NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Preliminary Analysis of the Distributional Effects of the One Big Beautiful Bill Act

    Source: US Congressional Budget Office

    This letter responds to a request for an analysis of the distributional effects of the 2025 reconciliation bill. CBO and the staff of the Joint Committee on Taxation have recently estimated the budgetary effects of the One Big Beautiful Bill Act, as ordered reported by the House Committee on the Budget on May 18, 2025. CBO allocated the effects on revenues and spending to households. The agency also allocated to households the effects of states’ estimated responses to changes to Medicaid and the Supplemental Nutrition Assistance Program. This is a preliminary analysis and will be updated if practicable.

    MIL OSI USA News –

  • MIL-OSI Australia: Disposing of your business

    Source: New places to play in Gungahlin

    Selling a business

    The sale of a business generally occurs through the disposal of either:

    • the shares or other ownership interests in the entity that conducts the business
    • all of the tangible and intangible assets in the business.

    When preparing to dispose of your business, we encourage you to consider your tax governance for the transaction and the tax consequences.

    For more information, see:

    Record keeping

    Both the vendor and purchaser need to retain documentation evidencing the transactions, including:

    • contracts
    • minutes of meetings recording why the business was to be sold and decisions relating to the transaction by the directors and other key decision makers
    • communications between the vendor and purchaser relating to the negotiations, including any allowance for liabilities
    • details of the assets disposed of under the contract, the apportionment of the purchase price to the various assets and the basis for the apportionment
    • capital gains tax (CGT) calculations, including the
      • allocation of purchase price to depreciating assets
      • basis for this allocation
      • treatment of consideration held in escrow
    • any advice detailing why the particular tax position has been taken
    • settlement documentation
    • asset registers
    • trust resolutions creating income or capital entitlements of beneficiaries.

    Revenue or capital transaction

    Where you dispose of an asset, you need to determine whether it should be treated as a revenue or capital transaction.

    You can find relevant information and views in documentation, such as minutes of meetings, business plans, documented discussions with stakeholders and consultants and financial statements.

    Disposing of a business to a related party

    Where you dispose of the business to a related party, you should get an independent valuation of the business, including the goodwill, assets and contractual rights being disposed of.

    Interest expense

    There may be an impact on the interest expense that can be deducted if the disposal of an ownership interest in a business results in a change to the entity’s debt to equity ratio. You may need to recalculate this at the relevant time.

    Disposing of part of a business

    You may partially dispose of your business by:

    • creating a new class of shareholders or unit holders, or by amending rights for existing share classes
    • disposing of a portion of shares
    • retiring from a partnership
    • admitting a new partner into your partnership.

    As a result of the above changes, you may need to amend key documents such as the company’s constitution, trust deed, or partnership agreement.

    The rights of the existing shareholders or unitholders may also be affected. Where this occurs, the existing shareholders, unitholders and partners should consider any tax consequences, such as capital gains, value shifting and limitations on future deductions or capital losses.

    More complex business disposals

    More complex or non-traditional business disposals often give rise to a range of tax issues and require risk mitigation. Good tax governance will ensure that you identify, assess and manage these issues.

    You should carefully consider and document transactions and the commercial business drivers.

    Some of the more complex business disposals that may require additional tax governance include:

    We encourage you to seek advice from a tax adviser if you are unsure of the tax consequences.

    You may also wish to engage with us for advice directly before entering the transaction. We can help reduce uncertainty by clarifying how the tax law relates to your particular circumstances.

    Earn-out arrangements

    The disposal of a business that includes an earn-out arrangement can take several forms. Good governance practices include:

    • retaining the sale contract and other relevant agreements
    • considering changes in the law examining the terms of the earn-out arrangement and identifying the contingent and non-contingent rights
    • considering if there is a reverse earn-out arrangement
    • estimating the value of the earn-out right and retaining documentation to support the estimate
    • getting tax advice and preparing the capital gains tax calculations for the income year in which the disposal occurred
    • comparing the amounts actually received under the earn-out clauses to the amount estimated.

    Scrip-for-scrip rollovers

    When you have a CGT event that results in a capital gain, a rollover may be applied, for example, a scrip-for-scrip rollover. Generally, this occurs where a seller exchanges a share in a company (or trust interest in a trust) for a share in another company (or trust interest in another trust).

    Effective governance involves retaining key documentation to provide you with certainty. It should be readily accessible if we review the transaction.

    Key documentation to retain may include:

    • minutes of meetings or other documentation recording proposals, deliberations and negotiations prior to entering into the transaction
    • minutes of decisions to proceed with the transaction and executed contract documents
    • evidence of the interests exchanged (such as share certificates or unit registers)
    • details of the CGT profile of interests, such as cost base and any pre-CGT status
    • valuations
    • other workings, papers or advice setting out the conditions and how they have been satisfied.

    Listing on a stock exchange

    Where a business owner is looking to dispose of the shares in a business via listing on a stock exchange through an initial public offering (IPO), back-door listing or reverse take-over, good tax governance practices may include:

    • considering the Australian Securities Exchange (ASX) and Australian Securities and Investments Commission requirements and their tax consequences
    • getting advice on the CGT treatment of any disposal of shares held by the existing shareholders
    • documenting the transactions and tax impacts, including considering whether the CGT discount and a full or partial CGT rollover apply
    • considering how any additional amounts to which the existing shareholders are entitled after the event (such as additional shares or earn-out amounts) will be treated for tax purposes.

    A back-door listing generally involves the disposal of an entity’s shares or assets to a company that is currently listed on the ASX. Interests sold between related parties through back-door listings should be subject to independent market valuations.

    Exit from a consolidated group

    Where a consolidated group disposes of a partial or the full interest in a subsidiary member, resulting in it leaving the group, effective governance practices include:

    • retaining the sale contract and agreements
    • preparing a statement of financial position in accordance with accounting standards as at the date of exit
    • ensuring that the assets and liabilities appearing on the statement of financial position reflect market values
    • undertaking allocable cost amount exit calculations
    • calculating the capital gain or loss resulting from the disposal of the interest in the subsidiary member
    • getting a valuation to determine the subsidiary’s market value where the purchaser is a related party
    • notifying us of any changes to membership.

    For more information, see Consolidation.

    MIL OSI News –

  • MIL-OSI USA: ICE, law enforcement partners, arrest 13 Armenian rival members, associates of organized crime syndicates for alleged attempted murder, kidnapping and tens of millions in theft

    Source: US Immigration and Customs Enforcement

    LOS ANGELES – U.S. Immigration and Customs Enforcement and law enforcement partners in California and Florida, arrested 13 alleged members and associates of Armenian organized crime syndicates May 20. Those arrested are charged in five federal complaints with a series of crimes, including attempted murder, kidnapping, illegal firearm possession and thefts estimated to be in millions of dollars related to online retailer shipments.

    “This transnational criminal organization operated with the structure and brutality of an international cartel, inflicting significant harm on public safety and causing substantial damage to legitimate commerce and supply chains,” said ICE Homeland Security Investigations Los Angeles acting Deputy Special Agent in Charge Dwayne Angebrandt.

    Among the defendants charged are Ara Artuni, 41, of Porter Ranch, California who is charged with attempted murder in aid of racketeering, and a rival, Robert Amiryan, 46, of Hollywood, California who is charged with kidnapping.

    The defendants arrested in California are expected to make their initial appearances this afternoon and tomorrow afternoon in United States District Court in downtown Los Angeles.

    Vahan Harutyunyan, 50, of Hollywood, Florida, made his initial appearance earlier today in Fort Lauderdale, Florida and was ordered detained. Two of the remaining defendants, Levon Arakelyan, 45, of Las Vegas, Nevada and Ivan Bojorquez, 33, of Gardena, California are presently detained in state custody on unrelated matters.

    Law enforcement seized approximately $100,000 in cash, three armored vehicles, and 14 firearms during the operation.

    According to affidavits filed with the criminal complaints, Armenian Organized Crime, a Russian mafia-affiliated transnational criminal organization, has made Los Angeles County a center of U.S. operations. Since 2022, two local leaders within the organization, also known as avtoritet, which in Russian means “authority,” allegedly have engaged in a power struggle for control in their territory, resulting in multiple murder attempts and a kidnapping.

    Artuni, an avtoritet, is charged with ordering the attempted murder of Amiryan during the summer of 2023. In retaliation, Amiryan, also an avtoritet, allegedly conspired with members of his own criminal organization to kidnap and torture one of Artuni’s associates in June 2023.

    In addition to attempted murder, Artuni and his criminal enterprise has, since at least 2021, allegedly committed additional crimes, including bank fraud, wire fraud, and “cargo theft” targeting online retailers such as Amazon.com Inc. Artuni Enterprise members and associates enrolled with Amazon as carriers, contracted for trucking routes, and then, while transporting the goods, diverged from the route and stole all or part of the shipment. To date, the Artuni Enterprise has allegedly stolen goods from Amazon worth more than $83 million, according to estimates provided by Amazon.

    The Artuni Enterprise also ran a “credit card bust-out” scheme in which they charged various credit cards to a sham business, then drained the business account before the credit card companies could collect the to-be disputed funds.

    “Today’s arrests reflect that my office and our law enforcement partners are committed to keeping America safe by dismantling transnational criminal organizations,” said United States Attorney Bill Essayli. “Let today’s enforcement action be a warning to criminals: Our communities are not your playground to engage in violence and thuggery.”

    “Investigators from the Burbank Police Department spent hundreds of hours investigating these heinous violent crimes,” said Burbank Police Chief Rafael Quintero. “The Burbank Police Department is grateful for the assistance from its law enforcement partners and the United States Attorney’s Office for their work in holding these individuals accountable for their actions.”

    “Dismantling transnational criminal organizations is at the core of HSI’s mission,” continued Angebrandt. “Through close collaboration with our law enforcement partners, HSI is holding these perpetrators accountable and disrupting their criminal enterprise at every level.”

    A complaint contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty beyond a reasonable doubt in court.

    If convicted of all charges, the defendants will face statutory maximum sentences ranging from 10 years in federal prison to life imprisonment.

    Homeland Security Investigations; The Los Angeles Police Department Major Crimes Division – Transnational Organized Crime Section; the Burbank Police Department; Northridge and Ventura offices; the United States Department of Health and Human Services Office of Inspector General; IRS Criminal Investigation; and the Bureau of Alcohol, Tobacco, Firearms and Explosives are investigating this matter.

    Assistant United States Attorneys Lyndsi Allsop and Kenneth R. Carbajal of the Violent and Organized Crime Section and Tara B. Vavere of the Asset Forfeiture and Recovery Section are prosecuting this case. The Department of Justice Criminal Division’s Violent Crime and Racketeering Section provided substantial assistance.

    Individuals across the world can report suspicious criminal activity to the ICE Tip Line 24 hours a day, seven days a week at 866-DHS-2-ICE. Highly trained specialists take reports from both the public and law enforcement agencies on more than 400 laws enforced by ICE.

    MIL OSI USA News –

  • MIL-OSI Security: San Jose Executives Plead Guilty To Employment Tax Crimes

    Source: Office of United States Attorneys

    SAN JOSE — Two California men pleaded guilty yesterday to not paying over employment taxes to the IRS.

    The following is according to court documents and statements made in court: Lalo Valdez and Matthew Olson, both of Northern California, operated a San Jose-based health informatics and product development company that provided clinical care and technology services to clients in healthcare and academia. Valdez was the CEO and Olson the CFO. As such, both were responsible for the company’s operations, managed its internal books and records, signed checks on behalf of the company, and hired and fired employees. Both men also were responsible for withholding Social Security, Medicare, and federal income taxes from employees’ wages and paying those funds over to the government each quarter. The timely payment of quarterly employment taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    For every calendar quarter from the first quarter of 2017 through the second quarter of 2021, Valdez and Olson withheld these taxes from employees’ wages but did not pay them over to the IRS or report them on quarterly tax forms. Instead of paying over the taxes, Valdez and Olson used the company’s money to pay for country club memberships and season tickets to the San Jose Sharks of the National Hockey League.

    During this same period, Olson also was one of the owners and operators of a day spa located in Saratoga, Calif.  There, Olson was responsible for collecting and paying Social Security, Medicare, and income taxes to the IRS.  From the second quarter of 2017 through the fourth quarter of 2020, however, Olson collected but did not pay them over to the IRS or report them on quarterly tax forms.

    In total, Olson caused a tax loss to the IRS exceeding $2.1 million.

    Valdez caused a total tax loss to the IRS of nearly $1.5 million.

    Valdez and Olson are scheduled to be sentenced on Oct. 20. Both men face a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting U.S. Attorney Patrick D. Robbins, Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, and IRS Criminal Investigation Special Agent in Charge of the Oakland Field Office Linda Nguyen made the announcement.

    IRS Criminal Investigation is investigating the case.

    Assistant U.S. Attorney Kristina Green and Trial Attorney Mahana Weidler of the Tax Division are prosecuting the case.
     

    MIL Security OSI –

  • MIL-OSI: Purpose Investments Inc. Announces May 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of May 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).

    The ex-distribution date for all Open-End Funds is May 28, 2025. The ex-distribution date for all closed-end funds is May 30, 2025.   

    Open-End Funds Ticker
    Symbol    		 Distribution
    per share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 05/28/2025 06/03/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 05/28/2025 06/03/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 05/28/2025 06/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 05/28/2025 06/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 05/28/2025 06/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 05/28/2025 06/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 05/28/2025 06/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 05/28/2025 06/03/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 05/28/2025 06/03/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1100 05/28/2025 06/03/2025 Monthly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 05/28/2025 06/03/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 05/28/2025 06/03/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 05/28/2025 06/03/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 05/28/2025 06/03/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 05/28/2025 06/03/2025 Monthly
    Purpose International Dividend Fund – ETF Series PID $0.0780 05/28/2025 06/03/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 05/28/2025 06/03/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 05/28/2025 06/03/2025 Monthly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 05/28/2025 06/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 05/28/2025 06/03/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 05/28/2025 06/03/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 05/28/2025 06/03/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 05/28/2025 06/03/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 05/28/2025 06/03/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 05/28/2025 06/03/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 05/28/2025 06/03/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2000 05/28/2025 06/03/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 05/28/2025 06/03/2025 Monthly
    Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series YAVG $0.1500 05/28/2025 06/03/2025 Monthly
    Coinbase (COIN) Yield Shares Purpose ETF – ETF Series YCON $0.3000 05/28/2025 06/03/2025 Monthly
    Costco (COST) Yield Shares Purpose ETF – ETF Series YCST $0.1000 05/28/2025 06/03/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 05/28/2025 06/03/2025 Monthly
    Tech Innovators Yield Shares Purpose ETF – ETF Series YMAG $0.2000 05/28/2025 06/03/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.1600 05/28/2025 06/03/2025 Monthly
    Netflix (NFLX) Yield Shares Purpose ETF – ETF Series YNET $0.1100 05/28/2025 06/03/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 05/28/2025 06/03/2025 Monthly
    Palantir (PLTR) Yield Shares Purpose ETF – ETF Series YPLT $0.2500 05/28/2025 06/03/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 05/28/2025 06/03/2025 Monthly
    UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series YUNH $0.1100 05/28/2025 06/03/2025 Monthly
               
    Closed-End Funds Ticker
    Symbol    		 Distribution
    per share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 05/30/2025 06/13/2025 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $0.0700¹ 05/30/2025 06/13/2025 Monthly


    Estimated May 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The May 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.3528 05/28/2025 06/03/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2370 05/28/2025 06/03/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1068 05/28/2025 06/03/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.3495 05/28/2025 06/03/2025 Monthly

    Purpose expects to issue a press release on or about May 27, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be May 28, 2025.

    (1) Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    (2) Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.


    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI New Zealand: Discharge of Digital Services Tax Bill

    Source: NZ Music Month takes to the streets

    The Government has decided to discharge the Digital Services Tax Bill from the legislative programme, Revenue Minister Simon Watts announced today.

    The Digital Services Tax Bill was introduced in 2023 by the previous Government. It was a response to a perceived lack of progress towards developing an agreement with other countries to address the taxation challenges posed by digitalisation.

    “We have been monitoring international developments and have decided not to progress the Digital Services Tax Bill at this time. A global solution has always been our preferred option, and we have been encouraged by the recent commitment of countries to the OECD work in this area,” Mr Watts says.

    “New Zealand has long supported, and benefited from, collective action and the global rules-based system. By focusing on a global solution, it will enable an agreed, consistent outcome across participating countries.”

    As a result of taking this action, the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cortez Masto Grills Trump’s Nominee for IRS Commissioner about his Involvement in a Fraudulent Tax Scheme

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) grilled Billy Long, President Trump’s nominee to lead the Internal Revenue Service (IRS), about his involvement in a tax fraud scheme in which he encouraged people to claim a fake Tribal tax credit. Long repeatedly failed to provide her with clear answers.
    Long has close ties to Capital Edge and the White River Energy Corporation, which promoted Tribal tax credits that the IRS later confirmed do not exist. Long reported earning $65,000 for his work related to the scheme. Cortez Masto has repeatedly sounded the alarm about Long’s alleged participation in tax fraud. Last month, she called for a criminal investigation into this scheme, and last week, she demanded answers from the White River Energy Corporation. Long suddenly received thousands of dollars campaign donations from individuals employed by these companies shortly after he was nominated to serve as IRS Commissioner, which he used to pay off a personal loan to his campaign.
    Cortez Masto pressed Long on his admission that he was involved in the scam, saying “In response to the question ‘How many Tribal tax credit referrals did you work on for Capital Edge and White River?’ […] you responded, ‘Less than ten close friends and acquaintances to Capital Edge.’ So, you did refer Tribal tax credits to individuals, correct?”
    “I referred them to Capital Edge Strategies, yes,” Long replied.
    “Knowing that they are illegal, and the IRS has said they are illegal, how do you stand here before this committee and tell the Chairman just a few minutes ago that you have no conflict of interest?” Cortez Masto asked.
    Mr. Long did not provide a clear answer.
    “We have asked the IRS to investigate these Tribal tax credits and the scam, and the companies that were involved, and some of the companies allegedly that were involved were [White River Energy Corporation], a company that you received compensation from,” Cortez Masto said. “How can you sit here today and say there’s no conflict knowing now that there is an investigation underway with the IRS and we’re asking them to look at this scam and it may involve a company that you are affiliated with?”
    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. She introduced legislation to protect and support whistleblowers reporting wrongdoing to the Consumer Financial Protection Bureau, and her bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020.

    MIL OSI USA News –

  • MIL-OSI USA: PASSED: Cortez Masto’s Bill to Exempt Tips from Federal Income Tax

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) celebrated the Senate passage of her bipartisan bill to exempt tipped wages from federal income tax. Thanks to the state’s world class service and hospitality industries, Nevada has the highest concentration of tipped workers in the country, and the No Tax on Tips Act will allow these workers to keep more of their hard-earned money. Cortez Masto encourages her colleagues in the House of Representatives to move forward with a clean version of this legislation, instead of attaching it to their harmful billionaire tax plan that cuts Medicaid and raises taxes on the working class.
    “I’m happy to work with anyone on legislation that’s going to improve Nevadans’ lives, and I’m pleased that my bipartisan bill to put more money in the pockets of hardworking Nevadans has passed the Senate,” said Senator Cortez Masto. “Tipped workers are the backbone of Nevada’s economy, and with prices skyrocketing, working families deserve this break. I hope the House of Representatives passes this bill that permanently ends federal taxes on tips, instead of House Republicans’ unserious version that sunsets no taxes on tips in just four years while gutting health care for the very working families they say they are standing with.”
    The bill exempts “cash tips” – cash, credit and debit card charges, and checks – from federal income tax by allowing taxpayers to claim a 100% deduction at filing for tipped wages. The updated text includes guardrails and income limits to ensure only traditionally tipped employees will benefit from No Tax on Tips. The legislation is cosponsored by Ted Cruz (R-Texas), Jacky Rosen (D-Nev.), Steve Daines (R-Mont.), and Pete Ricketts (R-Neb.).
    This bill is just a piece of Senator Cortez Masto’s robust efforts to cut taxes and lower costs for hardworking Nevadans. Senator Cortez Masto helped introduce the Working Families Tax Relief Act to lower taxes for Nevada families by expanding the Child Tax Credit and Earned Income Tax Credit. Additionally, she supports raising the federal minimum wage and eliminating the minimum wage gap for tipped workers nationally. Nevada is one of seven states that already requires employers to pay tipped workers the full minimum wage rather than a sub-minimum wage.

    MIL OSI USA News –

  • MIL-OSI USA: BREAKING: In Senate, Rosen Passes Her Bipartisan Bill to Eliminate Taxes on Tips, Helping Deliver Tax Breaks for Nevada Workers

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    Senator Rosen Asked For And Received Unanimous Consent To Pass Her Bill To Eliminate Federal Income Tax On Tips
    Watch Senator Rosen’s remarks on the Senate floor HERE.
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) took to the Senate floor to ask for unanimous consent to pass her bipartisan No Tax on Tips Act, which would exempt American workers’ tipped wages from federal income tax. Senator Rosen successfully passed the bipartisan legislation after receiving no objections on the Senate floor. The bill now heads to the U.S. House of Representatives to be considered.
    Nevada has the highest concentration of tipped workers in the nation, and the bipartisan No Tax on Tips Act would allow workers to keep their tips without paying federal income tax on them. This legislation also includes guardrails to ensure that it benefits Nevadans who need it most, and not CEOs and wealthy individuals. 
    Below are excerpts from Senator Rosen’s remarks:
    “No tax on tips” was one of President Trump’s key promises to the American people, which he unveiled in my state of Nevada. 
    And, I am not afraid to embrace a good idea, wherever it comes from.
    So I agreed we need to get this done. It’s not a time for politics, it’s a time for progress for hard-working Americans.
    This bipartisan bill is a good idea. It has support from Democrats and Republicans, so we should pass it, well, as soon as possible, without any poison pills.
    The problem is that House Republicans have included a version of the No Tax on Tips Act in their bigger budget bill, a bill that cuts Medicaid, SNAP, and other programs families rely on to give more tax breaks for billionaires and the ultra-wealthy. 
    We shouldn’t be forcing working families to choose between keeping their health care or keeping their tips, which is why we want this bipartisan bill on its own – on its own – not part of a harmful, extreme budget bill.
    If we are serious about providing service employees with financial relief, let’s do it now, let’s do it today!
    The American people, they get sick and tired of Washington games.
    Let’s pass this bill without playing politics or taking away health care and food assistance from families who need it most.
    Let’s pass it by itself.
    And so that’s why I’m calling on the Senate to pass the bipartisan No Tax on Tips Act right here, right now, as a standalone bill.
    We’re going to cut taxes for real hard-working Americans, for Nevadans, for everyone – not just for billionaires. 
    We’re going to cut taxes on service workers’ tips without cutting Medicaid or SNAP. 
    And let’s get this done with strong guardrails so CEOs and the ultra-wealthy don’t exploit loopholes meant to help working people. And let’s pass it today.
    Nevadans sent me here to fight for them – and I’m going to keep working to lower costs, raise wages, and make sure the people who power our economy, our working families, can keep more of what they earn.
    And through this bipartisan bill, it shows that I am not going to allow Washington gridlock and partisanship to block a bill without a fight. That’s why we’re going to pass it today.
    I’m taking matters into my own hands with the support of my colleagues on both sides of the aisle to pass our bipartisan No Tax on Tips Act by unanimous consent.

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Kaine, Colleagues Introduce Legislation to Combat Doge’s Unsafe Retention of Personal Information

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. — Today, U.S. Senators Mark R. Warner (D-VA), a member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Kaine (D-VA), Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), Adam Schiff (D-CA), Ben Ray Luján (D-NM), and Peter Welch (D-VT) introduced the Defending Our Government’s Electronic data: Bolstering Responsible Oversight & Safeguards (DOGE BROS) Act, legislation to hold Elon Musk and the Department of Government Efficiency (DOGE) accountable for their continued efforts to improperly access, and retain, individuals’ personally identifiable information (PII) including names, addresses, phone numbers, email addresses, Social Security numbers, and other financial information.
    “As unvetted and unqualified DOGE employees continue to recklessly access the sensitive personal information of millions of Americans, it’s important that we take steps to better protect this data,” Warner said. “For too long, our privacy laws have sat outdated, barely serving as a deterrent for improper handling or potential release of information. This legislation would enforce that privacy must be a priority when handling the data of the American public.”
    “Elon Musk and his ‘Department of Government Efficiency’ are wreaking havoc across the government and gaining access to Americans’ sensitive information without proper authorization, which poses significant privacy and national security concerns,” Kaine said. “That’s why I’m introducing this bill to increase the penalties for violating privacy laws and help safeguard Americans’ personal information.”
    “Elon Musk and his DOGE cronies have been illegally ransacking federal agencies to gain access to troves of Americans’ sensitive personal data – from Social Security numbers to medical records to bank account information. Strengthening penalties for the theft of this data will help further deter these illegal abuses and keep Americans’ private information safe,” Van Hollen said.
    “The American people do not want Elon Musk knowing their Social Security numbers and sifting through their financial information. Musk and his team of wildly unqualified DOGE employees have gone too far – and we are sick of it. The Senate needs to prove we care more about those we serve than Elon Musk. Let’s immediately pass this legislation to protect the data and privacy of the American people,” Alsobrooks said.
    “From day one, Elon Musk’s DOGE has taken a wrecking ball to the federal government and critical services for the American people, all while carelessly pursuing their sensitive personal data,” Luján said. “Congress must do more to protect that information and keep it out of the wrong hands. That’s why I’m proud to join my colleagues in introducing legislation to strengthen our privacy laws and put Americans’ privacy first.”
    “Elon Musk’s so-called ‘Department of Government Efficiency’ and his DOGE agents are wreaking havoc on the federal government and the programs millions of Americans rely on. There’s no reason DOGE should gain access to Vermonters’ personal information, and I’m working with my colleagues to hold DOGE accountable and protect peoples’ privacy and data,” Welch said. 
    The United States has existing laws that are designed to protect personal information held by the government. However, the penalties established in these various laws have not been properly adjusted or increased to account for inflation, making them far less impactful today. The DOGE BROS Act would increase five penalties for violation of federal privacy laws to better protect the sensitive information that DOGE is accessing in their reckless purge of the federal government. Specifically, the DOGE BROS Act would increase the following existing penalties for the unauthorized release of the following information:
    Individually Identifiable Information Contained Within Any Agency Record 
    Code Section: 5 U.S.C. §552a(i)(i, ii, iii)
    Current Penalty: up to $5,000
    Proposed Penalty: up to $30,000

    Information from Any Department or Agency of the United States Obtained Using a Computer Without Authorization
    Code Section: 18 U.S.C. 1030(a)(2)(B)
    Current Penalty: up to $250,000
    Proposed Penalty: up to $750,000

    Social Security and Medicare Data
    Code Sections: 42 U.S.C. §1306
    Current Penalty: up to $10,000
    Proposed Penalty: up to $25,000

    Tax Return Information
    Code Section: 26 U.S.C. §7213
    Current Penalty: up to $5,000
    Proposed Penalty: up to $25,000

    Census Data
    Code Section: 13 U.S.C. §214
    Current Penalty: up to $5,000
    Proposed Penalty: up to $25,000

    Copy of the bill text is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Grills Trump’s Pick to Lead IRS 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    Welch on Trump using the IRS for political goals: “The president is not restrained by what’s legal or not.” 
    WASHINGTON, D.C.—In a Senate Finance Committee hearing today, U.S. Senator Peter Welch (D-Vt.) grilled President Trump’s nominee to lead the Internal Revenue Service (IRS). Senator Welch asked former Congressman Billy Long about how cuts to IRS staff will affect the ability of the IRS to hold billionaire tax cheats accountable, and how gutting IRS funding and staff will hurt services and help for U.S. taxpayers. Senator Welch also questioned Mr. Long on President Trump’s actions to undercut institutes of higher education. 
    Welch: The Administration, President Trump, has specifically gone after higher education. There have been significant cuts in research funding to Columbia, to Harvard, and to other universities. The president, who will be your boss, has explicitly stated that he wants to eliminate the tax-exempt status for Harvard. What’s your opinion about the recommendation by the president that Harvard loses its tax-exempt status?  
    Long: I’m not over there. I haven’t seen why they would think that. But it’s something I want to get into and figure out once I’m over there. I’ve never been around it, so I don’t know. 
    Welch: One of the concerns here is that if a president is using the IRS as a tool to achieve his goals— 
    Long: That should not be done by anybody. 
    Welch: Alright, so you will tell Trump to pound sand if he comes to you as Commissioner— 
    Long: That’s my understanding. Like I said, if it is fair, not fair, legal, or not legal. If what you are saying is not legal, it should not be done and nobody should by able to do that.  
    Welch: You know, the President is not restrained by what’s legal or not…The president is explicitly stating he wants to go after Harvard—or [another] higher education institution is next—you will be in the line of fire on that. And what I’m looking for from you is not something you are able to give me right now, and that’s assurances that you will tell the president ‘no’ when he is using the IRS for a political objective. 
    Long: I said earlier the IRS will not and should not be politicized on my, or any, watch. 
    Watch the full exchange here: 
    ■■■ 
      
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance   
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit   
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution   
    Senate Committee on Rules & Administration 
    Learn more about his work by visiting his website or by following him on social media. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Surveys – Poll shows overwhelming majority support increase in spending on public services

    Source: Better Taxes for a Better Future

    As the Government prepares to release a Budget that will deliver further cuts to public services an overwhelming majority of New Zealanders support increased spending on those services, according to a new poll commissioned by the Better Taxes for a Better Future campaign.

    The Talbot Mills Research poll asked whether government spending on key public services such as hospitals, schools, and the police should increase (a lot or a bit), stay the same or decrease (a bit or a lot). 83% of respondents supported increases in public spending, and this support remained high across the political spectrum with even 62% of ACT supporters endorsing an increase.

    “This poll shows that there is widespread support for greater investment in our public services to meet the needs of New Zealanders, such as in healthcare, and education,” says Glenn Barclay spokesperson for the Better Taxes campaign.

    “It’s clear that, even in these tough economic times, people across the political spectrum realise investment in public services now is important to help build a better future.”

    The poll also asked if wealthier New Zealanders (e.g.people who earn over $180,000 per year and/or have assets worth more than $5m) should pay more, the same, or less tax than they do at present. A majority (57%) supported the wealthy paying more tax.

    “This may not be a surprising result for Labour, Green and Te Pāti Māori supporters, yet even a majority of National Party supporters favour the wealthy paying more tax,” says Glenn Barclay.

    “The IR report into High Net Worth Individuals in 2023 demonstrated that the wealthiest 310 families in New Zealand had an effective tax rate of 9.4% compared to over 20% for the average New Zealander and it is clear that there is support for rectifying this imbalance,” says Glenn Barclay.

    “The responses to these two questions send a clear message that New Zealanders don’t want to see cuts to essential public services, and the government needs to be looking at other ways to generate the revenue we need to provide services that will enable all New Zealanders to succeed,” says Glenn Barclay.

    “We encourage the Government and opposition parties to be looking at tax changes that would ensure those that have more to contribute, make that contribution. Gathering more revenue from wealth and gains from wealth would put us in a better position to address the challenges we face in delivering public services, addressing poverty and climate change, and funding major infrastructure.”

    The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.

    We believe that tax reform is the only solution to the current challenges facing Aotearoa NZ.  We need the tax system to:

    • be transparent
    • raise more revenue to enable us address the challenges we face
    • make sure people who have more to contribute make that contribution: that we gather more revenue from wealth, gains from wealth, all forms of income, and corporates
    • make greater use of fair taxes to promote good health and environmental health
    • address the tax impact on the least well off in our society.

    MIL OSI New Zealand News –

  • MIL-OSI USA: SCHUMER: SHOCKING NEW DISTRICT-BY-DISTRICT REPORT SHOWS THE GOP PLAN TO GUT MEDICAID COULD KICK 1.5 MILLION NEW YORKERS OFF HEALTH INSURANCE & AND RIP AWAY $13.5 BILLION FROM LOCAL HOSPITALS & NY…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    SENATOR SAYS THIS WEEK IS PIVOTAL AS HOUSE RUSHES TO PASS DEVASTATING CUTS; DEMANDS NY HOUSE REPUBLICANS WITHHOLD VOTES & REJECT CUTS TO TAKE AWAY HEALTHCARE FROM THOUSANDS OF THEIR CONSTITUENTS
    This Week House Republicans Are Planning Vote To Pass The Largest Cut To Medicaid In American History To Fund Trump’s Tax Breaks For Corporations & Billionaires; Terminating Health Insurance For 1.5 Million NY-ers, Decimating Local Hospitals, Nursing Homes, & Rural Health Clinics From Long Island To The North Country
    Schumer Says $13.5 Billion Would Crater NY Healthcare, Leading To Layoffs & Closures – With Margins So Tight In House, Senator Says NY GOP Reps Can Stop This – And Should Because Thousands Of Their Constituents Will Be First To Suffer
    Schumer: This Is THE Week. We Are In The Fight Of Our Lives To Save Healthcare For 1.5 Million New Yorkers
    With the House planning to vote this week to pass the largest Medicaid cut in American history and gut the healthcare system – all to fund Trump’s tax breaks for billionaires and wealthy corporations – U.S. Senator Chuck Schumer broke down shocking new district-by-district data revealing this cruel GOP plan could rip away health insurance for 1.5 million New Yorkers and lead to a $13.5 billion funding crater that could cripple NY’s hospitals and healthcare economy.
    “This is as cruel and heartless as it gets. Trump and House Republicans want to kick 1.5 million New Yorkers off their health insurance and rip away $13.5 billion from NY’s hospitals and healthcare economy so they can have bigger tax breaks for billionaires & corporations. NY House Republicans promised for months they would protect Medicaid, but now New Yorkers know the truth: they never intended to keep that promise, and this confirms it,” said Senator Schumer. “We cannot let this plan go under the radar. From Long Island to the North Country, people will lose their healthcare, hospitals and nursing homes will shutter, premiums will go up, and health care workers will lose their jobs. This week is when House Republicans plan to vote on these cuts and NY House Republicans have the votes to stop it. We need everyone to make their voices heard and tell NY’s House Republicans to stand up to Trump, and stop the largest cut to healthcare in American history, because thousands of their constituents will be the first to suffer.”
    Schumer said the proposed $900+ billion cut from Medicaid and the ACA would directly impact healthcare for nearly 14 million Americans. The bill would shift billions of dollars in Medicaid costs to New York State, while simultaneously changing rules that would result in thousands of New Yorkers losing health coverage.
    A new report from NY State shows just how devastating the GOP healthcare cuts would be for local hospitals in NY and the thousands of New Yorkers in every Congressional District, which can be found below:

    NY Congressional District

    Projected Losses For Local Hospitals

    People At Risk Of Losing Health Insurance Coverage

    NY-1

    $29,066,244

    47,515

    NY-2

    $35,322,184

    47,935

    NY-3

    $49,612,361

    37,435

    NY-4

    $39,079,356

    44,065

    NY-5

    $22,378,442

    79,316

    NY-6

    $161,956,005

    89,975

    NY-7

    $26,071,884

    81,082

    NY-8

    $22,474,403

    79,672

    NY-9

    $120,606,309

    88,530

    NY-10

    $82,240,122

    64,165

    NY-11

    $19,435,181

    51,984

    NY-12

    $311,229,420

    28,520

    NY-13

    $16,583,715

    96,741

    NY-14

    $24,655,008

    92,929

    NY-15

    $108,472,912

    106,903

    NY-16

    $30,239,334

    54,798

    NY-17

    $32,088,650

    31,189

    NY-18

    $21,668,362

    38,392

    NY-19

    $24,813,186

    37,453

    NY-20

    $30,149,640

    32,224

    NY-21

    $25,343,510

    44,082

    NY-22

    $34,359,346

    38,000

    NY-23

    $13,483,095

    34,672

    NY-24

    $11,949,091

    31,388

    NY-25

    $45,044,227

    40,542

    NY-26

    $32,225,707

    45,232

    NY Total

    $1,370,547,694

    1,464,739

    Overall, New York State estimates that the state will lose $13.5 billion if House Republicans’ proposed cuts go through. That includes:
    More than $7.5 billion due to cuts to Essential Plan funding.
    Nearly $3 billion due to the federal government shifting costs to the state.
    Over $3 billion due to new administrative burdens for running the Medicaid program, including burdensome work reporting requirements.
     Schumer warned that Medicaid serves as a lifeline for more than 7 million New Yorkers and provides care to seniors, children, people with disabilities, and veterans across the state. Medicaid is the primary payer for long-term care in the United States, including at nursing homes and for people living at home. Medicaid pays for services for 2 in 3 nursing home residents. Almost half of all kids in the country rely on Medicaid, and 1 in 3 people with disabilities look to Medicaid for their insurance coverage. Cutting this program will leave families with nowhere to turn when they need care.
    Schumer said while some Congressional Republicans claim this plan won’t cut Medicaid, this new data proves otherwise and there is no way to protect Medicaid benefits if Republicans pass these cuts. These cuts will not only hurt people who get their health insurance through Medicaid, but create new challenges for the state’s entire healthcare system. Costs will go up for everyone, with higher premiums a result of the new strain on providers like hospitals and community health centers. This bill creates burdensome red tape requirements not only for people with Medicaid, but also for people who buy insurance themselves in the marketplace.
    Schumer added, “This isn’t targeting waste and fraud, this is a rushed plan to bankroll Trump’s tax breaks for the ultra-rich paid for by ripping away healthcare for New Yorkers.”
    GOP cuts include hundreds of billions from the Affordable Care Act, terminating coverage for Americans who purchase their own health insurance like small business owners and family caregivers, as well as taking away tax credits that help them afford this coverage.
    GOP healthcare cuts will hit rural hospitals in the North Country and Southern Tier particularly hard. The bill will end provider taxes, which allows New York to directly fund providers like rural emergency departments, and limits state-directed payments which allow hospitals to provide maternity, emergency, and behavioral health care, which is especially helpful in rural areas where these services can be more difficult to find.
    Schumer said the GOP healthcare cuts would inevitably shift the costs of care to local governments, resulting in agonizing decisions with county executives and state legislators forced to decide where to make up for the huge budget hole caused by the staggering loss in federal funding. Counties could be forced to shoulder the burden of increased costs in Medicaid, using more local dollars to manage people’s coverage with less federal funding will be coming in. This will squeeze budgets across the state, meaning the possibility of higher taxes or cuts to other programs that communities rely on, like education or public safety.
    Schumer concluded, “This is as backwards as it gets. Stealing from Medicaid, taking resources away from our hospitals to pay for Trump’s tax cuts for wealthy corporations and billionaires. It is just plain wrong. NY Republicans are tying themselves in knots to try to justify these cuts, but the data shows this will hurt our seniors, kids, families, and healthcare providers who rely on Medicaid.”
    An overview of the various healthcare cuts included in the current GOP bill can be found HERE.

    MIL OSI USA News –

  • MIL-OSI Security: KC Man Pleads Guilty to Bank Fraud in Stolen U.S. Treasury Check Scheme

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Kansas City, Mo., man pleaded guilty to bank fraud involving a scheme to alter and forge stolen United States Treasury checks. 

    According to court documents, Jevon P. Crudup, Jr., 28, schemed to defraud financial institutions by passing stolen United States Treasury checks that had been altered and forged. The defendant deposited the altered and forged Treasury checks at ATMs using the bank accounts of other persons he met online. These persons provided the defendant with their account information including debit cards and PIN numbers because they believed Crudup would help them make money.

    Crudup would then use these individuals’ debit cards to withdraw funds from the account or the defendant would require these individuals to make cash withdrawals and electronic funds transfers to him using various online payment systems.

    On April 12, 2023, Crudup made an ATM deposit on a Treasury check worth $18,348.72 that had been altered and forged into the bank account of an individual he met online.  Approximately one week after the deposit, the account holder withdrew $5,550 cash from his account and provided the defendant with $5,050. Over the next two months, proceeds from the altered and forged check were disbursed to Crudup in cash withdrawals and transfers via various online payment systems.

    In this manner, Crudup passed at least fifteen stolen and forged United States Treasury checks resulting in a loss in excess of $95,000.

    Crudup faces up to 30 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentence of the defendant will be determined by the court based upon the advisory sentencing guidelines and other factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorney Brent Venneman. It was investigated by Treasury Inspector General for Tax Administration (TIGTA). 

    MIL Security OSI –

  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

    The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

    Outlook

    1. After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
    2. Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

    Risks

    1. Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

    Fiscal Policy

    1. Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
    2. Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
    3. Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
    4. Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
    5. Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

    Financial Sector Policies

    1. Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
    2. Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
    3. Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
    4. The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

    Addressing Growth Bottlenecks

    1. A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
    2. Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

    Strengthening Labor and Firm Productivity

    1. Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
    2. Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.  

    Domestic Capital Market Reforms

    1. Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.  
    • Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
    • Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
    • Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

    Managing the Green Transition

    1. To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support.  The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
    2. Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

    Supporting EU Reforms

    1. The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

    *   *   *   *   *

    The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Chairman Wicker Leads SASC Hearing on the Department of the Air Force’s Posture and Readiness

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    Watch Video Here 
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, today led a hearing on the Department of the Air Force’s posture within the current threat environment. During the hearing, the committee received testimony from the service’s leadership on the challenges they face and what may be needed to better address threats on the horizon.
    In his opening remarks, Chairman Wicker emphasized the need to ensure long-term readiness and superiority through fighter aircraft such as the F-15E, as well as the necessity of modernizing our nuclear capabilities.
    Read Senator Wicker’s hearing opening statement as delivered.
    Good morning. I begin with a common refrain: The United States faces its most dangerous threat environment since World War II. However, though many of our national security challenges mirror the 1930s, warfare looks much different today. Technological advances in artificial intelligence, hypersonic strike weapons, sixth-generation aircraft, and space-based weapons are transforming the nature of modern conflict. The Department of the Air Force is on the front lines of these changes.  Today we will hear from three representatives of that service.  We welcome Secretary Troy Meink, General Chance Saltzman, and General David Allvin. I thank all of them for being here and for their continued service to our nation.
    The committee understands that the Fiscal Year 2026 President’s Budget is not yet complete, and we are therefore aware that the three witnesses before us do not have the full budget picture. That being said, their testimony is still vital. It will help us consider how to support the mission of the Air Force and the Space Force, which is to be lethal and “ready to fight tonight,” as the slogan goes.
    One of our most pressing responsibilities is to ensure the long-term readiness and modernization of the Air Force. In the event of war, we need not only capability but also capacity. If we go to war in 2027, we will fight with the Air Force we have today, which is a mix of fourth-generation fighters, such as the F-15E and F-16, and fifth-generation fighters the F-22 and F-35. We need more fighter aircraft now, and we are working along with our colleagues in the House, Chairman Rogers, to keep the F-15EX line open through our reconciliation bill.
    Even as we plan for future systems, we must address the state of today’s fleet. The mission capability rates across many Air Force platforms remain unacceptably low. Some platform fleets are frequently less than 50 percent mission capable – and we’ll have questions about that. The F-35 fleet is available a mere 54 percent of the time. This is not just a maintenance issue.  It is a readiness issue, and it impacts our ability to deter adversaries and respond when necessary. Taxpayers are investing billions of dollars to support these aircraft, and our airmen, and our citizens, deserve higher readiness levels to defend our national interests. I expect our witnesses to provide a frank assessment of what is driving these poor rates and, more importantly, what is being done to reverse the trend.
    The Air Force also plays a key role in modernizing our nuclear forces. The service is responsible for two legs of the nuclear triad as well as a majority of the U.S. nuclear command, control, and communications system. These programs must stay on schedule to deliver the essential capabilities we need to deter nuclear threats. We cannot afford to allow these programs to flounder because of a lack of leadership and prioritization. This committee expects accountability among program managers and transparency with Congress to ensure we can modernize effectively, and I think this panel shares that sentiment. I look forward to hearing our witnesses explain how the Air Force manages these risks while preserving strategic stability.
    The U.S. Space Force has grown significantly in the last five years. That trend should continue, because our threats are growing as well.  Maintaining space superiority is a no-fail mission. Increased investment in this young service is absolutely vital.
    We also must invest in the facilities that support our service members. In the 2025 NDAA, this committee unanimously adopted a provision that requires the services to maintain a minimum four percent plant replacement value for infrastructure. That provision survived conference and was signed into law by the president. It is the law of the land. Let me say this again. This is the law of the land, and senior leaders should set the example to the Force by following the law – a law that was created, I must point out, because the services had long ignored this problem.
    We cannot make progress on any of these issues without those who wear the uniform and support the mission every day. Our airmen, guardians, and civilians are our greatest asset. Recruiting and retention continue to be major challenges, and we need to remain focused on supporting service members and their families with the resources, care, and career opportunities they deserve.
    I look forward to the hearing, and testimony from each of our witnesses about how they intend to ensure the Department of the Air Force has what it needs to meet today’s challenges, maintain our superiority in air and space, and prepare for the threats we face on the horizon.

    MIL OSI USA News –

  • MIL-OSI: XWELL Reports First Quarter 2025 Results, Advancing Mission to Liberate Science-Proven Wellness

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in science-proven, accessible wellness, today reported results for the first quarter ended March 31, 2025. With a growing portfolio of in-airport and off-airport wellness brands, XWELL continues to redefine what wellness access looks like –connecting high-impact, science-backed care to everyday consumers wherever they are. From leading the nation’s biosecurity response to building tech-forward wellness spaces in transportation hubs and neighborhoods alike, XWELL is extending wellness beyond the elite and into real life.

    Operating Highlights:

    • Reported first quarter 2025 revenue of $7.0 million.
    • The Company continues its focus on returning to overall profitability. For the first quarter ended March 31, 2025:
      • Total cost of sales decreased approximately 6% from the 2024 first quarter.
      • Total operating expenses decreased approximately 11% from the 2024 first quarter.
    • Secured a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention (the “CDC”).
    • Successfully closed a private placement in January 2025, comprising of the Company’s Series G Convertible Preferred Stock and Series Warrants for aggregate gross proceeds of approximately $4 million before deducting offering expenses payable by the Company.

    “XWELL began 2025 with strong momentum,” commented Ezra Ernst, Chief Executive Officer of XWELL. “With our renewed CDC partnership, continued discipline in operations, and a clear growth plan in wellness and beauty, we believe we are expanding what accessible wellness looks like — anchored in science, backed by biosurveillance, and designed for everyday life.”

    Liberating Wellness, Inside and Outside Airports

    XWELL’s multi-brand strategy is designed to unify wellness experiences under a single, accessible platform — from express treatments in airport terminals to full-service spas in communities.

    In March 2025, the Company announced plans to acquire select medical spas in high-demand metropolitan areas, including Orlando, Dallas and Salt Lake City, extending its presence beyond travel hubs and into the everyday wellness routines of consumers.

    “Our vision is a seamless continuum of care,” added Ernst. “From biometric screenings at the airport to advanced skin and body treatments on Main Street, we believe that we are democratizing access to trusted, science-proven wellness.”

    Science-Proven Wellness, Real-World Impact

    Through XpresCheck and HyperPointe, XWELL continues to operate at the frontlines of biosurveillance and digital healthcare infrastructure.

    In March 2025, XWELL secured a three-year extension of its Traveler-based Genomic Surveillance Program (“TGS”), operated with CDC and Ginkgo Bioworks Holdings. The TGS program, which has been supported by the CDC under contract number 75D30125C20439, provides early detection of emerging pathogens, safeguarding national health through airport-based biosurveillance in eight major hubs.

    XpresCheck and HyperPointe, which helped power national COVID-19 testing and reporting during the pandemic, now serve as the operational and technological core of this next phase of strategic, science-driven wellness program.

    Expanding the XWELL Ecosystem

    XpresSpa® remains the airport wellness category leader, operating 28 locations across major U.S. and international airports. Each are being upgraded to reflect XWELL’s science-driven approach to wellness, offering premium wellness tech, retail, and self-care services. XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

    Naples Wax Center®, the Company’s first off-airport brand, operates a group of upscale hair removal locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. In December 2024, the Company announced the planned opening of a new Naples Wax location in Estero, Florida, and is pursuing plans to open an additional 6 locations across Florida during 2025.

    Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company expects to open an XWELL location in New York City’s Penn Station in mid-2025. The tech-forward spa is being designed to serve commuters and tourists with quick-access, self-led wellness services in a high-traffic urban setting.

    Liquidity and Financial Condition

    As of March 31, 2025, the Company had approximately $3.7 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $14.8 million, and no long-term debt.

    In January 2025, the Company announced the closing of its private placement offering the Company’s newly designated Series G Convertible Preferred Stock and Series Warrants. The aggregate gross proceeds of the private placement were approximately $4.0 million, before deducting offering expenses payable by the Company.

    Summary First Quarter 2025 Financial Results

    Total Revenue

    Total revenue for the first quarter ended March 31, 2025, was approximately $7.0 million compared to approximately $8.7 million for the 2024 first quarter. The decrease in revenue was primarily driven by lower XpresTest revenue and XpresSpa revenue offset by Priority Pass revenue, which is a new revenue stream for the three months ended March 31, 2025.

    Revenue for the first quarter ended March 31, 2025, primarily consisted of approximately $4.3 million from XpresSpa locations and approximately $2.2 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $552,000 of revenue.

    The Company noted that revenue from the CDC bio-surveillance program in the first quarter of 2025 was lower than anticipated due to timing of the extension. Revenue is expected to be made up in subsequent quarters.

    Total Cost of Sales

    Total cost of sales for the first quarter ended March 31, 2025, was approximately $5.7 million, compared to approximately $6.1 million for the 2024 first quarter.

    General and Administrative Expenses

    General and administrative expenses for the first quarter ended March 31, 2025, were approximately $4.3 million, compared to approximately $4.2 million for the 2024 first quarter. The increase was primarily due to the increase in accounting, legal and public company costs for the 2025 first quarter.

    Total Operating Expenses

    Total operating expenses for the first quarter ended March 31, 2025, were approximately $4.5 million, compared to approximately $5.1 million for the 2024 first quarter.

    Operating Loss

    Operating loss for the first quarter ended March 31, 2025, was approximately $3.2 million, compared to approximately $2.4 million for the 2024 first quarter.

    Net Loss Attributable to XWELL

    Net loss attributable to XWELL for the first quarter ended March 31, 2025, was approximately $4.7 million, compared to approximately $2.5 million for the 2024 first quarter.

    The Company noted that it incurred higher than normal one-time expenses during the first quarter of 2025, primarily related to accounting, seasonal costs, and other non-recurring items.

    Investor Conference Call

    The Company intends to host an investor conference call and webcast in the next several weeks to highlight updates on growth initiatives and forthcoming programs. Additional details will be provided approximately one week prior to the event.

    About XWELL, Inc.   

    XWELL, Inc. (Nasdaq: XWEL) is a global wellness company on a mission to liberate science-proven wellness for all. Through a portfolio of brands that include XpresSpa®, Treat®, Naples Wax Center®, XpresCheck®, and HyperPointe™, XWELL delivers accessible, real-world wellness across travel, retail, and clinical settings.
     
    For more information on XWELL’s offerings, visit www.XWELL.com. 

    Forward-Looking Statements  

    This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.   

    Media
    Heather Tidwell
    MWW
    htidwell@mww.com

    The MIL Network –

  • MIL-OSI: Currenc Group Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
    • Total revenues excluding TNG Asia and GEA1 were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.
          For the three-month period ended March 31,  
          2025     2024  
          $     $  
          (dollars in thousands)  
      Remittance revenue excluding TNG Asia & GEA     4,583       5,025  
                       
      Global Airtime Revenue     2,022       2,573  
      Indonesian Airtime Revenue     3,437       3,742  
      Total Revenue excluding TNG Asia & GEA     10,042       11,340  
                       
    • Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first quarter of 2025 from 0.37% in the same period of 2024.
    • Currenc’s global airtime transfer revenues were US$2.0 million for the first quarter of 2025, representing a year-over-year decrease of 23.1%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the first quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
    • Total direct costs of revenue were US$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.
    • The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.
    • Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

      As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.

      • Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
      • WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
      • Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.
    • Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.
    • EBITDA analysis
      For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG
    Asia 
    and GEA    		     Headquarters
    and
    adjustments    		     Group
         Total    		  
          (dollars in thousands)  
      Net income (loss)     1,160       (136 )     –       (5,511 )     (4,487 )
                                               
      Add:                                        
      Income tax expenses     141       –       –       (93 )     48  
      Interest expense, net     21       –       –       1,066       1,087  
      EBIT     1,322       (136 )     –       (4,538 )     (3,352 )
      Depreciation and amortization     –       –       –       –       554  
      EBITDA     1,322       (136 )     –       (4,538 )     (2,798 )
                                               
    • The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.
    • Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 million.
    • TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
    • Headquarters expenses and adjustments recorded an EBIT loss of $4.5 million, mainly contributed by:
      • $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
      • $0.8 million for professional fees.
      For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG
    Asia
    and GEA    		     Headquarters
    and
    adjustments    		     Group
    Total    		  
          (dollars in thousands)  
      Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                               
      Add:                                        
      Income tax expenses     163       –       –       (92 )     71  
      Interest expense, net     –       –       242       1,069       1,311  
      EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
      Depreciation and amortization     –       –       –       –       1,016  
      EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                               
    • Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.

    Management Comments
    “As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing,” said Alex Kong, Founder and Executive Chairman of Currenc. “Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line.”

    Ronnie Hui, Chief Executive Officer of Currenc, commented, “While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo’s payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline.”

    Non-GAAP Financial Measures
    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

    About Currenc Group Inc.
    Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact
    Currenc Group Investor Relations
    Email: investors@currencgroup.com

    SOURCE: Currenc Group Inc.

     
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Revenue     10,055,569       13,104,123  
                     
    Cost of revenue     (6,854,172 )     (8,696,562 )
    Gross profit     3,201,397       4,407,561  
    Selling expenses     –       (3,987 )
                     
    General and administrative expenses     (7,522,252 )     (5,824,208 )
                     
    Loss from operations     (4,320,855 )     (1,420,634 )
    Finance costs, net     (1,087,313 )     (1,311,363 )
    Other income     969,691       189,735  
    Other expenses     (402 )     (19,137 )
                     
    Loss before income tax     (4,438,879 )     (2,561,399 )
    Income tax expense     (48,479 )     (70,529 )
                     
    Net loss     (4,487,358 )     (2,631,928 )
    Net income attributable to non-controlling interests     (187,000 )     (403,056 )
                     
    Net loss attributable to Currenc Group Inc.     (4,674,358 )     (3,034,984 )
                     
    Net loss per share, basic and diluted (1)   $ (0.13 )   $ (0.09 )
                     
    Shares used in net loss per share computation, basic and diluted (1)     35,374,891       33,980,753  
                     
    Other comprehensive loss:                
    Foreign currency translation adjustments     171,532       368,135  
                     
    Total comprehensive loss     (4,315,826 )     (2,263,793 )
    Total comprehensive loss (income) attributable to non-controlling interests     (228,069 )     (407,798 )
    Total comprehensive loss attributable to Currenc Group Inc.     (4,543,895 )     (2,671,591 )
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
        March 31,
    2025    		     December 31,
    2024    		  
          US$       US$  
    ASSETS                
    Current assets:                
    Cash and cash equivalents     62,300,298       63,821,397  
    Restricted cash     40,978       40,742  
    Accounts receivable, net     2,103,924       2,115,681  
    Other financial assets     3,171,000       –  
    Amounts due from related parties     449,094       560,823  
    Prepayments, receivables and other assets     25,874,112       20,948,216  
    Total current assets     93,939,406       87,486,859  
    Non-current assets:                
    Equipment and software, net     1,118,661       1,055,520  
    Right-of-use asset     294,965       349,240  
    Intangible assets     3,000,978       3,386,117  
    Goodwill     12,059,428       12,059,428  
    Deferred tax assets     344,291       342,822  
    Total non-current assets:     16,818,323       17,193,127  
    Total assets     110,757,729       104,679,986  
    LIABILITIES AND SHAREHOLDERS’ DEFICIT                
    Current liabilities:                
    Borrowings     20,128,362       20,150,058  
    Receivable factoring     480,225       258,415  
    Other financial liabilities     3,329,550       –  
    Accounts payable, accruals and other payables     51,411,453       55,329,740  
    Amounts due to related parties     76,472,666       67,697,074  
    Convertible bonds     1,750,000       1,750,000  
    Lease liabilities     177,505       171,909  
    Total current liabilities:     153,749,761       145,357,196  
    Non-current liabilities:                
    Deferred tax liabilities     784,479       876,912  
    Employee benefit obligation     39,259       45,289  
    Lease liabilities     111,833       156,647  
    Total non-current liabilities:     935,571       1,078,848  
    Total liabilities     154,685,332       146,436,044  
                     
    Commitments and contingencies (Note 10)                
                     
    Shareholders’ deficit:                
    Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)     4,653       4,653  
    Additional paid-in capital (1)     67,797,587       65,638,838  
    Accumulated deficit     (136,197,260 )     (131,522,902 )
    Accumulated other Comprehensive Loss     7,873       (108,122 )
    Total shareholders’ deficit attributable to Currenc Group Inc.     (68,387,147 )     (65,987,533 )
    Non-controlling interests     24,459,544       24,231,475  
    Total deficit     (43,927,603 )     (41,756,058 )
    Total liabilities and shareholders’ deficit     110,757,729       104,679,986  
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Cash flows from operating activities:                
    Net loss     (4,487,358 )     (2,631,928 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Non-cash expense for Share-based compensation     2,158,749       –  
    Depreciation of equipment and software     123,799       142,518  
    Depreciation of right-of-use assets     53,712       41,981  
    Amortization of intangible assets     385,139       831,392  
    Deferred income taxes     (92,426 )     54,704  
    Disposal of fixed assets     401       –  
    Unrealized foreign exchange gain     328,269       (124,690 )
    Changes in operating assets and liabilities:                
    Accounts receivable     33,923       (110,270 )
    Prepayments, receivables and other assets     (4,918,772 )     9,477,057  
    Escrow money payable     –       218,542  
    Client money payable     –       146,847  
    Accounts payable, accruals and other payables     (4,068,655 )     (7,014,740 )
    Interest payable on convertible bonds     –       952,736  
    Amount due from a director     729,198       –  
    Amount due to Immediate holding company     23,766       –  
    Amounts due from related parties     (3,652 )     –  
    Amounts due to related parties     8,245,995       (2,205,121 )
    Net cash used in operating activities     (1,487,912 )     (220,972 )
                     
    Cash flows from investing activities:                
    Decrease in short-term investments     –       615  
    Purchases of property, plant and equipment     (175,158 )     (12,058 )
    Proceeds received from disposal of PPE     596       –  
    Net cash used in investing activities     (174,562 )     (11,443 )
                     
    Cash flows from financing activities:                
    Proceeds from borrowings     –       639,210  
    Repayment of borrowings     –       (95,742 )
    Proceeds from receivable factoring     433,287       586,789  
    Repayment of receivable factoring     (218,974 )     (610,559 )
    Payment of principal elements of lease liabilities     (65,286 )     (46,295 )
    Payment of interest elements of lease liabilities     (7,416 )     (2,952 )
    Net cash generated from/(used in) financing activities     141,611       470,451  
                     
    Net decrease in cash and cash equivalents     (1,520,863 )     238,036  
    Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period     63,862,139       58,960,384  
    Cash and cash equivalents, restricted cash and escrow money receivable at end of the period     62,341,276       59,198,420  
                     
    Supplemental disclosure of cash flow information:                
    Income taxes paid     (140,905 )     (15,825 )
    Interest paid     (48,773 )     (346,270 )
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    EBITDA Analysis for the First Quarter of 2025 and 2024
     
    For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,160       (136 )     –       (5,511 )     (4,487 )
                                             
    Add:                                        
    Income tax expenses     141       –       –       (93 )     48  
    Interest expense, net     21       –       –       1,066       1,087  
    EBIT     1,322       (136 )     –       (4,538 )     (3,352 )
    Depreciation and amortization     –       –       –       –       554  
    EBITDA     1,322       (136 )     –       (4,538 )     (2,798 )
    For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                             
    Add:                                        
    Income tax expenses     163       –       –       (92 )     71  
    Interest expense, net     –       –       242       1,069       1,311  
    EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
    Depreciation and amortization     –       –       –       –       1,016  
    EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                             

    1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
    2 Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.
    3 Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.

    ____________________________________
    1 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.

    The MIL Network –

  • MIL-OSI USA: Crapo Statement at IRS Commissioner Nomination Hearing

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing to consider the nomination of Billy Long to be Internal Revenue Service (IRS) Commissioner.
    As prepared for delivery:
    “Today, we will hear from Congressman Billy Long, who is nominated to serve as Commissioner of the Internal Revenue Service (IRS). 
    “Congressman Long, congratulations on your nomination, and thank you for your willingness to serve in government again.
    “The IRS is responsible for helping American taxpayers understand and meet their tax responsibilities, and to enforce the law with integrity and fairness to all. 
    “As outlined in the Internal Revenue Code, the Commissioner’s job is to oversee tax administration for the federal government, enforce tax laws and ensure compliance while balancing taxpayer service, fairness and efficiency.
    “In recent years, these needs have not been sufficiently balanced, and the IRS has suffered from many problems and missteps.  Perhaps that is why Americans consistently rate it as one of the least favorable federal agencies, notwithstanding the fact that nearly all Americans must interact with it.
    “We hear time and time again about IRS efforts to improve taxpayer services, boost employee morale and modernize outdated systems.  The last Administration dedicated billions of dollars of extra funding to this end, but actual improvement at the IRS ran short. 
    “This is in no small part due to the outsized emphasis on increased funding for enforcement, which dwarfed funding for IT modernization and customer service improvements.
    “Further, the IRS diverted resources and attention to duplicative and unnecessary side projects, such as when the IRS circumvented Congress to create the unauthorized Direct File program.  The Trump Administration is rightly calling for a reexamination of this program as part of its broader goal to eliminate wasteful spending at the IRS. 
    “While critics argue that fiscal prudence at the IRS harms tax collection, in fact, the opposite has proven to be true.  For example, concerns that tax receipts would be down this year.
    “Individual income and payroll tax receipts are $120 billion higher this year than last year and statistically in line with projections made by the Congressional Budget Office (CBO) in January 2025.
    “Agency improvements do not require tens of billions of dollars in additional funding, but better prioritization and execution.  Modernization could also enable the IRS to become more efficient, reducing its annual funding needs. 
    “With the IRS on a healthier spending glide path, and a renewed focus toward efficiently serving taxpayers, it is now time for the next IRS Commissioner to prioritize taxpayers. 
    “My conversations with Congressman Long assured me that, once confirmed, he will focus on improving taxpayer services, enforcing our tax laws with fairness for all and ensuring resources are optimally allocated.
    “President Trump called Congressman Long the ‘consummate people person.’  Congressman Long is very clear that he will make himself available to all IRS employees, no matter their seniority.  Moreover, he wants to implement a top-down culture change at the agency.  This sea change will benefit American taxpayers, who too often view the IRS as foe, rather than friend.
    “Congressman Long knows, from years of experience in the House, that to be a successful Commissioner, he must be a valuable partner in Congress’ efforts to ensure that new tax legislation is implemented and administered as Congress intends it to be.  I am also confident that he will be fully transparent and responsive to Congress and the American people.
    “Before concluding, I would be remiss if I did not thank Mr. Faulkender for his time spent as Acting Commissioner.  We want him to return to the job he was confirmed to do, as we now turn to hear from Congressman Long.
    “American taxpayers want a change agent to helm the IRS.  Congressman Billy Long fits this description and is well-suited to lead the IRS at this moment in time.
    “Congressman Long, thank you again for your willingness to return to government, and I look forward to working with you, if confirmed.”

    MIL OSI USA News –

  • MIL-OSI Economics: 2025 State of Small Business Survey: Surge in AI, cybersecurity and social media demand

    Source: Verizon

    Headline: 2025 State of Small Business Survey: Surge in AI, cybersecurity and social media demand

    What you need to know:

    • Nearly half (47%) of SMBs updated their cybersecurity solutions to further protect their business. More than a third (38%) are actively using AI across multiple business functions, such as data analysis, marketing and customer service.
    • Over 56% of SMBs believe AI can help address issues with employee management and overall employee headcount.
    • 3 in 4 (76%) of SMBs agree that social media positively impacts their business performance.
    • But more than half (54%) of SMBs struggle to keep online content fresh and stay up to date with social media trends.

    NEW YORK, NY – Verizon Business today announced the findings of its sixth annual State of Small Business Survey, conducted by Morning Consult. The report shows small and medium-sized businesses (SMBs) are aggressively adopting technology to drive market growth and operational efficiency. The surge is fueled by increasingly accessible artificial intelligence (AI) and content creation tools, empowering SMBs to expand their marketing and sales capabilities and reach new markets.

    Social media is a critical driver, with 58% of SMBs now on TikTok, while 38% are actively integrating AI into their operations. This isn’t just a trend; it’s a fundamental transformation of how SMBs compete and thrive in the modern digital economy.

    “Small business owners are entering a new chapter of digital business with the rise of AI,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, Verizon Business. “At Verizon, we are committed to supporting our SMB community in navigating their business through the latest technology to help deliver growth and protect their assets from emerging cyber threats.”

    Based on responses from 600 SMBs in the United States, the State of Small Business Survey identified the following key findings and insights:

    • Upgrading technology solutions for new ways of doing business. In the last year, almost half of small businesses (47%) implemented new technology platforms to bolster security for their increasingly digital operations. Social media continues to be a leading customer engagement tool among SMBs, with more than three in five decision-makers either launching content creation initiatives or increasing their investment in content creation during the past year.
    • AI adoption spreads in new ways. Today, 38% of SMBs are leveraging AI in one capacity or another. More than a quarter (28%) are using AI for marketing and social media, while 24% are using the technology for written communications. Nearly a quarter use AI to power digital personal assistants that can help them with customer service. Another 25% are using AI to boost their cybersecurity efforts. Meanwhile, SMBs are exploring AI for employee recruitment and retention, with 56% believing AI can help their business offset any pain points caused by reduced or frozen headcount and another 53% believing AI can help the business retain current staff.
    • SMBs turn to AI to help with employee management strategies. While more than two-thirds of decision makers surveyed believe employees need to be in-person for the business to function, they are turning to AI for support in navigating this new workforce. Nineteen percent (19%) of SMBs are using AI for recruitment and talent sourcing, and 56% believe AI can help their business offset any pain points caused by reduced or frozen headcount. More than half (53%) believe AI can help the business retain current staff.
    • Growing importance of cybersecurity. More than half of SMBs (52%) acknowledge that business growth likely increases the threat of cyberattacks on their business. Nearly half of the respondents (47%) invested in technologies to improve cybersecurity in the last year. A quarter of SMBs don’t believe their business is investing enough.
    • Content for social media continues to be king. Over the past year, SMBs have leaned heavily on social media as one of their leading customer outreach tactics. Facebook remains the number one most popular platform for these businesses, and 76% agree that social media positively impacts their business. A whopping 58% of them are on TikTok.

    As technology continues to evolve and become increasingly more accessible, many SMBs understand the vital importance of embracing the role of technology to grow and protect their business in this new era of digital transformation through AI.

    Visit our website to view the complete survey findings.

    For more information on Verizon’s Small Business Solutions, visit https://www.verizon.com/business/solutions/small-business/.

    MIL OSI Economics –

  • MIL-OSI Economics: Graduates and movers rejoice: Total Wireless introduces $35 home internet with special offer on router

    Source: Verizon

    Headline: Graduates and movers rejoice: Total Wireless introduces $35 home internet with special offer on router

    NEW YORK – As graduates embark on the exciting journey of moving to a new apartment or even a new city, Total Wireless, a leading prepaid brand powered by Verizon’s 5G network, ensures they can stay connected without breaking the bank. Total Wireless is in your corner, offering unbeatable home internet deals that combine affordability with top-notch quality.

    Unlimited Total Wireless Home Internet for Just $35 Per Month

    Customers can now enjoy unlimited home internet for just $35 per month with Auto Pay, when bundled with the Total Wireless 5G Unlimited Plan or higher*. Total Wireless is committed to providing a stress-free internet experience, featuring no long-term contracts, a 5-year price guarantee, and easy setup.

    Exclusive Discounts on Total Wireless Home Internet Routers

    To make the transition even smoother, for a limited time, customers can get a new Home Internet Router for just $24.99 when activating new services on the Total Wireless Home Internet plan. This offer provides exceptional, unrivaled prices and value, giving customers significant savings during moments that matter. Limit one device per account. For more details, visit TotalWireless.com

    Save More with Bundled Plans with Fios Service

    In addition to these fantastic deals, customers can access exclusive savings when combining eligible mobile and internet services. Beginning May 28, customers who have both an eligible Verizon Fios Home Internet plan and mobile phone plan – including from Total Wireless, Straight Talk Wireless, Tracfone, Simple Mobile, Walmart Family Mobile, Visible, or Verizon Prepaid — can enjoy a $15 per month discount on their Verizon Fios home internet bill, saving up to $180 per year. This discount can be combined with the $10 Auto-Pay discount for even greater savings, up to $300 per year. For more details, please visit https://www.verizon.com/discounts/phone-home-internet-bundle/?type=valueoffer.

    Fios Home Internet Available in Select Total Wireless Stores

    Starting June 5, qualified Total Wireless stores in the Fios footprint across New England and the Mid-Atlantic will begin offering Fios Home Internet plans for in-store purchase. This marks the first time Fios is available in select Total Wireless retail store locations, giving Total Wireless customers access to the fast and reliable speeds of fiber optic internet. Check www.totalwireless.com/stores/ to see if your local Total Wireless store offers Fios Home Internet, starting on 6/5.

    “We understand how stressful and financially straining it can be for anyone who’s moving, graduating, or starting a new chapter in their lives,” said David Kim, Chief Revenue Officer at Verizon Value. “Total Wireless is always in your corner, offering affordable home internet that fits your life. Whether it’s our $35 Total Wireless Home Internet plan or access to the fast, 100% fiber network of Fios, now also available in select Total Wireless stores, customers can enjoy even greater value during life’s big transitions.” 

    Total Wireless Home Internet empowers customers to stay connected with loved ones, stream their favorite shows and movies, and work or study from home effortlessly. Experience fast, reliable internet with Total Wireless, with connectivity for all your needs.

    For more information, visit totalwireless.com or your nearest Total Wireless store.

    About Total Wireless

    Total Wireless is a fast-growing, no-contract wireless provider covered by the Verizon 5G network, with over 1,000 exclusive stores across the country, and counting. On a mission to raise the bar in prepaid wireless, Total Wireless disrupts the status quo by offering more value than any other no-contract provider. Total Wireless offers plans with unlimited data and access to Verizon’s 5G Ultra-Wideband network, prices guaranteed for five years (taxes and fees included), select free 5G phones with qualifying purchase plans, and more.

    Total Wireless is part of the Verizon Value portfolio of prepaid brands, which includes Straight Talk, Visible, Tracfone, Simple Mobile, SafeLink, Walmart Family Mobile, and Verizon Prepaid. Verizon Communications Inc. (NYSE, Nasdaq: VZ) is one of the world’s leading providers of technology, communications, information and entertainment products and services.

    For more information on Total Wireless, visit one of its exclusive storefronts across the country, or check out TotalWireless.com.

    *$15/mo discount when bundled with Total 5G Unlimited or Total 5G+ Unlimited plans; additional $10/mo Auto Pay discount upon enrollment. Auto Pay discount applies the month after you enroll.

    **$15/mo savings on Verizon Fios Home Internet plans when combined with any eligible Total Wireless mobile phone plan and $10/mo Auto Pay on Fios Home Internet plan. Separate enrollment required for Fios Home Internet plans and Auto Pay on Fios Home Internet plans required. Discount will be removed if you do not maintain service on an eligible phone plan or Fios Home Internet plan, or if you do not maintain Auto Pay on Fios Home Internet plan. Fios availability, coverage, and speeds may vary based on your address.

    MIL OSI Economics –

  • MIL-OSI Europe: Written question – Energy Taxation Directive – E-001936/2025

    Source: European Parliament

    Question for written answer  E-001936/2025
    to the Commission
    Rule 144
    Lynn Boylan (The Left)

    The Commission tabled a proposal for a revision of the Energy Taxation Directive in July 2021. Almost four years later, no agreement has been reached, as the Council has yet to establish its general approach.

    • 1.Will the Commission provide an update on the status of its proposal to revise the Energy Taxation Directive?
    • 2.What concrete steps is the Commission taking to aid the Council to progress on its general approach?

    Submitted: 14.5.2025

    Last updated: 20 May 2025

    MIL OSI Europe News –

  • MIL-OSI Security: California Executives Plead Guilty to Employment Tax Crimes

    Source: United States Attorneys General 13

    Two California men pleaded guilty yesterday to not paying over employment taxes to the IRS.

    The following is according to court documents and statements made in court: Lalo Valdez and Matthew Olson, both of Northern California, operated a San Jose-based health informatics and product development company that provided clinical care and technology services to clients in healthcare and academia. Valdez was the CEO and Olson the CFO. As such, both were responsible for the company’s operations, managed its internal books and records, signed checks on behalf of the company, and hired and fired employees. Both men also were responsible for withholding Social Security, Medicare, and federal income taxes from employees’ wages and paying those funds over to the government each quarter. The timely payment of quarterly employment taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    For every calendar quarter from the first quarter of 2017 through the second quarter of 2021, Valdez and Olson withheld these taxes from employees’ wages but did not pay them over to the IRS or report them on quarterly tax forms. Instead of paying over the taxes, Valdez and Olson used the company’s money to pay for country club memberships and season tickets to the San Jose Sharks of the National Hockey League.

    During this same period, Olson also was one of the owners and operators of a day spa located in Saratoga, California. There, Olson was responsible for collecting and paying Social Security, Medicare, and income taxes to the IRS. From the second quarter of 2017 through the fourth quarter of 2020, however, Olson collected but did not pay them over to the IRS or report them on quarterly tax forms.

    In total, Olson caused a tax loss to the IRS exceeding $2.1 million.

    Valdez caused a total tax loss to the IRS of nearly $1.5 million.

    Valdez and Olson are scheduled to be sentenced on Oct. 20. Both men face a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Patrick D. Robbins for the Northern District of California made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Mahana Weidler of the Tax Division and Assistant U.S. Attorney Kristina Green for the Northern District of California are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Washington D.C. Accountant Sentenced for Mortgage Fraud and Tax Crimes

    Source: United States Attorneys General 13

    Defendant Did Not File Tax Returns and Falsified Documents to Obtain Mortgage Loan

    A Washington, D.C., Certified Public Accountant (CPA) was sentenced yesterday to 20 months in prison for making a false statement on a mortgage loan application and not filing an income tax return.

    According to court documents and statements made in court, Timothy Trifilo worked in tax compliance for several large accounting and finance firms. In recent years, he was managing director at a tax firm where he specialized in transaction structuring and advisory service, tax compliance, and tax due diligence. Nevertheless, for a decade, Trifilo did not file federal income tax returns or pay all the taxes that he owed despite earning more than $7.7 million during that time. He caused a tax loss to the IRS of more than $2 million.

    In February 2023, Trifilo sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that he never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual did not prepare the returns, has never prepared tax returns for Trifilo, and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank approved the loan and Trifilo purchased the home.

    In addition to his prison sentence, U.S. District Court Judge Tanya S. Chutkan for the District of Columbia ordered Trifilo to serve two years of supervised release and pay $2,057,256.40 in restitution to the IRS.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorneys Melissa S. Siskind and Alexis Fleszar of the Tax Division prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: Largest ever multi-agency operation seizes $123.5 million in illicit cannabis

    Source: US State of California 2

    May 20, 2025

    What you need to know: State and local law enforcement partners seized $123.5 million in illegal cannabis in the Central Valley.

    SACRAMENTO – In its largest operation to date, the state’s task force dedicated to eradicating illegal cannabis operations conducted a large-scale, multi-agency operation in the Central Valley, leading to the seizure of 105,700 illicit cannabis plants and 22,057 pounds of processed cannabis worth $123.5 million.  

    Through the Unified Cannabis Enforcement Task Force (Task Force), during the week of May 5, 2025, more than 200 sworn officers and staff from 15 state, local, and federal law enforcement partners coordinated a multifaceted search warrant operation through Kern, Kings, and Tulare counties in an area of about 4,600 square miles.

    Let this be a reminder to all who grow cannabis illegally: we won’t tolerate the undermining of our legal industry and impacts to our environment. I appreciate the multi-agency, cross-county efforts to take on the illicit market.

    Governor Gavin Newsom

    A total of 71 search warrants were served and nine firearms were confiscated. Throughout the course of the operation, numerous individuals were detained, and several arrests were made. Task Force partners are working with local District Attorney’s offices to file charges and pursue prosecutions. 

    “This operation represents the power of collaboration across agencies with a shared commitment to protecting our natural resources and preserving the integrity of California’s legal cannabis market,” said Director of the California Department of Fish and Wildlife Charlton H. Bonham. “The scale of this historic effort—and its success—would not have been possible without the dedication and coordination of every agency involved.”

    Officers found evidence of banned or restricted pesticides at eight of the locations. These chemicals and waste products pose a serious environmental threat to California’s native species, plants, and habitats and present health risks  to those who ingest the illicit cannabis laced with these products. 

    “This operation sends a clear message: California will not tolerate illicit cannabis activity that threatens public safety, the environment, and the integrity of the legal market,” said Director at the Department of Cannabis Control Nicole Elliott. “The scale of this enforcement effort reflects the strength of our partnerships and our shared commitment to holding illicit operators accountable while protecting communities and ecosystems across the state.”

    The actions announced today, which are expected to significantly disrupt the illicit cannabis market, are on top of the already staggering work done in recent months to take down nefarious cannabis growers, including the $534 million seized by the task force in 2024 alone.  

    In addition to the California Department of Fish and Wildlife and the Department of Cannabis Control, the co-leads of the task force, the following partners were instrumental in the success of this operation:

    • California Department of Corrections and Rehabilitation
    • California Department of Tax and Fee Administration
    • California National Guard
    • California State Parks
    • U.S. Drug Enforcement Administration (DEA)
    • Kern County Sheriff’s Office
    • Kern County Probation Department
    • Los Angeles County Sheriff’s Department
    • San Bernardino County Sheriff’s Department
    • Kings County Sheriff’s Office
    • Kings County Code Enforcement
    • Kings County District Attorney Investigators
    • Tulare County Sheriff’s Office
    • Tulare County Code Enforcement

    California’s regulated cannabis market is the largest in the world, fostering environmental stewardship, compliance-tested products, and fair labor practices, while driving economic growth and funding vital programs in education, public health, and environmental protection. The Department of Cannabis Control recently released a market outlook report that shows prices are stable, industry value is up, and the licensed market is growing. 

    A unified strategy across California 

    Since its inception in 2022, the Task Force has served 500 search warrants against illicit cannabis operations, seizing and destroying over $650 million in unlicensed cannabis. Operations have resulted in the eradication of more than 800,000 plants and over 220 tons of processed cannabis, along with the seizure of 190 firearms, more than $1 million in cash, and over 50 arrests statewide.

    The cannabis task force was established in 2022 by Governor Newsom to enhance collaboration and enforcement coordination between state, local, and federal partners. Partners on the task force include the Department of Cannabis Control, the Department of Pesticide Regulation, the Department of Toxic Substances Control, and the Department of Fish and Wildlife, among others. 

    To learn more about the legal California cannabis market, state licenses, and laws, visit cannabis.ca.gov.

    Recent news

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    May 19, 2025

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    May 19, 2025

    News SACRAMENTO — First Partner Jennifer Siebel Newsom joined Marcie Frost (CEO, CalPERS) and Cassandra Lichnock (CEO, CalSTRS) at the annual Catalyst event for a candid conversation on the role California’s public institutions can play in opening access to funding…

    MIL OSI USA News –

  • MIL-OSI USA: California Executives Plead Guilty to Employment Tax Crimes

    Source: US State of North Dakota

    Two California men pleaded guilty yesterday to not paying over employment taxes to the IRS.

    The following is according to court documents and statements made in court: Lalo Valdez and Matthew Olson, both of Northern California, operated a San Jose-based health informatics and product development company that provided clinical care and technology services to clients in healthcare and academia. Valdez was the CEO and Olson the CFO. As such, both were responsible for the company’s operations, managed its internal books and records, signed checks on behalf of the company, and hired and fired employees. Both men also were responsible for withholding Social Security, Medicare, and federal income taxes from employees’ wages and paying those funds over to the government each quarter. The timely payment of quarterly employment taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    For every calendar quarter from the first quarter of 2017 through the second quarter of 2021, Valdez and Olson withheld these taxes from employees’ wages but did not pay them over to the IRS or report them on quarterly tax forms. Instead of paying over the taxes, Valdez and Olson used the company’s money to pay for country club memberships and season tickets to the San Jose Sharks of the National Hockey League.

    During this same period, Olson also was one of the owners and operators of a day spa located in Saratoga, California. There, Olson was responsible for collecting and paying Social Security, Medicare, and income taxes to the IRS. From the second quarter of 2017 through the fourth quarter of 2020, however, Olson collected but did not pay them over to the IRS or report them on quarterly tax forms.

    In total, Olson caused a tax loss to the IRS exceeding $2.1 million.

    Valdez caused a total tax loss to the IRS of nearly $1.5 million.

    Valdez and Olson are scheduled to be sentenced on Oct. 20. Both men face a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Patrick D. Robbins for the Northern District of California made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Mahana Weidler of the Tax Division and Assistant U.S. Attorney Kristina Green for the Northern District of California are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: Washington D.C. Accountant Sentenced for Mortgage Fraud and Tax Crimes

    Source: US State of North Dakota

    Defendant Did Not File Tax Returns and Falsified Documents to Obtain Mortgage Loan

    A Washington, D.C., Certified Public Accountant (CPA) was sentenced yesterday to 20 months in prison for making a false statement on a mortgage loan application and not filing an income tax return.

    According to court documents and statements made in court, Timothy Trifilo worked in tax compliance for several large accounting and finance firms. In recent years, he was managing director at a tax firm where he specialized in transaction structuring and advisory service, tax compliance, and tax due diligence. Nevertheless, for a decade, Trifilo did not file federal income tax returns or pay all the taxes that he owed despite earning more than $7.7 million during that time. He caused a tax loss to the IRS of more than $2 million.

    In February 2023, Trifilo sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that he never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual did not prepare the returns, has never prepared tax returns for Trifilo, and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank approved the loan and Trifilo purchased the home.

    In addition to his prison sentence, U.S. District Court Judge Tanya S. Chutkan for the District of Columbia ordered Trifilo to serve two years of supervised release and pay $2,057,256.40 in restitution to the IRS.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorneys Melissa S. Siskind and Alexis Fleszar of the Tax Division prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI: ES Bancshares, Inc. Announces the Receipt of the First Installment of Its Employee Retention Tax Credit

    Source: GlobeNewswire (MIL-OSI)

    STATEN ISLAND, N.Y., May 20, 2025 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported that the Company received a check for the first installment of $268 thousand of its Employee Retention Tax Credit. The first installment will be reported in our second quarter 2025 earnings results. The Bank filed a claim in 2023 to the Internal Revenue Service (“IRS”) for $1.2 million, plus applicable interest, in Employee Retention Credits (“ERC”) for the years 2020 and 2021. ERC are a refundable payroll tax credit for eligible businesses that paid qualified wages during the COVID-19 pandemic. ERC are generally considered non-taxable income but also require the Company to file amended tax returns for 2020 and 2021 to reduce the associated payroll tax deductions that were previously reported as normal business expenses, which increases the federal income taxes due for those periods. The Company expects to receive multiple ERC installments throughout 2025 and 2026.

    About ES Bancshares Inc.
    ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

    The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

    We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

    Forward-Looking Statements

    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

    Investor Contact:
    Peggy Edwards, Corporate Secretary
    (845) 451-7825

    The MIL Network –

  • MIL-OSI USA: ICYMI—Hagerty Joins Varney & Co. on Fox Business to Discuss Trump’s Capitol Hill Meeting on Reconciliation, GENIUS Act

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Varney & Co. on Fox Business to discuss President Donald Trump’s meeting on Capitol Hill on the budget reconciliation package, along with the GENIUS Act.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Trump’s meeting on Capitol Hill: “We’re watching what the president had to say coming out of the meeting. We’re very focused on this bill, making certain that it happens. But I’ll say this: a lot of the projections, a lot of the prognosticators are pointing to a growth in the deficit, revenue shortfalls, etc. I’ll take us back to 2017. If you think about what the Congressional Budget Office was saying, they were looking at a revenue decrease from President Trump’s 2017 Tax Cuts and Jobs Act. What happened? We actually had a revenue increase. They don’t capture the dynamics, as was mentioned before, tariff revenues, cost savings coming from the DOGE efforts and a lot of effort that’s going on within the agencies beyond DOGE. I think there’s a lot more to be captured here and the Senate is looking forward to getting our teams on this and looking for even more significant cuts than the House has delivered so far.”

    Hagerty on moving forward on the GENIUS Act in the Senate:     “I think we have broad agreement from a policy standpoint between Democrats and Republicans. We had a good evening last night, and I think there are actually a number of other folks that aren’t on the bill just yet that will become supportive of it. So, I feel very good about where we’re going. The momentum is very positive right now. All the feedback I’ve had since last night has been extremely positive. So, we’re going to be working at pace this week—we might even get it done this week—that would be great if we could.”

    Hagerty on the GENIUS Act’s impact on the financial system: “It puts our financial system and our payment system more specifically into the modern times. What we rely upon today was designed in the seventies and eighties. This is a chance to completely modernize our payment system to make sure that the innovation that’s happening around the entire industry stays here in America. And importantly, the stablecoin is dollar-denominated, that will perpetuate the dollar’s position, dollar’s dominance as the reserve currency of the world. And it will also increase demand for treasury bills here in America, which is a good thing as well […] The stablecoin legislation requires that each dollar stablecoin be backed fully by either a dollar in cash or short-term treasuries. To do that, the stablecoin issuer has to go and purchase short-term treasuries. Already, stablecoin issuers are large owners of treasuries, and by 2030, Citi projects that stablecoin issuers will be the largest owner of U.S. treasuries in the world.”

    Hagerty on the ability to buy stablecoins:     “You’ll be able to [purchase stablecoins] almost instantaneously. And again, the payment system is there. We just need to give a legal framework for it to thrive here in America. Otherwise, we’ll see what’s been happening. It’s going to keep moving offshore. This is a better way for us to protect consumers, and it’s certainly a better way for us to make certain that America remains the hotbed of competition and innovation in this space […] If you think about it, this is great for dollar dominance as well. We’ve seen a slight erosion, but this is going to make certain that the dollar is the currency of choice around the world, because that’s where all the digital trading is going to go. And again, enhancing the demand for treasuries helps us, particularly at a time when we’re trying to work this deficit down.”

    MIL OSI USA News –

  • MIL-OSI USA: With the Law in Front of Him, Trump IRS Nominee Refuses to Say It’s Illegal for the President to Weaponize the IRS Against His Political Enemies

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 20, 2025

    Warren questioned Long on Trump’s threats to revoke Harvard’s non-profit status

    Warren: “It’s clear the statute makes it illegal…And the fact that you want to sit there and dance around about this tells me that you shouldn’t be within 1000 miles…of the IRS.” 

    Video of Exchange (YouTube)

    Washington, D.C. — At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned IRS Commissioner nominee Billy Long about the legality of President Trump’s threats to revoke Harvard’s non-profit status—and any other efforts by the President to use the IRS to target individual taxpayers. 

    In early May, President Trump threatened to revoke Harvard University’s tax-exempt status after the university refused to cave to his demands. 

    Despite Senator Warren walking him through the law and giving him over a dozen opportunities to answer, Mr. Long refused to say whether it is illegal for the President of the United States to instruct the IRS to remove a taxpayer’s non-profit status. 

    Federal law states that “[i]t shall be unlawful for [the President] to request, directly or indirectly, any officer or employee of the Internal Revenue Service to conduct or terminate an audit or other investigation of any particular taxpayer.” In a meeting three weeks ago, Senator Warren asked Mr. Long whether it would be unlawful for the President to direct the IRS to revoke the nonprofit status of a taxpayer and sent Mr. Long a copy of the relevant statute after the meeting to review with counsel. Despite this, Mr. Long was still unable to answer the question. 

    “[Y]ou’d have a lot more credibility if you would just say yes. It’s clear the statute makes it illegal for the President to direct the IRS vis-à-vis any particular taxpayer. And the fact that you want to sit there and dance around about this tells me that you shouldn’t be within 1000 miles of the directorship of the IRS,” concluded Senator Warren. 

    Transcript: Hearing to Consider the Nomination of William Long, of Missouri, to be Commissioner of Internal Revenue for the remainder of the term expiring November 12, 2027
    Senate Finance Committee
    May 20, 2025 

    Senator Elizabeth Warren: Thank you, Mr. Chairman. So the IRS collects nearly all federal revenue and that means that behind every road we build, every Social Security check that we pay is the IRS, making sure everyone pays what the law says they owe. No politics. But Donald Trump has a different idea. He wants to use the IRS to punish his enemies.

    On May 2, Trump said, “We are going to be taking away Harvard’s Tax Exempt Status.” Harvard wouldn’t cave in to other demands Trump made, so Trump said he would hurt them using the IRS. Now, this is about more than Harvard. It is a threat to anyone who might displease the President, including the people or organizations that can’t afford to have an expensive legal battle if Trump sets the IRS on them.

    So, Mr. Long, when you and I met, I asked you whether it was illegal for the President to tell the IRS to revoke a taxpayer’s non-profit status. And you said in our meeting that you weren’t sure, but you would take a look and consult with lawyers. I sent you the statute, you’ve had three weeks to talk to the lawyers about it, so let’s jump in.

    Mr. Long, is it illegal for the President to direct the IRS to revoke a taxpayer’s non-profit status?

    Mr. Billy Long, nominee for Commissioner of the IRS: In the first place, he wouldn’t do that —

    Senator Warren: That’s not my question Mr. Long. Please don’t start down this. 

    Mr. Long: Are we on Section 7212 or 7217? 

    Senator Warren: I’m at 26 U.S.C. 7217. Do I need to read it to you? 

    Mr. Long: “Prohibits any member of the executive branch to request the IRS to conduct or terminate an audit on a taxpayer.” 

    Senator Warren: Alrighty. So is it illegal—

    Mr. Long: I’m going to follow the law. And if that’s the law, yes. 

    Senator Warren: Okay, but I want you—that is the law. So I just want to be clear: is it illegal for the President of the United States to instruct the IRS to remove a taxpayer’s non-profit status? 

    Mr. Long: “Prohibits any member of the executive branch to request the IRS to conduct or terminate an audit of a taxpayer.” 

    Senator Warren: Is that a yes? 

    Mr. Long: I’d have to go to the lawyers at the IRS to tell me. 

    Senator Warren: No. Come on. You just read it. 

    Mr. Long: I know, but I don’t see the instance that you’re speaking about in there. Correct me if I’m wrong but I don’t see—

    Senator Warren: Look, it says “it shall be unlawful for any applicable person,” which in this case includes the President, “to request, directly or indirectly, any officer or employee of the Internal Revenue Service to conduct or terminate an audit or other investigation of any particular taxpayer.” 

    Is it illegal for the President to instruct the IRS to remove non-profit status from a taxpayer? 

    Mr. Long: I’m not going to have the answer you need, and I apologize but like I said—

    Senator Warren: Why are you not having the answer? You’ve had three weeks to consult with lawyers, the statute is about as clear as plain English makes possible—

    Mr. Long: Well, if I say I’m going to follow the law, why would you need to ask me the question? 

    Senator Warren: Well, because I want to make sure that you understand what the law says. If you think ‘follow the law’ means you just get to make it up on the spot, then bud, you don’t get to be the IRS Commissioner. The point here is to follow the law as it is written and I’m asking what I think is a pretty simple question: can the President of the United States legally tell the IRS to change someone’s nonprofit status?

    Mr. Long: I’m not able to answer—

    Senator Warren: You can’t read these words and tell what those words say?

    Mr. Long: I can read the statute and I did but—

    Senator Warren: Alright, then tell me what they mean. What does it mean to say that ‘a person, an applicable person’ here—that’s the President, right?

    Mr. Long: Yes. 

    Senator Warren: Alright, ‘cannot directly or indirectly,’ right? 

    Mr. Long: (silence)

    Senator Warren: ‘Tell any officer or employee,’ that would be you, ‘of the Internal Revenue Service to conduct or terminate an audit or other investigation of any particular taxpayer.’ What part do you not understand here? 

    Mr. Long: It seems to be a non-profit—I don’t see exactly what it refers to—

    Senator Warren: Any taxpayer. To start an investigation of any taxpayer. 

    Mr. Long: If it’s illegal, I’m not going to allow it to happen at my IRS. 

    Senator Warren: Is it illegal? That’s the question. 

    Mr. Long: Me and you will be friends then. I want to be your friend anyway but we will be on the same page. I’m going to follow the law, and if that’s point blank the law—

    Senator Warren: What do you understand the law to be saying about the President telling the IRS in his dealings with any particular taxpayer? What do you understand this law to be saying? 

    Mr. Long: I think it sounds like it’s saying what you are saying, but I don’t—I’ve got a little bit of a section here, and I looked at it, I talked to an attorney that used to be at the IRS and now is going to maybe be back at the IRS and I’m sorry if I don’t have the answer.

    Senator Warren: What? You mean the lawyers told you that they couldn’t understand this?

    Mr. Long: The what? 

    Senator Warren: The lawyers told you they couldn’t understand this? 

    Mr. Long: I didn’t say that. 

    Senator Warren: Well, then tell me, what part do you not understand? It says ‘no person,’ and you’ve said that includes the President, ‘cannot instruct any officer,’ that would be you, ‘of the IRS to conduct or terminate an audit or other investigation for any particular taxpayer.’

    Mr. Long: I don’t intend to let anyone direct me to start an audit for a political reason or any type of reason. 

    Senator Warren: Does that include the President of the United States? 

    Mr. Long: Anyone. 

    Senator Warren: Can you say yes? That the President of the United States cannot tell the IRS what to do.  

    Mr. Long: I can tell them they’re not going to tell me what to do. I can’t speak for if there’s other agents at the IRS that you’re talking about, but I’m telling you what I don’t want to have happen at my IRS. 

    Senator Warren: You know, Mr. Long, you’d have a lot more credibility if you would just say yes. It’s clear the statute makes it illegal for the President to direct the IRS vis-à-vis any particular taxpayer. And the fact that you want to sit there and dance around about this tells me that you shouldn’t be within 1000 miles of the directorship of the IRS. 

    MIL OSI USA News –