Wealth
Just 2% of the richest Americans had their taxes audited in 2019, down from 16% in 2010
The Internal Revenue Service headquarters in Washington, D.C. Andrew Harrer | Bloomberg | Getty Images The wealthiest Americans are getting their taxes audited at a far lower rate than they were over a decade ago, due in large part to staff and funding shortages at the Internal Revenue Service, according to a new report. The […]
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Inflation is the ‘top problem’ facing America, with no other issue coming close, survey shows
A worker stocks items inside a grocery store in San Francisco, California, May 2, 2022. David Paul Morris | Bloomberg | Getty Images Meanwhile, President Joe Biden also has faced blowback over continued inflation and plans to address the issue. A Twitter exchange between Biden and Amazon founder Jeff Bezos began on Friday when the […]
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This flashy Bel Air mansion that was listed at $87.8 million flopped at auction — and now the seller is furious
An over-the-top modern mansion in Bel Air was listed for $87.8 million for an auction this week. But the highest bid came in just under $45.8 million, according to the home’s seller, dermatologist-turned-developer Alex Khadavi. “Horrible, Horrible, Horrible!” was how Khadavi characterized the auction results to CNBC. He filed for Chapter 11 bankruptcy protection two […]
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Here’s why inflation may be less costly for some retirees
A shopper at a San Francisco grocery store on May 2, 2022. David Paul Morris | Bloomberg | Getty Images Inflation is a growing concern as Americans spend hundreds more every month. But some retirees may avoid the sting of price hikes for gasoline, groceries and other costs. Annual inflation rose by 8.3% in April, […]
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IRS insists destruction of 30 million files of taxpayer data won’t affect payers
alfexe | iStock | Getty Images Filers won’t be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement Thursday. The IRS tossed an estimated 30 million so-called paper-filed information returns in March 2021, according to an audit by the Treasury Inspector General for Tax Administration. The […]
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Want to travel to space? In 2024, balloons might take you part of the way there
Nearly half of Americans want to travel to space. But that means the other half doesn’t, according to a 2021 survey by ValuePenguin, one of LendingTree’s financial research websites. Nearly 40% said space travel was too dangerous, while others worried about environmental impact and costs. Soon there will be an option that addresses those worries, […]
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Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers
courtneyk | E+ | Getty Images An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community. The material, known as paper-filed information returns in accounting parlance, is sent yearly by employers and financial institutions, and covers taxable activity, such […]
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Op-ed: That college degree is no longer the only path to achieving the American Dream
Foto Sipsak | Getty Images For decades, a college education was the “golden ticket” to the American Dream, translating into higher lifetime earnings and better job security. To that point, the median college graduate makes a total of $2.8 million throughout their career, compared to $1.6 million (a 70% difference) earned by their high school […]
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Nearly 7 in 10 Americans want to live to 100, study finds. Here’s how retirement is changing
Despite fears of outliving savings, most Americans still want to live longer, a study on longevity and retirement shows. Nearly 70% of Americans want to live to age 100, with 29 years as the “ideal length” for retirement, according to an Edward Jones and Age Wave report that polled 11,000 adults in the U.S. and […]
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Here’s why a Roth individual retirement account conversion may pay off in a down market
Morsa Images | E+ | Getty Images Soaring inflation, interest rate hikes and the war in Ukraine have sparked ongoing stock market volatility. But there may be a bright spot: the chance to save money on a Roth conversion. The strategy allows higher earners to sidestep the earnings limits for Roth individual retirement account contributions, […]
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