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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
Currently, a 40% federal estate tax applies to estate values topping $13.61 million for individuals and $27.22 million for married couples. When someone dies, their heirs have nine months to file a federal estate tax return if their inheritance meets those minimums. Here's how a Graegin loan could work in practice, according to Doyle:Related storiesHeirs of a $10 million estate could be on the hook for $4 million in federal estate taxes. The taxable estate is $1 million less, which means the family will save $400,000 in estate taxes considering the 40% tax rate. More households will be on the hook for estate taxes, and loans to pay them could become more popular.
Persons: , Sam, Jere Doyle, Jose Reynoso, Doyle, Eric Mann, Neal Gerber Eisenberg, overallocated, Mann, John F, Koons, Robert Strauss, Weinstock Manion, Strauss, haven't Organizations: Service, Business, Mellon Wealth Management, Clarfeld, Wealth, IRS, Pepsi, Republican
Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. There's a pileup of tax identity theft cases at the IRS — but the agency is working on a "range of improvements" to speed up service. Identity theft victims have waited more than 22 months for resolution, plus several weeks for refunds. Tax identity theft happens when criminals use stolen personal information to file a fraudulent tax return to claim a refund. Collins reported in January that identity theft victims were waiting 19 months for resolution and refunds, which stemmed from Covid-19 shutdowns and pandemic relief.
Persons: Erin Collins, There's, It's, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, IRS, Finance, Security Locations: Washington ,, Covid
President Joe Biden rolled out the SAVE plan in the summer of 2023, describing it as "the most affordable student loan plan ever." Under IDR plans, borrowers' monthly payments are set based on a share of their discretionary income. Republican-backed states, including Florida, Arkansas and Missouri, filed lawsuits against the SAVE plan earlier this year. In response, two federal judges in Kansas and Missouri temporarily halted significant parts of the SAVE plan on June 24. The case has not been decided yet, but at least for now the Education Department can proceed with reducing borrowers' bills.
Persons: Biden, Joe Biden, IDR, Taylor, Mark Kantrowitz Organizations: U.S . Department of Education, Valuable Education, Education, Finance, CNBC, Republican, U.S . Department of Justice, Education Department Locations: Florida , Arkansas, Missouri, Kansas
The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.
Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S
Read previewNearly 80% of wealthy art collectors want their masterpieces to stay in the family, according to a Bank of America survey. For instance, the survey found that collectors between 21 and 43 have a greater appreciation for sculptures and antiquities than older art aficionados. Rich art collectors are reluctant to address the issue, according to Rosemary Ringwald, head of art planning at Bank of America's private bank. Collectors are increasingly picking art executors or art trustees to oversee their possessions after they die, she said. The ideal executor does not have a financial interest in the art and isn't a prospective owner of it.
Persons: , Rich, Rosemary Ringwald, Ringwald Organizations: Service, Bank of America, Business, Bank of, IRS, Bank Locations: Aspen
Courtesy of Louie ChanWhen the COVID-19 pandemic started, I heard there was a bigger need than usual for travel nurses. I decided to take a leap of faith, leave my family behind, and move to Texas for my first gig as a travel nurse. A typical travel nursing job lasts 13 weeks, and the rates fluctuateHospitals bring in travel nurses because they're short-staffed. Related storiesBecause travel nurses live away from home, we're given a tax-free stipend that covers housing and meals. I've always been interested in living in another country like Japan or Australia and would consider taking a travel nursing job abroad.
Persons: , Louie Chan, Chan, It's, I've, I'd Organizations: Service, Business, Stanford Hospital, Travel, CPA Locations: Bay, California, Texas, Cedars, Sinai, Los Angeles, Palo Alto, Japan, Australia
President Joe Biden and former President Donald Trump will face off Thursday in the first presidential debate of the 2024 general election — and the presumptive nominees could show voters where they stand on tax policy, experts say. One key issue is the Republicans' expiring tax breaks enacted via the Tax Cuts and Jobs Act of 2017, or TCJA. Without action from Congress, several provisions will sunset after 2025, including lower federal income tax brackets, a boosted child tax credit and higher estate and gift tax exemptions, among others. More than 60% of tax filers could face increased taxes in 2026 if TCJA provisions expire, according to the Tax Foundation. Fully extending TCJA provisions could add an estimated $4.6 trillion to the deficit over the next decade, the Congressional Budget Office reported in May.
Persons: Joe Biden, Donald Trump, , Andrew Lautz, Trump, expirations Organizations: Tax Foundation, Biden, Finance, IRS, Congressional
Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.
Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S
Open a business bank accountOpening a business bank account is the best way to keep your business and personal finances separate. Many small business owners find that building an advisory team made up of an accountant, a bookkeeper, and an attorney can save them from making costly mistakes. If you can't afford professional advisors, your local Small Business Development Center, run by the US Small Business Administration, and SCORE, a nonprofit staffed by seasoned volunteer executives, can provide you with free advice. Small business insurance from State Farm offers coverages for a wide range of business types, allowing you to personalize policies tailored to fit your specific needs through a local agent. Learn how State Farm can support your small business in 2024.
Organizations: Small Business Development Center, US Small Business Administration, SCORE, State Farm, Insider Studios Locations: coverages, copycats
Two federal judges in Kansas and Missouri have temporarily halted significant parts of President Joe Biden's new student loan repayment plan, putting debt relief for millions of Americans in jeopardy. The Monday evening rulings stop the U.S. Department of Education from implementing major provisions of the Saving on a Valuable Education, or SAVE, plan. Until the cases are decided, the Biden administration is prevented from forgiving any more debt under the new income-driven repayment plan and from further reducing borrowers' payments in July, as it planned to. More than 8 million borrowers have enrolled in the SAVE plan since it launched in August. "The Department of Justice will continue to vigorously defend the SAVE Plan," he added.
Persons: Joe Biden's, Biden, Mark Kantrowitz, Education Miguel Cardona, " Cardona Organizations: U.S . Department of Education, Valuable Education, Finance, Republican, Education, Higher, Department, Justice, SAVE Locations: Kansas, Missouri
The average 401(k) savings rate — including employee deferrals and company contributions — has maintained historic levels as plan designs make it easier for workers to set money aside. In 2023, the average combined savings rate was an estimated 11.7%, which matched a record high from 2022, according to Vanguard's yearly analysis of more than 1,500 qualified plans and nearly 5 million participants. A separate Fidelity report also found record savings with a combined rate of 14.2% for the first quarter of 2024. And 43% of employees increased their savings rate that year, Vanguard reported. In 2023, an estimated 14% of participants hit the 401(k) deferral limit, which was $22,500 for savers under age 50, Vanguard found.
Persons: deferrals, , Dave Stinnett Organizations: Vanguard, Finance
But, in some cases, you could withdraw from the account and incur zero capital gains tax if you remain within the IRS's specified income brackets, he noted. This means that if you're filing jointly, your income can be as much as $123,250 in 2024 — $29,200 income in tax-free income thanks to the standard deduction plus $94,050 in qualified investment income — and still pay 0% capital gains tax if you have no other income source, Hook noted. If your brokerage account allows you to sell by lots, you can select which shares to sell based on the capital gains they have accumulated, he added. This would allow you to withdraw more while keeping your capital gains low. State income tax rates aren't impacted and will vary depending on where you live.
Persons: Jeremy Schneider, wouldn't, Schneider hasn't, Schneider, Howard Hook, Hook, LIFO, that's Organizations: Service, CFP, CPA, IRS, Social Security
Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023. The IRS will deny billions of dollars' worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon. Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of "questionable claims," the IRS said in a news release. Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.
Persons: Danny Werfel, Xers, Werfel Organizations: IRS, ERC, Finance, Social Security Locations: Washington
With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard deductions and higher gift and estate tax exemptions, among other provisions. If Congress doesn't take action, those tax breaks will sunset after 2025. And if the TCJA provisions expire, more than 60% of tax filers could face increased taxes, according to the Tax Foundation. Here are some tax strategies advisors are discussing with their clients.
Persons: Donald Trump, Jim Guarino, Baker Newman Noyes, Mary, Guarino Organizations: Tax, Finance Locations: Woburn , Massachusetts
A US-based lawyer who has represented accused Chinese money launderers said the tempo of law enforcement operations against the alleged launderers has increased in recent weeks as federal agents close in on “bigger fish” among Chinese money launderers in the US. None of the federal law enforcement agencies involved in tracking Chinese money launderers agreed to be interviewed on the record. Grassley and Whitehouse have each introduced legislation they say is key to closing loopholes in US law that are actively exploited by the cartels’ money launderers. Elaborate networksRecent court documents illuminate how far-flung and elaborate US-based networks of alleged Chinese money launderers are. Mirror TransactionsExperts say the Chinese money launderers have mastered the art of so-called mirror transactions, which involve a series of deposits at multiple bank accounts to conceal the drug money.
Persons: , Anne Milgram, surveil, , Don Im, Biden, HSI, Ricardo Mayoral, William Kimbell, ” Kimbell, launderers, , Sen, Sheldon Whitehouse, ” Whitehouse, Treasury Department —, Whitehouse, Christopher Wray, Joe Biden, Xi Jinping, Republican Sen, Charles Grassley, Enhua Fang, Li Pei Tan, Tan, Joe Habachy, Matthew Rothbeind, Fang, Chaojie Chen, Chen, Greg Hunter, ” David Luckey, JPMorgan Chase Organizations: CNN, Drug, Administration, Sinaloa Cartel, US Court, Central, Central District of, DEA, IRS, , Centers for Disease Control, Federal, Homeland Security, Treasury, Treasury Department, Treasury’s, Network, Homeland Security Investigations, DHS, Financial Crimes, Rhode Island Democrat, intel, Department of Homeland Security, FBI, Senate, ” CNN, White, Office of National Drug Control, Service, Biden, Republican, Grassley, Rand Corporation, of, JPMorgan Chase, Bank of America, JPMorgan, Organization Locations: California, Mexican, China, Mexico, Los Angeles, Sinaloa, Central District, Central District of California, Colombia, America, Oregon, Virginia, South Carolina, Washington, DC, North, Central America, , Iowa, North Carolina, Belize, Chinese, Georgia, Chicago, Tulsa, East Coast, Detroit , Chicago, Ohio, Western, of North Carolina, Wells Fargo
Hardware is Wall Street's new favorite bet
  + stars: | 2024-06-17 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the Apple-Google partnership that shows why hardware has become Wall Street's new favorite bet . The big storyHardware is hotGetty Images; Chelsea Jia Feng/BISoftware may still eat the world, but only with the help of some serious hardware. But generative AI has put a considerable spotlight on a less sexy part of tech: hardware. That's playing out in the stock market, where hardware tech stocks have outperformed software tech stocks by 30 percentage points this year , writes BI's Matthew Fox.
Persons: , Chelsea Jia Feng, Marc Andreessen's, Hugh Langley, That's, BI's Matthew Fox, it's, Steve Schwarzman, Jon Gray, Brian Ach, Tyler Le, Andy Sieg, Merrill Wealth, Dan Sundheim, Chris Tuite, Trump, Elon Musk, hasn't, Jimmy Simpson, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Elon, Apple, Business, Apple Intelligence, OpenAI, Google, Microsoft, Amazon, Oracle, Street, Nvidia, Broadcom, Blackstone, Merrill, D1 Capital, YouTube, Netflix, BI, Cannes Lions, advertising's Locations: That's, New York, London
The US Treasury and IRS are closing a tax loophole used by the ü ber-wealthy. They're cracking down on "opaque" business structures that "inflate" deductions. The proposed regulations could generate $50 billion in new tax revenue, the agencies said. AdvertisementThe Treasury and IRS proposed new tax regulations Monday targeting the über-wealthy that they say could result in $50 billion in new tax revenue over the next decade. The initiative seeks to crack down on "related party basis shifting transactions" — or the use of "opaque business structures to inflate tax deductions," a Treasury press release said.
Persons: Organizations: US Treasury, IRS, Service, Treasury, Business
IRS Commissioner Danny Werfel testifies before the House Appropriations Committee in Washington, D.C., on May 7, 2024. The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to "close a major tax loophole" used by large, complex partnerships, which could raise more than an estimated $50 billion in tax revenue over the next 10 years. "These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS Commissioner Danny Werfel told reporters on a press call Friday. They also released a revenue ruling on related-party partnership transactions involving basis shifting without "economic substance" for the parties or "substantial business purpose." The plan builds on ongoing IRS efforts to increase audits on the wealthiest taxpayers, large corporations and complex partnerships.
Persons: Danny Werfel, Biden, Janet Yellen Organizations: Washington , D.C, U.S . Department of, Treasury, Finance, Taxpayers, Democrats, Wall, IRS Locations: Washington ,
Welcome to the age of geriatric millionaires
  + stars: | 2024-06-15 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +8 min
While it makes sense that time is often a crucial ingredient to accruing savings and assets, the average age of millionaires in the US has been rising faster than the average age of the overall population over the last three decades. How millionaires are changingSince 1992, the average age of the country's millionaires has been going up. That means that younger millionaires aren't joining their ranks fast enough to keep the average age steady. Millionaires are overrepresented beginning around age 50, but track pretty cleanly with the cohort in their 40's. What does it mean to have so many older millionaires?
Persons: , Chuck Collins, inequality.org, Collins, America's, aren't, Garrett Watson, that's, Watson, Xers, Gen Xers, they've, haven't, That's, It's, Ed Yardeni, They're, Redfin, King Charles, King Charles III of, it's, You've Organizations: Service, Business, Policy Studies, Forbes, Consumer, Millionaires, Tax, Security, Labor, Institute for Policy Studies Locations: United Kingdom
The second-quarter estimated tax deadline for 2024 is June 17, and you could owe a penalty if you don't send a payment, according to the IRS. You typically owe estimated tax payments for income without withholdings, such as from contract jobs, freelancing or gig economy work, or if you run a small business. But quarterly estimated tax payments are not just for the self-employed or small business owners, experts say. You must make quarterly estimated tax payments if you expect to have at least $1,000 in tax liability or more on your 2024 return. For the 2024 tax year, the estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, 2025.
Persons: Kelly Renner Organizations: Finance, Biden, Partners Locations: Augusta , Georgia
By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDuring a rally in Nevada on Sunday, former President Donald Trump proposed eliminating taxes on income earned from tips. It could also mean consumers — many already experiencing tipping fatigue as tipping culture pervades more industries — would be asked to tip in additional situations so workers could receive untaxed income. AdvertisementA spokesperson for the Trump campaign told BI that, if elected, Trump planned to ask Congress to eliminate taxes on tips.
Persons: , Donald Trump, Trump, it's, Joe Biden, Martha Gimbel, Gimbel, Steven, David Kamin, Obama, Kamin, Bank Organizations: Service, Wall Street, Business, Social Security, Medicare, IRS, Biden, Yale, Steven Bank, UCLA School of Law, New York University, Bank Locations: Nevada
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
However, current and former OpenAI employees have been increasingly concerned about access to liquidity, according to interviews and documents shared internally. "We're incredibly sorry that we're only changing this language now," an OpenAI spokesperson told CNBC after the company changed course. In at least two tender offers, the sales limit for former employees was $2 million, compared to $10 million for current employees. In addition to current and former employees, OpenAI has a third tier for share sales that consists of ex-employees who now work at competitors. OpenAI said it's never canceled a current or former employee's vested equity or required a repurchase at $0.
Persons: Sam Altman, Jason Redmond, OpenAI, Slack, Siri, Ilya Sutskever, Jan Leike, Altman's, Sarah Friar, Larry Albukerk, Albukerk, CNBC they've, it's, Doug Brayley Organizations: Microsoft, AFP, Getty, CNBC, Apple, Federal Trade Commission, Justice Department, Nvidia, OpenAI, EB Exchange, Ropes & Gray Locations: Redmond , Washington, OpenAI, California
Related VideoIn his opening statement at the trial, Biden's lawyer Abbe Lowell urged jurors in the Wilmington, Delaware, federal court to acquit his client. "They know how to put on a tight gun case." Biden's trial was not necessarily a lost cause. Hunter Biden's lawyers have argued this arrangement has perversely allowed Weiss to politicize the proceedings unchecked. This story was updated following the jury verdict in Hunter Biden's gun trial.
Persons: , Hunter Biden, Biden, Abbe Lowell, Prosecutors, Sarah Krissoff, didn't, Maryellen Noreika, Donald Trump, Lowell, Jared Kushner, Sen, Robert Menendez, John Edwards —, Joe Biden, ROBERTO SCHMIDT, David Weiss, General Merrick Garland, Weiss, Hunter Biden's, Noreika, Trump, Republicans gloated, Hallie Biden, Cozen O'Connor, Duncan Levin, Levin, He's, Krissoff, Evelyn Hockstein, Neama Rahmani, Rahmani Organizations: Service, Business, Alcohol, Tobacco, Firearms, Explosives, AFP, Getty, Trump, Justice, Republicans, Biden's, US, BI, Republican, U.S, U.S . Department of Justice, Hill, REUTERS, Justice Department, West, Creative Locations: Wilmington , Delaware, Manhattan, Delaware, California, New York, Texas
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