🧾 The Tax Man Cometh For...?

Good morning. US stock futures ticked upward in Friday morning trading as investors prepared themselves for an upcoming jobs report.

🧾 IRS sets sights on wealthiest taxpayers

📝 Our report: Uncle Sam's turning up the heat on the moneyed folks! The Internal Revenue Service just released an update on its strategic operating plan, emphasizing a renewed focus on “tax fairness” with plans to increase audits on the wealthiest taxpayers, large corporations and complex partnerships.

 🔑 Key points:

• The IRS aims to more than double the audit rate for the wealthiest taxpayers with total positive income of more than $10 million by tax year 2026.

• The agency also plans to “nearly triple audit rates” on large corporations with assets over $250 million and boost audit rates “by tenfold” for large, complex partnerships with assets over $10 million, IRS Commissioner Danny Werfel said.

• For all returns filed between 2013 and 2021, the IRS examined 0.44% of individual returns and 0.74% of corporate returns as of the end of fiscal 2023.

💡 So what: The IRS targeting wealthy taxpayers for audits carries several implications. Firstly, it can increase compliance among this demographic, prompting them to ensure accuracy and adherence to tax laws in their filings. Additionally, audits may uncover instances of tax evasion, leading to additional revenue for the government while serving as a deterrent against aggressive tax avoidance schemes. This approach promotes fairness in the tax system by ensuring all individuals pay their fair share, while also optimizing resource allocation for the IRS by focusing efforts where the potential revenue gain is greatest.

Friday - US Unemployment Rate, Consumer Credit

📈 These 6 top investors share their 6 rules!

🧑🏽‍💼 Looking for a job? Here’s what you should look for in an offer!

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🎥 Movie studio gets multi-billion $ buyout offer

WHAT: Hold onto your popcorn! Sony Group Corp. and Apollo Global Management Inc. just tossed a $26 billion proposal into the ring to snag Paramount Global, the media bigwig behind CBS and MTV, according to insiders. The deal would be an all-cash offer for Paramount shares, plus the assumption of debt.

WHY: Paramount, which is controlled by Shari Redstone, has been weighing a merger proposal from David Ellison, the head of Skydance Media and son of Oracle Corp.’s co-founder Larry Ellison.

👖 Apparel retailer files for bankruptcy protection

WHAT: Looks like rue21 is back for a three-peat in the bankruptcy Olympics, filing for Chapter 11 protection once again. The company said it would be seeking to shut down its 540 stores and sell its intellectual property.

WHY: The Warrendale, Pennsylvania-based retailer, which previously filed for bankruptcy in 2003 and 2017, focuses on affordable fashion for teens and young adults. rue21 has approximately 4,900 employees and $194.4 million in debt.

💰 Universal, TikTok reach deal on music

WHAT: Universal Music Group just patched things up with TikTok, striking a deal to bring its artists' tunes back to the social media stage. The deal includes better pay for songwriters and artists, new promotional agreements and protections against AI-generated music, the companies said in a statement.

WHY: TikTok has become a key hub for pop artists to distribute new music and interact with their audiences and the platform’s more-than 1 billion users had been able to put clips of songs in the background of their short video posts.

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