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☆ The illegal maneuvers the rich use to get richer
▼ + stars: | 2024-09-13 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +8 min

Read previewTax evasion, insider trading, and money laundering. "There are routine categories of illicit acts that wealthy individuals often endeavor out of sheer greed," Matthew Barhoma, a Los Angeles defense attorney, told Business Insider. Insider trading is 'rampant' among some wealthy circlesAnother common unlawful method that some of the rich use to get richer is insider trading, according to the attorneys. Like insider trading, money laundering — a process used to conceal the source of illegally obtained cash — is another illicit tactic used by some wealthy individuals, according to the defense attorneys. "Having dealt a lot with people who devise these kinds of fraudulent financial transactions, I will say that many of them are absolutely brilliant," said Ressler.

Persons: —, Todd, Julie Chrisley, Chrisley, Mike, Matthew Barhoma, Barhoma, Tama Kudman, they've, Mark Ressler, he's, Uncle Sam, Kasowitz Benson Torres, it's, Kudman, Ressler Organizations: Service, Business, United States Treasury Department, Treasury Department, Defense, New Locations: —, Los Angeles, Switzerland, Cayman, New York City

☆ IRS: This 'rule of thumb' shows who needs to make a third-quarter estimated tax payment by Monday
▼ + stars: | 2024-09-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The third-quarter estimated tax deadline for 2024 is Monday, Sept. 16, and skipping a payment could trigger a penalty, according to the IRS. Typically, you need estimated payments for any income without tax withholdings, such as earnings from self-employment, contract or gig economy work and investment or retirement income. Some filers also need estimated payments if they haven't withheld enough taxes from a full-time or part-time job. Estimated payments can help avoid "refund disappointment or balance due shock," said Mark Steber, chief tax information officer at Jackson Hewitt. You can find adjusted gross income on line 11 of Form 1040 from your 2023 tax return.

Persons: Mark Steber, Jackson Hewitt, — Organizations: Finance, Security Locations: Washington

New York Police Department Commissioner Edward Caban speaks during the first quarter crime briefing press conference Wednesday, April 3, 2024, in Manhattan, New York City. NYPD Commissioner Edward Caban resigned Thursday from his post helming the country's largest police department amid a federal investigation into its nightclub enforcement, according to a memo obtained by News 4. I have therefore decided it is in the best interest of the Department that I resign as Commissioner." Caban, who was appointed to the job in July 2023, became the first Latino to serve as commissioner of the NYPD in its 179-year history. Several sources tell NBC New York federal investigators want to know if James Caban profited from his ties to his powerful brother and the NYPD.

Persons: Edward Caban, Caban, Eric Adams, Adams, Tom Donlon, James Caban, Caban's, Russell Capone, Rebekah Donaleski Organizations: New York Police, NYPD, News, NYPD –, Department, U.S, Attorney's, Southern, of, IRS, NBC New, New York City Police Department, Cooley Locations: Manhattan , New York City, of New York, NBC New York, Midtown, Queens

Financial planner Nadine Burns says with the right strategy, you can reach your retirement goals. Below, Burns shares the strategy she uses to help her clients achieve their retirement goals. Understand your net worthBurns says understanding your net worth — and tracking it throughout your working years — is the first step to retiring comfortably. Your net worth should rise throughout your working years and allow you to retire with more assets than debts. To find your net worth, add up all of your assets then subtract your debts.

Persons: Nadine Burns, It's, —, Burns, you've, doesn't Organizations: Service, Social Security, Invest, IRA

☆ Harris wants to raise the top capital gains tax rate to 28%. How that compares to recent history
▼ + stars: | 2024-09-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

As the election ramps up, many investors are focused on capital gains taxes and how proposals from both parties could impact their assets. Democratic presidential nominee Vice President Kamala Harris last week proposed a 28% tax on long-term capital gains, or profits from the sale of assets owned for more than one year, for those making more than $1 million annually. Her plan would also raise the net investment income tax, or NIIT, from 3.8% to 5%, The Wall Street Journal reported last week. If Harris proposes raising the NIIT to 5%, the combined rate would be 33% for top earners. Biden's plan would raise the combined rate to 44.6%.

Persons: Kamala Harris, Donald Trump, Sen, Bernie Sanders, NBC's, Harris, filers Harris, Joe Biden's Organizations: Democratic, Sunday, Finance, IRS, Street Locations: Milwaukee , Wisconsin, U.S, Bedminster , New Jersey

☆ A part-time real estate investor shares his 'failed' 1031 exchange — and what he wishes he knew before trying the tax-saving strategy
▼ + stars: | 2024-09-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

You could theoretically defer capital gains taxes indefinitely if you continued exchanging for what the IRS calls "like-kind properties." That's what part-time real estate investor Steve Lewis, who bought his first property in 2000 and expanded to three rentals before selling in 2024, found when he attempted a 1031 exchange. Then, you must close on the replacement property within 180 days of your initial property sale. While his failed 1031 experience may be "rare," he noted, "there are so many things that could delay a closing." Lewis says he'd consider a 1031 exchange in the future if the 180-day rule were extended to a year.

Persons: —, Steve Lewis, Lewis, that's, he'd, He'd Organizations: Service, Business

☆ Yellen says U.S. economy remains solid, on path to 'soft landing' with no meaningful layoffs
▼ + stars: | 2024-09-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Secretary of the Treasury Janet Yellen speaks listens to a presentation during a tour at the IRS Processing Facility on September 06, 2024 in Austin, Texas. Treasury Secretary Janet Yellen sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job reports that have rattled investors and weighed on the stock market. "We're seeing less frenzy in terms of hiring and job openings, but we're not seeing meaningful layoffs," Yellen said at the Texas Tribune Festival in Austin. Yellen said the U.S. is on that path: "It really has been amazing to be able to get inflation down as meaningfully as we have. This is what most people would call the soft landing," she said.

Persons: Janet Yellen, Yellen, Nonfarm, Dow Jones Organizations: IRS, Texas Tribune, of Labor Statistics, Dow, Federal Reserve Locations: Austin , Texas, U.S, Austin

☆ How high earners can funnel money to a Roth IRA, the 'gold standard' of retirement accounts
▼ + stars: | 2024-09-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Roth contributions don't get the same upfront tax break: Investors fund Roth IRAs with after-tax money, but generally don't pay income taxes on earnings or withdrawals in retirement. The 'only reason' to save in a nondeductible IRALordhenrivoton | E+ | Getty ImagesHigh earners can contribute to a so-called nondeductible IRA, however. The ability to use the backdoor Roth IRA is a major benefit of these accounts, tax experts said. watch now"The only reason you'd do [a nondeductible IRA] is if the intention was to do a backdoor Roth," Slott said. "All high wage earners should consider looking at both a backdoor Roth IRA and a mega backdoor Roth IRA if they can't set up a Roth IRA," said Ted Jenkin, a certified financial planner and founder of oXYGen Financial, based in Atlanta.

Persons: Thomas Barwick, Roth, Slott, Ted Jenkin, He's Organizations: Investors, Roth IRA, IRA, CNBC, Taxpayers, IRS, Arnold, Mote Wealth Management, Medicare, nondeductible Locations: deductibility, Atlanta, Hiawatha , Iowa

☆ This woman made up to $110,000 a year as a nanny for the ultra-rich. Here's what she learned from the job
▼ + stars: | 2024-08-24 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +10 min

In Kiser's final year as a nanny during the pandemic, she estimates she took home about $110,000. CNBC spoke with Kiser about some of the financial lessons she learned during her time as a nanny, and why she ultimately left the role. Stephanie Kiser: I read "The Nanny Diaries" when I started my first job. SK: A contract as a nanny is important because there's no human resources; there's no laws protecting you. It seems like nannying work can have a low barrier to entry, with salary growth potential, but then there are all these other risks.

Persons: Stefanie Kiser, Jillian Rahn, Stefanie Kiser Stephanie Kiser, Tim Walz, Kiser, Scarlett Johansson, James Devaney, Ana Teresa Solá, Stephanie Kiser, nannying, I'm, Nannies, nannies, they've, who've, There's, weren't Organizations: Upward Mobility, Mercedes, Hamptons, Finance, CNBC, Upper, Wireimage, Getty, SK, New, Domestic, ATS, Pew Research Center Locations: New York City, America, New York City , New York, United States, New York

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

☆ Murdoch family battle highlights Nevada's secret trust boom
▼ + stars: | 2024-08-13 | by ( Robert Frank | ) www.nbcnews.com time to read: +6 min

The Murdoch family feud taking place in an obscure Nevada court highlights the state’s surging popularity as a global center of family trusts and a friendly home to the world’s biggest fortunes. The Western state’s fast-growing industry of trust and estate attorneys, trust companies and facilitators keeps a deliberately low profile. At the center of the Murdoch case is the Murdoch Family Trust, which holds the powerful voting shares in News Corp. and Fox Corp. that effectively control the companies. (The trust also contains the family farm in Australia, the Murdoch art collection and its Disney shares.) “Normally a family would have some ties in Nevada to establish trust, either living here or having real estate,” Tyrell said.

Persons: Murdoch, ”, Steven Oshins, ” Oshins, Thomas Piketty, Emmanuel Saez, Gabriel Zucman, Rupert Murdoch, Lachlan, James, Elisabeth, Prudence, it’s, Rupert, Elyse Tyrell, Tyrell Law PLLC, Rupert Murdoch —, It’s, ” Tyrell, “ Organizations: IRS, Division, Trust, News Corp, Fox Corp, Disney, The New York Times, Street Journal, Fox, Henderson , Nevada . Trust Locations: Nevada, “ Nevada, South Dakota, Tennessee , Delaware, U.S, Australia, Henderson , Nevada

☆ Murdoch family battle highlights Nevada’s secret trust boom
▼ + stars: | 2024-08-13 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The Murdoch family feud taking place in an obscure Nevada court highlights the state's surging popularity as a global center of family trusts and a friendly home to the world's biggest fortunes. The Western state's fast-growing industry of trust and estate attorneys, trust companies and facilitators keeps a deliberately low profile. Yet experts estimate the state likely has hundreds of billions of dollars in trust assets locked away in nondescript office buildings or trust companies, offering little to no visibility to the outside world. In the race among states to attract the hundreds of billions of dollar in new trust assets, Nevada has a comfortable lead. Perhaps its most powerful advantage, and the one with direct bearing on the Murdoch case, is trust flexibility.

Persons: Rupert Murdoch, Lachlan Murdoch, Drew Angerer, Robert Frank, Murdoch, Steven Oshins, Oshins, Thomas Piketty, Emmanuel Saez, Gabriel Zucman Organizations: News Corp, Fox News, Century Fox, Allen & Company Sun Valley Conference, Getty, IRS, Division Locations: Sun Valley , Idaho, Nevada, South Dakota, Tennessee , Delaware, U.S

☆ People making $200,000 or more are flocking to these 10 states: Florida is No. 1
▼ + stars: | 2024-08-12 | by ( Jade Thomas | ) www.cnbc.com time to read: +2 min

Florida had the biggest net gain of high-earning households, according to a recent SmartAsset study . Using $200,000 of adjusted gross income as a threshold, the study examined the number of high-income households moving into and out of each state to determine the net inflow. More high-income households have left California and New York than moved in, but some states saw the opposite. "I would say that's a little unique, that these smaller-population states are really pulling their weight in attracting or pulling above their weight in attracting high-earning households," DeJohn says. Here are the states that saw the biggest net inflow of high-earning households:

Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, DeJohn, David Tinsley, Charlie Dougherty, Dougherty, There's Organizations: New Hampshire —, Bank of America Institute, Wells, Wells Fargo Economics Group Locations: North, South Carolina, Arizona . Florida, California, New York, Florida , Texas , Tennessee , Nevada, New Hampshire, Southern, Wells Fargo, Texas, Florida, Area, Los Angeles, Portland, Seattle, Austin, , Texas, United States, Tinsley

☆ Real estate investors are using a 2-part strategy to build equity and avoid capital gains tax
▼ + stars: | 2024-08-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

"There are so many ways to get started in real estate," said Elkins-Hutten, who is a financial educator and the author of "Money for Tomorrow." AdvertisementHere's how the Jensens and Elkins-Hutten have built equity and sidestepped capital gains taxes in two steps. Elkins-Hutten used real estate investing as a vehicle to achieve financial freedom and gain back time. Advertisement"Because we lived in it and owned it for two of the past five years, we paid no taxes on the capital gains," explained Mindy. While their gains were around $100,000, they could have excluded up to $500,000 since they were both on the title.

Persons: —, Whitney Ekins, Hutten, Elkins, rehabbing, Carl Jensen, Mindy, they've, There's, Carl, Whitney Elkins Organizations: Service, Business, YouTube Locations: Elkins

☆ Where Kamala Harris' VP pick Tim Walz stands on economic policies
▼ + stars: | 2024-08-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Tim Walz, seen as a win for progressives, may be exactly who she needed to get her economic policies off the ground. As governor, Walz has enacted policies such as universal school meals, gun safety provisions, stronger labor protections, and poverty reduction measures. Walz has also advocated for rural economic growth and has passed legislation supporting LGBTQ+ and abortion rights. AdvertisementTax cuts and rebatesLast year, Walz enacted a state tax cut through the One Minnesota Budget, which also increased funding for public education. The United Auto Workers union was quick to support Walz on X.

Persons: —, Kamala Harris, Tim Walz, Walz, Josh Shapiro, Arizona Sen, Mark Kelly, George Floyd . Walz, Donald Trump, Sen, JD Vance, Minnesotans, hasn't, X, Tim Walz doesn't Organizations: Service, Minnesota Gov, Business, Minnesota Democrat, Pennsylvania, Arizona, Democratic, Local, Governor's, Economic, Minnesota Budget, IRS, Cannabis Management, United Auto Workers, UAW, Biofuels Council Locations: Ohio, Minnesota

According to experts, while it can be costly, new windows can provide significant benefits like lower outside noise and better energy efficiency for the entire home. Wood windows have a traditional look that can be styled with just about any color. “You just need to keep them clean.”The only minor difference between vinyl and wood windows regarding maintenance is sealing and painting. Alexander says that if you have wood windows, they should be sealed or painted if they are exposed to rain or snow. According to experts, a window’s insulating value is called its U-factor, and lower numbers have the best insulation for energy efficiency.

Persons: you’ve, you'll, Wood, casement, ”, Nicholas Alexander, Alexander, isn’t, it’s, “, Casement, Olivia Ott, It’s, Mark Soto, Mark, TikTok Organizations: NBC, Alexander Development Group, Casement, Lowes, Energy Star, Energy, U.S . Environmental Protection Agency, Facebook, Twitter Locations: HOA, Milwaukee , Wisconsin, DIYers

☆ Justice Clarence Thomas didn't disclose additional private jet travel, Democratic senator says
▼ + stars: | 2024-08-05 | by ( Zoë Richards | Zoë Richards Is A Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

The head of a Senate panel investigating Clarence Thomas said Monday that the Supreme Court justice had failed to disclose additional private jet travel. The letter, which also cited reports of Thomas’ travel to Greece, the Caribbean, Russia and the Baltics, is the latest in a string of allegations from Senate Democrats about undisclosed travel by Thomas. In a statement Monday, Crow's office accused Wyden of "abusing" his panel's power in what it called a political campaign against the Supreme Court. An attorney for Thomas and a spokesperson for the Supreme Court did not immediately respond to requests for comment Monday. The judiciary has updated its disclosure rules to make it clear that private jet travel has to be reported.

Persons: Clarence Thomas, Harlan Crow, Sen, Ron Wyden, Thomas, Wyden, Crow, Thomas ’, “, Wyden’s, Elliot S, Berke, Thomas “, Joe Biden, Neil Gorsuch, Biden Organizations: Finance, Supreme, Judicial Locations: Hawaii, New Zealand, Greece, Caribbean, Russia

☆ Student loan forgiveness may be on the way for roughly 25 million borrowers. Here's what to know
▼ + stars: | 2024-08-01 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Kevin Lamarque | ReutersThe Biden administration is sending emails to tens of millions of borrowers this week about its new plans to cancel student debt. The Department of Education estimates that at least 25 million borrowers could qualify. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, Biden announced that the White House would try to deliver the relief another way. People who are already eligible for student loan forgiveness under one of the government's existing programs but just haven't yet applied. The Education Department is expected to publish its final rule on the debt relief sometime in October.

Persons: Joe Biden, Kevin Lamarque, Biden, Joe Biden's, IRAs, Luke Herrine, Herrine, Mark Kantrowitz, Kantrowitz, Will Organizations: Madison Area Technical, Truax, Reuters, U.S . Department of Education, CNBC, of Education, Education Department, Finance, University of Alabama Locations: Madison , Wisconsin, U.S

☆ Former bookie embroiled in ex-Ohtani interpreter gambling scandal to plead guilty to running illegal sports betting business
▼ + stars: | 2024-08-01 | by ( Cindy Vonquednow | ) edition.cnn.com time to read: +4 min

Mizuhara was one of Bowyer’s clients, placing at least 19,000 bets with Bowyer’s illegal gambling business from September 2021 to January 2024, according to prosecutors. Bowyer would increase Mizuhara’s betting limits even as Mizuhara had total losing bets of at least $182,935,206, leaving the former interpreter owing about $40,678,436, the plea agreement states. Bowyer’s other clients include “Individual B,” a professional baseball player for a Southern California-based baseball team, and “Individual C,” a former minor-league baseball player, the plea agreement states. In his plea agreement, Bowyer admitted to falsely reporting his taxable income to the IRS on his tax return for 2022. That year, Bowyer reported $607,897 in total income, while his unreported income from his illegal gambling business was $4,030,938, officials said.

Persons: Shohei Ohtani’s, Ippei Mizuhara, Matthew Bowyer, Diane Bass, ” Bowyer, Ohtani, Mizuhara, Bowyer, “, Martin Estrada, ” Organizations: CNN, Dodgers, Justice Department, US, Office, Central, Central District of, Los Angeles Dodgers, ESPN, Los Angeles Times, Major League Baseball, Bowyer Locations: Central District, Central District of California, Los Angeles, Orange, Las Vegas, Ohtani, Costa Rica, Southern California

☆ The expanded child tax credit failed in the Senate. Here's what it means for families
▼ + stars: | 2024-08-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Senate Republicans on Thursday blocked legislation that would have expanded the child tax credit, a key tax break for millions of families. He said that Senate Republicans have concerns about the policy, but are willing to negotiate a "child tax credit solution that a majority of Republicans can support." If enacted, the bill would have improved access to the child tax credit and retroactively boosted the refundable portion for 2023, which could have triggered refund checks from the IRS. Eligible families could have seen an average tax cut of $680 for 2023 taxes, based on estimates from the Urban-Brookings Tax Policy Center. But expanding the child tax credit is still a "top priority for Democrats," particularly as the 2025 tax cliff approaches, he said.

Persons: Chuck Schumer, Mike Crapo, Harris, Joe Manchin, Bernie Sanders, Chuck Marr Organizations: Republicans, Senate Finance, Finance, Fed, Budget, Urban, Brookings Tax, House Republicans, Center Locations: Idaho, Sens

Jenny Hunnicutt poses in front of the Royal Caribbean Ultimate World Cruise, which she's been on for nearly nine months traveling the world. As a U.S. citizen or permanent resident, you incur U.S. income taxes on "worldwide income," whether you're making money from a ship or another country. Gifts can become 'taxable income'For some self-employed cruise passengers, income could come in different forms. Joe Martucci, another passenger on the ship, is a certified public accountant who lived abroad for 16 years. Retired CPA Joe Martucci poses for a photo in Montenegro, a stop on the Royal Caribbean Ultimate World Cruise.

Persons: Jenny Hunnicutt, she's, Hunnicutt, Jane Mepham, Mepham, Joe Martucci, He's, Martucci Organizations: Royal, Financial Locations: Florida, Bahamas, Austin , Texas, Montenegro, Australia

☆ Check your email: U.S. government is sending notes to millions about eligibility for student loan forgiveness
▼ + stars: | 2024-07-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Two federal judges in Kansas and Missouri on Monday at the urging of several Republican-led states blocked President Joe Biden's administration from further implementing a new student debt relief plan that lowers payments. The Biden administration is gearing up to try to forgive the student debt of tens of millions of Americans again, after the Supreme Court struck down its first effort last year. In the coming days, the U.S. Department of Education will begin emailing borrowers who may be eligible for the wide-scale loan cancellation, the department said on Wednesday. The same day the Supreme Court blocked President Joe Biden's first attempt at sweeping student loan forgiveness, he announced that the White House would try to deliver the relief another way. For his Plan B, he has directed the Education Department to pursue the regulatory process, which experts say should increase its chances of surviving the inevitable next round of legal challenges.

Persons: Joe Biden's, Biden, Harris, who've, Education Miguel Cardona, IRAs Organizations: Republican, U.S . Department, Education, Biden, Finance, Education Department Locations: Kansas, Missouri

☆ Here are 3 smart crypto tax moves to consider — whether prices go up or down
▼ + stars: | 2024-07-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Weigh 'tax gain harvesting'Despite recent dips, many long-time crypto investors could have significant gains. Long-term capital gains rates apply to assets owned for more than one year. Of course, you'll need to weigh the tax consequences of boosting your adjusted gross income with crypto gains, which can impact other tax breaks. Consider the crypto wash sale 'loophole'If you're sitting on crypto losses, you could consider tax-loss harvesting, which allows you to offset other investing profits. Although tax-loss harvesting often happens at year-end, it's better to harvest crypto losses over time because "those losses may no longer exist" by year-end, Gordon explained.

Persons: bitcoin, Andrew Gordon, Adam Markowitz, Gordon Organizations: Getty, Gordon Law Group, Luminary, IRS Locations: Windermere , Florida

☆ Bitcoin is up more than 50% this year — here are key crypto tax rules every investor should know
▼ + stars: | 2024-07-29 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

After holding crypto for more than one year, you'll qualify for long-term capital gains of 0%, 15% or 20%, depending on taxable income. Higher earners may also owe an extra 3.8% levy, known as net investment income tax. By comparison, short-term capital gains or regular income taxes apply to assets owned for one year or less. New crypto reporting rulesThe U.S. Department of the Treasury and IRS in June released final guidance for digital asset brokers, which phases in mandatory yearly reporting. With limited past reporting on basis, crypto investors can still establish a "reasonable allocation" before Jan. 1, 2025, according to an IRS revenue procedure released in June.

Persons: Donald Trump, Jon Cherry, Adam Markowitz, Andrew Gordon Organizations: Republican, Getty, IRS, Luminary, Internal Revenue Service, U.S . Department of, Treasury, Gordon Law Group Locations: Nashville , Tennessee, Windermere , Florida

☆ 1 million people now owe more than $200,000 in federal student loans
▼ + stars: | 2024-07-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The number of federal student loan borrowers with six-figure debts is on the rise. In the second quarter of 2024, 2.4 million borrowers carried a federal student loan balance between $100,000 and $200,000, up from 1.8 million people who owed that much during the same period in 2017, according to new data by the U.S. Department of Education. Meanwhile, 1 million people had a federal student loan balance of more than $200,000, up from 600,000 individuals. Wayne Johnson, who served as the chief operating officer of the Office of Federal Student Aid from 2017 until 2019, tells CNBC he saw some eye-popping balances during his time at the Education Department. "There are quite a number of people who owe the federal government over $2 million in federal student loans," Johnson said.

Persons: Wayne Johnson, Johnson, IRAs Organizations: U.S . Department of Education, Federal, Aid, CNBC, Education Department, Finance, Wall Street

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