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Author: News Room
Some people binge-watched shows during the Covid pandemic. Others picked up pickleball. But according to federal prosecutors, one Las Vegas woman prepared and filed false tax returns for her business and others at a busy average rate of nearly 80 per month.Over a 16-month period beginning in June 2022, the Justice Department said Friday, the woman, Candies Goode-McCoy, filed more than 1,200 returns in order to fraudulently claim Covid-19 tax credits of nearly $100 million.Ms. Goode-McCoy, 34, who pleaded guilty under a plea agreement on Thursday in U.S. District Court in Las Vegas to charges of conspiracy to defraud the…
A Senate committee is investigating whether a prominent cryptocurrency investor violated federal tax law to save hundreds of millions of dollars after he moved to Puerto Rico, a popular offshore tax haven, according to a letter reviewed by The New York Times.Senator Ron Wyden, an Oregon Democrat, sent the letter on Jan. 9 to Dan Morehead, the founder of Pantera Capital, one the largest crypto investment firms.The letter said the Senate Finance Committee was investigating tax compliance by wealthy Americans who had moved to Puerto Rico to take advantage of a special tax break for the island’s residents that can…
Last week, an aide for Vice President JD Vance reached out to the billionaire Frank McCourt.The topic at hand was Mr. McCourt’s $20 billion long-shot offer to buy TikTok, the Chinese-owned video app. Mr. Vance’s aide wanted details about the bid, which was one of several public overtures for the app, according to two people familiar with the process.The inquiry was one of Mr. Vance’s earliest moves toward corralling a deal for the popular app after President Trump tapped him earlier this month to find an arrangement to save it. TikTok was recently banned in the United States under a…
Liquor lobbyists gathered in a ritzy private club on a recent rainy evening in Brussels to swill cocktails with names like “Toasts Not Tariffs” and fret over the potential disaster confronting their industry. Again.Seven years ago, the spirits industry found itself a casualty in a worldwide trade war as President Trump unleashed tariffs on America’s partners. The European Union retaliated with a spate of tariffs that included a 25 percent charge on American whiskey — aiming to deliver a blow to Senator Mitch McConnell, Republican of Kentucky and the then majority leader. A series of tit-for-tat tariffs followed, hitting spirits…
OpenAI’s board of directors on Friday rejected a $97.4 billion bid by Elon Musk and a consortium of investors to gain control of the artificial intelligence company, deepening a feud between Mr. Musk and OpenAI’s chief executive, Sam Altman.In a statement, Bret Taylor, the chairman of the OpenAI board, said, “OpenAI is not for sale, and the board has unanimously rejected Mr. Musk’s latest attempt to disrupt his competition.” OpenAI also sent a letter to Mr. Musk’s lawyer, Marc Toberoff, saying that the bid was “not in the best interests of OAI’s mission.” Mr. Musk and Mr. Toberoff did not…
The Energy Department began laying off staff as the Trump administration accelerated sweeping cuts across the government, according to three people familiar with the matter.Around 1,000 federal workers, all probationary employees, were told they were losing their jobs on Thursday, according to one of the people.More than 300 of those workers were employed at the National Nuclear Security Administration, which manages the nation’s nuclear weapons fleet, and about 50 were at the department’s loan programs office, which helps bring new energy technologies to market, said two of the people. All three spoke on condition of anonymity because they were not…
President Trump on Thursday ordered his advisers to determine new tariff rates on America’s trading partners, a move that he said would “correct longstanding imbalances in international trade.”As part of his plan, Mr. Trump has taken aim at the value-added tax, a system used widely in Europe and elsewhere to tax the consumption of goods and services. The president and his team describe the tax as giving other countries an unfair trade advantage over the United States.Here’s what to know.What is a value-added tax?It’s a consumption tax that adds tax on a good or service at each stage of production.…
President Trump’s promise to hit the United States’ trading partners with tit-for-tat tariffs — including penalties for taxes that he claims the European Union unfairly imposes on American imports — could hardly come at a worse time for the continent.Mr. Trump on Thursday signed a memo directing his teams to prepare by April “reciprocal” tariffs on foreign countries, essentially imposing the same level of tax on imports that those countries place on American goods. The move threatens to upset a system of global trade established at the end of World War II.The announcement comes as Europe’s economies, including the bloc’s…
Economic jargon is usually confined to textbooks and business school seminars. But every once in a while, something happens in the world that drives the lingo out of obscurity and into popular discussions.One such emergence happened late last month when, following a weekend of alarm over the viability of A.I. investments, Microsoft’s chief executive, Satya Nadella, told followers in a post on X: “Jevons paradox strikes again! As A.I. gets more efficient and accessible, we will see its use skyrocket, turning it into a commodity we just can’t get enough of.”How it’s pronounced/je-vənz per-ə-däks/The Jevons Paradox is named after the…
This article is part of Overlooked, a series of obituaries about remarkable people whose deaths, beginning in 1851, went unreported in The Times.In 1949, as the chef Lena Richard stirred steaming pots of okra gumbo and shrimp bisque on live TV in New Orleans, viewers across the city — mostly white housewives and the few Black women who could afford a television set — scribbled down ingredients and instructions, eager to bring her Creole flavors into their own homes.After the studio lights cooled on the set of her show, “Lena Richard’s New Orleans Cook Book,” on WDSU-TV, cameramen pushed past…