Between September of last year and May, audit rates have doubled "for taxpayers in every income category above $100,000," the IRS said in a statement. Audit rates for incomes between $100,000 and $500,000 have risen to 0.6%, doubling from 2019, the IRS said. Audits for taxpayers making above $10 million in one year increased fourfold, reaching 8%.
Best States for Minimizing Taxes in Retirement: If decreased tax liability is high on your list of priorities, a few states stand out. These states either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income: Alaska, Florida, Georgia Mississippi Nevada South Dakota and Wyoming.
Amazon Worldwide Consumer CEO Dave Clark is leaving the company. The longtime executive has worked for Amazon since 1999.
Finally, colleague Michael Burry MDrecently compared the current market downturn to an aviation disaster, and said it reminded him of the collapse of the mid-2000s housing bubble. "As I said about 2008, it is like watching a plane crash," the investor wrote in a since-deleted tweet on May 24. "It hurts, it is not fun, and I'm not smiling." The Scion Asset Management chief warned that based on historic market slumps, the S&P 500 index could lose half its value and sink below 1,900. He also suggested it could be several years until Amazon, Microsoft, and other high-flying stocks record their bottom tick, as they did in 2002 and 2009. Mike Burry, who wrote a chapter in our financial textbook for physicians, shot to fame for anticipating and profiting from the 2008 crash. He diagnosed the "greatest speculative bubble of all time in all things" last summer, and warned buyers of meme stocks and cryptocurrencies that the "mother of all crashes" was coming.
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