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By any other name; poor Service; a saga continues; and other highlights of recent tax cases.Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns.She operated the tax prep business Sick Credit Repair Tax and Legal Services and represented herself as an income tax preparer. Alvarez did not have a PTIN and admitted that in 2019 and 2020 she misrepresented taxpayers’ eligibility for education credits and deducted fictitious business expenses from their taxable income to reduce tax liabilities and inflate refunds.The tax loss totaled $356,881.Sentencing is Sept. 17. Alvarez faces a maximum…

A view shows the wreckage of an Air India aircraft, bound for London’s Gatwick Airport, which crashed during take-off from an airport in Ahmedabad, India June 12, 2025. Adnan Abidi | ReutersAn Air India plane that was bound for London and carrying 242 people crashed seconds after takeoff in western India on Thursday, killing all but one person on board the Boeing 787 Dreamliner.It marked the first crash of a Boeing 787 Dreamliner and was the deadliest plane crash in years.Here’s what to know:What kind of plane was it?The aircraft was a Boeing 787-8 Dreamliner. It is a popular twin-aisle…

Reporter’s Notebook: The gamble of the tax plan’s trickle down economics – CBS News Watch CBS News A new tax proposal backed by President Trump would give the biggest benefits to the top earners, while cutting support for the poor. If the promised growth doesn’t come, the most vulnerable will pay the price. “CBS Evening News” co-anchor John Dickerson explains. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Klarna’s CEO, Sebastian Siemiatkowski, believes artificial intelligence is capable of doing all our jobs. His new chatbot is more reserved.The Swedish fintech company, known for its buy now, pay later service, created an AI version of Siemiatkowski that customers can call for support. The hotline launched on Thursday in the US and Sweden.I called the US number and spoke to the chatbot. It helped me learn more about purchasing power, expanded on some of Siemiantkowski’s views on AI, and shared a more modest take on AI’s role in the workforce.Siemiatkowski has been a vocal proponent of AI, and Klarna is…

Baby car seat carriers for sale at a Walmart store in Secaucus, New Jersey, US, on Tuesday, March 5, 2024. Bloomberg | Bloomberg | Getty ImagesThe cost of some baby gear has risen in recent weeks due to President Donald Trump’s tariff policies, according to a new congressional report.The cost of five common items bought for babies has increased 24%, or by $98 combined, between April 1 — the day before Trump’s sweeping April 2 tariff announcement — and June 9, according to the analysis by the Joint Economic Committee’s minority arm.The analysis tracked the prices of five popular baby…

The Treasury Department and the Internal Revenue Service are giving cryptocurrency brokers additional time to comply with requirements to report on digital asset sales and withhold taxes.In Notice 2025-33, they extended and modified the transition relief provided last year in Notice 2024-56 for brokers who are required to file Form 1099-DA, Digital Asset Proceeds From Broker Transactions to report certain digital asset sale and exchange transactions by customers.In 2024, Treasury and IRS announced final regulations requiring brokers to report digital asset sale and exchange transactions on Form 1099-DA, furnish payee statements, and backup withhold on certain transactions starting Jan. 1,…

The Republicans’ “big beautiful” budget package is aimed at ushering in “a new golden age in America” through a combination of tax and spending cuts, according to House Speaker Mike Johnson. But a new analysis from the nonpartisan Congressional Budget Office finds that the bill may prove less golden for some Americans.The lowest-earning 10% of U.S. households are likely to see their financial resources reduced by $1,600 per year, or almost 4% of their annual income, according to the June 12 CBO report. The analysis, which tallies the impact of the bill’s tax breaks, reductions in funding for federal programs and changes in…

The International Financial Reporting Standards Foundation has posted profiles of 17 of the 36 jurisdictions around the world that have either adopted or used International Sustainability Standards Board disclosures or are in the process of finalizing steps to introduce the IFRS Sustainability Disclosure Standards in their regulatory frameworks.The jurisdictional profiles include information about each jurisdiction’s stated target for alignment with ISSB standards and the current status of its sustainability-related disclosure requirements. “Why is the IFRS Foundation publishing these jurisdictional profiles, which set out by country or jurisdiction their approach to sustainability reporting. It’s really because we see this as part of…

The Senate confirmed Billy Long, a former Republican congressman from Missouri, as the new Internal Revenue Service commissioner after a series of acting commissioners have cycled through the role amid staffing and budget cuts at the agency.Long was confirmed Thursday by a vote of 53-44 to lead the IRS. Long had once sponsored legislation to abolish the IRS while he served in Congress. Last month, he went through a contentious confirmation hearing in which Democrats on the Senate Finance Committee questioned him about his promotion of dubious Employee Retention Credits and so-called “tribal tax credits” after leaving Congress, where he…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldUS universities have launched a fierce last-minute lobbying campaign against a proposed tax increase in Donald Trump’s “big, beautiful bill” ahead of its expected approval by the Senate in the coming weeks.The proposal in the president’s signature fiscal legislation calls for taxes on university income from endowment investments to jump from 1.4 per cent to up to 21 per cent, depending on the size of the fund and student body.A group of elite universities, including Harvard and Princeton, are lobbying…