You might think that data extracted from a phone in a lab or police station can be a good thing. But what if the owner is a journalist? Questions: Source: Earp, M. (2023) Forensic Tools Open New Front for Using Phone Data to Prosecute Journalists. Global Investigative Journalism Network, Jan. 6 (Retrievable online at https://gijn.org/2023/01/06/forensic-tools-open-new-front-for-using-phone-data-to-prosecute-journalists/)
Posts Categorized: Income Taxes
Three Long Years!
According to The New York Times, the Securities and Exchange Commission ended its investigation into former Senator Richard Burr, three years after he sold more than $1.6 million in stocks following Covid-19 briefings. Questions: Source: Kelly, K. S.E.C. Inquiry Into Former Senator’s Stock Sales Is Closed Without Charges. The New York Times, Jan. 6 (Retrievable… Read more »
A Yeezy Problem?
According to the Washington Post, Adidas has more than $500 million of Kanye West sneakers, with no good options for getting rid of them. (See the video for new developments.) Questions: Source: Mark, J. (2023). Adidas has $500 million worth of Kanye West sneakers and no good options. The Washington Post, Feb. 27 (Retrievable online… Read more »
The top 10 tax “crooks” for 2022
According to Accounting Today, the Criminal Investigation (CI) division of the IRS has released its top 10 cases for 2022. Which of the agency’s most prominent and high-profile investigations have you heard about? Questions: Source: Stimpson, J. (2023) The top tax crooks of 2022. Accounting Today, January 16 (Retrievable online at https://www.accountingtoday.com/list/the-irs-names-the-top-tax-crooks-of-2022)
News from the I.R.S.
According to the New York Times, the I.R.S. is saying to hold off on filing your federal income tax return if you are a person that received a one-time special payment from your state last year. Since there are a variety of state programs that distributed these payments in 2022 with complex rules, there is… Read more »
Monopoly May End Soon!
According to the New York Times, the curtain is expected to come down next week on a monopoly for the anti-inflammatory medication, Humira, that has generated $114 billion in revenue for AbbVie just since the end of 2016. Questions: Source: Robbins, R. (2023). How a Drug Company Made $114 Billion by Gaming the U.S. Patent… Read more »
Gig Workers, Listen Up!
According to the New York Times, most gig economy workers lag behind those with traditional jobs in saving for retirement. However, parts of a new federal law can help them catch up. Questions: Sources: Carnes, A. (2023). For Freelancers, New Federal Help in Saving for Retirement. The New York Times, Jan. 6 (Retrievable online at… Read more »
Coinbase Reaches a Settlement with New York Regulators
According to the New York Times, Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, has reached a settlement with financial regulators in New York. Questions: Source: Goldstein, M. and E. Flitter. (2023). Coinbase Reaches $100 Million Settlement With New York Regulators. The New York Times, Jan. 4 (Retrievable online at https://www.nytimes.com/2023/01/04/business/coinbase-settlement-anti-money-laundering.html)
What Now for Meta?
According to the New York Times, Meta’s ad practices have been ruled illegal under E.U. law. Questions: Source: Satariano, A. (2023). Meta’s Ad Practices Ruled Illegal Under E.U. Law. The New York Times, Jan. 4 (Retrievable online at https://www.nytimes.com/2023/01/04/technology/meta-facebook-eu-gdpr.html)
401(k) Contribution Limits are Jumping
According to the New York Times, the I.R.S. announced one of its largest increases in decades to caps on retirement contributions, allowing workers with access to the plans to save more. Questions: How much will employees be able to contribute in 2023 to 401 (k) plans? How much are the catch-up contributions for 2023 and… Read more »