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 as W-2 forms, with copies sent to taxpayers and the IRS. The continued inability to process backlogs of paper-filed tax returns contributed to management’s decision to destroy an estimated 30 million paper-filed information return documents…

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Twitter’s market cap has dropped to $9 billion below Musk’s purchase price as concerns about deal emerge

The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2022. Brendan Mcdermid | Reuters As Elon Musk pursues ownership of Twitter, shares of the social media company are dropping, suggesting some concern among investors that the deal won’t reach the finish line. Twitter has slid about 12% since reaching its high for the year in late April. As of mid-day on Thursday, the stock was trading at around $46, well…

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Twitter freezing hiring and cutting costs as execs depart

A person in a mask approaches the New York Twitter offices after they announced they will close their re-opened offices effective immediately in response to updated CDC guidelines during the outbreak of the coronavirus disease (COVID-19) in Manhattan, New York City, U.S., July 29, 2021. Andrew Kelly | Reuters Twitter is pausing most hiring this week as two executives are leaving the company, Reuters reported on Thursday. The news comes as billionaire Elon Musk seeks to complete his $44 billion deal to buy the company and take it private. This…

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Stocks making the biggest moves midday: Carvana, GameStop, AMC, General Motors and more

Check out the companies making headlines in midday trading Thursday. Carvana — Shares of the online used car retailer popped nearly 30%, alongside other heavily-shorted stocks. Nearly 29% of Carvana shares available for trading are sold short, according to FactSet. The company has faced negative sentiment on Wall Street recently, with downgrades this month from Stifel, Morgan Stanley and Wells Fargo. Tapestry — Shares soared 15.9% after the luxury company behind Coach and Kate Spade reported that it expects Covid-related shutdowns in China to ease in June. Tapestry also reported…

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The stocks of several electric vehicle companies are surging

Rivian R1T all-electric truck in Times Square on listing day, on Wednesday, Nov. 10, 2021 in New York. Ann-Sophie Fjello-Jensen | AP Beaten-up shares of several electric-vehicle start-ups traded sharply higher Thursday morning. Rivian Automotive after market close on Wednesday reported a first-quarter loss that was narrower than Wall Street had expected, and Lordstown Motors announced a crucial deal to sell its Ohio factory had closed. The stocks were up roughly 22% and 45%, respectively, in mid-morning trading. Here are some other major EV stock moved, as of 11:30 a.m.…

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U.S. licenses key Covid vaccine technology to WHO so other countries can develop shots

U.S. President Joe Biden delivers remarks on the authorization of the coronavirus disease (COVID-19) vaccine for kids ages 5 to 11, during a speech in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, November 3, 2021. Evelyn Hockstein | Reuters President Joe Biden on Thursday said the U.S. has licensed a key technology used in the current Covid-19 vaccines to the World Health Organization, which would allow manufacturers around the world to work with the global health agency to develop their own shots against…

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Alphabet CEO Sundar Pichai on inflation, investing in growth, and free speech on the internet

CNBC: Sundar Pichai, CEO of Alphabet and Google being interviewed by Deirdre Bosa. CNBC Google CEO Sundar Pichai said that while consumers are putting the Covid pandemic in the rearview mirror, the economy is clearly a growing concern for the company and the broader market. “We definitely see uncertainty ahead, like everyone else,” Pichai told CNBC’s Deirdre Bosa in an interview on Wednesday at Google’s annual I/O conference in Mountain View, California. “The good thing is we’ve been around as a company for a while. [We] have worked through past…

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GameStock jumps more than 20% in odd trading; AMC shares also pop

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022. Brendan McDermid | Reuters Shares of two meme stocks surged on Thursday, adding an unexpected wrinkle for a stock market that has been dropping in choppy trading for more than a month. GameStop jumped more than 20% and was halted for volatility multiple times. The stock of theater chain AMC Entertainment popped 18%. GameStop and AMC turned heads early last year when a band of retail investors…

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Boeing considers redesigning problematic valve that has kept Starliner from flying NASA astronauts

Boeing’s Starliner capsule for the Orbital Flight Test 2 (OFT-2) mission is lifted on top of United Launch Alliance’s Atlas V rocket on May 4, 2022. Frank Michaux / NASA Boeing is examining whether to redesign the propulsion valves on its Starliner crew capsule, a crucial system that has kept the company from flying astronauts for NASA – and competing with Elon Musk’s SpaceX. Starliner is the spacecraft that Boeing has been developing under NASA’s Commercial Crew program, having won nearly $5 billion in contracts to build the capsule. But…

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News: M&l Hospitality opens Hyatt Regency London Stratford and Hyatt House London Stratford

Hyatt Hotels Corporation (NYSE: H) announced the opening of the 225-room Hyatt Regency London Stratford and the 127-room Hyatt House London Stratford in the heart of London’s luxury shopping and popular entertainment complex, Westfield Stratford City. The openings further demonstrate Hyatt’s commitment to growing its brand presence in Europe and strengthening its brands in the UK’s capital. Source link

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