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Not all tax fraud has to be a complicated Rube Goldberg machine of shady deductions and fictional dependents. But there's a reason it often is: if your plan is to simply say you made $99 million in income, from which you attempt to claim $94 million in refunds, then you're probably going to get caught, which is exactly what happened to a woman from Georgia who was recently arrested, according to the New York Daily News.
The Treasury Inspector General for Tax Administration released a report that criticised the IRS's internal procedures for collecting money from delinquent taxpayers residing in foreign countries, saying that deficient management oversight has impeded its ability to enforce tax law outside U.S. borders.
The standard work week went from six days to five in the early 20th century, in part due to labor activism and in part due to changing industry standards--now that we're in the early 21st century, is it time to cut things back further and make the three-day weekend standard? An article in the Harvard Business Review considers some of the benefits that could come with doing so.
Banking is getting more expensive, according to an article in CNBC. The average out-of-network ATM fee has risen 5 percent over the past year, to $4.35 a transaction, while overdraft fees have risen to a $32.74 average, the 16th consecutive record high. The changes are in response to regulations that were passed in the wake of the 2007 financial crisis, among which were limits on when banks are allowed to charge fees in the first place, as well as limits to fees they can charge merchants for card purchase processing, said CNBC.
No one likes excuses, but if we're going to be honest with ourselves, we all tend to make them sometimes. But what's the difference between a good excuse and a bad one? An article in the Wall Street Journal said that there are certain excuses that, provided they are not overused, people are more willing to accept than others.
Moody's Investors Service warned that the gap between what public pensions actually have and what they owe has tripled in the past decade to at least $2 trillion, according to Reuters. The agency, according to Reuters, measured the unfunded liabilities for the 25 biggest public retirement systems between 2004 and 2012 and found that the total future shortfall is more than half the size of the $3.7 trillion municipal bond market.
British grocery chain Tesco's, one of the largest in the world, admitted that it had overstated its six-month profits by over 250 million pounds, an error that has caught the attention of British lawmakers, who are considering bringing the company's leadership before them to ask how this could have possibly happened, according to Reuters.
Machiavelli said that a prince is ideally both feared and loved, but if one has to choose between the two, then it is better to be feared. While our modern contexts may be a little far from a 16th century Italy beset by constant warfare, an article in Forbes said that the lesson here still applies: in short, fear works.