Ex-Credit Suisse Client Pleads to Hiding $90 Million From IRS
Gilda Rosenberg, a Florida businesswoman, admitted Monday in Miami federal court that she conspired to defraud the US, evade taxes and fail to file foreign bank account reports, also known as FBARs. Her family held about 15 accounts at Credit Suisse — now owned by UBS Group AG — between 1979 and 2013, according to a 27-page statement of facts in the case.
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Newsweek
2 days ago
- Newsweek
Higher Taxes Warning Issued Over New BLS Chief
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Two experts have warned that should E.J. Antoni, Donald Trump's new pick to lead the Bureau of Labor Statistics, employ statistical methods that downplay the real-world effects of inflation, many Americans could end up paying higher taxes. In an article for the Wall Street Journal, Tax Foundation President Daniel Bunn and Kyle Pomerleau, a senior fellow at the American Enterprise Institute (AEI), said that "artificially low inflation numbers" could impact how the Internal Revenue Service (IRS) conducts its annual tax bracket adjustments, or "indexing." "Economic data affect government actions and could have surprising consequences," the pair wrote. "If nominee E.J. Antoni manipulates the statistics to make Mr. Trump look good, you could end up paying higher taxes." Newsweek has contacted the BLS via email for comment on the article. Why It Matters Trump's nomination of Antoni—and the circumstances surrounding the departure of former Commissioner Erika McEntarfer—have aroused significant criticism from former commissioners, economists and lawmakers. The firing of McEntarfer following a weak jobs report and the decision to replace her with a more conservative but less seasoned economist have raised questions about the political independence of the nation's statistical agencies as well as the trustworthiness of future reports on employment and inflation. However, the White House has maintained that Antoni has sufficient experience to serve as one of the country's top economic statisticians and that he will spearhead long-overdue reforms at the bureau. What To Know The BLS periodically publishes data on both employment and prices—notably its monthly consumer price index (CPI), which serves as one of the most closely watched measures of headline inflation. As Bunn and Pomerleau note, this is utilized by the IRS when making its annual inflation-based adjustments to tax brackets. This is done to prevent what is known as "bracket creep," when inflation drives a household's income above a new tax threshold, resulting in higher taxes despite no change in overall purchasing power. "Consider what would happen if Mr. Trump prefers a political narrative of low inflation and the BLS finds a way to support it," they wrote. "Artificially low inflation numbers would lead to artificially higher taxes as tax parameters are insufficiently adjusted for inflation each year." E.J. Antoni, Chief Economist at The Heritage Foundation, in the Oval Office of the White House with President Donald Trump. Multiple forms printed from the Internal Revenue Service web page in Zelienople, Pa., Feb. 13,... E.J. Antoni, Chief Economist at The Heritage Foundation, in the Oval Office of the White House with President Donald Trump. Multiple forms printed from the Internal Revenue Service web page in Zelienople, Pa., Feb. 13, 2019. More Keith Srakocic/via @realDonaldTrump, Truth Social / AP Photo, file "As a mechanical matter, understating inflation will lead some people with the same real income to move to the next bracket," French economist and MIT professor Olivier Blanchard told Newsweek. The authors cite a 2024 paper co-authored by Antoni and fellow Heritage Foundation economist Peter St. Onge to demonstrate the nominee's alternative statistical methods that could result in such revisions. In the paper, Antoni and St. Onge question the critique "egregious biases" in official inflation statistics, concluding that these have understated cumulative inflation since 2019 "by nearly half" and that the economy had been in a recession since 2022. Menzie Chinn, professor of public affairs and economics at the University of Wisconsin–Madison, was unable to replicate their findings in a subsequent analysis. "While we'll admit that economic growth has been less than stellar in recent years, the claims by Messrs. Antoni and St. Onge are implausible and would have serious implications," Bunn and Pomerleau wrote in their article. What People Are Saying White House Assistant Press Secretary told Newsweek previously: "President Trump selected Dr. E.J. Antoni III to restore America's trust in the jobs data that has had major issues, without any real attempt at resolution, for years. Antoni's education and vast experience as an economist has prepared him to produce accurate public data for businesses, households, and policymakers to inform their decision-making. "Unlike the previous Commissioner, Antoni will produce overdue solutions to long-term issues at the Bureau and provide Americans with the accurate data they deserve," Rogers added. Daniel Bunn, president and CEO of the Tax Foundation, and Kyle Pomerleau, senior fellow at the American Enterprise Institute, wrote: "The BLS isn't a press shop for a president's preferred economic narrative, and we hope that Mr. Antoni approaches the job with deep respect for the value of consistent and defensible measures of the economy. If, as he has said, he is interested in improving those measures by boosting data-collection efforts, that would be a valuable contribution. "But if he uses his role to develop alternative economic measures for political purposes, taxpayers will feel the effect," they added. "Workers may not feel the ebb and flow of monthly data reports, but they will notice higher tax bills if Mr. Trump, aided by the BLS, undersells inflation." Economist Mark Gertler told Newsweek: "I don't know Mr. Antoni. But I do have strong concerns about his ability as an economist. The paper purporting to show the economy was in recession in 2022 suggests weak economic skills." Friends of BLS, a group of stakeholders who support the bureau's statistical mission, said last week: "It is hard to imagine a more important nomination and confirmation process in the history of the Bureau. The next Commissioner must not only manage the difficult responsibilities inherent to the role, but also restore public trust, defend the agency against political interference, and accelerate critical modernization efforts across all programs." What Happens Next? Antoni requires Senate confirmation before he can office as BLS commissioner, but no hearing has yet been scheduled. Democratic Senator Lisa Blunt Rochester has also called for Antoni to testify before the Health, Education, Labor and Pensions (HELP) Committee to "defend his qualifications and positions" ahead of a full Senate hearing.
Time Business News
2 days ago
- Time Business News
A Beginner's Guide to ITIN Number and Incorporating Your Business in the U.S.
Starting a business in the United States can be one of the most exciting steps for international entrepreneurs. However, the process often comes with questions about legal compliance, tax filing, and identification numbers. One term you will frequently come across is the ITIN number. If you are planning to incorporate a company in the U.S. but do not qualify for a Social Security Number (SSN), then understanding the ITIN number is essential. In this guide, we will walk you through the basics of what an ITIN number is, why you need it, and how it connects to your U.S. corporation. We will also introduce you to USAIndiaCFO, a trusted partner for international founders who want seamless U.S. business incorporation and compliance services. An ITIN number, short for Individual Taxpayer Identification Number , is issued by the Internal Revenue Service (IRS). It is a nine-digit number that always begins with a '9' and looks similar to a Social Security Number. However, unlike an SSN, an ITIN number is specifically designed for individuals who need to file taxes in the United States but are not eligible for an SSN. For example, if you are a non-resident entrepreneur who owns a U.S. corporation, you may need to file tax returns. Since you don't qualify for an SSN, the IRS allows you to use an ITIN number instead. Many international business owners wonder if they really need an ITIN number. The answer depends on your role and business activities. You will need an ITIN number if: You are a non-U.S. resident who is a shareholder or director of a U.S. corporation. You need to comply with IRS tax filing requirements. You earn U.S.-sourced income but do not qualify for an SSN. You are claiming tax treaty benefits. In short, if you are connected to a U.S. company and have to report income or file taxes, an ITIN number becomes necessary. It's easy to confuse an ITIN number with an EIN (Employer Identification Number). However, they serve very different purposes. An EIN is issued to businesses. Your U.S. corporation will need an EIN to open a bank account, hire employees, and file corporate taxes. is issued to businesses. Your U.S. corporation will need an EIN to open a bank account, hire employees, and file corporate taxes. An ITIN is issued to individuals. If you are a foreign owner or investor in that corporation, you may need an ITIN number to file your personal tax returns. Think of the EIN as the business's ID and the ITIN as the individual's ID for tax purposes. Both numbers may be required for complete compliance. When you incorporate in the U.S., compliance is not optional—it is mandatory. Without an ITIN number, you may face difficulties such as: Inability to file your personal tax return. Losing eligibility for tax treaty benefits. Penalties for non-compliance. Challenges in building credibility with the IRS. On the other hand, with an ITIN number, you can confidently manage your tax obligations. Moreover, it signals to the IRS that you are committed to proper reporting, which strengthens your business reputation. Applying for an ITIN number may sound intimidating, but the process is straightforward if you follow the right steps. Here's a beginner-friendly overview: Prepare Form W-7 – This is the official IRS form for applying for an ITIN number. Gather Supporting Documents – Typically, you need your passport and documents that prove your foreign status. Submit the Application – You can apply through IRS-authorized Acceptance Agents or directly with the IRS. Wait for Processing – It usually takes 7–11 weeks to receive your ITIN number. Since accuracy is critical, many entrepreneurs prefer professional assistance to avoid rejections or delays. Navigating U.S. incorporation and compliance can feel overwhelming, especially for international founders. That's where USAIndiaCFO comes in. As a specialized consulting firm, USAIndiaCFO helps non-U.S. residents incorporate businesses in the United States, apply for ITIN numbers, and manage ongoing tax compliance. Here's how USAIndiaCFO supports you: ITIN Application Assistance – They guide you through every step of the ITIN application process to ensure quick approval. – They guide you through every step of the ITIN application process to ensure quick approval. Company Incorporation – Whether you want to form a C-Corporation or LLC, USAIndiaCFO helps you choose the right structure. – Whether you want to form a C-Corporation or LLC, USAIndiaCFO helps you choose the right structure. EIN Registration – They handle your EIN application, so your corporation can operate smoothly. – They handle your EIN application, so your corporation can operate smoothly. Tax Compliance – From annual filings to IRS reporting, they ensure you never miss a deadline. – From annual filings to IRS reporting, they ensure you never miss a deadline. Expert Guidance for International Founders – Their team specializes in helping entrepreneurs from India and other countries start businesses in the U.S. By partnering with USAIndiaCFO, you avoid confusion, reduce delays, and focus on growing your business instead of worrying about paperwork. As a beginner, it's easy to make mistakes that delay your ITIN application. Be sure to avoid: Submitting incomplete forms. Using expired passports or documents. Confusing ITIN with EIN requirements. Ignoring deadlines for tax filings. With expert help from USAIndiaCFO, you can skip these errors and move forward with confidence. For international entrepreneurs, incorporating in the U.S. is a powerful step toward global growth. However, understanding compliance requirements such as the ITIN number is crucial. Without it, you may face challenges in tax filing and credibility. The good news is that you don't have to handle everything alone. USAIndiaCFO makes the process simple, guiding you through ITIN applications, EIN registration, incorporation, and compliance. With the right partner by your side, you can focus on building your dream business in the U.S. while leaving the complexities to the experts. TIME BUSINESS NEWS
New York Post
3 days ago
- New York Post
Here's where the highest earning Americans making $1M+ a year live
The number of Americans earning at least $1 million a year has more than doubled in a decade — but these seven-figure households are far from evenly spread, with coastal states claiming the biggest share of the moneyed elites. Yahoo News recently examined the latest available income data from the Internal Revenue Service for the year 2022 to find out which states had the greatest concentration of households with adjusted gross incomes of at least $1 million. Advertisement That figure does not include home equity, stocks, bonds, 401(k) retirement savings plans, or other types of investments, which are part of a person's net worth as opposed to earned income. The analysis revealed that nationally, roughly 800,000 taxpayers had an annual income of $1 million or more, up from 470,000 in 2013. Notably, even that higher figure accounts for roughly 0.5% of the 153 million income tax returns filed in 2022, according to Coastal states top the list Among all 50 states, Connecticut had by far the biggest share of affluent earners, boasting close to 90 million-dollar tax returns per 10,000 filers. One of the original 13 British Colonies and a bastion of 'old money,' Connecticut has posted the slowest growth in millionaire earners since 2013—yet it still remained firmly in the lead. Advertisement 3 Connecticut had the highest share of millionaire earners in the whole country. kirkikis – Massachusetts had more than 76 million-dollar earners per 10,000 in 2022, while New York recorded over 71 seven-figure returns. senior economic research analyst Hannah Jones says the financial dominance of the three Northeastern states comes as no surprise, especially to those familiar with the region's ultraexpensive housing market. 'The concentration of very high-income households in New York, Massachusetts, and Connecticut underpins steady demand for luxury housing, even when broader market conditions soften,' she says. 'Strong financial and tech sectors feed upper-tier demand, keeping prices high in prime city and suburban markets like Manhattan, Boston, and Fairfield County.' Advertisement In July, Boston had the fifth-highest median list price across the top 50 US metros, approaching $842,000, followed by New York City, at $775,000, according to the latest monthly housing market trends report from 3 New York was among the east coast states leading the list. Tierney – Florida, home of the billionaire enclaves of Palm Beach and Manalapan, saw the fourth-highest share of seven-figure gross incomes, at nearly 70 per 10,000 filings, while California, which has some of the most high-priced metros in the US, led by San Jose, recorded over 69 returns of $1 million or higher per 10,000. Millionaire earners heading West But those figures do not tell the whole story. Advertisement Looking at the regions with the highest 10-year growth in millionaire earners, it is clear that the top earners are increasingly moving westward. Start your day with all you need to know Morning Report delivers the latest news, videos, photos and more. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Although Montana was home to just roughly 42 million-dollar earners per 10,000, it experienced a 254% increase in that income bracket compared with 2013—the highest growth of any state. Neighboring Idaho saw the second-fastest growth rate, at 209%. Jones says these states offer appealing features that make them top destinations for the affluent. 'Lower or no state income taxes, lifestyle amenities, and remote-work flexibility have drawn more wealthy buyers to these Mountain West states,' explains the analyst. 'In-migration of high earners has driven sharp home-price gains, often far above local income levels, especially in Montana and resort towns like Jackson Hole, WY, and Bozeman, MT.' As reported earlier this month, Montana stood out for having the nation's biggest affordability gap, meaning that the difference between how much the typical household in the state earned annually and how much it ought to have earned to comfortably afford a median-priced home was the highest among all 50 states and Washington, DC. As of July, the typical Montana household earned $72,066 annually—nearly $100,000 less than the minimum recommended income needed to purchase a $649,900 home, the median price for the month. Advertisement 'Limited supply in amenity-rich areas keeps prices elevated and affordability strained for locals,' confirms Jones. 'The result is a sustained luxury market alongside displacement pressures for middle-income households.' 10 states with the highest share of millionaire earners 1. Connecticut Million-dollar tax returns per 10,000 filers: 89.51 Total returns: 16,320 2. Massachusetts Million-dollar tax returns per 10,000 filers: 76.43 Advertisement Total returns: 27,270 3 Massachusetts came in second with over 76 million-dollar tax returns per 10,000 filers. SeanPavonePhoto – 3. New York Million-dollar tax returns per 10,000 filers: 71.44 Total returns: 69,780 4. Florida Advertisement Million-dollar tax returns per 10,000 filers: 69.78 Total returns: 77,670 Million-dollar tax returns per 10,000 filers: 69.72 Advertisement Total returns: 128,900 Million-dollar tax returns per 10,000 filers: 67.67 Total returns: 31,390 Million-dollar tax returns per 10,000 filers: 62.69 Total returns: 1,760 Million-dollar tax returns per 10,000 filers: 57.30 Total returns: 21,530 Million-dollar tax returns per 10,000 filers: 54.21 Total returns: 8,420 Million-dollar tax returns per 10,000 filers: 54.20 Total returns: 73,930
