Report shows which scams had the biggest impact in 2023 COLUMBUS, Ohio (WCMH) – On the heels of National Consumer Protection Week, the Better Business Bureau of Central Ohio released its Scam Tracker Risk Report, which highlighted how scams are carried out, who is targeted by them and which ones have the biggest impact each year. “We know that scams are a major problem, scammers are very smart, and really, education is the best way to protect ourselves and avoid falling victim to scams,” said Judy Dollison, President of the BBB of Central Ohio.
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Tax season has begun and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that's often left to the last minute.
Lincoln asked, "What seems to be the trouble?"
Young adults are giving up "living large" for "loud budgeting."
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Cicadas |
The cicadas are coming — and if you're in the Midwest or the Southeast, they will be more plentiful than ever. Or at least since the Louisiana Purchase.
This spring, for the first time since 1803, two cicada groups known as Brood XIX, or the Great Southern Brood, and Brood XIII, or the Northern Illinois Brood, are set to appear at the same time, in what is known as a dual emergence.
The last time the Northern Illinois Brood's 17-year cycle aligned with the Great Southern Brood's 13-year period, Thomas Jefferson was president. After this spring, it'll be another 221 years before the broods, which are geographically adjacent, appear together again.
"Nobody alive today will see it happen again," said Floyd Shockley, an entomologist and collections manager at the Smithsonian National Museum of Natural History.
"That's really rather humbling."
These insects will begin to appear in late April. They'll use their forelegs to tunnel out from the earth, their beady red eyes looking for a spot where they can peacefully finish maturing. A few days after they emerge and molt, the males will start buzzing in an effort to find a mate, a slow-building crescendo of noise that in a chorus can be louder than a plane.
Shockley said the dual emergence would most likely result in more than 1 trillion cicadas appearing in the roughly 16-state area where the two broods are generally seen. Forested areas, including urban green spaces, will have higher numbers than will agricultural regions. To put that into perspective, 1 trillion cicadas, each of which are just over an inch long, would cover 15,782,828 miles if they were laid end to end. "That cicada train would reach to the moon and back 33 times," he said.
One of the more exciting aspects of this dual emergence, Shockley said, lies in the possibility of interbreeding along the narrow band in northern Illinois where the two broods will overlap.
In most cases, Shockley said, the cicadas, which live about a month, will die not far from where they emerged. But since they're not great at flying and even worse at landing, cicadas often end up on sidewalks and city streets, where they can be squished by people or cars and "could conceivably make things slick."
" But rather than throwing in the trash or cleaning up with street sweepers, people should consider them basically free fertilizer for the plants in their gardens and natural areas," he said A ll told, these areas will be buzzing for about six weeks as the insects fly around looking to mate and deposit their eggs into slits they cut into tree branches.
Then they'll die, bringing with them a smell described by Shockley as similar to rotting nuts, as their bodies decay.
The insects are clumsy flyers, making them easy prey for predators like birds. They don't bite, sting or carry any diseases, and they serve as natural gardeners.
The holes they leave behind help aerate the soil and allow for rainwater to get underground and nourish tree roots in hot summer months. The slits they make in trees can cause some branches to break, and the leaves then turn brown in a process known as "flagging." But it's like a natural pruning, and when the tree grows the branch again, the fruit will be larger. The cicadas' rotting bodies provide nutrients that trees need.
John Cooley, a biology professor at the University of Connecticut, said his best advice for people living in the regions of the dual emergence is to let the bugs be.
"The forest is where they live," he said. "They are a part of the forest. Don't try to kill them.
Don't try to spray insecticide, all that kind of thing. That's just going to end badly because there are more than you could possibly kill with insecticide; you'd end up killing everything."
While the prospect of the 1 trillion cicadas might sound horrifying, Shockley emphasized the awe of this rare natural event.
"Don't be scared of it. Embrace it for the wondrous event that it is and embrace the fact that it's very temporary," he said.
Floods, fires, historic storms — severe weather events are on the rise. If your home was hit by high water or a wildfire, would your important papers be safe?
"Unfortunately, I've had clients who've been victims of fires, flooding, hurricanes," said Sev Tamayo, an agent with Goosehead Insurance in Florida. "Some of them were prepared and some of them weren't."
Don't be unprepared. Here's what you need to do to protect your important documents.
The most important items to keep in a safe place are things that are difficult to replicate, which includes documents that prove identity, legal process or ownership.
If you would have to call a government agency to process a replacement, you probably want to store it somewhere where it can stay damage free.
You should also consider what you would need to access if a disaster strikes.
Here are some items to consider, according to the Federal Emergency Management Agency:
* Birth, adoption, death, marriage and divorce certificates.
* Passports, green cards and Social Security cards.
* Property documents pertaining to your home or rental properties, mortgage or lease, and vehicles.
* Pet ownership paperwork.
* Paper stock and bond certificates.
* Military discharge papers.
*Health records, health insurance information and disabilities documentation.
* Estate planning documents (powers of attorney, wills, advance directives and trust agreements).
*Property insurance documents, including policy numbers and declarations pages.
* Tax records.
*Financial statements (loans, credit cards, banks, retirement accounts and investment accounts), as well as income records (pay stubs and government benefits).
* Copies of driver's licenses and other IDs, health insurance cards and credit cards.
* Family photos or heirlooms.
"It's also a good idea to keep scans of your critical documents, as well as backups of all your computer files on a storage device at a separate location, or in the cloud," said Pete Duncanson of Service- Master Restore, a restoration service company.
In some cases, a copy of a document will suffice in an emergency. This doesn't mean you shouldn't keep the original — but if you lose the original, you may be able to get by with your digital copy.
If you need to file an insurance claim, your insurer will need proof of what you owned.
Keeping a record of your things is tedious — but you probably have a smartphone with a camera.
"Start from the front door, turn on the video camera, take a quick two-minute walk around your house," Tamayo said. "Save it on the cloud."
Do this once a year. Let your insurance renewal be your cue, or set a calendar reminder — and refresh it when you've made a major purchase or renovation.
Store important documents in a container that makes the most sense for your particular risks with an eye toward preparing for the unexpected.
Here are some options:
* Fireproof safe: You can get a fireproof safe box for under $50, but keep in mind that they come in a variety of sizes and temperature ratings. Some are waterproof.
* Safe-deposit box: A safe-deposit box at a bank can weather a lot of events. But don't put anything there that you might need in a hurry — such as a passport for a last-minute trip.
* Plastic bin: At the very least, you can put important documents in a watertight plastic bin on a high shelf.
* Fridge or freezer: Putting your documents in a plastic zip-close bag in your refrigerator or freezer can also protect them, although it's not a long-term solution.
SEOUL, SOUTH KOREA - The Chinese corporate giant BYD said Monday that it sold 3 million battery-powered cars in 2023, its most ever, capping a turbulent year for China's electric vehicle industry.
Even as sales surged, heavy competition and a sustained price war took a financial toll on many automakers.
But BYD last year sold 1.6 million fully electric vehicles and another 1.4 million hybrids, which are powered by both batteries and gasoline.
Together that is a 62% increase over 2022. BYD is also making money, tripling its profit to $1.5 billion in the first half of last year.
All told, Chinese automakers are expected to have sold about 9.4 million electric vehicles and hybrids last year, an increase from 6.9 million in 2022, according to the China Association of Automobile Manufacturers. The group said it expected sales in 2024 to rise again, to 11.5 million.
Already the world's largest automobile market, China is now also its fastest growing, racing ahead in the electric vehicle transition that is upending the global industry.
China rules the supply chain for battery-powered cars — from the mining and processing of cobalt and other minerals used in batteries, to the deployment of robots in factories that make cars and trucks. China's electric vehicle companies and their suppliers employ some 1.5 million people.
A big reason for China's early lead in electric vehicles was the government's heavy financial support for the industry's development. After financial incentives for consumers expired at the end of 2022, automakers slashed car prices to lure buyers. Many companies including BYD introduced another round of cuts last fall, intensifying the price war.
Last year's price-cutting was started by Tesla, the American automaker that has a factory in Shanghai. In January 2023 it lowered prices in China for the second time in three months, and others followed.
Tesla is expected this week to report a big jump in its worldwide sales after slashing prices at the end of last year, and as customers took advantage of U.S. tax breaks.
Founded in 2003, Tesla is on a path to sell about 1.8 million battery-powered vehicles for the year, up from 1.3 million in 2022. It makes about half of all electric vehicles sold in the United States.
As Tesla and BYD compete for the spot as the world's most prolific maker of fully electric vehicles, both companies face increasing competition from legacy automakers that are spending billions of dollars to catch up.
"I think an industry shakeout is an inevitable trend," said Cui Dongshu, the secretarygeneral of the China Passenger Car Association, which represents the country's domestic industry. "But it's still uncertain who will seize the future leading position in the long term."
During the past year, Tesla has lost market share to rivals such as General Motors, Hyundai, Ford Motor Co. and Volkswagen as they introduced more electric vehicles.
BYD sells most of its cars in China but is expanding globally, particularly in Europe.
It announced in December that it would build an assembly plant in Hungary, its first production facility for battery powered cars in Europe. In Germany, the seat of European auto making, it introduced three models of electric cars at the start of 2023. BYD has opened dealerships in Germany, Norway and Sweden.
As global competition for electric vehicles has gotten more intense, the political ramifications have been heightened. U.S. policymakers have made it harder for foreign companies to become partners with American companies.
And in Europe, lawmakers are investigating China's state subsidies, a step that could lead to tariffs imposed by the European Union.
Yet Europe's auto industry can't ignore China as a customer and business partner.
BMW, which has more than 30,000 employees in China, announced last spring that it would invest about $1.4 billion in battery assembly capacity at its factory in Shenyang in China's northeast.
Volkswagen, which counts China as its largest sales market, is moving more of its supply chain and manufacturing to China.
Getting a letter from the IRS saying you're past due on a tax debt can be frightening. That fear often drives people to tax settlement companies that offer hope of significant debt reduction.
IRS Commissioner Danny Werfel says don't believe the hype. That's especially good advice now, given a recent action by the agency.
In 2022, short-staffed and struggling to dig out of an enormous pandemic-related backlog, the IRS temporarily suspended the mailing of automated reminders to taxpayers about overdue tax bills for 2020 and 2021. The invoices would have normally gone out after an initial balance-due notice was issued.
With many pandemic problems behind it and staffing up, thanks to the Inflation Reduction Act's boost to the agency's budget, the IRS announced it will resume mailing collection notices for the 2021 and 2022 tax years in January.
The notices may shock folks who haven't received an IRS bill for over a year, Werfel said during a press call.
For individual taxpayers, the median amount owed is $6,751, according to the agency.
"Given that penalties and interest continued to accrue under law, the bill amounts for those who weren't paying will be larger than the last time they received a letter from the IRS," Werfel said. "For these affected taxpayers, we know this is a tough situation."
So, showing a softer side, the IRS has decided to waive the failure-to-pay penalties for about 4.7 million individuals, businesses, trusts and taxexempt organizations that didn't get automated reminders of their debts.
It's a $1 billion savings, or about $206 per return.
"Many people receiving this relief are average, hardworking taxpayers," Werfel said. But he also issued a caution.
"People with unpaid tax bills also need to be wary about aggressive marketing by some places that overinflate promises of wiping out IRS debt," Werfel said.
There are unscrupulous tax debt settlement companies and scammers who will no doubt try to take advantage of this relief. They may use it as a hook to con you or get you to sign up for an expensive service you don't need.
"We have seen patterns of behavior in the past where marketers and promoters exploit an opportunity like this," Werfel said.
Debtors, out of fear or desperation, often are drawn to the commercials promising too-good-to-be-true deliverance.
The companies claim they have a team of experts who can help you escape most of your tax obligations, including penalties.
What people may not know is that the pennies-on-the-dollar promise often involves what's called an "Offer in Compromise," or OIC.
Although this is a legitimate program offered by the IRS, it's intended to help people experiencing economic hardship that would make it unlikely the agency could collect all that the government is due.
Beware of what the IRS calls Offer in Compromise "mills."
The tax debt relief companies may not adequately disclose that getting an OIC accepted is tough. To qualify, the IRS will look at your income, your expenses, your ability to pay and, most importantly, whether you have any assets — including equity in your home.
"Some people simply don't qualify for these deals," Werfel said.
In fiscal 2022, taxpayers proposed 36,022 Offers in Compromise to settle existing tax liabilities for less than the full amount owed. The IRS accepted 13,165, just 36%.
You can apply for an OIC yourself.
At irs.gov, search for the "Offer in Compromise Qualifier" tool to see if you're eligible. If the results indicate you aren't, you should still contact the IRS. You can still make a case that you have extenuating circumstances — such as a serious illness — that prevent you from paying your taxes in full.
In the worst cases, the tax debt relief company is a complete con and will take your money and do nothing.
Or, the firm will require thousands of dollars for work you can do yourself, money that could be put toward your tax bill.
Iintervened in time to prevent a young business owner, who owed the IRS about $80,000, from having to pay $8,000 over three years to a tax settlement company. By the way, that amount included a 20.99% finance charge. Thankfully, he was within the threeday cancellation window.
I encouraged the person to deal directly with the IRS. On his own, he was able to get an affordable payment plan for his tax debt.
Heed Werfel's warning:
Your first contact should be the IRS — not the number you hear on a television or radio ad promising tax relief.
If you receive a collection notice for tax years 2020 and/ or 2021, here's what you need to know:
Who is eligible
Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that filed the IRS Form 1040, 1120 or 1041 and the 990-T income tax returns for the 2020 and 2021 tax years.
You had to be in the IRS collection notice process or be issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023.
The penalty relief applies only to eligible taxpayers owing less than $100,000 per tax year.
Penalty relief is automatic
You don't need to take any action to get the penalty waiver.
Eligible taxpayers who have already paid what they owed will also benefit. If you paid a failure-to-pay penalty related to your 2020 and 2021 tax years, the IRS will issue a credit or refund.
Look for payment reminder
The IRS will be issuing a special reminder letter to many of the eligible taxpayers starting this next month. (Feb)
The letter will lay out your tax liability and include ways to pay what you owe.
Don't ignore the letter.
Review the information you receive.
Everyone who's dealt with an older parent about their cupboard hits this point: You find something expired.
Mom says it's fine.
You point out that these cloves expired the day before the first moon landing.
Mom says that if you throw it out, next week she'll be cooking something that calls for cloves. Maybe, Mom, but the recipe probably won't call for Nixon-era cloves.
These are fossils now. There are bay leaves back here that need carbon dating to find out their age. There's turmeric whose label says it was packed in ancient Sumer.
You can avoid the conversation if you use your new you January self-improvement energy to cast out the expired elements in your pantry with swift and pitiless determination.
I do this every January. I find canned soup I bought last winter, thinking it'll be cold, someone will have a cold, or it'll be cold and we have colds, and everyone will thank me for having enough chicken soup to fill a bathtub. In fact, let's fill the bathtub with chicken soup. Topical Broth Therapy.
But dang our robust immune systems: never happens.
So the soup is expired.
It's probably still good, but do you want to risk noodle poisoning, or spend a night gripping the commode because the celery had turned?
It's not like you weren't warned. The date said "Best before 01 06 24," and what did you do, you said, "Well, it's 12:05 a.m. on Jan. 7, so technically it's out of date, but it's not like the chicken in the can is hooked up to the national atomic clock and goes rotten after midnight."
Of course, "best" doesn't mean "nonlethal." It means that after the best-by date, it's just not trying very hard.
In the pantry I found a bag of croutons that had an expiration date of 12/22/22. No doubt they'd gone stale.
But how could you tell? Croutons are born stale. It is their essential nature. You find croutons in a fifth dynasty Egyptian tomb, you can toss them with some greens and they're good.
Which leads me to another question that I hope will nag you for the rest of the day: Why aren't croutons a standalone snack food? You see someone digging through a bag and popping them in their mouth, and your first thought is, "Whoa, hold up there. Space them out with some verdant romaine, pal.
Can't yin without the yang.
What, you going to glug some 1000 Island straight from the bottle and call that a smoothie? There are rules!
There are specific salad component guardrails, long established!"
To which one might say, "First of all, it's low-cal 1000 Island, maybe 400 Island, tops, and second, you won't raise an eyebrow if you see me eating a piece of thick toast. Well, croutons are thick toast. They're like Texas Toast, except the whole is reconfigured to the dimensions of dice, and somehow that's supposed to tie them irrevocably to a salad context? Do you even hear yourself?"
Here's what I worry about: Does adding croutons that expired last year to soup that expires next year somehow average out, meaning you have to have the soup today? There's a 24-hour window.
My daughter suggested that expired croutons lose structural integrity, and don't provide sufficient crunch.
They just crumble. Perhaps if you wait long enough, they will be so weak that they vanish if placed in sunlight, battered by photons into dust.
Well, I tried one of the expired croutons, and it was perfectly fine. It would pair nicely with some soup.
If I hadn't tossed it all out.
james.lileks@startribune.com 612-673-7858
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