IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper – KSL.com
NEW YORK — The Internal Revenue Service said Thursday that it had reviewed 1 million claims for the employee retention credit totaling $86 billion and found that a “vast majority” were at risk of being improper. The credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a hotbed of […]
I.R.S. Extends Freeze of Pandemic-Era Tax Credit Amid Widespread Fraud – The New York Times
The Internal Revenue Service is expanding efforts to crack down on fraud in pandemic-era tax credit programs following an internal analysis that found a large proportion of outstanding claims were improper. The IRS said Thursday it was extending a freeze on new claims for the Employee Retention Tax Credit, which was created at the height […]
IRS asks Congress to scrap employee retention credit amid 'gold rush' of bogus claims
The IRS is plagued by false Employee Retention Tax Credit (ERC) claims and is asking Congress for help. IRS Commissioner Danny Wuerfel also said Thursday that the IRS has completed an internal review of the ERC claims process and will use that information to “reject billions of dollars in clearly unjustified claims.” “This program has […]
Medical debt may come off credit reports soon, helping Americans qualify for more financial products
The CFPB wants to remove medical debt from the credit reports of millions of Americans. (iStock) Medical expenses may soon be removed from many credit reports, the Consumer Financial Protection Bureau (CFPB) said. Proposed the rule The bill aims to remove medical debt from credit reports and prevent debt collectors from using the reporting system […]
WFAN host Sal Licata hates Grimace getting credit for Mets’ rise
Sal Licata may be said to be a Hamburglar, since he takes the honor away from Grimas. Licata, WFAN’s hot-take guru, has spent the past two days trying to discredit the purple face, or, in Licata’s words, “fat purple ass,” of the Mets’ current seven-game winning streak. The Mets are undefeated since Grimus, who is […]
With money woes on the ballot, Ron DeSantis deserves more credit
Last week, Florida Governor Ron DeSantis (R-Fla.) share The Governor signed a “Florida’s Future-Focused Budget” for the 2024-2025 fiscal year, which includes plans to cut spending compared to last year and create a surplus of approximately $17 billion. Florida has a strong commitment to fiscal responsibility, with past surpluses, most recently last year. This is […]
Lawsuit over US credit card late fees rule must stay in Texas, court rules – Yahoo Finance
Nate Raymond (Reuters) – The U.S. Consumer Financial Protection Bureau suffered a jurisdictional setback on Tuesday in a case challenging a new rule capping late credit card fees at $8, with a federal appeals court ruling that the case should stay in Texas and not be sent to a Washington, DC, judge. The ruling by […]
Liz Weston: Getting older may be reason enough reason to cancel unused credit cards – OregonLive
Dear Liz: Someone recently asked you if closing a credit card was worth the hassle, and you replied that there was no strong reason to do so, and that it could actually have a negative impact on your credit score. As a senior, there are two legitimate reasons: theft and fraud. Many people of a […]
Buy now, pay later products to be treated like credit cards, CFPB says
The CFPB said BNPL lenders will be treated similarly to credit cards. (iStock) The Consumer Financial Protection Bureau (CFPB) will apply credit card rules to buy now, pay later (BNPL) products. As a result, according to the CFPB, BNPL lenders must comply with the federal Truth in Lending Act (TILA) and Regulation Z rules that […]
Consumers want credit products despite high interest rates: TransUnion
Consumers’ access to credit is expanding as their appetite for debt soars, according to a recent TransUnion report. (iStock) A recent report from TransUnion found that the high interest rate environment has done little to reduce demand for credit products. According to the report, there will be more than 543 million bank cards in consumers’ […]