#WEALTH
If You Can Dodge a Wrench, You Can Dodge Taxes
The wealthiest 1% of US households fail to disclose 21% of their income, according to a new study by IRS researchers and economists.
What's going on: Some types of income, like wages, are automatically reported to the IRS. But other income streams can slip by the agency's auditors with "sophisticated" strategies including...
Offshore accounts, which helped the top 1% evade an estimated $15 billion in taxes.
Pass-through businesses, like LLCs and partnerships, that are popular with family firms, investment funds, and real estate businesses. They're perfectly legal, but since their income isn't taxed at the corporate rate, it’s easier to hide, and some politicians want to raise taxes on those companies.
Enforcement also isn't what it used to be. Audit rates have slipped over the last decade as the IRS lost 15,000 staffers. The agency's commissioner, Charles Rettig, asked Congress for more funds, arguing every $1 spent on enforcement returns $5–$7.
Zoom out: Collecting unpaid income taxes from the 1% could bring $175 billion into the Treasury annually, the study concludes.
ALEX HICKEY
#TAXES
Seasons of Tax
Five hundred twenty-five thousand six hundred ways to file your taxes with H&R Block.
Well, maybe not exactly that many; point is, H&R Block lets you file your taxes however you want, no matter your situation.
And that’s why we teamed up with H&R Block this tax season to bring you the knowledge you need to file your taxes easily. Even if you took on a side gig, got a promotion (congrats, btw), or want to expense a Norwegian ergonomic cushion, Block can get you the refund you deserve.
Block’s got many options for you this season, so you can file:
However: We cool millennials can go the DIY route and do everything on a smartphone.
Wherever: File from the couch or head to one of Block’s offices across the country.
Whenever: Block’s open early and late. Make an appointment or just stop in.
See? Taxes don’t have to be tedious. Learn how Block has your back this tax season.
ALEX HICKEY
#MARKETING
Donut Fear, Krispy Kreme Is Here
While Krispy Kreme probably isn't the first company you think of when you read the words "public health," the donut maker is putting its hydrogenated soybean oil to good use with a creative promo: Anyone who shows a vaccine card at a participating Krispy Kreme gets a free glazed donut.
The "best" part? The offer is valid until the end of 2021, so a vaccinated person could theoretically obtain a free glazed donut every day for the next 284 days.
Vaccine promos are everywhere
A brewery in Cleveland is offering 10-cent beers to the first 2,021 people who show proof of vaccination through its "Beer and the Shot" promo.
Uber and Lyft have been providing free and discounted rides to and from vaccine sites.
A luxury hotel in Dubai is offering 25% discounts to fully vaccinated UAE residents.
Bottom line: Brands have struggled to strike the right tone throughout the pandemic. But supporting the vaccine rollout so everyone can return to normal life is like saying you love fluffy corgis—not particularly controversial.
TOBY HOWELL