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☆ Hackers are already taking advantage of the CrowdStrike outage chaos
▼ + stars: | 2024-07-22 | by ( Brian Fung | Sean Lyngaas | ) edition.cnn.com time to read: +6 min

CrowdStrike has issued its own guidance on what affected organizations can do in response to the issue. One example of that has been targeting Spanish-speaking CrowdStrike customers, the company said in a separate blog post. When opened, the file installs malicious software that phones home to a server the hackers control and may use to give additional instructions to the malware. “CrowdStrike Intelligence recommends that organizations ensure they are communicating with CrowdStrike representatives through official channels and they adhere to technical guidance the CrowdStrike support teams have provided,” the company said. “Bad actors routinely try to take advantage of current events, so it’s not all surprising to see them attempting to take advantage of this one,” Callow said.

Persons: CNN —, ”, CrowdStrike, Kenn White, “, cybercriminals, Lina Khan, Azim Khodjibaev, Brett Callow, ” Callow Organizations: CNN, Department of Homeland Security, Infrastructure Security Agency, CrowdStrike Intelligence, Federal Trade Commission, Internal Revenue Service, Social Security Administration, FTC, Cisco, FTI Consulting

Can a non-U.S. citizen get a mortgage loan? Challenges non-U.S. citizens may faceThough it's possible to get a mortgage as a non-U.S. citizen, that doesn't mean it will be easy. Buying a home as a non-U.S. citizen FAQsCan non-U.S. citizens get a mortgage loan? Yes, non-U.S. citizens can get a mortgage loan if they meet the lender's eligibility requirements and they provide necessary documentation. Eligibility for non-U.S. citizen mortgage loans is usually based on legal residency status, credit history, income verification, and down payment.

Persons: homebuyers, Nora Aguirre, she's, they've, Aguirre, — Organizations: Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, USDA, ., Internal Revenue Service, Social, Chevron Locations: U.S, Nevada, Chevron

☆ Trump Bitcoin Conference fundraiser tickets top out at $844,600 for Nashville soiree
▼ + stars: | 2024-07-18 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Former U.S. President and Republican presidential candidate Donald Trump attends a campaign event in Philadelphia, Pennsylvania, U.S., June 22, 2024. Shannon Stapleton | ReutersFormer President Donald Trump will headline a campaign fundraiser in Nashville on the sidelines of the Bitcoin Conference, where the top ticket is going for $844,600 per person. Trump signed on to headline the Music City Center gathering shortly before he survived an attempted assassination on July 13. A spokesman for the Trump campaign did not respond to a request for comment on his Nashville appearances. Trump also vowed at the Libertarian National Convention in Washington in May to keep Sen. Elizabeth Warren, D-Mass., and "her goons" away from bitcoin holders.

Persons: Donald Trump, Shannon Stapleton, Trump's, Trump, Sen, Elizabeth Warren Organizations: U.S, Republican, Reuters, Bitcoin Conference, CNBC, Trump, Music City Center, Nashville, solana, Internal Revenue Service, Libertarian National Convention, Mar Locations: Philadelphia , Pennsylvania, U.S, Nashville, Washington

☆ Ethereum co-founder warns against voting only on 'pro-crypto,' a day after a16z founders support Trump
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Ethereum co-creator Vitalik Buterin on Wednesday cautioned against voting for political candidates based solely on whether they have adopted a "pro-crypto" stance. The best example of this is, predictably, modern Russia," added Buterin, a Russia-born coder who built ethereum in his late teens. Buterin did not single out any names in his post of either political candidates, or of those opting to support them. It comes in stark contrast to the Joe Biden White House, which has been seen as hard on crypto. However, the perception that Biden is anti-crypto and Trump is pro-crypto has some Biden allies concerned enough to take their case directly to senior White House officials.

Persons: Ethereum, Vitalik Buterin, Buterin, Putin, Donald Trump, Marc Andreessen, Ben Horowitz, Andreessen Horowitz, Donald Trump's, Ben, Marc Show, Horowitz, Joe Biden, They've, They're, Andreesen Horowitz, Coinbase, coder, Tesla, Elon Musk, Peter Thiel, Tyler, Cameron Winklevoss, Trump, —, Sen, Elizabeth Warren, bitcoiners, JD Vance, Vance, Biden Organizations: Republican National Convention, U.S . Securities, Exchange Commission, Federal Deposit Insurance Corporation, Trump, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Republican, Joe Biden White, SEC, Biden, White House Locations: Milwaukee, U.S, Russia, San Francisco, Washington, Mar, Nashville , Tennessee

☆ IRS collected $1 billion in back taxes from millionaires in less than a year
▼ + stars: | 2024-07-11 | by ( Katie Lobosco | ) edition.cnn.com time to read: +3 min

Last fall, the IRS launched an initiative to collect from wealthy individuals who have not paid the taxes they owe. Prior to the Inflation Reduction Act, the IRS did not have the staffing or resources to pursue high-income earners that the agency knew owed taxes, IRS Commissioner Danny Werfel said on a call with reporters. Targeting wealthy tax cheatsThe IRS has launched a series of initiatives over the past two years to crack down on wealthy tax cheats. Some of the funding from the Inflation Reduction Act is being used to modernize taxpayer services. Battles over IRS fundingThe Inflation Reduction Act, which passed without any Republican votes, approved about $80 billion for the IRS over a 10-year period.

Persons: Biden, Danny Werfel, ” Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, Republicans, IRS

☆ Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
▼ + stars: | 2024-07-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. The U.S. Department of the Treasury and the IRS on Thursday announced what they called a "major milestone" of collecting more than $1 billion in tax debt from high-income individuals over the past year. "The IRS has collected $1 billion from millionaires and shown that it can successfully launch strategic new initiatives and achieve the greatest return on investment," Treasury Secretary Janet Yellen told reporters during a press call. The infusion of IRS funding, enacted via the Inflation Reduction Act in 2022, still has its critics, however, particularly among congressional Republicans. "During the past decade, the IRS didn't have the resources or staffing to pursue high-income earners who our compliance team knew owed taxes," IRS Commissioner Danny Werfel said during the press call.

Persons: Danny Werfel, Janet Yellen, Biden Organizations: Revenue, Capitol, U.S . Department of, Treasury, IRS, Finance Locations: Washington

☆ Clarence Thomas takes aim at a new target: Eliminating OSHA
▼ + stars: | 2024-07-02 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

Read previewSupreme Court Justice Clarence Thomas has set his sights on eliminating the Occupational Safety and Health Administration. And Thomas, widely considered to be the most conservative justice on the already mostly conservative court, wasn't happy. In a dissent, he explained why he believed the high court should've taken the case: OSHA's power, he argues, is unconstitutional. He argued that if OSHA didn't unconstitutionally grant too much legislative power to an agency, "it is hard to imagine what would." This isn't the first time Thomas has disagreed with his fellow justices to a conservative extreme.

Persons: —, Clarence Thomas, Thomas, should've, Julie A, Su, Labor —, Roe, Wade Organizations: Service, Occupational Safety, Health Administration, OSHA, Business, Labor, Appeals, Circuit, Reuters, Internal Revenue Locations: USA, Ohio, United States, SeaWorld

☆ Live Updates: Supreme Court Overrules Chevron Doctrine, Imperiling an Array of Federal Rules
▼ + stars: | 2024-06-28 | by ( Adam Liptak | ) www.nytimes.com time to read: +12 min

But that gave too much power to unelected government officials, according to conservatives, who ran a coordinated, multiyear campaign to end the Chevron doctrine. The Environmental Protection AgencyEnvironmentalists fear that the end of the Chevron doctrine will mean the elimination of hundreds of E.P.A. “I would expect the industry to attack the F.D.A.’s authority to do premarket review at all,” said Desmond Jenson, deputy director of the commercial tobacco control program at the Public Health Law Center. Others noted the Chevron decision could have a chilling effect, compelling the F.D.A. “The Supreme Court has not relied on Chevron in quite a few years,” she said.

Persons: ”, Lisa Heinzerling, Donald J, Trump, Mandy Gunasekara, President Trump, Jonathan Berry, doesn’t, ” Rather, Berry, ” Mr, Chevron, Biden, Garden, “, Desmond Jenson, Nicholas Bagley, Rachel Sachs, Louis, Abbe R, Gluck, Ms Organizations: Georgetown University, “, Congress, Labor, Act, Republican, Trump, Chevron, Labor Department, Mr, Environmental Protection Agency, Biden, University of Minnesota, The National Labor Relations Board, Food, Drug Administration, Public Health Law Center, Health, Affordable Care, University of Michigan, Washington University School of Law, Department of Health, Human Services, Centers, Medicare, Services, Yale Law School, Treasury, Internal Revenue, Treasury Department, Internal Revenue Service Locations: Chevron, St

☆ Rampant Identity Theft Is Taxing the I.R.S.
▼ + stars: | 2024-06-26 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Rampant identity theft has overwhelmed the Internal Revenue Service, resulting in a backlog of 500,000 unresolved fraud cases, leaving taxpayers without refunds and credits that they are due, the agency’s watchdog wrote in a report to Congress on Wednesday. The report by the National Taxpayer Advocate described the slow pace of addressing the identity theft cases as a “blemish” on the performance of the I.R.S., which is in the midst of a sweeping modernization campaign that aims to improve taxpayer services. was criticized by the watchdog for identify theft delays last year, the backlog has gotten only worse. is taking nearly two years to resolve identity theft victims’ assistance cases and has an inventory of approximately 500,000 cases, up from 484,000 cases in September. delays in resolving identity theft victim assistance cases are unconscionable,” Erin Collins, the taxpayer advocate, wrote in the report.

Persons: “, ” Erin Collins Organizations: Internal Revenue Service, National Taxpayer

☆ I.R.S. Extends Freeze of Pandemic-Era Tax Credit Amid Widespread Fraud
▼ + stars: | 2024-06-20 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Internal Revenue Service is expanding its efforts to crack down on fraud in a pandemic-era tax credit program following an internal analysis that found a majority of outstanding claims appeared to be improper. The original program, which was expanded in 2021, was projected to cost the federal government $55 billion over a decade. had received nearly four million applications and had paid out $230 billion in employee retention refunds. It currently has a backlog of 1.4 million claims. commissioner, warned that the agency’s enforcement teams are scrutinizing claims closely and investigating illicit tax preparation companies that have been encouraging ineligible taxpayers to apply.

Persons: Daniel Werfel Organizations: Internal Revenue Service

☆ There's a huge pay raise on the way for clean energy workers
▼ + stars: | 2024-06-18 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Read previewThe Biden administration wants to ensure businesses are paying their clean energy workers well — and it's using a new tax break to push for it. Advertisement"This is a major step to put American workers at the center of the clean energy economy. The rule gets at one of the big issues facing the clean energy economy: It doesn't pay as well as jobs in more carbon-intensive fossil fuel energy. The new rule could open up the type of federal tax support for clean energy that fossil fuel companies have enjoyed for decades. Are you considering going into clean energy for higher pay?

Persons: —, Biden, John Podesta, Janet Yellen, it's, Yellen, Sean McGarvey, McGarvey Organizations: Service, Treasury Department, Internal Revenue Service, Business, International Climate Policy, University of Massachusetts, Economy Research Institute, North Locations: California, North America's

☆ Opinion: Don’t focus on bracing for a Trump win
▼ + stars: | 2024-06-17 | by ( Dean Obeidallah | ) edition.cnn.com time to read: +6 min

The article also cited an organization that is preemptively hiring a new auditor in case Trump were to direct the Internal Revenue Service to target the group during a second term. Trump is telling anyone who will listen what his dark goals are for a second term — from mass deportations to the construction of expansive detention camps for migrants to expanding his presidential power. Even the strategy detailed in Sunday’s New York Times article, which included using the courts to slow down a second-term Trump agenda, is far less likely to be successful this time. One reason for this is that in his first term, Trump was able to confirm more than 200 federal judges including three US Supreme Court justices that he personally appointed. That is why second-term resistance strategies only divert resources from the more pressing imperative at hand: keeping Trump from winning a second term.

Persons: Dean Obeidallah, Trump, ” Dean Obeidallah, Jay Inslee’s, Donald Trump, —, There’s, ”, “, scoundrels, I’m, stymie Trump’s, Aileen Cannon, Arizona Sen, John McCain, Dan Newhouse, David Valadao of, Mitt Romney, Trump’s, Mitch McConnell — Organizations: CNN, The New York Times, Democratic, ” Dean Obeidallah CNN, Washington Gov, Trump, Internal Revenue Service, Conservative Political, Republicans, Sunday’s New York Times, GOP, MAGA Republicans, Senate, Twitter, Washington Locations: ” America, ”, Wisconsin, American, Sunday’s, Arizona, David Valadao of California

Opponents of Donald J. Trump are drafting potential lawsuits in case he is elected in November and carries out mass deportations, as he has vowed. One group has hired a new auditor to withstand any attempt by a second Trump administration to unleash the Internal Revenue Service against them. Democratic-run state governments are even stockpiling abortion medication. “Trump has made clear that he’ll disregard the law and test the limits of our system,” said Joanna Lydgate, the chief executive of States United Democracy Center, a nonpartisan democracy watchdog organization that works with state officials in both parties. “What we’re staring down is extremely dark.”While the Supreme Court on Thursday rejected an attempt to nullify federal approval of the abortion pill mifepristone, liberals fear a new Trump administration could rescind the approval or use a 19th-century morality law to criminalize sending it across state lines.

Persons: Donald J, Trump, Trump’s, “ Trump, ”, Joanna Lydgate Organizations: Revenue Service, Democratic, Trump, States United Democracy Center Locations: American

☆ First a Victim of Tax Return Identity Theft, Then a 2-Year Wait for a Refund
▼ + stars: | 2024-06-14 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Federal income tax refunds usually appear in bank accounts less than three weeks after the government accepts a return — unless you’re the victim of tax return identity theft. In that case, it often takes about two years. “That period of time is just ridiculous,” Erin M. Collins, who leads the service, said in an interview. For reasons not yet clear, Ms. Collins noted, many of those affected are lower-income tax filers, who often depend on tax refunds to cover basic living costs. Those filers often qualify for tax breaks for working families, like the earned-income tax credit, that can result in significant refunds.

Persons: Erin M, Collins Organizations: Taxpayer Advocate Service, Internal Revenue Service

☆ Bitcoin miners at Donald Trump's closed-door event say he thinks bitcoin can help win AI arms race
▼ + stars: | 2024-06-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.

Persons: Donald Trump, Eva Marie Uzcategui, —, New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas

☆ More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say
▼ + stars: | 2024-06-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The federal government has issued more than $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles, the U.S. Treasury Department and Internal Revenue Service said Wednesday. The Inflation Reduction Act created a mechanism whereby tax credits for buyers of new and used EVs — worth up to $7,500 and $4,000, respectively — could be delivered by car dealers at the point of sale. Previously, consumers had to wait until filing their annual tax return, perhaps months or more than a year after their vehicle purchase, to get the federal credit. Americans can now also get the EV tax credit upfront regardless of their federal tax liability, which wasn't the case prior to 2024. "This has never been done before," Deputy Treasury Secretary Wally Adeyemo said during a press call.

Persons: —, Wally Adeyemo, expats, Biden, Adeyemo Organizations: U.S . Treasury Department, Internal Revenue Service, Finance, Trump

☆ How a Retirement Withdrawal Can Lead to a Perjury Conviction
▼ + stars: | 2024-06-01 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

Sometimes, it’s illegal to spend money that you set aside for yourself. When you save money in many types of workplace retirement accounts, the Internal Revenue Service doesn’t collect income taxes on that money until it’s time to take it out, when you’re older. But you must have a very good reason, and you definitely can’t lie about it. Last week, a sentencing hearing took place after a rare case involving this sort of legal violation. Ms. Mosby will spend up to 12 months in home confinement, absent a successful appeal or a presidential pardon, which she has requested.

Persons: Marilyn Mosby, Freddie Gray, Mosby Organizations: Internal Revenue Locations: Baltimore, Florida

☆ Election Updates: Trump goes from court to Trump Tower to the octagon for a U.F.C. fight.
▼ + stars: | 2024-06-01 | by ( Chris Cameron | ) www.nytimes.com time to read: +5 min

Its unfounded allegations became an article of faith for an untold number of Americans convinced that the election had been stolen. Mr. Andrews sued Mr. D’Souza, along with Salem and two individuals associated with the right-wing election-monitoring group True the Vote, for defamation in October 2022. “It was never our intent that the publication of the ‘2,000 Mules’ film and book would harm Mr. Andrews,” Salem said in a statement on Friday. In February, a lawyer for True the Vote told a Georgia court that it had no evidence to support its allegations of election fraud in the state. Mr. D’Souza did not immediately respond to a request for comment.

Persons: Dinesh D’Souza, Biden, Salem, Mark Andrews, D’Souza, Andrews’s, Tucker Carlson’s, Charlie Kirk, Andrews, Mr, ” Salem, “, Donald J, Trump, ”, Rudolph W, Giuliani, Trump’s, Catherine Engelbrecht Organizations: Salem Media, Fox News, Mr, CNN, Internal Revenue Service Locations: Georgia, ”, Salem, Atlanta, ” Salem, Palm Beach, Fla, Arizona

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

☆ IRS plans to make its free tax filing program permanent
▼ + stars: | 2024-05-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.

Persons: Biden, they’re, Janet Yellen, “, Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, “, IRS Locations: Washington, ”

☆ I.R.S. Failed to Police Puerto Rico Tax Break, Whistle-Blower Says
▼ + stars: | 2024-05-28 | by ( Jesse Drucker | ) www.nytimes.com time to read: +1 min

For the past decade, thousands of wealthy Americans have been flocking to Puerto Rico to take advantage of a tax break that can cut their tax bills to zero. For nearly as long, there have been allegations that the benefit enables multimillionaires to avoid paying what they owe when they reap big investment profits. Now, an Internal Revenue Service insider has accused the agency of failing to police the tax break. Senate officials have begun an investigation into the whistle-blower’s allegations about the Puerto Rican tax benefit. announced its enforcement campaign on this issue,” said Senator Ron Wyden, Democrat of Oregon and chairman of the Senate Finance Committee.

Persons: I.R.S, “ It’s, ”, Ron Wyden Organizations: Internal Revenue Service, The New York Times, Puerto, Democrat, Senate Finance Locations: Puerto Rico, Puerto Rican, Oregon

☆ The IRS has failed to police the huge tax breaks offered by Puerto Rico, whistleblower claims
▼ + stars: | 2024-05-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewA whistleblower claims that the Internal Revenue Service has not done enough to stop the exploitation of a Puerto Rico tax break, The New York Times reported. According to a letter written by an IRS insider, the agency's three-year campaign to uncover abuse of a tax benefit has failed to make much headway. For instance, the IRS will typically send out "soft letters" to any scrutinized beneficiaries, encouraging them to voluntarily fix any potential issue with their taxes. Yet, the agency hasn't issued any soft letters, the whistleblower said. In an interview with NYT, IRS Commissioner Danny Werfel acknowledged that no soft letters were sent, but highlighted the dozens that have been audited.

Persons: —, Gabriel Hernandez, Hernandez, hasn't, Danny Werfel Organizations: Service, Internal Revenue Service, New York Times, IRS, Business, Puerto, Bloomberg Locations: Puerto Rico, Puerto Rican

☆ 3 ways to tap into your retirement fund early without paying a penalty, according to a certified expert
▼ + stars: | 2024-05-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

If you're thinking about early retirement but don't have a stash of cash, one option is to tap into your retirement fund. Under certain conditions, the Internal Revenue Service will allow withdrawals from an IRA or employer-sponsored retirement account before the retirement age without penalty for certain reasons. Before tapping a 72(t)Related storiesBlackston advises his clients to seek alternative options before resorting to Rule 72(t). But you can only tap into it through your current employer-sponsored retirement account, and your employer's program must allow for it. The upside is that it doesn't drain your retirement account and could last longer.

Persons: you'll, Drew Blackston, There's, SEPP, you've, Blackston, Tapping, it's, It'll Organizations: Pearl Wealth Group, Internal, Service, IRS

☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

☆ Top Republican donors fund group doxxing pro-Palestinian college students
▼ + stars: | 2024-05-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

The contributors listed on the tax return include billionaire Republican megadonor Jeff Yass, who Accuracy in Media said gave it $1 million. The family foundation of shipping supply magnate Richard Uihlein is also identified on the tax return, which says the Ed Uihlein Family Foundation gave $10,000. According to its tax return, Accuracy in Media said it received $15,000 from the Coors brewing family's charitable foundation. But AIM president Adam Guillette told CNBC Yass had been misidentified, and he did not give to the organization. Nonprofit groups are not required to release their donors' names publicly, but they are required to report to the IRS the names of donors who gave $5,000 or more.

Persons: Claudine Gay, Pat Greenhouse, Jeff Yass, Richard Uihlein, Ed Uihlein, Milstein, Adam Milstein, Adolph Coors, Peter H, Janine, John Harvard, Joseph Prezioso, Adam Guillette, Guillette, Phil Headley, Uihlein, Israel, Ben Curtis Organizations: Harvard, Harvard University, Boston Globe, CNBC, Media, Foundation, Milstein Family Foundation, Internal Revenue, Coors, Adolph Coors Foundation, Molson Coors, Susquehanna International Group, Pro, Harvard University in, Afp, Getty, IRS, CNBC Yass, JBS, Company, AIM, Nonprofit, Independent Women's, South, IWF, Amazon, Project Veritas, Harvard College Locations: Yass, Uihlein, Harvard University in Cambridge , Massachusetts, South Carolina, Israel, Gaza, Harvard University in Cambridge

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