Democrats raise proposed IRS bank reporting threshold to $10,000 from $600

WASHINGTON (Reuters) -Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive. U.S. Senate Finance Committee Chairman Ron Wyden on Tuesday said the new $10,000 Internal Revenue Service reporting threshold, to be included in Democrats' sweeping "reconciliation" social spending and tax hike legislation, was chosen after consultations with the U.S. Treasury because it is a level frequently used in other bank reporting requirements.

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  Democrats pitch scaled-down U.S. bank tax reporting requirement

  Reuters
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  Democrats Scale Back Their IRS Bank Reporting Plan

  The Fiscal Times

Warren Buffett is holding these stocks for monstrous free cash flow — why you should too

These companies produce the only thing that matters.

VMware sets Oct. 29 as record date for special dividend

VMware Inc. set Oct. 29 as the record date for the company's $11.5 billion special dividend that will be payable to shareholders in conjunction with the company's planned spinoff from Dell Technologies Inc. . The payment date for the special dividend will be Nov. 1, according to the company's release. As of now, VMware estimates that 39.49% of the special dividend will be treated as taxable, while the remaining 60.51% will be "first treated as a return on capital to stockholders to the extent of

I failed at retirement. How to avoid my mistakes.

OUTSIDE THE BOX It’s embarrassing to admit in a public forum that I failed at retirement. But I’m doing so — because I think people can learn from me, and thereby avoid making the same mistakes. I spent my entire 38-year career in the banking industry.