The Paris 2024 Olympic Games have kicked off, showcasing the best athletes from around the world. The Olympics are not just about sports, but also offer a chance to appreciate different cultures and destinations. As global society becomes more interconnected, more Americans are considering moving abroad for retirement. Forbes has compiled a list of the top 24 countries and 96 recommended spots based on various factors including affordability, healthcare, and crime rates. Paris, France is one of the recommended places for retirees.
However, not all international destinations are without their issues. Singapore is currently dealing with a major money laundering scandal that involved a $2.2 billion U.S. dollar caper. Cryptocurrency-related activities conducted by organized crime groups are also being underestimated, leading to concerns about cryptocurrency tax compliance. The IRS has recently released final regulations for digital assets and updated its stock compensation auditing guide, providing insights into what IRS agents look for in audits related to equity compensation.
Interest rates can also have a significant impact on taxpayers, with the IRS charging interest for late payments and owing interest if refunds are not paid on time. Different rates apply to individuals and corporations, based on the federal short-term rate. Tax exemptions for Olympic and Paralympic athletes have also been established, with winnings being tax-exempt for most athletes, but subject to tax for those with high incomes.
In the legal realm, a federal judge in Pennsylvania recently declined to issue an injunction blocking the FTC’s ban on noncompete agreements, a ruling that may have far-reaching implications. The Supreme Court has also been dealing with tax cases, such as those involving unrealized sums and life insurance proceeds. Important tax deadlines, events, and updates in the industry have also been highlighted in the newsletter, along with expert insights from Forbes contributors and staff members on their potential Olympic event choices.
