Updates that may affect your tax season

to be updated on their status by Feb. 18, with an expectation that most will receive their refunds by Feb. 28.

• Tax credit available for some new “green” vehicles: If you purchased a new electric vehicle in 2022, you qualify for a tax credit. However, all vehicles purchased after Aug. 16, 2022, after the Inflation Reduction Act of 2022 was enacted, must have been assembled in North America to qualify.

• Payment app reporting paused for one year: The IRS announced in late December that it is delaying that requirement by one year, meaning those apps must only report income of at least $20,000 for this tax sea- son. But still, those who make all or part of their income in the gig economy must report their earning to the IRS. This will give the IRS and the apps another year to figure out the logistics of reporting monetary transactions, which may be business or personal. This applies to PayPal, Cash App, and Zelle.

Report digital assets: groups of people in the same occupation are still dramatic. These earning disparities, he said, may reflect employer bias against women and Black men.

The IRS wants to remind everyone to report their digital asset-related income when filing their 2022 taxes. The term digital assets refer to Convertible virtual currency and cryptocurrency, Stablecoins, and non-fungible tokens, or NFTs. In the past, they used the term virtual currencies.

The findings “suggest that, like their more educated counterparts, young non-college-educated women may face pernicious earnings discrimination in the labor market, regardless of their race/ethnicity,” the authors wrote.

They added: “The results may indicate that employers devalue the work of young Black men without a college education to a greater degree than they do the work of White, Latinx, and Asian men without a college education.”

According to Oh, the pay disparity between Asian and White men on one side and Black men on the other may actually be worse than the data suggest. A disproportionate number of young men who did not go to college are Black. A disproportionate number of young Black men have been incarcerated, he explained, and incarcerated men were not tracked in the survey data.

“And so, our findings on the earnings gap are conservative—it may be larger,” he said.

The new study opens up a range of new questions for Oh and other researchers. Understanding the experience of the young workers would require more targeted surveys and in-person interviews. Those would allow the researchers to understand whether discrimination is to blame, and if so, how it works, Oh said.

“I hope the contribution of our research is to make people ask why we have these striking earnings gaps,” he said. “Then, rather than wasting time blaming workers’ choices or attitudes, we might get further by identifying discriminatory labor market processes.”

(This article originally appeared in Post News Group.)

Getting two SSI payments in one month

by Josh Grant For New Pittsburgh Coureir

For most months in the year, Supplemental Security Income (SSI) recipients get their SSI payment on the first day of the month.

But when the first day of the month falls on the weekend or a federal holiday, you receive your SSI payment on the last business day before the first day of the month. That means you may get two SSI payments in the same month.

We do this to avoid putting you at a financial disadvantage and make sure that you don’t have to wait beyond the first of the month to get your payment. It does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.

Here’s how this will work in April 2023. April 1, 2023, falls on a Saturday, so we will issue your SSI payment for the month of April on March 31, 2023. In this example, you get two SSI payments in March.

The first March payment, on March 1, is your regularly scheduled payment for March. The second March payment, on March 31, 2023, is your SSI payment for the month of April.

On our website, we provide a Schedule of Social Security Benefit Payments for the current and upcoming calendar year at www.ssa.gov/pubs/calendar.htm.

Securing today and tomorrow starts with being informed. Please share this information with your friends and family.

(Josh Grant is Social Security District Manager in Pittsburgh, Pa.)

Lifetime achiever: Arnold Donald is a captain in the global world

diabetes research.

Immediately before taking the helm at Carnival, he served as president and CEO of the Executive Leadership Council, a professional network and leadership forum for African- American executives of Fortune 500 companies. For this dizzying array of accomplishments, Donald, who turned 68 on December 17, will be honored as the Lifetime Achiever in Business at the St. Louis American Foundation’s 2023 Salute to Excellence in Business awards and networking luncheon on Thursday, February 16.

“St. Louis is fortunate to have had for so many years someone like Arnold Donald who has excelled as a global corporate leader and community servant,” said Donald M. Suggs, president of the St. Louis American Foundation. Washington University in St. Louis first brought Donald to St. Louis in 1975 as a student in its Dual Degree Engineering Program. That was part of his long preparation for becoming the leader of a Fortune 50 science-based global company, since he reckoned that pursuing two distinct degrees would improve his chances of acceptance to an elite-level business program. That became manifest with his acceptance into the University of Chicago Booth School of Business, where he earned an M.B.A. in finance and international business while also starting his long climb at Monsanto Company. Donald continues to serve his alma mater as a member of the Washing- ton University Board of Trustees since 2011. He has served even longer (since 1995) on the Board of Trustees of another alma mater, Carleton College in Northfield, Minnesota. His other current board posts span the elite local non-profit (Missouri Botanical Garden) and global corporate (Bank of America Corporation) sectors. He has been married for nearly 50 years to Hazel Alethea Roberts, whom he met touring the campus of Carleton College before attending the school. They are parents of two daughters, Radiah Alethea and Alicia Aline, and one son, Stephen Zachary. They also have six grandchildren. In addition to St. Louis, the Donalds also call Miami home.

Keith Alper, chairman and CEO of The Nitrous Effect, a group of marketing agencies, has known Donald for over 25 years, first, as fellow members of Young Presidents Organization and by serving Donald as a client.

“The amazing thing about Arnold is his vast and rich experience, knowledge, and global network. I always admired that Arnold would be so comfortable and take time for everyone from a waiter on a ship to a global leader,” Alper said.

“He is truly interested in the people he meets. He is an incredibly smart, dynamic, and successful business leader who has had an extremely high profile as a Fortune 500 CEO, yet he is very approachable. He cares deeply about the people and communities where he lives and works, and he uses his time and talents to make a difference.”