What we’re reading (5/14)
“The IRS Is Coming For Crypto Investors Who Haven’t Paid Their Taxes” (Wall Street Journal). “Cryptocurrencies are exploding—and so is the Internal Revenue Service’s pursuit of Americans who aren’t paying taxes on them. With Tax Day approaching, it’s a good time to clean up your act if you’ve been lax about taxes on crypto. Not doing so could compound future tax problems, especially if you have traded a lot or have more than a small stake.”
“Goldman Sachs Executive Quit After Making A Killing On Dogecoin: Report” (New York Post). “A Goldman Sachs managing director reportedly raked in millions of dollars from cryptocurrency dogecoin — and then quit the Wall Street titan. The London-based executive, Aziz McMahon, was with the bank for more than 14 years, his LinkedIn profile shows, according to eFinancialCareers. McMahon might be starting a hedge fund, according to the site, which cited sources at Goldman.”
“What Disney, Airbnb And DoorDash Results Reveal About The Post-Pandemic Economy” (CNN Business). “Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money. The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past? Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.”
“Are You Invested in America’s ‘Two-Hour Boom’?” (RiskHedge). “The lobby of 7 W. 34th Street looks like every other swanky downtown Manhattan office. But walk past the glowing white marble floors, take the elevator to the fifth floor, and you’re in an Amazon warehouse. These warehouses are how Amazon can now deliver nearly anything you can think of in two hours or less…[r]emember, Amazon became a big deal by pioneering two-day delivery. Now that’s standard. Today, over half of online sellers offer same-day delivery.”
“JPMorgan Chase, Wells Fargo, And U.S. Bank To Share Customer Deposit Records For Credit Card Approvals” (Business Insider). “Underwriting will involve reviewing account balances over time and overdrafts. JPMorgan is slated to grant the first approvals under the pilot program as early as this fall. The program will be geared toward applicants without credit scores—an estimated market of 53 million, according to FICO credit score provider Fair Isaac.”
