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☆ IRS flagged more than 1 million tax returns for identity fraud in 2023
▼ + stars: | 2023-05-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

The IRS flagged more than 1 million tax returns for potential identity theft during the 2023 tax season, according to the U.S. Department of the Treasury, signaling that such fraud continues to be a pervasive problem for taxpayers. The IRS had confirmed 12,617 of the tax returns were fraudulent as of the same date in March, Treasury reported. That figure is up from 9,626 tax returns at the same time in 2022. Identity theft was the most prevalent type of fraud that consumers reported to the Federal Trade Commission in 2022. The IRS increased the number of filters it uses to identify potentially fraudulent tax returns since the 2022 tax season.

☆ Black taxpayers more likely to face audits, IRS confirms
▼ + stars: | 2023-05-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The IRS on Monday said that Black taxpayers are significantly more likely to face an IRS audit, confirming recent findings. IRS Commissioner Daniel Werfel said the agency is weighing changes to address the disparity. A study released in January by economists at Stanford University, the University of Michigan, the U.S. Department of the Treasury and the University of Chicago found the IRS audits Black taxpayers about three to five times more than other Americans. Specifically, he vowed to examine algorithms for audits of filers claiming the earned income tax credit, or EITC, a tax break to low- to moderate-income workers. Werfel added: "I will stay laser-focused on this to ensure that we identify and implement changes prior to next tax filing season."

☆ Biden may be punishing Alabama for its harsh abortion law by preventing the Space Command headquarters from relocating to the state
▼ + stars: | 2023-05-16 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

The White House may be walking back a decision to relocate the US Space Command headquarters to Alabama. "This is all about abortion politics," one official told NBC. Space Command is a department of the Air Force that protects the United States and its allies "in, from, and to space." "The belief is they are delaying any move because of the abortion issue," another US official told NBC, referring to the Biden administration. A White House official told Insider that laws regarding reproductive health were not considered in the decision-making process, questioning the accuracy of NBC's reporting.

☆ Chief Standing Bear is honored on a USPS Forever stamp
▼ + stars: | 2023-05-16 | by ( Harmeet Kaur | ) edition.cnn.com time to read: +4 min

The stamp, which features a portrait of Chief Standing Bear by illustrator Thomas Blackshear II, was unveiled last week at a ceremony in Lincoln, Nebraska. “I hope this stamp will serve as a reminder of the lessons we’ve learned from Chief Standing Bear, and the brave Ponca people, especially here in the Cornhusker State.”Chief Standing Bear was a leader of the Ponca people in the late 1800s. An archival photo of Chief Standing Bear, a leader of the Ponca people in the late 1800s. In 1879, a newspaper editor interviewed Chief Standing Bear while in detention, and the story of his plight gained national attention, according to the Oklahoma Historical Society. In a speech before the court, Chief Standing Bear said through an interpreter, “That hand is not the color of yours, but if I pierce it, I shall feel pain.

[1/2] The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen confirmed that the agency will be unlikely to meet all U.S. government payment obligations by early June, triggering the first-ever U.S. default. The debt ceiling could become binding by June 1, she said. She said she will provide an additional update to Congress next week as more information becomes available. The non-partisan Congressional Budget Office last week said the United States faces a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling hike, with payment operations uncertain throughout May.

☆ Social Security, Medicare, federal salaries: What payments may be delayed in debt ceiling standoff
▼ + stars: | 2023-05-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Among the ramifications of a debt ceiling standoff, any payment issued by the federal government — like Social Security, Medicare, tax refunds, military paychecks and ample others — may be delayed. Alex Wong | Getty Images News | Getty ImagesThe U.S. is in this situation due to a political standoff tied to the debt ceiling, also known as the debt limit. Congress periodically raises or temporarily suspends the debt ceiling to avoid the other scenario: a default on the national debt and other federal payments. Here's the current problem: The country hit the debt ceiling — currently $31.4 trillion — in January. Federal Reserve officials alluded to the likelihood of prioritizing bondholders in a 2011 meeting that followed an earlier debt ceiling episode.

☆ Here's the best time to redeem Series I bonds to maximize your interest
▼ + stars: | 2023-05-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Meanwhile, annual inflation rose to 4.9% in April, the smallest jump in two years, the U.S. Bureau of Labor Statistics announced Wednesday. But after a series of interest rate hikes from the Federal Reserve, alternatives like Treasury bills, certificates of deposit or money market accounts have emerged as competitive options for cash. "You lose that last three months of interest," said Ken Tumin, founder and editor of DepositAccounts.com. watch nowIf you're selling I bonds within five years, it's easy to get confused by how much interest you're giving up. (You can find the rate by purchase date here and rate change by purchase month here.)

☆ Joe Manchin, Unleashed
▼ + stars: | 2023-05-05 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

Kimberley Strassel is a member of the editorial board for The Wall Street Journal. She writes editorials, as well as the weekly Potomac Watch political column, from her base in Alaska. Ms. Strassel joined Dow Jones & Co. in 1994, working in the news department of The Wall Street Journal Europe in Brussels, and then in London. She moved to New York in 1999 and soon thereafter joined the Journal's editorial page, working as a features editor, and then as an editorial writer. An Oregon native, Ms. Strassel earned a bachelor's degree in Public Policy and International Affairs from Princeton University.

☆ What is the debt ceiling? Why it's important and how it affects you
▼ + stars: | 2023-05-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

To avoid that outcome, lawmakers are trying to find a path forward to raise or suspend the debt ceiling, which would enable the U.S. to pay its bills on time. What is the debt ceiling? The debt ceiling is the amount of money the U.S. Department of the Treasury is authorized to borrow to pay the nation's bills. The debt ceiling wouldn't be an issue if U.S. revenues — i.e., tax proceeds — exceeded its costs. Congress can raise or temporarily suspend the debt ceiling in the interim to avert a debt-ceiling crisis — something lawmakers have done many times in the past.

☆ Dubai to build world's first 3D-printed mosque
▼ + stars: | 2023-05-03 | by ( Nadia Leigh-Hewitson | ) edition.cnn.com time to read: +3 min

CNN —In recent years, 3D-printing has been used to build everything from homes to businesses and even bridges. Now, Dubai is set to construct the world’s first 3D-printed mosque. A rendering of the 3D-printed mosque, which will be built in Bur Dubai. By 2019 it held the world record for the largest 3D-printed structure – the Dubai Municipality building (standing 9.5 meters tall with an area of 640 square meters) – as well as being home to the world’s first 3D-printed office, and a 3D-printed drone research laboratory. He believes that a project like Dubai’s proposed mosque is the next phase in 3D-printed architectural design, but anticipates it will face challenges.

☆ For only the second time in its history, the US Navy is beginning the slow, tricky process of taking apart a nuclear-powered aircraft carrier
▼ + stars: | 2023-05-01 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

In April, the Navy published a notice announcing the beginning of planning to scrap the USS Nimitz. But Nimitz will be only the second nuclear-powered carrier to go through deactivation and defueling. The Nimitz would only be the second American nuclear-powered carrier scheduled to be scrapped. The first is the USS Enterprise, which was commissioned in 1961 and was also the world's first nuclear-powered carrier. The private shipyard will probably be in Alabama, Texas, or Virginia, according to a draft environmental impact statement posted on a special Navy carrier disposal website.

☆ Series I bonds still 'attractive for longer-term investors' as annual rate falls to 4.3%, expert says
▼ + stars: | 2023-05-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Series I bonds will pay 4.3% annual interest through October, a drop from 6.89% in November amid falling inflation, the U.S. Department of the Treasury announced on Friday. There are two parts to I bond interest rates: a fixed rate that stays the same after purchase, and a variable rate, which changes every six months based on inflation. Starting May 1, the new variable rate is 3.38% and the fixed rate is 0.9%. While experts predicted the 3.38% variable rate, the fixed rate, which jumped to 0.9% from 0.4% in November, "definitely makes it attractive for long-term investors," said Ken Tumin, founder and editor of DepositAccounts.com. The 0.9% fixed rate is the highest since November 2007, when I bonds offered 1.2%, Tumin said, noting the new rate was a "pleasant surprise."

☆ There's still time to claim your share of $1.5 billion in unclaimed tax refunds from 2019, IRS says
▼ + stars: | 2023-05-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The 2022 federal tax deadline has passed for most Americans, but another key date is approaching for past-due filers. If you're one of the nearly 1.5 million people with an unclaimed tax refund from 2019, the last chance to file your return is July 17, according to the IRS. There's a state-by-state breakdown of median potential refunds for 2019 here. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. With the 2019 tax deadline extended until July, Werfel said, many Americans, particularly lower earners such as students and part-time workers, may have accidentally skipped the filing.

☆ A Russian army commander has been accused of stealing engines from Putin's prized T-90 tanks, report says
▼ + stars: | 2023-04-29 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

A Russian colonel has been accused of stealing seven engines meant for T-90 battle tanks. The V-92C2 engines were intended to be installed in T-90 tanks, investigators said. Reports of rampant corruption have long plagued the Russian military. The allegations of corruption in the Russian military are not new. Retreating Russian troops have been reported to have left behind T-90 tanks, which are among Moscow's most advanced.

☆ The House GOP’s Debt-Ceiling Win
▼ + stars: | 2023-04-28 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

☆ An A-10 squadron is loading up with a lot more bombs for a new mission even as the Air Force tries to get rid of its attack planes
▼ + stars: | 2023-04-28 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

A-10 Warthog attack planes are getting a new mission in the Middle East and more bombs. Air Force leadership has been trying for years to retire its aging fleet of Warthogs. It's not immediately clear how many A-10s are being sent to the Middle East, as squadrons can vary in size. These guided air-to-surface munitions, which can hit fixed and stationary targets, weigh 250 pounds and have a range of over 46 miles, according to an Air Force fact sheet. Air Force photo/Master Sgt.

☆ Series I bond rates fall to 4.3% amid cooling inflation
▼ + stars: | 2023-04-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Series I bonds will offer a 4.3% interest rate through October, according to new rates issued by the U.S. Department of the Treasury on Friday. The new rate marks a decline from the 6.89% annual returns Series I bonds were offering for the six months ending in April. The new 4.3% rate comes as inflation has been coming down. Series I bonds earn both a fixed rate of interest and a rate that changes with inflation. The new 4.3% rate includes a fixed rate of 0.90% and will be effective from May 1 to Oct. 31.

☆ Jane Roberts, who is married to Chief Justice John Roberts, made $10.3 million in commissions from elite law firms, whistleblower documents show
▼ + stars: | 2023-04-28 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +20 min

Jane Roberts was paid more than $10 million by a host of elite law firms, a whistleblower alleges. At least one of those firms argued a case before Chief Justice Roberts after paying his wife hundreds of thousands of dollars. And I realized that even the law firms who were Jane's clients had nowhere to go. Mark Jungers, another one of Jane Roberts' former colleagues, said that Jane was smart, talented, and good at her job. But whether that committee has the authority to discipline Thomas or any other Supreme Court Justice remains a matter of murky constitutional interpretation, to be ultimately decided by the Supreme Court itself.

☆ Two U.S. Air Force commanders suspended in unit of accused intelligence leaker
▼ + stars: | 2023-04-27 | by ( Dan Whitcomb | ) www.reuters.com time to read: +1 min

April 26 (Reuters) - The U.S. Air Force has suspended two commanders from the National Guard unit where accused classified intelligence leaker Jack Teixeira served, a USAF spokesman said on Wednesday. The Air Force spokesman said on Wednesday that it had suspended the operation commander and detachment commander of the 102nd Intelligence Wing, where Teixeira served. The Air Force did not identify the commanders by name. "This means that both the squadron's state Air National Guard operational commander and current federal orders administrative commander have been suspended pending completion of the Department of the Air Force Inspector General Investigation," the spokesman said. "Also, the Department of Air Force has temporarily removed these individuals' access to classified systems and information," he said.

☆ 'Military object' found in Poland probably not fired from abroad, broadcaster reports
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

WARSZAWA, April 27 (Reuters) - A military object found in a Polish forest was probably not fired from abroad and most likely belonged to the Polish army, private broadcaster RMF FM reported on Thursday. The defence and justice ministries did not identify what had been had found near the city of Bydgoszcz, beyond describing it as a "military object". RMF said that its sources had noted that fighter jets were repaired near the site, which was near an airport used by the military. "The Military Department of the District Prosecutor's Office in Gdansk, under the supervision of the National Prosecutor's Office, initiated proceedings regarding the remains of an aerial military object found in a forest several kilometres from Bydgoszcz," Justice Minister Zbigniew Ziobro said on Twitter. The military police, regional police, the mayor of the village of Zamosc, the Gdansk prosecutor's office and a government spokesman all declined to comment further.

☆ US Air Force secretary says it's time to move on from the A-10 Warthog because it 'doesn't scare China' and has only 'limited usability'
▼ + stars: | 2023-04-27 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

The US Air Force has been trying for years to retire its aging fleet of A-10 Warthog planes. During a Thursday hearing, the service secretary said the aircraft "doesn't scare China." I was an advocate for that program for a long time, but it doesn't scare China." US Air Force maintainers work on an A-10 Warthog at Kandahar Airfield in Afghanistan, September 2, 2011. In December 2021, the Air Force secretary lauded the Warthog, C-130 transport aircraft, and MQ-9 Reaper drone for their past effectiveness.

☆ The Pentagon Tilts at Windmills
▼ + stars: | 2023-04-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Witness how the Department of the Interior rolled over Pentagon warnings that offshore wind installations in the mid-Atlantic could interfere with military training. President Biden has set a goal of generating 30 gigawatts of offshore wind power by 2030. Waters off the coasts of North Carolina, Virginia, Maryland and Delaware are prime real estate for wind farms because they are relatively shallow. But they are also training grounds for the Navy and Air Force, including North Carolina’s Dare County bombing range.

☆ As lawmakers gear up for federal debt limit fight, here's what it could mean for Social Security
▼ + stars: | 2023-04-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Speaker of the House Kevin McCarthy, R-Calif., speaks to reporters in Statuary Hall in the U.S. Capitol after announcing his debt limit increase plan on the House floor on April 19, 2023. More from Personal Finance:GOP senator touts 'big idea' Social Security funding fixExperts argue Social Security retirement age should not pass 67The return on waiting to claim Social Security is 'huge'A default on the U.S. debt would be unprecedented, as the country has paid all its bills on time since 1789, Yellen noted. The extraordinary nature of such an event has called into question how the government would juggle payments, including Social Security benefit checks. The U.S. Department of the Treasury would likely prioritize the payment of Social Security benefit checks, Jason Fichtner, a former Social Security Administration executive and vice president and chief economist at the Bipartisan Policy Center, told CNBC.com in January. However, it is possible the Social Security Administration would delay payments to ensure it has enough cash on hand, he said.

CNN —A once powerful member of the former Sudanese government wanted by the International Criminal Court (ICC) for war crimes and crimes against humanity has been freed from prison in the capital Khartoum. Prisoners of Kober prison were released by authorities after inmates protested the lack of food and water by burning two cars inside the prison grounds, two Sudanese police sources told CNN. Unconfirmed reports claimed the former President al-Bashir was among the prisoners released from Kober prison. Sudan’s then-President, Omar al-Bashir, was charged with war crimes and crimes against humanity by the ICC, including genocide, related to the Darfur conflict in 2009. He was ousted in a military coup in April 2019 following a lengthy popular uprising and jailed in Khartoum.

☆ Sleep gummies: Possibly harmful doses of melatonin, CBD found
▼ + stars: | 2023-04-25 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +7 min

CNN —Testing of over two dozen melatonin “gummies” sold as sleep aids found some had potentially dangerous amounts of the hormone that helps regulate sleep, according to a new study. “Four of the tested products contained levels of CBD that were between 4% and 18% higher than on the label,” Cohen said. “We choose gummies over other products because we thought parents would chose edibles to give to their children,” Cohen said. Gummies sold as sleep aids had much higher levels of melatonin than stated on the label, as well as CBD, according to the study. “However, that doesn’t mean melatonin products are going to work or they’re a good idea to take.

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