The IRS is currently in the process of developing plans to avoid increasing audits for taxpayers earning less than $400,000 annually. However, certain aspects of your tax return can still trigger scrutiny, irrespective of your income level, according to experts. The Treasury Inspector General for Tax Administration (TIGTA) recently reported that the IRS has only
Business
Discount home goods retailer Big Lots has recently filed for bankruptcy, citing high interest rates and a sluggish housing market as factors contributing to its financial downfall. The company, which operates over 1,300 stores across 48 states, has seen a decline in sales following a drop in demand for home furnishings post-pandemic. Despite generating $4.7
Vice President Kamala Harris has recently announced a proposal to increase the capital gains tax rate from 20% to 28% for households earning over $1 million annually. This increase is part of Harris’s plan to tax investment income at a rate that rewards innovators, founders, and small businesses. If implemented, this change would have significant
One of the key issues highlighted by Yi Gang, former head of the People’s Bank of China, is the importance of focusing on boosting domestic demand in China’s economy. This is a critical point, as it indicates that the current economic situation in China may be lacking in terms of stimulating internal consumption. Yi emphasizes
The business side of professional football is booming, with the average NFL team now worth an impressive $6.49 billion. This valuation takes into account a variety of factors, including revenue, profit, and debt. CNBC’s senior sports reporter, Michael Ozanian, has compiled a list ranking the 32 NFL teams based on their overall franchise value. A
Vice President Kamala Harris has recently outlined her economic agenda, which includes a call for higher taxes on wealthy Americans and corporations. This plan, endorsed in August, mirrors President Biden’s proposal for a 25% minimum tax on total income, including unrealized gains exceeding $100 million. While the aim is to ensure that the wealthiest individuals
Visa recently announced its plans to launch a dedicated service for bank transfers in Europe, bypassing the traditional credit cards and direct debit processes. This move signifies a shift in the company’s strategy to adapt to the changing payment landscape, with a focus on increasing user control and security in payments. One of the major
British fintech company Zilch recently disclosed that it achieved its first-ever month of profit, signaling a significant achievement for the organization as it sets its sights on a potential initial public offering. The company, which operates in the buy now, pay later space and competes with prominent players like Klarna and Block, revealed that it
Warren Buffett’s Berkshire Hathaway made history by becoming the first non-technology company in the U.S. to hit a market cap of $1 trillion. The Omaha-based conglomerate’s shares have surged more than 28% in 2024, outperforming the S&P 500’s 18% gain. This achievement comes just two days before Buffett’s 94th birthday, adding to the significance of
Ulta Beauty shares took a significant hit, dropping 7% in extended trading following a disappointing second-quarter performance. The company failed to meet expectations and had to revise its full-year guidance due to a decline in same-store sales. This marks the first earnings per share miss for Ulta Beauty since May 2020 and the first revenue