homebuying for Personal Finance Insider.

Persons: you've, whittle, Molly Grace, Molly, Read, Aly J, Yale Aly J, Bob Organizations: Homeowners, Chevron, Business, Finance, Insider, Rocket Companies, Twitter, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication Locations: Chevron, mgrace@businessinsider.com

☆ IRS waives mandatory withdrawals from certain inherited individual retirement accounts — again
▼ + stars: | 2024-04-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS has again waived required withdrawals for certain Americans who have inherited retirement accounts since 2020. Before the Secure Act of 2019, heirs could "stretch" retirement account withdrawals over their lifetime, which reduced year-to-year tax liability. Now, certain heirs have a shorter timeline due to changed rules for so-called required minimum distributions, or RMDs. Under the Secure Act, certain heirs must empty inherited accounts by the 10th year after the original account owner's death. The latest penalty relief only applies to certain heirs, known as "non-eligible designated beneficiaries," subject to the 10-year withdrawal rule under the Secure Act.

Persons: Biden, Ed Slott Organizations: IRS, Secure, Finance

☆ Boeing's fleet of 8 corporate jets spent some 4,500 hours in the sky flying company executives last year, data shows
▼ + stars: | 2024-04-17 | by ( Taylor Rains | ) www.businessinsider.com time to read: +5 min

Boeing's corporate planes collectively flew about 4,500 hours across some 1,800 flights last year, according to data from the aviation-tracking website JetSpy. Jet Edge InternationalThe fleet's top airports include Chicago International Airport, Washington Dulles International Airport, and Boeing Field King County International Airport — all located near Boeing's corporate offices and factories. AdvertisementThe locations of Boeing's corporate fleet on April 12, according to JetSpy data. For instance, JetSpy data shows aerospace company Lockheed Martin collectively flew its five private jets for about 2,700 hours in 2023. AdvertisementBoeing wrote in the filing that its CEO "is required to use company aircraft for all business and personal travel for security reasons."

Persons: —, Dave Calhoun, Calhoun, Brian West, Lockheed Martin, Taylor Swift, Elon Musk, Max, messier Organizations: Service, Business, Boeing Business Jets, Canadian, Bombardier, Challenger, Jet Edge, Chicago International Airport, Washington, International Airport, Boeing Field King County International, Airport, Lebanon Municipal Airport, Wall Street Journal, Boeing, Lockheed, PepsiCo, Costco, Alaska Airlines, Calhoun . Locations: Westchester, New York, Lebanon, New Hampshire, South Carolina, New Canaan , Connecticut, American

☆ Here's what Mark Cuban's $275.9 million in taxes would cover for the US government
▼ + stars: | 2024-04-16 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

And yes, we know Cuban's tax bill won't go directly to paying for these programs, but for the sake of context, here's what his taxes could have funded. Cuban's $275.9 million contribution to the US government could fully back the department with nearly half still left over. Cuban's million could easily cover congressional paychecks and even account for President Joe Biden's $400,000 salary and Vice President Kamala Harris' $235,100 salary. So, Cuban's $275.9 million wouldn't quite be able to cover the potential three-hour DOD cost at $291,095,890.41. While $275.9 million might not seem like it would make a dent in that astronomical number, every little bit helps!

Persons: Mark Cuban, Donald Trump, —, Joe Biden, Jill Biden, Joe Biden's, Kamala Harris, It's Organizations: Service, Trump, Business, Government, Fund, NTSB, Transportation Safety Board, Transportation, DOD, Department of Defense, CNBC

☆ Some H&R Block customers faced hours of outages on Tax Day
▼ + stars: | 2024-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Some H&R Block customers who waited until the last day to file their taxes faced frustrating outages that began Sunday night, according to the company and Downdetector. The IRS had expected “tens of millions” more returns to be filed in the last few days, and many tax filers rely on online services such as H&R Block. The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. H&R Block advised customers to either file again or print, file and mail the form to the IRS. “We have notified our clients via an in-product message and as they reach out to customer service that they can now efile their return,” H&R Block said in a statement to CNN.

Persons: Block, X, ”, CNN’s Jeanne Sahadi Organizations: New, New York CNN, IRS, Block, CNN, Taxpayers, “ Taxpayers, Patriots, District of Columbia Locations: New York, Maine, Massachusetts, District

☆ IRS expects ‘a million returns' every hour on Tax Day, commissioner says. What last-minute filers need to know
▼ + stars: | 2024-04-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

If you're missing tax forms, the tax deadline is your last chance to file an extension, which pushes the filing deadline to Oct. 15. Sean Lovison Founder of Purpose Built Financial ServicesAccording to the IRS, those who can't pay taxes by the deadline have options. Most Americans qualify for IRS Free File, which offers free guided tax prep software from several partners. "It's a product that we're very proud of," Tim Hugo, executive director of the Free File Alliance previously told CNBC. This season, millions of taxpayers also qualify for IRS Direct File, a free tax filing pilot program from the IRS.

Persons: Sean Lovison, Werfel, Tim Hugo Organizations: IRS, Alliance, CNBC, Treasury Locations: filers, Maine, Massachusetts, Philadelphia, Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ State tax officials are using AI to go after wealthy payers
▼ + stars: | 2024-04-15 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. During Covid many of the wealthy moved from high-tax states like California, New York, New Jersey and Connecticut to low-tax states like Florida or Texas. Klein said state tax auditors and AI programs are examining cellphone records to see where the taxpayers spent most of their time and lived most of their lives. Many of the wealthy in New York City who moved kept their apartments with most of their belongings. State tax authorities are claiming that since they didn't move with all of their household items, for tax purposes they didn't actually move.

Persons: Mark Klein, Hodgson Russ LLP, it's, It's, Klein Organizations: IRS, of Taxation, Finance, Artificial, New Locations: New York, California , New York , New Jersey, Connecticut, Florida, Texas, York, Colorado, New York City

☆ Op-ed: There's a potential tax increase coming. Here's what you need to know
▼ + stars: | 2024-04-15 | by ( Ivory Johnson | ) www.cnbc.com time to read: +5 min

Eva-katalin | E+ | Getty ImagesIt is common folklore, a fairy tale of sorts, that middle-class Americans received perpetual relief in the Tax Cuts and Jobs Act of 2017. First, property taxes generate 32% of state and local income, and U.S. median single-family home property taxes have risen by more than 25% since 2019. Congress will be motivated to etch all the tax cuts in stone, but it would only add fuel to the debt bonfire. watch nowThere is also the qualified business income deduction that offers a 20% tax break for small businesses provided they are below certain income thresholds. All of this is in addition to crippling cost-of-living challenges from excessive government spending, the well our Treasury would have to revisit to make these tax cuts permanent.

Persons: Eva, katalin, he's, Peter G, Uncle Sam, Roth, depreciate — Organizations: Taxation, Economic, Peterson Foundation, Chamber, Commerce, Treasury, Hope Congress, Real, IRS Locations: U.S, United States

☆ Mark Cuban says he's proud to pay $288 million in taxes this year, unlike a certain former president
▼ + stars: | 2024-04-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Mark Cuban says he'll be paying $288 million in taxes to the IRS. The billionaire says he's "proud to pay my taxes every single year," unlike one ex-president. AdvertisementBillionaire Mark Cuban says he's happy to pay his fair share of taxes — unlike one former president. "This country has done so much for me, I'm proud to pay my taxes every single year. Tag a former president that you know doesn’t https://t.co/jxuICxOIAr — Mark Cuban (@mcuban) April 14, 2024This isn't the first time Cuban has taken a swipe at Trump.

Persons: Mark Cuban, he'll, he's, —, Donald Trump, — Mark Cuban, Cuban, Axios, Joe Biden, Trump, didn't, E, Jean Carroll, Carroll, Forbes Organizations: Service, Trump, BI, New York Times, The Times, New, Trump Media & Technology Group, Bloomberg, Trump Media's Locations: Cuban, New York

☆ Today is Tax Day for most Americans. Here’s what you need to know
▼ + stars: | 2024-04-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —It’s Tax Day in the United States for most Americans, and there are still plenty of people racing to file their 2023 income tax returns up until the clock strikes midnight. “With the April deadline upon us, we’re seeing a flurry of tax returns coming in during the final hours. So if you’re a last-minute filer, you’re in good company — and even more so if you expect a refund. However, they must pay whatever they still owe the IRS for tax year 2023 by April 15. Do all this even if you relied on a tax program or tax professional to prepare your return.

Persons: We’ve, Danny Werfel, Werfel, don’t, you’re, haven’t, ” Werfel Organizations: New, New York CNN, Patriots, IRS, … Locations: New York, United States, Israel, Massachusetts, Maine, Washington, DC

☆ New York tax preparer charged with causing more than $100 million in losses from fraudulent returns
▼ + stars: | 2024-04-15 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Damian Williams, U.S. Attorney for the Southern District of New York, speaks during a press conference in New York City, Sept. 22, 2023. A New York tax preparer was arrested Monday on charges related to causing "substantially" more than $100 million in tax losses through the filing of false returns — one of the largest tax frauds ever by a preparer, federal prosecutors said. The false information allegedly included bogus itemized deductions, fake capital losses, and phony business expenses and tax credits. ATAX New York grossed more than $15 million from 2016 through 2019, according to Thomas Fattorusso, the IRS special agent in charge of criminal investigations. Alvarez was the CEO, owner and manager of ATAX from 2010 through 2020, and the firm during that time prepared more than 90,000 income tax returns, according to prosecutors.

Persons: Damian Williams, preparer, Rafael Alvarez, Alvarez, Thomas Fattorusso, ATAX Organizations: Attorney, Southern, of, New, Manhattan U.S, ATAX New, IRS, Attorney's Locations: U.S, of New York, New York City, New York, York, Manhattan, ATAX, ATAX New York, United States, disgorgement

☆ IRS Commissioner Danny Werfel on Tax Day: We might see millions of returns coming every hour
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS Commissioner Danny Werfel on Tax Day: We might see millions of returns coming every hourIRS Commissioner Danny Werfel joins CNBC's 'Squawk Box' to explain why the past weekend was busy for him, why Tax Day is important, and more.

Persons: Danny Werfel

☆ Three ways investors can minimize their tax payments
▼ + stars: | 2024-04-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

It’s particularly difficult for investors, he said, who have to report their earnings and losses from the market to the IRS. As an alternative, Harris, who currently heads financial services firm Evergreen Money and recently authored a book about reducing tax burdens, shared his three biggest tax tips for investors with Before the Bell. So for tax purposes, selling securities that have lost value can offset the taxes due on gains from successful investments. If your losses exceed your gains, you can carry the net loss (total losses minus total gains) into the next tax year, potentially reducing future tax burdens. If you have three children and two parents, that’s $108,000 in tax free money a year, Harris said.

Persons: They’ll, ”, Bill Harris, It’s, Harris, “, Roth, hasn’t, “ you’re, Laura, Anna Cooban, Brent, Germany’s DAX, Read, Tempore Mike McGuire Organizations: New, New York CNN, National Taxpayers Union Foundation, Paypal, CNN, Evergreen Money, Bell, Investments, Brent, Traders, CAC, FTSE, Nikkei, International Energy Agency, ANZ, Google, California Journalism, Meta, California, Pro, Tempore, ” Locations: New York, United States, Israel, Iran, Tehran, Syria, Shanghai, Paris, California, America

☆ Tension in the Middle East, hot inflation rattle stocks. Take these steps to shore up your portfolio
▼ + stars: | 2024-04-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Conflict in the Middle East escalated over the weekend as Iran launched drones and missiles at Israel, and traders braced for a response. Investors have already been on edge as of late amid climbing oil prices and recent economic data that shows inflation is remaining sticky. Rockier times could be ahead, too, noted Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute. Tax-loss harvesting involves selling losers in your taxable account and using these losses to offset realized gains within your portfolio. Extending duration involves adding exposure to bonds with greater price sensitivity to changes in rates.

Persons: Paul Christopher, Christopher, rebalancing, Gargi Pal Chaudhuri Organizations: Wells, Wells Fargo Investment Institute, Information Technology, Communications Services, BlackRock, Treasury Bond ETF Locations: Fresh, Iran, Israel, Wells Fargo, BlackRock

I like putting money in CDs, and one option that will help long-term with taxes is a SEP IRA CD. I started moving money between high-yield savings accounts, CDs, and other passive income-earning investments like REITs and dividend stocks. Interest and earnings from savings accounts, CDs, and other investments are considered taxable income. Instead, after paying my taxes, I reassess how much money of interest income I actually made and decide how to use the cash then. However, unlike a regular CD, CDs in your retirement fund have contribution limits set by the IRS.

Persons: — Organizations: Service, IRS

☆ Tax Day: What happens if you haven’t filed yet or paid what you owe
▼ + stars: | 2024-04-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —If you haven’t filed your 2023 tax return with the IRS yet and you still owe income tax for last year, the good news is you still have time to rectify those situations before you’re penalized for failing to do so. Some, however, get an extra day or two if they live in Maine, Massachusetts or Washington, DC, due to observed holidays. The IRS has also given an extension to individuals and businesses affected by the October 7 terrorist attacks in Israel. Keep in mind that this is only an extension to file your return and avoid a failure-to-file penalty. If you don’t pay what you owe by your tax-filing deadline you will also be hit with a failure-to-pay penalty.

Persons: Tom O’Saben, O’Saben, you’ve, ”, you’d, ” O’Saben Organizations: New, New York CNN, IRS, National Association of Tax Locations: New York, Maine , Massachusetts, Washington, DC, Israel

☆ IRS: You have 'options' if you can't pay your taxes by the April 15 deadline
▼ + stars: | 2024-04-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

urbazonFile your return by April 15 even if you can't payIf you can't cover your taxes in full, you should still file your return by April 15 and pay what you can, according to the IRS. By comparison, the late payment penalty, or the failure-to-pay penalty, is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes. IRS online payment plans, or "installment agreements," include: Short-term payment plan: This may be available if you owe less than $100,000 including tax, penalties and interest. However, you can't have multiple payment plans from different tax years. You can learn more about the IRS plans, including setup fees and payment options, here.

Persons: Eric Bronnenkant, Bronnenkant Organizations: IRS

☆ Boeing execs were using the company's private jets for personal trips more than we thought
▼ + stars: | 2024-04-12 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Boeing execs used an additional $545,520 for personal travel expenses in 2021 and 2022. The Wall Street Journal first reported Boeing had improperly classified personal trips on private jets as business travel. AdvertisementBoeing's execs have been using the company's private jets for personal travel — and it's more than we thought. The Wall Street Journal reports Boeing made the revisions after an investigation last year into the use of private jets by its top executives. The revised stats for Boeing's outgoing CEO, Dave Calhoun, amounted to an additional $142,315 in personal travel in 2021 and 2022.

Persons: Boeing execs, —, Dave Calhoun, Brian West, Theodore Colbert, Calhoun Organizations: Boeing, Street Journal, IRS, Service, Top Boeing, Company, SEC, Stanley, Business, Alaska Airlines Locations: Calhoun's, New Hampshire, South Carolina, Chicago, Arlington , VA

☆ Boeing CEO’s penchant for cost-cutting doesn’t apply to his trips on the company jet
▼ + stars: | 2024-04-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —When it comes to building planes, Boeing CEO Dave Calhoun is all about streamlining costs. That oopsie was discovered in an internal review, which was prompted by a Wall Street Journal investigation last year into Boeing executives’ private jet travel, the paper reported Thursday. To be clear: Boeing requires Calhoun, who is stepping down later this year, to use its private jets for business and personal travel for security reasons. But when a CEO uses the company jet for a family vacation, that usually counts as taxable income. Over the last three years, Calhoun racked up $979,000 in personal air travel, according to the company.

Persons: CNN Business ’, Dave Calhoun, Calhoun, thriftiness, Chris Isidore, oopsie, that’s, we’ve, It’s, lavishing Calhoun, teeing, Jon Holden Organizations: CNN Business, New York CNN, Boeing, Wall Street, IRS Locations: New York, Arlington , Virginia, Seattle, America

☆ 90% of qualifying electric vehicle buyers opt for $7,500 'new clean vehicle' tax credit as upfront payment, Treasury says
▼ + stars: | 2024-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The bulk of Americans buying qualifying new electric vehicles are opting to receive an associated tax credit upfront from the car dealer instead of waiting until tax season, according to new Treasury Department data. About 90% of consumers who qualify for a "new clean vehicle" tax credit — worth up to $7,500 — have requested their tax break be issued as an advance payment, according to a Treasury Department official speaking on background. They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. Not everyone will necessarily qualify for the full $7,500, depending on factors like the type of car that's purchased. Previously, all EV buyers had to wait until tax season the year following their purchase to claim tax credits related to that purchase, meaning they may wait several months or longer for their tax break.

Persons: Ingrid Malmgren, Biden, that's Organizations: Treasury Department, EV, IRS

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRS' criminal investigation chief says agency prepared for crypto tax crimes: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Guy Ficco, criminal investigation chief at the Internal Revenue Service, explains how your crypto holdings could affect your tax obligations.

Persons: explainers, Guy Ficco Organizations: IRS, CNBC Crypto, CNBC, Internal Revenue Service

☆ There's another 'tricky' tax deadline on April 15. Here's how to avoid a penalty, experts say
▼ + stars: | 2024-04-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you are racing to file taxes, you could miss another key deadline: the April 15 due date for first-quarter estimated tax payments. Estimated tax payments typically apply to earnings from gig economy work, freelancing, small business, retirement or investing, which may have no tax withholdings. If you expect to owe at least $1,000 in taxes, you must make your first-quarter estimated payment for 2024 by April 15. That can be "tricky" for certain tax filers with federal taxes due on the same day, according to certified public accountant Tom Wheelwright, CEO of WealthAbility. The 2024 payment due dates are April 15, June 17, Sept. 16 and Jan. 15, 2025.

Persons: Tom Wheelwright, — Organizations: WealthAbility, Finance, Federal, IRS

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