Insurable Interest Canadian Insurance Blog

Wells Fargo customers turned to social media Thursday to report that recent deposits are missing from their accounts at the bank. Downdetector, an online platform where consumers can report troubles with mobile apps, websites and internet providers, indicated 81 reports about Wells Fargo around 1:40 p.m. Eastern time, versus a baseline of four. In comments beneath Downdetector’s chart, people said checks they had deposited at Wells Fargo on Wednesday, in a branch and through a mobile app, had disappeared by this morning. One commenter noted he had bills to pay, many on autopay. Another indicated they’d called customer service and the bank was having a technical issue. Customers also complained about their Wells Fargo accounts and missing deposits on X, the social media site formerly known as Twitter. One posted shortly before 1 p.m. EDT that Wells Fargo was aware of the problem and didn’t know when it would be fixed, and noted she doesn’t “have enough cushion for them to lose a $2K deposit when rent is due.” The bank’s customer care account on X replied: “Sorry for the inconvenience, our technical teams are aware and working to resolve the issue. Please DM us your full name, phone number,...

Taxpayers, of course, “will always have the choice to submit documents by paper,” Yellen said. By the 2025 filing season, the IRS “is committing to digitally process 100% of tax and information returns that are submitted by paper — as well as half of all paper correspondence, non-tax forms, and notice responses,” Yellen continued, as well as “digitalize historical documents that are currently in storage at the IRS.” The agency, according to Yellen, “receives about 200 million paper documents a year — many of which still undergo manual processing. It also has decades of historical documents that together cost around $40 million a year to store.” The paperless processing initiative will also unlock “other customer service improvements,” Yellen stated, allowing “taxpayers to see their documents, securely access their data, and save time and money.” Other parts of the IRS will be able to “rely on these digital copies to provide faster refunds, reduce errors in tax processing, and deliver a more seamless and responsive customer service experience. And much more,” Yellen continued. She urged Congress to provide stable and sufficient annual appropriations for the IRS in order to sustain and build on this progress. By the 2024 tax filing season, the IRS...

What You Need to Know The Corporate Transparency Act is supposed to take effect in 2024. It will require foreign national investors to report on their U.S. holdings. It could lead to big penalties for some and send others shopping for life insurance. The federal Corporate Transparency Act could soon snap cash out of the vaults of wealthy, poorly advised foreign nationals with large investments in the United States. Starting Jan. 1, 2024, the CTA will require U.S. companies to send reports about their real owners, or “underlying beneficial owners,” to the Internal Revenue Service. Companies that fail to file the reports will face fines of up to $500 per day. Caroline Brooks, head of advanced markets at John Hancock, predicted in an email interview earlier this week that the CTA will help the IRS detect criminal money laundering, efforts to support terrorism — and ordinary efforts to avoid paying U.S. estate taxes. “Today, there is massive underreporting of foreign estate tax due,” Brooks said. “In the past, the IRS had limited ability to determine what U.S. property was owned by foreign nationals or even to know when an underlying owner passed away.” What It Means Brooks, who has a...