Quarterly Taxes Are Due Thursday, Here’s How to Avoid Penalties
by Derek Major

June 14, 2023

Quarterly Taxes Are Due Thursday, Here’s How to Avoid Penalties

For those who don’t have taxes regularly deducted from their paycheck, the deadline for the second payment of quarterly taxes is Thursday, June 15.

There are two ways to pay taxes in the U.S.: withholding taxes from your paycheck, pension, or government payments, such as Social Security; or making quarterly payments throughout the year. Those who pay quarterly taxes include the self-employed, gig workers, retirees, businesses, corporations, and employees who don’t have enough taxes withheld by their employers throughout the year.

The deadline for the first payment, which covered Jan. 1 through Mar. 31, was due on Tax Day, April 18. The second payment, which is due Thursday, June 15, will cover April 1 through May 31. The remaining two payments will be due in September and early next year.

“Estimated tax payments are crucial for meeting tax obligations throughout the year, avoiding penalties, and staying on top of your finances,” Sean Lovison, a Philadelphia-area certified financial planner and public accountant, told CNBC.

According to the IRS, you must pay quarterly individual estimated tax payments if you expect to owe at least $1,000 in taxes for the current year after subtracting withholding and refundable credits or an individual’s withholding and refundable credits are less than 90% of the tax to be shown on your current year’s tax return; or 100% of the tax shown on your prior year’s tax return.

Two IRS forms can help taxpayers determine their estimated taxes. Form 1040-ES, Estimated Tax for Individuals and Publication 505, Tax Withholding and Estimated Tax include worksheets and examples to help taxpayers with dividend or capital gains income and those who owe alternative minimum tax or self-employment tax.

The IRS has tools to help you through the process, including an Interactive Tax Assistant, Tax Topics, and more. Certified public accountants and tax companies, including H&R Block, can also help.

There are several ways to pay your quarterly taxes, including by mail (make sure the postmark is before the due date), online through an IRS account, by phone, or with the IRS2Go app.

If you don’t pay, you’ll be subject to a penalty that will increase for every day it remains unpaid. However, the IRS will waive the penalty in the event of a disaster or unusual circumstance.

Teddy Riley Stands By His Loyalty To Donald Trump, Saying He ‘Can Do Something Amazing For Us’
by Stacy Jackson

June 14, 2023

Teddy Riley Stands By His Loyalty To Donald Trump, Saying He ‘Can Do Something Amazing For Us’

Singer-songwriter Teddy Riley is getting backlash after voicing his support for Donald Trump.

Riley commented with five muscle emojis under one of the former president’s recent Instagram posts. After his indictment, Trump took to Instagram, claiming he was innocent after he was indicted.

Bishop Talbert Swan, senior pastor at Spring of Hope Church and president of the Greater Springfield chapter of the National Association for the Advancement of Colored People (NAACP), questioned Riley. Swan said, “Seriously, Teddy. You really on here agreeing with this dude?” LOVEBSCOTT reported.

Riley shared his reasons for supporting Trump with The Shade Room (TSR), which reported it’s because Trump “released his older brother Lou Hobbs, who was doing double life in prison.” Riley also credited Trump for teaching him “how to be a free man of this country [America].” The “No Diggity” singer continued to defend Trump, telling TSR Trump “can do something amazing for us, because he did it for Africa while he was in office.”

Some wanted to know why Riley’s brother was sentenced to double life in prison. One Instagram user responded under TSR’s post, “Wait, what did your brother do for him to get a double life sentence? Can you elaborate on that?”

The post that sparked the controversy appeared on Trump’s recent Instagram page. Trump wrote, “I AM AN INNOCENT MAN. THE BIDEN ADMINISTRATION IS TOTALLY CORRUPT. THIS IS ELECTION INTERFERENCE & A CONTINUATION OF THE GREATEST WITCH HUNT OF ALL TIME. MAKE AMERICA GREAT AGAIN!!!”

The political figure known for his controversial “Make America Great Again” (MAGA) political slogan arrived in Miami on June 13, 2023, to appear in court. The former president allegedly mishandled classified documents at his Florida estate and faces 37 criminal charges, CNN reported.

The New York Times reported that Trump is the first president in U.S. history to be indicted by a grand jury.

Reginald Fowler, Former NFL Team Owner, Sentenced To 75 Months In Prison For Cryptocurrency Fraud
by Sharelle B. McNair

June 14, 2023

Reginald Fowler, Former NFL Team Owner, Sentenced To 75 Months In Prison For Cryptocurrency Fraud

A former minority owner of the Minnesota Vikings is going to jail and paying some heavy fines after being caught up in a crypto scam.

Sports Illustrated reports that Reginald Fowler has been sentenced to 75 months in prison for cryptocurrency fraud. The U.S. Attorney for the Southern District of New York says Fowler violated federal anti-money laundering laws and must forfeit $740 million and pay restitution of $53 million after he was found with more than $700 million in “unregulated transactions.”

The Arizona native also allegedly lied to banks to process the transactions and “defrauded” the Alliance of American Football when he bought an ownership stake in the league, all while lying about his net worth.

Prosecutors learned that Fowler started a company called Global Trading Solutions in 2018 that worked with Crypto Capital, allowing cryptocurrency exchanges for cash. Attorneys accused him of opening several accounts at different United States banks by falsely claiming they were for real estate investment transactions. “At no point were Fowler, GTS, nor any of the Crypto Companies ever licensed as a money transmitting business in the United States, as required by federal law,” the attorney’s office said.

Prosecutors felt a seven-year sentence was appropriate, as Fowler played a “critical role in a serious criminal enterprise.” The former NFL investor was remorseful when he appeared in court. “I’m very sorry, I’m very remorseful, I’m very sad,” Fowler said to U.S. District Judge Andrew L. Carter Jr., Bloomberg reports. He pleaded with the judge to reconsider prison time. “If you give me the opportunity to show you I can do right, I will.”

While prosecutors requested that Fowler be taken into custody immediately, Judge Carter allowed him to surrender in 21 days since Fowler isn’t a flight risk. This will give Fowler time to get his affairs in order, including someone to care for his dog.

CultureVations to Host Black Wall Street Homecoming Event In Tulsa
by Iman Milner

June 14, 2023

CultureVations to Host Black Wall Street Homecoming Event In Tulsa

CultureVations, founded by Tyreek Moore, will host “The Black Wall Street Homecoming,” a three-day event June 15–June 17 in Tulsa, Oklahoma, that will focus on equipping underrepresented founders with equity, access, exposure, and opportunity for their entrepreneurial endeavors.

Founded on the legacy of the first Black Wall Street, which spanned 35 blocks in the Greenwood District of Tulsa before race riots killed nearly 300 people in 12 hours, the event hopes to create thriving Black business districts nationwide. The original string of Black-owned businesses totaled over one billion dollars and included five hotels, 31 restaurants, eight doctor’s offices, two movie theaters, 24 grocery stores, and more, according to Forbes.

Moore hopes to establish a pipeline of success for entrepreneurs of color, who, he says, often feel that the only barrier to their progress is closed doors. “I’ve worked in cultivating underrepresented founder ecosystems for the last several years, [and] many of my founders repeated the same statement time after time. I just want a seat at the table,” he said. Racial gaps are significant in understanding the full scope of how wealth is distributed in America, and many corporations are joining the call to help make things right.

Microsoft, Goodlight Capital, Black Ambition, Atento Capital, AccentureACN, Big Equity, MaC Ventures, and Cinematica Labs are all early supporters of the work Moore and CultureVations are doing to support the future of Black entrepreneurship. Moore says the event will be part of a larger programmatic strategy to address the specific needs of those in the margins. “We are bringing together thought leaders and problem solvers from across the country to identify methods by which we can resurrect Black Wall Street, physically in Tulsa and mentally everywhere,” he said.

“The Black Wall Street Homecoming” event will be another part of the CultureVations mission to partner with brands on creating culturally relevant experiences and activations.

by BLACK ENTERPRISE Editors

June 13, 2023

71-Year-Old Black Mom From South Carolina Graduates College With Her Daughter

Yvonne Spann Sowers, a 71-year-old African American mother from Charleston, South Carolina, proudly graduated from college at the same time as her daughter, Eyamba.

Sowers graduated from W.L. Bonner College, achieving her long-held dream of earning her bachelor’s degree in biblical studies.

“I always had a yearning to learn more about the word of God and what it did, it enhanced my understanding of the word of God,” she told ABC News 4.

What’s more, Sowers’ daughter, Eyamba, graduated a month later from National University with a master’s degree in homeland security and emergency management.

Related: JASMINE MAZARD-LARRY IS A HIGH SCHOOL VALEDICTORIAN WHO OVERCOME HOMELESSNESS WITH AN 8.07 GPA

“It just lined up to where my mom graduated in May, and I’ll be graduating in June with my master’s degree,” Eyamba said. “Watching her throughout my life has always been an inspiration, and when I was watching her achieve her dream of getting the bachelor’s degree and seeing how well she did, it just forced me to want to excel as well.”

Yvonne and Eyamba have not only completed their degrees but have done so with distinction. They both graduated cum laude, with Yvonne finishing at the top of her class as valedictorian.

For this mother-daughter duo, their graduation serves as a powerful reminder that it is never too late to chase your dreams.

“Growing up in a single-parent home and being a single mom in my life, and just the challenges in life, and I was able to overcome this and do these things — it is just a journey that I’m glad that I took,” Eyamba said. “There is nothing too hard or challenging that if you put your mind to it that you cannot achieve if you work towards it.”

 

This news first appeared on blacknews.com.

Illinois Becomes First State to Pass Law Curtailing Race, History, and LGBTQ Book Bans
by Sidnee Michelle Douyon

June 13, 2023

Illinois Becomes First State to Pass Law Curtailing Race, History, and LGBTQ Book Bans

Illinois has become the first state to legislate against the banning of books in public libraries, a practice that has been on the rise across the United States as conservatives look to suppress many titles about race, history, and LGBTQ topics.

Illinois Governor J.B. Pritzker, a Democrat, signed the historic measure into law on Monday in a Chicago library. The law goes into effect on Jan. 1, 2024, the governor’s office said in a statement.

“Here in Illinois, we don’t hide from the truth, we embrace it,” Pritzker said. “Young people shouldn’t be kept from learning about the realities of our world; I want them to become critical thinkers, exposed to ideas that they disagree with, proud of what our nation has overcome.”

Under the new law, Illinois public libraries can only access state grants if they adopt the American Library Association’s Library Bill of Rights, which stipulates that “materials should not be proscribed or removed because of partisan or doctrinal disapproval.”

The push to ban books has accelerated in the 2021-2022 school year, as issues such as transgender rights and critical race theory, which highlights how racism is a systemic part of American legal history, have become political and social flashpoints, especially in conservative Republican-dominated states such as Florida and Texas.

Conservatives have called on public schools and libraries to remove more than 1,600 titles, according to a report published in September by PEN America, an advocacy group whose mission is to protect freedom of expression.

In Illinois alone there were 67 attempts to ban books in 2022, according to the Chicago-based American Library Association (ALA), which has been tracking censorship attempts nationwide. The organization says the majority of books targeted were written about or by LGTBQ people or people of color.

Some advocates for restrictions on books in schools and libraries claim that certain books are sexually explicit and call for parents to have more control over the reading material being made available to their children.

“We object to gender influencing, indoctrination of our kids toward anti-racism and leftist agendas,” Laura Hois, co-chair of a chapter of Awake Illinois in Downers Grove, a Chicago suburb, said to a local ABC affiliate. “We’re objecting to those things, yet Governor Pritzker keeps taking more and more steps to extinguish parental rights.”

Utah, Missouri, and several other states have enacted laws that allow school administrations to restrict books they deem inappropriate for young readers, according to PEN America.

“The books in our libraries should be chosen by librarians, not extremist politicians. Other states may choose to embrace prejudice and divisive ideologies, but our state is going in a better direction,” said Democratic State Representative Anne Stava-Murray, who represents Downers Grove, in support of the Illinois measure.

One of the frequently banned books has been Gender Queer: A Memoir by Maia Kobabe. The late Nobel laureate Toni Morrison, whose majority of work addresses African American history, has also been banned often.

Just this spring, an elementary school in Miami-Dade County removed from its library a book containing the poem the young Black poet Amanda Gorman recited at President Joe Biden’s inauguration. Gorman’s poem, “The Hill We Climb,” offers a hopeful vision for a deeply divided country.

9-Year-Old Tech Guru Elvis Muchiri Teaches Computer Hacks on TikTok
by Sharelle B. McNair

June 13, 2023

9-Year-Old Tech Guru Elvis Muchiri Teaches Computer Hacks on TikTok

As the song says, “the children are the future,” and Elvis Muchiri is proving her theory was correct.

The nine-year-old from Kenya is becoming a star by sharing computer hacks that adults struggle with daily. Known as Evolve with Elvis, People of Color in Tech reports the viral sensation already has over 125,000 followers and over 1.7 million likes on TikTok after starting an account in March and close to 9,000 subscribers on YouTube.

@evolvewithelvis #thankyouall #techno #technolgy #computer #tech #learn#keyboardshortcuts #elvolvewithelvis #technomanenos #cbckenya #mycomputer #windows #operatingsystem ♬ original sound – Elvolve with Elvis

 

 

Muchiri schools his fans on technology tricks with his little sister, Megan. So far, the young tech guru has given shortcuts for Windows, showing that the Ctrl + T keys are often used to open new tabs on your internet browser, and Control + L will help you align your text. But when followers noticed he was using outdated equipment, a few donated $600 to help him upgrade. Shortly after, his parents set up an M-Changa Africa fundraising page and raised over $1,100. “Evolve with Elvis is currently teaching us keyboard shortcuts only but with your support we can raise the bar to higher heights,” a statement on the fundraising page said. “We therefore feel the need to extend the same knowledge and more to the remotest parts of our Country Kenya and eventually the rest of Africa.”

 

@evolvewithelvis

With a goal of raising over USD 70,000, the funds will go toward providing assistance to a tech institution for a three-year program in Nairobi that will support schools and children with “innovation and creativity” that will be able to compete globally. “From Nairobi to Lokichogio, from Kenya to war-torn Libya. With our target amount of Kshs. 10,000,000 [about $71,787.51 USD] for a start, we wish to build a tech institution that will match international standards enjoyed in more developed countries like the USA, Europe, and China.”

Top Tech Companies Seek Black Indiana Residents To Share $300K In Grants
by Iman Milner

June 13, 2023

Top Tech Companies Seek Black Indiana Residents To Share $300K In Grants

The Indianapolis African American Quality of Life Initiative (IAAQLI) has pledged $300,000 in grant support for Black men and women in tech. Now, TechPoint, InnoPower, and Sagamore Institute are offering companies in Indiana the chance to provide tech-related apprenticeship opportunities to low-income adults.

According to Building Indiana Business, the two-year pilot program looks to be a major game changer for Indiana’s Black community. “Within our community are countless people with the ability to succeed in tech careers, but many of them don’t have the resources or relationships to access these,” InnoPower’s Founder and CEO Emil Ekiyor said. “Companies that participate in this program are opening the door to opportunities that can create generational change while helping to fill some of their most-needed roles right away and for years to come. Companies must have some skin in the development process for Black Hoosiers.”

According to Building Indiana Business, an apprenticeship program of this kind allows companies to hire apprentices and provide them with on-the-job training and educational opportunities.

However, the costs of these provisions often turn corporations away from offering them. With IAAQLI’s help, the usual $12,000 per person price tag is cut in half. “Apprenticeships are a long-proven strategy to build a pipeline of talent and the return on investment has a huge ripple effect with each success inspiring more people to participate,” Sagamore Institute President Teresa Lubbers said. “Having to invest in training can make employers hesitate. By reducing some of the risk we can get more employers involved and prove the talent in central Indiana’s Black community.”

For TechPoint, the initiative is part of their Mission14K project, which seeks to bring 41,000 new and diverse tech workers to the state by 2030. They plan to expand on tradition and develop new pathways for Black Hoosiers, especially women, to enter the tech industry.

by Jeroslyn JoVonn

June 13, 2023

Sloane Stephens Launches Colorful And Flexible Swim Collection With Kitty + Vibe

Tennis champion Sloane Stephens is adding creative director and designer to her resume with the release of her first-ever swimsuit collection.

On Thursday, June 8th, Sloane dropped part two of her swim collection with Kitty and Vibe. Serving as Creative Designer and Investor, Sloane designed her two-part collection to reflect her unique personality and style through versatile swimsuits and cover-ups for the girl that is always on the go.

“This collection has a lot of prints and all around sparks joy which is what I strive to do in my career and everyday life,” Stephens told BLACK ENTERPRISE.

“I also love wearing color when I’m playing tennis so incorporating color into this collection was a no-brainer.”

 

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Sloane’s vacation-ready pieces are made to take wearers from the beach to brunch with the linen-blend cover-ups that add class to any of her swimwear pieces. The U.S. Open champion knows a thing or two about winning, and her swimwear line is no exception.

“I’ve always loved swimwear and was part of the Sports Illustrated Swimsuit Issue back in 2018,” she said. “I’m very detail-oriented and have learned a lot from my tennis life about balancing form and function.”

“Kitty and Vibe’s proprietary sizing makes so much sense and I immediately connected with their vision and values,” she added.

With a blend of supportive, sporty, and comfy swim and cover-up styles, Sloane’s swim debut encompasses the same champion spirit she’s known for.

“This was my top priority when collaborating with the brand, especially given that they are swimsuits.” she said. “Swimsuits can be a very difficult thing for people to feel comfortable in and I wanted to make sure that we catered this collection to anyone and everyone who wanted to try it out.”

“As an athlete with a muscular build, I’ve struggled to find swimsuits that I feel comfortable in, so this was near and dear to my heart.”

 

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A post shared by Kitty and Vibe (@kitty_and_vibe)

With pieces ranging in price from $42-$110, the collection was made to be affordable and accessible. It’s also just the start of more fashion collaborations for Sloane. Now that she’s got her feet wet in swimwear, the decorated WTA Tour Singles title holder has her sights on more fashion ventures.

“I am definitely interested in more collabs down the line! I love working with brands I feel aligned with and Kitty and Vibe is definitely one of those,” she said.

“I always try to use my platforms to be really positive, especially when there can be so much negativity on social media, so I really resonated with Kitty + Vibe’s positivity and “Kind is My Vibe” approach to everything they do and share online.”

Eagles Quarterback Jalen Hurts Ditches His Cleats For Romance In Teyana Taylor’s ‘Jordan 1’ Commercial
by Iman Milner

June 13, 2023

Eagles Quarterback Jalen Hurts Ditches His Cleats For Romance In Teyana Taylor’s ‘Jordan 1’ Commercial

Philadelphia Eagles quarterback Jalen Hurts took off his cleats to don a pair of Teyana Taylor‘s signature “Jordan 1” sneakers in the short film for her new collection, “A Rose From Harlem”.

Playing her love interest, Hurts is the quintessential neighborhood cutie and for the in-demand eye candy, it was a fun departure from his usual sports-centric projects, according to The YBF.  “She reached out to me and said she had an opportunity for me. She said I was the perfect fit for it, so I really appreciated that. And we kinda went from there,” he said. “You know, the neighborhood mailman in the little video. It was a fun experience. I’m glad I got to try it.”

The ad – which also features DJ Khaled, Remy Ma, Maino, Fabolous, Lola Brooke, and Taylor’s daughters with NBA veteran Iman Shumpert, Junie and Rue Rose – is a magical look at the singer’s beloved hometown of Harlem, New York. “This is my love letter to Harlem and all of the dreamers around the world,” she said in a post on Instagram. “Thank you to the village that helped tell the story of a dreamer that bloomed from the concrete with this beautiful cinematic commercial/mini movie & this beautiful sneaker.”

Fans of the Jordan Brand and the ever-popular Hurts are wondering if his cameo may mean that the quarterback is close to creating his own signature shoe with the sports brand. After closing a historic deal to become one of the highest- paid players in the NFL, Hurts has also become one of the most bankable faces in sports. Earlier this year he was on the cover of Essence magazine’s Men’s Issue and on TikTok #jalenhurts accounts for millions of thirst-laden video montages featuring the Texas native’s signature dimpled smile and caramel skin.

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