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For the first time in the history of the United States, billionaires had a lower effective tax rate than working-class Americans. Opinion Guest Essay Make Billionaires Pay (Their Taxes)Until recently, it was hard to know just how good the superrich are at avoiding taxes. Let’s agree that billionaires should pay income taxes equivalent to a small portion — say, 2 percent — of their wealth each year. Billionaires who already pay the baseline amount of income tax would have no extra tax to pay. The idea that billionaires should pay a minimum amount of income tax is not a radical idea.

Persons: Emmanuel Saez, Gabriel Zucman, we’ve, Demetrio Guzzardi, Jeff Bezos, Bezos, Berkshire Hathaway, Warren Buffett, Elon Musk, Bernard Arnault, Arnault’s, Arnault, Reagan, Critics, haven’t, Biden Organizations: Government, Social Security, European Economic Association, Institut des Politiques, Economic, Amazon, Elon, Twitter, Shepard, Getty, Trump, Internal, Abaca, New York, Facebook Locations: United States, Netherlands, States Netherlands Italy France, Italy, France, Tesla, LVMH, America, Europe, Sweden, Germany, Switzerland, U.S, Brazil, South Africa, Spain

☆ India's markets regulator puts seven Adani companies on notice for violations
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period.

Persons: Gautam Adani, Wilmar Organizations: Adani, World, Accountants, Adani Enterprises, Hindenburg Research, Securities and Exchange Board of India, Energy, Adani Energy Solutions Locations: Mumbai, SEBI

☆ Crypto investor 'bitcoin Jesus' arrested and charged by the Justice Department with $48 million tax evasion
▼ + stars: | 2024-05-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

"Bitcoin Jesus" Roger Ver was arrested in Spain on charges of tax evasion this week. An early crypto enthusiast, he's been a long-time bitcoin evangelist, earning him the "bitcoin Jesus" nickname. AdvertisementVeteran crypto trader Roger Ver, also known as "bitcoin Jesus," was arrested in Spain and charged by the US Department of Justice with evading $48 million in taxes. Ver faces three charges of mail fraud, two charges of tax evasion, and three charges of subscribing to a false tax return. Ver, who was an early cryptocurrency evangelist, has been avidly promoting bitcoin for years, earning him the "Bitcoin Jesus" moniker.

Persons: Jesus, Roger Ver, Ver, he's, —, Agilestar —, Ver didn't, Binance's, Changpeng Zhao, Sam Bankman, Fried Organizations: DOJ, Service, Veteran, US Department of Justice, Justice Department Locations: Spain, St, Kitts, Nevis, US

☆ Lock in attractive real yields with this inflation-protected investment, says UBS
▼ + stars: | 2024-05-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Investors can lock in some juicy real yields with Treasury inflation-protected securities, according to UBS. "The result has been rising real yields further out the curve, offering the opportunity to lock in attractive real yields ahead of expected falling nominal yields later this year," she added. Treasury yields are expected to decline when the Federal Reserve starts reducing the fed funds rate. Nominal yields have been rising as the market reassesses those interest rate expectations. "Our expectation of declining nominal yields in the second half of the year will be a tailwind to performance," she said.

Persons: Leslie Falconio Organizations: Treasury, UBS, Federal Reserve, Treasury Department Locations: UBS Americas

☆ 'Basel III' bank rules could pose unexpected threat to Biden's green energy plans
▼ + stars: | 2024-05-01 | by ( Emily Wilkins | ) www.cnbc.com time to read: +5 min

Banks help fund the vast majority of renewable energy projects through tax equity investments, which allow the banks to benefit from federal tax credits for renewable energy. Currently, renewable energy draws $18 billion to $20 billion annually through tax equity investments, according to the American Council on Renewable Energy. "Many people joke that we're on the 'solar-coaster,'" Torres said about the ups and downs of renewable energy. The higher capital requirements for renewable energy projects in Basel III puts the regulation on a collision course with the Biden administration's push for cleaner and greener energy sources. "The clean energy industry's experience with tax equity investments does not warrant such a radical change," the group's letter read.

Persons: Julian Torres, Torres, he's, Banks, Jerome Powell, Biden, Dominic Lacy, Sean Casten Organizations: D.C, Gallaudet University, Washington , D.C, Gallaudet, Federal Reserve, FDIC, American Council, Renewable Energy, Basel III, Tesla, American Bankers Association, Bank, Institute, Clean Energy State Alliance Locations: Washington ,, Basel

☆ A tax compliance startup raised millions. Then it abruptly shut down, and the founder cut off contact.
▼ + stars: | 2024-04-29 | by ( Ben Bergman | ) www.businessinsider.com time to read: +13 min

Even the human-resources firm retained to help employees with offboarding, Tandem, quit soon after the layoffs because it never got paid. Shannon Flynn Bevers, Tandem's president and founder, said that she tried to help employees but that Johnson stopped responding. "When startups go out of business, they will pay employees their final paycheck. Johnson told employees to take a weeklong furlough and blamed the issue on a technical snafu. She also told employees they could file a claim with their state labor department or hire an employment lawyer.

Persons: Slack, Shiloh Johnson, Johnson, they'd, Benjamin Matthews, Shannon Flynn Bevers, I've, Flynn Bevers, VCs, Josh Felser, Aerin Paulo, ComplYant's, I'd, ComplYant, podcaster David Sacks, Michael Tam, Tam, Matthews, Ryan Cady, Lusely Martinez, Martinez, Cady, paychecks, wasn't, Taliah McGuire, McGuire, what's, Shiloh Luckey, Penelope, We've Organizations: Business, offboarding, . Venture, BI, Craft Ventures, ComplYant, Mucker, Slauson, — Mucker, Fika Ventures, Employees Locations: Los Angeles, Shiloh, San Francisco, Colorado, New York, TikTok

☆ 'Nobody's getting wealthy on Social Security,' lawmaker says. The November election may influence the program's future
▼ + stars: | 2024-04-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Protect Social Security!" In 1983, when the last major Social Security reforms were enacted, there were no benefit enhancements, Larson argued. Today, annual earnings of up to $168,600 are subject to a 6.2% payroll tax toward Social Security paid by both workers and employers. Larson's plan also calls for closing loopholes that allow wealthy taxpayers to avoid paying Social Security taxes on other income. Larson said the public is well aware that Social Security benefits are theirs and they've paid for them.

Persons: Kean, Dave Kotinsky, Larson, they've, John Larson, Conn, Mark Wilson, Nancy Altman, Drew Ferguson, Ferguson, Jodey Arrington, Charles Blahous, Blahous Organizations: Getty, hasn't, Social Security, Security, Social, Capitol, Democratic, Republican, Republican House, Republicans, George Mason University Locations: Bridgewater , New Jersey, Jan, Georgia, Texas

☆ Who Can Be Trusted for Retirement Advice? New Rules Strengthen Protections.
▼ + stars: | 2024-04-23 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

But many people don’t realize that the rules financial professionals must follow vary, depending on where they work and what products they’re selling. One of those federal regulations, which governs retirement plans, was just tightened: The Biden administration announced new rules on Tuesday that will require more financial professionals to adhere to the highest standards when providing financial advice about your retirement money. The goal is to minimize conflicts of interest, or at least ensure that they aren’t influencing investment professionals’ advice that lines their pockets at the customers’ expense. The changes, issued by the Department of Labor, which oversees retirement plans, close loopholes that made it easier for many investment professionals to avoid fiduciary status — including, for example, when workers roll over their savings from a 401(k) plan to an individual retirement account. Those transactions, which totaled nearly $800 billion in 2022, weren’t always covered by these investor protections, even though these sums often amount to a person’s life savings.

Persons: they’d, weren’t Organizations: Biden, Federal, Department of Labor

☆ It’s prime time to lock in yields on this tax-free income play, UBS says
▼ + stars: | 2024-04-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

UBS doesn't see the Federal Reserve embarking on rate cuts until September — and that means now is the time to snap up tax-free municipal bonds. Bond yields and prices move inversely, so a decline in rates will come with price appreciation for the underlying issues. "Against that backdrop, we believe that yields on quality municipal bonds look attractive at current levels," wrote UBS Wealth Management senior municipal bond strategist Kathleen McNamara in a report last week. The kicker of tax-free income Muni bonds are generally backed by the full faith and credit of the issuer, which makes them less of a default risk compared with corporates. Large diversified municipal bond funds can be cheap, but state-focused funds tend to be a little more costly.

Persons: Kathleen McNamara, McNamara, FKTFX Organizations: UBS, Federal, UBS Wealth Management, Bond, SEC, Vanguard California, Franklin, Franklin California Tax, Income Fund, Muni Bond ETF, Vanguard New Locations: There's, New York , California, New Jersey, California, Franklin California

☆ 83% of teenagers are already thinking about retirement — but many make this one mistake
▼ + stars: | 2024-04-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Overall, teenagers are taking a greater interest in their long-term financial health — although far fewer understand basic retirement planning. "This research shows retirement is more top-of-mind for teens than one might think," said Jack Kosakowski, Junior Achievement's president and CEO. Slott recommends opening a Roth individual retirement account to get a head start. Contributions to a Roth IRA are taxed upfront, and earnings grow tax-free. Once contributed, the money inside a Roth IRA account can be invested appropriately to suit any type of long-term goal.

Persons: Jack Kosakowski, Junior, Ed Slott, Slott, Roth, Christopher Jackson's, Jackson Organizations: Junior, Da Vinci Communications High School, CNBC Locations: Southern California

☆ Thousands Are Eligible for Tax Refunds From 2020
▼ + stars: | 2024-04-19 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Who wouldn’t grab an income tax refund if they had one coming? About 940,000 people, it turns out — because they haven’t filed returns for the 2020 tax year, even though they may be due money back for that year. But there’s still close to a month left to file and collect the refunds. The Internal Revenue Service estimates that the typical refund for the people in this group is more than $900. “There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” the I.R.S.

Persons: there’s, “, haven’t, Daniel Werfel, Werfel, Eric Smith Organizations: Internal Revenue Service Locations: Idaho, New York, Pennsylvania

☆ Opinion | Rethinking the Ethics of Tax Deductions
▼ + stars: | 2024-04-18 | by ( ) www.nytimes.com time to read: 1 min

To the Editor:Re “Make a Difference This Tax Season,” by Matthew Desmond (Opinion guest essay, April 14):Mr. Desmond is, of course, right that tax rates and tax deductions are heavily skewed to favor the very wealthy. One of the solutions he offers, however, asks the somewhat wealthy to imitate the very wealthy: Take your deduction and give to your favorite charities. That’s how the taxpayers end up subsidizing — through deductible philanthropy — huge bequests to operas, billionaires’ alma maters, vanity art collections and other pet projects. If people just didn’t take the deductions, as Mr. Desmond also proposes, the savings could help fund main government responsibilities like schools, safety, health care and the like. The writer is a professor of sociology at the University of California, Berkeley.

Persons: Matthew Desmond, Desmond, alma, Claude S, Fischer Berkeley Organizations: University of California Locations: Calif, Berkeley

☆ Trump trial: Full jury chosen for New York hush money case
▼ + stars: | 2024-04-18 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +6 min

Former US President Donald Trump sits in the courtroom at Manhattan criminal court in New York, US, on Thursday, April 18, 2024. Jeenah Moon | ReutersA full jury of 12 people was seated Thursday at the New York criminal hush money trial of former President Donald Trump. "The whole world is watching this New York scam," Trump said. Trump has denounced the trial as a political "witch hunt" and complained that it keeps him off the campaign trail. Former President Donald Trump visits a bodega in the Harlem neighborhood of upper Manhattan where a worker killed a man who had assaulted him in 2022, on April 16, 2024 in New York City.

Persons: Donald Trump, Juan Merchan, Trump, Alvin Bragg's, Joe Biden, Stormy Daniels, Brendan McDermid, Merchan, Chris Conroy, Conroy, Jesse Watters, Elizabeth Williams, Reuters Conroy, Watters, Silvio Berlusconi, Berlusconi, Judge Juan Merchan, Spencer Platt Organizations: Reuters, New, Former U.S, Prosecutors, Fox News, Liberal, Manhattan Criminal, Trump, Via Reuters Trump, Getty Locations: Manhattan, New York, York, New York City, U.S, Italy, Italian, bodega, Harlem

☆ New data centers require billions of dollars in utility system upgrades. You may end up paying for it.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +15 min

A record surge of data center construction is underway to provide the computing and storage that underpins society's fast-expanding digital footprint and powers artificial intelligence. In areas of the country where data centers have clustered, utilities have unveiled plans to spend billions of dollars to keep up. asked David Springe, the executive director of the National Association of State Utility Consumer Advocates. "Then you have the data centers that are having exponential load growth," Nelson said. Data centers also don't deliver the number of long term jobs – a key yardstick for public benefits – that other industries do.

Persons: Mike DeWine, David Springe, they're, Ryan Augsburger, Augsburger, Ron Nelson, Strategen, ratepayers, Nelson, Steve Helber, That's, PJM, David Lapp, Lapp, Jeffrey Shields, Shields, Kantele Franko, Shelby Moore, Meta, behemoth Blackstone, QTS, John Gavan, Daniel Tait, Tait Organizations: Amazon, Ohioans, Business, Wall, Boston Consulting Group, National Association of State, Consumer, Ohio Manufacturers ' Association, Web Services, Energy, Dominion Energy, Federal Energy Regulatory Commission, Tech, Wall Street titans, American Electric Power, Buckeye Power, AEP, Buckeye, AEP Ohio, Staff, Intel, Policy Institute Locations: Ohio, ratepayers, Chester , Va, Virginia, PJM, Chicago, New Jersey, New York City, Maryland, West Virginia, Pennsylvania, Columbus , Ohio, Denver, New Albany , Ohio, Minnesota, Columbus, Mississippi

☆ New York and other states are using AI to hunt down wealthy remote workers and demand more tax
▼ + stars: | 2024-04-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNew York is the millionaire capital of the world, but some of those who want to stay rich are fleeing to low-tax states like Florida and Texas. The state tax department has a solution: AI letters. It is sending hundreds of thousands of AI-generated letters, mostly to wealthy remote workers or those who require a change in tax residency, according to CNBC. There were 771,000 audits in New York in 2022, according to a recent report by the state Department of Taxation and Finance cited by CNBC.

Persons: —, That's, Alexander Spatari, Mark Klein, Hodgson Russ LLP, it's, It's, Klein, Shakira Organizations: Service, CNBC, Business, of Taxation, New, Henley, Partners, €, York's Department of Taxation, Finance Locations: Florida, Texas, New York, New York City, York, Bahamas, Spain

☆ 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

☆ 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

☆ 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 trial of Donald Trump: an unusual request on trial Day 1
▼ + stars: | 2024-04-15 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

Of the first group of 96 potential jurors who crammed into the courtroom, more than half were immediately excused for saying they could not be fair and impartial. A Manhattan jury also found Trump’s business, the Trump Organization, guilty of tax evasion, although Trump was not personally named in that case. And here is an excellent visual timeline of the entire hush money scandal. It was Cohen who orchestrated the hush money payments and who pleaded guilty to federal charges of violating campaign finance law, for which he served time in prison. Trump is accused by New York of falsifying business records when he paid Cohen back for the hush money scheme.

Persons: Donald Trump, Trump, CNN’s Kara Scannell, Jeremy Herb, Scannell, “, ” Scannell, Jeffrey Abramson, ”, ” Abramson, Jean Carroll, Abramson, Judge Juan Merchan, Kellyanne Conway, Rudy Giuliani, Stormy Daniels, Karen McDougal, CNN’s Kaanita Iyer, McDougal – She’s, Trump’s, Melania, Barron, Merchan, Carroll –, Carroll, Michael Cohen, Cohen, Maggie Haberman, Jake Tapper Organizations: CNN, America, Democracy, New, Trump, Trump Organization, National Enquirer, Trump . ►, Enquirer, – Prosecutors, New York Times Locations: Manhattan, sidebars, New York, Trump

☆ 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

☆ 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

☆ Trump’s first criminal trial is a historic and solemn moment for America
▼ + stars: | 2024-04-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

The United States, unlike democracies that have been historically less stable, is not a nation accustomed to seeing its former heads of state on trial. This is one reason why Trump’s 2024 campaign is running as much through the courtrooms as according to the traditional rhythms of a White House bid. It’s very unfair that I’m having a trial there,” Trump said on Friday, alluding to New York City’s liberal lean. The deteriorating situation could bolster Trump’s claims the world is spinning out of control under his successor’s watch. Merchan has declined efforts by the president’s attorneys to get the trial relocated to a jurisdiction where voters may be more favorable to Trump.

Persons: Donald Trump, Trump, ”, Biden, Attorney Alvin Bragg, Juan Merchan, Judge Arthur Engoron, Joe Biden, “, that’s, Robert Hirschhorn, ” Trump, he’s, Nelson Mandela, Alexey Navalny, Bragg, Trump’s, Stormy Daniels, Daniels, ” Bragg, ” Trump’s, …, Norm Eisen, ” Eisen, Alvin Bragg, Jack Smith, Michael Cohen, Merchan, Cohen Organizations: CNN, Republican, Trump, Attorney, Democrat, Conservative Political, Conference, Biden, White House, Prosecutors Locations: United States, Manhattan, New York, Pennsylvania, Israel, Iran

☆ The Rich Don’t Have to Take Every Tax Deduction, and They Shouldn’t - The New York Times
▼ + stars: | 2024-04-13 | by ( Matthew Desmond | ) www.nytimes.com time to read: +1 min

And when it comes to paying taxes, he forgoes many deductions afforded him. For much of Mr. Narváez’s life, money was tight. But today, Mr. Narváez and his wife, a retired elementary school principal, live comfortably. Upon seeing those figures, Mr. Narváez’s financial adviser told his client he was overpaying and introduced him to an accountant. “I see it as my responsibility to pay my fair share of taxes,” Mr. Narváez, who is 70, told me.

Persons: Alejandro Narváez, he’s, Narváez, “, Mr, Mark Twain Organizations: ” Locations: Seattle

☆ 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

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