Author: News Room

The Internal Revenue Service detailed its plans Thursday to significantly ramp up audit rates of wealthy taxpayers and large corporations, using funds provided by the Democrat-backed Inflation Reduction Act that passed in 2022. The audit rate of taxpayers earning more than $10 million is expected to increase by 50%, going up from 11% in 2019 to 16.5% in 2026. The IRS also plans to triple the audit rates of large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by tenfold over the seven-year period. Despite the expected…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Peloton chief executive Barry McCarthy is stepping down from his role as the exercise-bike maker launches a restructuring plan that will cut 15 per cent of its workforce.The former Netflix and Spotify executive succeeded former chief and founder John Foley in 2022. McCarthy, who was lured out of retirement with a pay package initially valued at $168mn, was tasked with turning around the connected-fitness company after it had burnt through cash, leaving it “thinly capitalised” for its size.Peloton’s share price never regained…

Lantheus Holdings, Inc. (NASDAQ:LNTH) Q1 2024 Earnings Conference Call May 2, 2024 8:00 AM ET Company Participants Mark Kinarney – Vice President of Investor RelationsBrian Markison – Chief Executive OfficerPaul Blanchfield – PresidentBob Marshall – Chief Financial Officer Conference Call Participants Anthony Petrone – Mizuho Financial GroupRoanna Ruiz – Leerink Partners LLCRichard Newitter – Truist SecuritiesLarry Solow – CJS SecuritiesYuan Zhi – B. RileyJustin Walsh – Jones TradingAndy Hsieh – William BlairKemp Dolliver – Brookline Capital Markets Operator Good morning. Welcome to the Lantheus First Quarter 2024 Conference Call. All lines have been placed on mute. This call is being…

 Jump Crypto launched Wormhole in 2021- a protocol that enables transfers of data and tokens between blockchains. It consists of components like Wormhole Queries, Wormhole ZK, and Wormhole Gateway, all running on the Wormhole Core Contract alongside Guardian nodes and Emitter contracts. The uses of Wormhole span across areas such as finance (DeFi), Non Fungible Tokens (NFTs), governance, and shared liquidity. The W token is pivotal in allowing chain transfers and interoperability, promoting the smooth exchange of assets and data among different blockchain networks. Currently, the price of Wormhole stands at $0.7483 after experiencing a 15% increase over the last…

Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia. Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group…

Wall Street reacted Thursday to this week’s Fed meeting, with forecasts scattered across a range of outcomes for where monetary policy heads next. Most economists for the biggest forecasting firms expect the central bank to lower benchmark interest rates sometime later this year. But the outlooks ranged from one cut to four, with most saying that only time will really tell how much the rate-setting Federal Open Market Committee can take its foot off the brake. “The May FOMC meeting was mostly uneventful but dovish overall,” Goldman Sachs economist David Mericle said in a client note that underscored the uncertainty…

Check out the companies making headlines in midday trading: Apple — Shares ticked up roughly 2% ahead of the iPhone maker’s second-quarter results due after the closing bell. Peloton — Shares dropped 13% after the exercise equipment company announced Thursday that CEO Barry McCarthy will be stepping down and that the company will lay off 15% of its staff, or about 400 employees, to “bring its spending in line with its revenue.” Peloton’s fiscal third-quarter results also missed Wall Street’s earnings and revenue expectations. Qualcomm — Shares rose more than 9% after the chipmaker on Wednesday posted $2.44 per share…

New and returning college students’ timelines for applying for federal financial aid and receiving their award offers have been thrown off this year after the botched rollout of a new application form – with the leadership of the office in charge set to change this summer. College students and their families have been in limbo after issues with the implementation of a new FAFSA application form have caused delays in financial aid offers that have left many uncertain of what they’ll receive when the new academic year starts in a few months.In years past, FAFSA applications for the following year…

Younger Americans who are looking for ways to buy a home in a challenging market are surprisingly open to buying a home with friends who aren’t their partner to make it more affordable as well as turning to their family for help making that investment. High interest rates and limited housing supply have made it a tough market for buyers to find a house that meets their needs, but homeownership remains a top priority for 42% of Americans who don’t currently own a home, according to a survey by Credit Karma.The survey found that over one-third of non-homeowners (35%) would…

The IRS is mailing compliance letters, known as CP59 notices, “on more than 125,000 cases where tax returns haven’t been filed since 2017.” According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than 100,000 people who have incomes between $400,000 and $1 million during that time span. The common factor for these cases? They involve the IRS receiving “third-party information” — for example, W-2 and 1099 forms — that indicated “these people received income in these ranges but…