NY Forensic Economics

08/28/2024

Rational markets. 🤨 NVDA down 2% today then down another 7% after-hours. I guess the Street was expecting better results. 😂

03/28/2024

This relates to the new onerous beneficial ownership (BOI) filing requirements. I hope it is judicially found to be unconstitutional.
As it is entities created prior to Jan 1, 2024 have a filing deadline of Jan 1, 2025.

On March 1, a federal district judge ruled that the beneficial ownership information reporting requirement is an unconstitutional exercise of Congress’s powers.

04/07/2023

Don’t Get Caught! 4 Red Flags for an IRS Tax Audit
Filing taxes can be overwhelming, especially when you worry about the possibility of an IRS audit. However, with a little knowledge, you can avoid triggering the red flags that initiate an audit. We spoke with tax professionals and have identified four common mistakes that could trigger an audit - including a “dead giveaway.” 1. Discrepancies in your reported income: The first flag IRS agents look for is discrepancies in your reported income. If you earned more than you reported, that will raise an alert. This could be a result of incorrectly calculating deductions or entering incorrect numbers. Make sure you double-check everything before submitting. 2. Claiming excessive deductions: While it’s important to take every deduction for which you’re eligible, claiming excessive deductions may set off alarms. Make sure you have receipts and documentation to back up each deduction. Also, be sure to understand the most common deductions and their limitations. 3. Running a cash-based business: If your business primarily operates in cash, it’s unfortunately more likely to trigger an audit. Keep detailed records and be prepared to explain where all the money went. A good tip is to deposit cash frequently into a bank account and make sure each deposit is recorded. 4. Filing late or not at all: Failing to file taxes on time or skipping the process altogether is a “dead giveaway” that you should be expecting an audit. The IRS receives copies of all W-2 and 1099 forms, so they know what you earned even if you don’t file. Filing late increases the risk of an audit, so it’s best to avoid that. In conclusion, there’s no way to entirely avoid the possibility of an IRS audit. However, avoiding these four red flags can significantly reduce your chances. Keep detailed records, take only reasonable deductions, report all earned income, and file on time- they just may save you a headache or two come tax season.

03/29/2023

I think this is likely: ChatGPT and AI might have a future as your portfolio manager.

A preliminary paper from two academics in South Korea shows that ChatGPT has some promise as a portfolio manager.

02/08/2023

From a few months ago—Medical debt dropped from credit scores: Make sure it’s removed from your report - https://abc7news.com/medical-debt-removal-credit-score-report/12469892

01/24/2023

Amazing Tech with myriad societal implications—Microsoft announces new multibillion-dollar investment in ChatGPT-maker OpenAI

Microsoft announced a new multiyear, multibillion-dollar investment with the artificial intelligence lab OpenAI, according to a release Monday.

01/24/2023

Good News. Savings Accounts for Disabled People Are Opened to More of Them

Only those who became disabled by age 26 have been eligible for ABLE accounts. But Congress raised the age to 46, so more military veterans and others can qualify as of 2026.

01/11/2023

The 8 best states to win the $1.1 billion Mega Millions jackpot

Where you live can be the difference of $120 million in Mega Millions jackpot winnings.

01/06/2023

Interesting—New York City blocks use of the ChatGPT bot in its schools

New York City has banned teachers and students in its schools from using the artificial intelligence bot, saying it will negatively impact education.

01/02/2023

Just Guessing Really!
Boldest bitcoin calls for 2023: Market predicts a 1,400% rally or a 70% plunge

Some market players have stuck their neck out with price calls for what could be another volatile year.

12/26/2022

The EPA’s “social cost of carbon” and the tricky business of putting a dollar value on a human life.

The EPA’s draft "social cost of carbon" analysis opens up a knotty discussion about US lives versus lives abroad.

12/14/2022

2-year Treasury yield rises after Fed raises rates by half a point, indicates more hikes

The Federal Reserve delivered a 50 basis point rate hike and indicated that it will continue raising rates to tame inflation.