🧾 The IRS Is Coming For...?

Good morning. US stock futures fell in Friday morning trading as investors digested the latest inflation data and major indices climbed to new highs.

💲 IRS rolls up sleeves in crackdown on “non-filers”  

📝 Our report: Watch out, high rollers! The IRS has its sights set on 125,000 high-income earners who've been playing hide-and-seek with their tax returns since 2017. The agency said hundreds of millions of dollars could be captured from the tax collection exercise.  

 🔑 Key points:

• The IRS said it will start sending out noncompliance letters to more than 25,000 people who earn more than $1 million per year and 100,000 people with incomes between $400,000 and $1 million who failed to pay their taxes between 2017 and 2021.

• The campaign announced is part of the agency's ongoing effort to pursue high wealth tax cheats — mandated in part by funding provided through the Inflation Reduction Act passed into law in 2022 and a directive from Treasury Secretary Janet Yellen to IRS leadership not to increase audit rates on people making less than $400,000 a year annually.

• The IRS in recent months has announced a slew of new campaigns aimed at targeting high-wealth individuals who misuse the tax system or fail to pay their obligations.

💡 So what: Collecting taxes from wealthy individuals who failed to file tax returns is crucial for maintaining fairness and integrity in the tax system. It ensures that all individuals, regardless of their income level, fulfill their legal obligations and contribute their fair share to public services, infrastructure, and government programs. Moreover, enforcing tax compliance among wealthy individuals promotes equity and prevents tax evasion, which can undermine public trust in the tax system and lead to revenue losses for the government.

Friday - Fed Governor Chris Waller Speaks, Construction Spending

💲 Ramit Sethi says avoid these three toxic money beliefs

🏢 You can improve your small business by following these 6 tips!

🧑🏾‍💼 Got a job interview coming up? Prepare for it with these 9 steps!

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🏋🏽‍♀️ Oprah says bye-bye to WeightWatchers

WHAT: It looks like former talk show queen Oprah Winfrey is bidding adieu to the WeightWatchers board of directors and donating all her interest in the company to a museum. Winfrey, who has served on the board since 2015, was the company's largest individual shareholder, with a stake of 1.43%.

WHY: Winfrey said that she will donate her interest in WeightWatchers to the National Museum of African American History and Culture, part of the Smithsonian Institution in Washington.

🪙 Crypto firm comes to the rescue for customers

WHAT: Hold onto your digital wallets! Binance, the big kahuna of cryptocurrency exchanges, just pulled off a whopping $4.4 billion recovery stunt for its users who may have mishandled their deposits in the past two years the company said in a recently released report. Binance said it resolved 381,616 cases of cryptocurrency that was deposited by users but not credited in 2022 and 2023.

WHY: The report, which also mentions efforts to deal with hackers and other crimes, comes as the exchange is reshaping itself after pleading guilty last year to US charges of anti-money laundering and sanctions violations.

🚗 Tesla in hot water over discrimination lawsuit

WHAT: Well, buckle up, because it looks like a California judge just gave the green light for nearly 6,000 Black factory workers to team up and take Tesla to court. California Superior Court Judge Noel Wise in Oakland said in a written order issued that the lawsuit presents questions common to all Black workers at the plant of whether Tesla was aware of the alleged misconduct and refused to take steps to prevent it.

WHY: The decision represents a major blow to Tesla as it opens the company up to a potential multimillion-dollar judgment. The class includes people who self-identified as Black and worked at the Fremont factory going back to November 2016.

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