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Panama Papers Verdict, New Crypto Tax Rules and Housing Market Reversal
Anna Eisenberg
June 30, 2024
Anna's Daybreak News
Monday, 5:14 AM
July 1, 2024
Good morning news friend! Keep yourself updated with the latest developments, staying attuned to the rapid changes in today's news. 📰🌟
The Panama Papers Verdict
On Friday, a Panamanian judge acquitted all 28 people accused of money laundering in the Panama Papers case. The Panama Papers leak in 2016 exposed secret financial dealings of world leaders, celebrities, and politicians.
The trial included 11 million documents, 85 hours of testimony and over 50 pieces of evidence but concluded with acquittals due to procedural issues.
Judge Baloisa Marquínez also ruled on Operation Car Wash, a related Brazilian corruption case. She found no illicit funds entering Panama from Brazil.
This verdict has left mixed emotions among those affected. While the accused celebrated, the public continues to call for accountability and reforms.
Source: Read More
On Friday, a Panamanian judge acquitted all 28 people accused of money laundering in the Panama Papers case. The Panama Papers leak in 2016 exposed secret financial dealings of world leaders, celebrities, and politicians.
The trial included 11 million documents, 85 hours of testimony and over 50 pieces of evidence but concluded with acquittals due to procedural issues.
Judge Baloisa Marquínez also ruled on Operation Car Wash, a related Brazilian corruption case. She found no illicit funds entering Panama from Brazil.
This verdict has left mixed emotions among those affected. While the accused celebrated, the public continues to call for accountability and reforms.
Source: Read More
New Crypto Tax Rules Ready
Starting in 2026, crypto brokers must report users’ sales and exchanges to the IRS. This aims to boost revenues by $28 billion over a decade.
The new rules introduce Form 1099-DA for reporting, simplifying tax calculations for crypto users. Brokers must send these forms to both the IRS and users.
Exceptions include decentralized exchanges (DeFi), which won’t have to report under these rules – for now.
The requirement starts for 2025 transactions. Real estate transactions involving crypto must be reported from January 2026. A $10,000 threshold applies to stablecoin transactions. NFTs earning over $600 must be reported.
Source: Read More
Starting in 2026, crypto brokers must report users’ sales and exchanges to the IRS. This aims to boost revenues by $28 billion over a decade.
The new rules introduce Form 1099-DA for reporting, simplifying tax calculations for crypto users. Brokers must send these forms to both the IRS and users.
Exceptions include decentralized exchanges (DeFi), which won’t have to report under these rules – for now.
The requirement starts for 2025 transactions. Real estate transactions involving crypto must be reported from January 2026. A $10,000 threshold applies to stablecoin transactions. NFTs earning over $600 must be reported.
Source: Read More
Do you think the US will be able to avoid a recession? |
Housing Market Reversal
For decades, new homes were more expensive than existing ones. However, this trend has changed now.
In May, the median price of new homes dropped by 0.9% to $417,400. Meanwhile, existing homes saw a price hike of 5.8%, reaching $419,300.
This change is largely due to the tight supply of existing homes. Homeowners with low mortgage rates are not selling, which keeps demand high and prices rising.
Additionally, the once common $200,000 starter home is vanishing. Less than a quarter of all sales in 2023 were for homes under $200,000.
Source: Read More
For decades, new homes were more expensive than existing ones. However, this trend has changed now.
In May, the median price of new homes dropped by 0.9% to $417,400. Meanwhile, existing homes saw a price hike of 5.8%, reaching $419,300.
This change is largely due to the tight supply of existing homes. Homeowners with low mortgage rates are not selling, which keeps demand high and prices rising.
Additionally, the once common $200,000 starter home is vanishing. Less than a quarter of all sales in 2023 were for homes under $200,000.
Source: Read More
Rite Aid Averts Total Closure
Rite Aid has avoided total closure. The pharmacy chain received court approval for its restructuring plan.
Key creditors now control the business. Rite Aid has cut $2 billion in debt.The company gained access to $2.5 billion in financing.
A quarter of Rite Aid locations closed during bankruptcy. Judge Michael Kaplan approved the plan.
Source: Read More
Rite Aid has avoided total closure. The pharmacy chain received court approval for its restructuring plan.
Key creditors now control the business. Rite Aid has cut $2 billion in debt.The company gained access to $2.5 billion in financing.
A quarter of Rite Aid locations closed during bankruptcy. Judge Michael Kaplan approved the plan.
Source: Read More
Baked with love,
Anna Eisenberg ❤️
What did you think of today's edition? |