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The IRS on Thursday unveiled plans to target wealthy “non-filers” with a new round of compliance letters.
Non-filers making between $400,000 and more than $1 million with unfiled federal returns from tax years 2017 to 2021 will receive the initial round of letters.
The agency urges recipients to take “immediate action” to avoid more letters, higher penalties and “stronger enforcement measures.”

IRS Commissioner Daniel Werfel speaks during an IRS event in McLean, Virginia, on Aug. 2, 2023.
Alex Wong | Getty Images

The IRS has unveiled plans to target “non-filers” with a new round of letters, starting with high-income taxpayers who haven’t filed federal returns since 2017.
Starting this week, the agency will send letters to wealthy non-filers, with the first batch going to those earning $400,000 to more than $1 million.

Formerly known as CP-59 notices, the letters will go to between 20,000 and 40,000 non-filers per week, according to plans announced Thursday. The IRS said recipients should take “immediate action” to avoid more letters, higher penalties and “stronger enforcement measures.” Non-filers can learn more about past-due returns here.
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“If someone hasn’t filed a tax return, this is the time to make it right,” IRS Commissioner Danny Werfel told reporters during a press call. Citing staffing issues, he said the non-filer program has only run sporadically since 2016.
The failure-to-file penalty is 5% of the amount owed per month, capped at 25% of the tax bill, according to the IRS. There’s also an interest-based penalty based on the current interest rate.
The agency urges non-filers to work with a tax professional to file past-due returns and calculate taxes owed, penalties and interest.    

‘Historically low audit rates’ for higher earners

The new wave of letters comes amid IRS plans to reverse “historically low audit rates” of large corporations, complex partnerships and higher earners.
The audit rate for taxpayers earning $1 million or more was 0.7% in 2019, compared to 7.2% in 2011, according to the IRS.
While it’s unclear exactly how much the IRS will collect via the revamped non-filer program, the agency estimates there could be “hundreds of millions of dollars” in unpaid taxes from these cases.
“This is a very material amount of money that is being left on the table,” Werfel said Thursday.

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Problems with the new Free Application for Federal Student Aid have resulted in fewer students applying for college financial aid.
Given the current status of FAFSA submissions, the Department of Education is on track to see two million fewer FAFSAs submitted this year, a 15% decline, according to higher education expert Mark Kantrowitz.
Studies show students are more likely to enroll in college when they have the financial resources to help them pay for it.

Despite a growing need, fewer students are applying for college financial aid.
Problems with the new Free Application for Federal Student Aid have discouraged many students and their families from completing an application. As of the last tally, less than five million students have submitted the 2024-25 FAFSA form so far.  

That’s a fraction of the 17 million students who use the FAFSA form in ordinary years, according to the U.S. Department of Education.
“We are putting all hands on deck and using every lever we have to make sure we can achieve the transformational potential of the Better FAFSA to make higher education possible for many more of our nation’s students,” U.S. Secretary of Education Miguel Cardona said in a recent statement. 
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Yet, as of mid-February, only 24% of the high school class of 2024 had completed the FAFSA, according to the National College Attainment Network, down roughly 42% from a year ago.
“If they don’t catch up, there will be more than two million fewer FAFSAs submitted this year, down to less than 15 million total, a 15% decrease — that’s a huge drop,” said higher education expert Mark Kantrowitz.

“It would be a shocking decrease.”

The FAFSA serves as the gateway to all federal aid money, including loans, work study and grants, the latter of which are the most desirable kinds of assistance because they typically do not need to be repaid.
Under the new aid formula, an additional 2.1 million students should be eligible for the maximum Pell Grant, according to the Department of Education. However, given the slower pace of FAFSA applications being submitted, “the number of Pell Grant recipients will be about the same as last year, despite the new Pell Grant formula making it easier for students to qualify,” Kantrowitz said.
“The goal of FAFSA simplification was to increase the number of lower-income students applying. If we have fewer because of a bad rollout, it’s extremely problematic,” he added.

The new FAFSA was meant to improve college access

In ordinary years, high school graduates miss out on billions in federal grants because they don’t fill out the FAFSA. 
In New York alone, students left $226 million in Pell grants on the table in 2023. “The biggest obstacle for people going to college is the cost. And the way to get the cost down is to get scholarships and grants,” New York State Assemblymember Jonathan Jacobson said at a recent press briefing in support of a Universal FAFSA policy. “Unfortunately, you have to complete the FAFSA to get this financial aid, and that’s very difficult to do.”
Jacobson is sponsoring a bill requiring high school seniors to complete the FAFSA. “Education can be the great equalizer, but only if it’s accessible and affordable,” he said.
Universal FAFSA policies have been gaining steam nationwide, with at least 15 states considering a policy to make it mandatory for all high school seniors to fill out a FAFSA either through legislation or regulation, according to the National College Attainment Network.
Research shows those policies can have a direct link to improved education outcomes. In Louisiana, for example, which was the first state to implement this rule in the 2017-18 academic year, high school graduation rates rose and the number of high school graduates immediately enrolling in college climbed to an all-time high, according to early data.

FAFSA completion can predict college attendance

Submitting a FAFSA is one of the best predictors of whether a high school senior will go on to college, the National College Attainment Network found. Seniors who complete the FAFSA are 84% more likely to immediately enroll in college. 
However, many families mistakenly assume they won’t qualify for financial aid and don’t even bother to apply. Others said a lengthy and overly complicated application was a major hurdle.
The plan to simplify the FAFSA was meant to streamline the process.
Still, this year’s rollout was rushed, Kantrowitz said.
“They should have allowed an additional year for implementation of the new simplified FAFSA,” he said. “They did not allow enough time to get it done and not enough time for testing.”
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The new bitcoin funds have seen their trading volume surge this week as the cryptocurrency continues to climb.
The highly active market around these funds is likely a sign that retail traders are using the ETFs to participate in the bitcoin rally.
Bitcoin crossed the $60,000 mark on Wednesday for the first time since November 2021.

Chesnot | Getty Images

Retail traders appear to be using a new tool during this huge rally for bitcoin — exchange-traded funds.
The funds, which launched last month, have seen their trading volume surge this week as bitcoin continues to climb.

For example, the iShares Bitcoin Trust (IBIT) saw about 96 million shares change hands on Wednesday, according to FactSet. That is more than double its previous record high of about 43 million shares, which came on Tuesday.
Another multibillion dollar fund, the Fidelity Wise Origin Bitcoin Fund (FBTC), saw roughly 27 million shares change hands on Wednesday, easily surpassing the 16.8 million traded on Jan. 11, its first day of trading.
Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB) was traded about 7 million times, or about 1 million higher than its Jan. 11 record.
The highly active market around these funds is likely a sign that retail traders are using the ETFs to participate in the bitcoin rally. The largest cryptocurrency crossed the $60,000 mark on Wednesday for the first time since November 2021.
While ETFs are used by all types of investors, the heavy intraday trading suggests that retail traders are a sizable group buying and selling the funds.

The trading volume is even more impressive when considering the price. Bitcoin has risen about 30% since the ETFs were approved, and the tracking funds have all increased in price over the past six weeks, including a big jump this week.

Stock chart icon

Bitcoin ETFs have surged in recent weeks, following the price of the underlying cryptocurrency.

That price movement means that many of the funds saw a record dollar amount traded on Wednesday, as well.
One notable exception to the trend was the Grayscale Bitcoin Trust (GBTC), whose trading volume was still far off of its levels from January. The fund, which has seen billions of dollars of outflows since its launch, had about 34 million shares traded on Wednesday, well below its Jan. 11 number. Still, that translates to more than $1.5 billion in trading volume.Don’t miss these stories from CNBC PRO: More

Amid a college affordability crisis, several schools are eliminating education debt from the outset. 
Roughly two dozen colleges and universities now have “no-loan” policies, which means they will meet 100% of an undergraduate’s need for financial aid with grants rather than student loans, according to The Princeton Review.

Barring a $1 billion donation or broad-based student loan forgiveness, college is becoming a path for only those with the means to pay for it, many reports now show. 
But some colleges have a new strategy to entice students wary of the high cost.   

Roughly two dozen schools have introduced “no-loan” policies, which means they are eliminating student loans altogether from their financial aid packages.
“They are giving them out like candy now,” said Menaka Hampole, an assistant professor of finance at Yale School of Management, of the growing number of no-loan policies.
Among the schools on The Princeton Review’s “The Best 389 Colleges” list, 23 promise to meet 100% of their undergraduates’ financial need without loans.

“Post-Covid, more schools are rolling out no-loan policies mostly on the back of Princeton, which had the money in its endowment to do something,” Hampole said.
“Princeton takes the lead and other schools follow suit — but it’s the top universities that can afford to do this,” she added.

Nationwide, colleges continue to feel the consequences of fewer students and declining tuition revenue, according to Colin Hatton, senior consultant of NEPC’s endowments and foundations team. For the most part, college endowments have paid the price.
“The higher educational system is under stress,” Hatton said.

‘No loan doesn’t mean free’

Of course, even without loans, students may still be on the hook for the expected family contribution, as well as other costs, including books and fees. There could also be a work-study requirement, depending on the school.
Even if a school has a no-loan policy, that also does not prevent a student or family from borrowing money to help cover their contribution.
“No loan doesn’t mean free,” said Robert Franek, The Princeton Review’s editor in chief and author of “The Best 389 Colleges.”

Colleges with no-loan policies

“College is expensive — we have to make sure we keep it accessible,” said Nicole Hurd, president of Lafayette College in Easton, Pennsylvania.
At Lafayette, families with household incomes of up to $200,000 have their financial need met through grants and work study, without any loans.
“We have a moral obligation to make sure our low- and moderate-income families know that college is the best investment you’ll make in yourself,” Hurd said.
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Colby College in Waterville, Maine, has had a no-loan policy in place since 2008.
Terra Gallo, a senior majoring in environmental policy, said “Colby’s no-loan policy and the fact that demonstrated need is met and accounted for was something that was important to both me and my family.”
“I know a lot of people who are in significant debt,” Gallo, 21, added. “That was something I didn’t want.”
Colby senior Jackie Hardwick of Jacksonville, Florida, also said the cost of attendance was the main thing she considered when looking at colleges.

“That was the No. 1 concern on my mind,” she said, highlighting Colby’s support for financial aid and QuestBridge scholarship recipients like herself.
Hardwick, 21, who is a global studies and East Asian studies double major, said she would not be enrolled at Colby without her scholarships or if she had a larger expected family contribution, which she said is still “pretty hefty.” Hardwick works six part-time jobs on campus to support herself and her family’s expected contribution.
“I have to help my family out whenever I can,” she said.
“For us, the no-loan message is incredibly powerful, especially when so many families are grappling with the very real concerns about the cost of higher education,” said Randi Maloney, Colby’s dean of admissions and financial aid.

A student’s greatest concern: ‘too much debt’

“These schools have addressed the biggest concern for students and parents, which is assuming too much debt,” Franek said.
“They are saying to students and parents, ‘I see you and I hear you,'” he said.
Further, such programs will likely result in more students applying, which can also boost a college’s yield — or the percent of students who choose to enroll after being admitted — which is an important statistic for schools, Franek added.

These schools have addressed the biggest concern for students and parents, which is assuming too much debt.

Robert Franek
editor in chief of The Princeton Review

“It is a win-win for schools and students,” Franek said.
“Typically, you will see a fairly sizable increase in the number of admissions applications,” said Forrest Stuart, Lafayette’s vice president for enrollment management.
“It puts your school on the map,” he said. “The more you can have your name out there, the more robust class we can put together.”
— Jared Mitovich contributed to this report.
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First Solar is one of the few companies that has weathered the sharp downturn in the solar sector.
High interest pummeled the highly leveraged residential solar sector but First Solar’s focus on large, utility-scale projects has insulated the company from the macroeconomic headwinds so far.
First Solar has an order backlog of 80.1 gigawatts stretching through the end of the decade with the company completely sold out through 2026.

A solar field is seen on site at First Solar in Perrysburg, Ohio, on July 8, 2022.
Megan Jelinger | Reuters

First Solar shares jumped Wednesday after reporting another solid quarter, with the company booked solid through 2026 and an order backlog that stretches into the end of the decade.
The stock traded as much as 9% higher on the day. It was last up about 2%.

Here’s how the company did in the fourth quarter:

Net income rose 30% year over year to $349.2 million from $268.3 million
Earnings per share of $3.25 beat an LSEG estimate of $3.13
Revenue of $1.15 billion was slightly below a consensus forecast of $1.31 billion

Morgan Stanley analyst Andrew Percoco said the revenue miss was more than offset by strong margins of 43.3%, compared to consensus estimates of 37.7%.
First Solar has a record order backlog of 80.1 gigawatts stretching through the end of the decade with the company completely booked through the next two years.
First Solar is one of the few companies that has weathered the sharp downturn in the solar sector. While the Invesco Solar ETF (TAN) has plummeted 43% over the past 12 months, First Solar is down 6.2% during the same period.
High interest rates pummeled the highly leveraged residential solar sector, but First Solar’s focus on large, utility-scale projects has insulated the company from the macroeconomic headwinds.

“We continue to believe FSLRs extended visibility into margin levels and cash flows provides a relative safe haven for investors,” JPMorgan analyst Mark Strouse told clients in a note. JPMorgan has a price target of $226 for the stock, implying about 56% upside from Tuesday’s close.
Deutsche Bank and Morgan Stanley raised their price targets on the back of First Solar’s quarterly report. Deutsche sees First Solar rising 44% to $210 per share, while Morgan Stanley expects upside of 69% to $245 per share.
“The company message is clear and loud — solid growth ahead, with increased capacity coming online and two new US facilities being built up,” Deutsche analyst Corinne Blanchard told clients Wednesday.
“FSLR is utility exposed, and therefore we believe isolated from the current ongoing challenges for the rest of the solar space,” Blanchard wrote. “The company also has a solid balance sheet, therefore reducing macro related headwinds.”
But there are potential headwinds on the horizon with bookings expected to slow after two bumper years. Chief Financial Officer Alexander Bradley told analysts on the company’s earnings call that First Solar will be “highly selective” with its contracting in 2024 as U.S. presidential and congressional elections later this year create uncertainty for the renewable sector.
Analysts are worried that Republicans might seek to weaken or repeal tax credits under the Inflation Reduction Act if they win unified control of the government.
CEO Mark Widmar told analysts that Chinese subsidization and dumping has led to a collapse in cell and module in key international markets such as India and Europe.
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Smart Tax Planning

You can help avoid tax refund delays by filing a complete and accurate return.
The information you report on your return must match the tax forms received by the IRS.
Here’s a checklist of tax forms you may need before you file and when to expect them.

Getty Images

If you’re expecting a tax refund this season, you can avoid delays by filing a complete and accurate return. But first, you’ll need to gather your tax forms.
You get tax forms such as W-2s and 1099s from employers and financial institutions each year. Those entities also send the IRS copies, called “information returns.” Skipping forms on your return could halt processing.

“It’s the [IRS] matching software that’s the biggest, most consistent problem for taxpayers,” said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM.   

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Here’s a look at more tax-planning news.

Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained.
Mistakes will require you to send an amended return and that’s going to slow down the system even further, said Henry Grzes, lead manager of tax practice and ethics with the American Institute of CPAs.

Even if you can submit the amended return electronically, it’s typically processed manually, which can take months, said Tom O’Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals.
“That is still a manual and very labor-intensive process,” he said, stressing the importance of filing an accurate return the first time by having all your tax forms ready.

Here’s a list of some of the most common tax forms and when to expect them.

When to expect tax forms

While many tax forms must be sent by Jan. 31, others won’t arrive until mid-February or beyond. “Information returns come in later and later every year,” Smith said.
For earnings, common forms may include a W-2 for wages, 1099-NEC for contract or gig economy work, 1099-G for unemployment income and 1099-R for retirement plan distributions. 
While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.
“You can’t just say, ‘I didn’t get a slip, so, therefore, I don’t have to report the income,'” said Grzes. “If it’s income, you have to report the income.”
Don’t assume you’ll get a mailed paper form, either. With more financial institutions going paperless, you may have to download tax forms, such as savings account interest or investment earnings, from your online accounts.

For tax breaks, you may need forms 1098 for mortgage interest, 5498 for individual retirement account deposits, 5498-SA for health savings account contributions, 1098-T for tuition, 1098-E for student loan interest and more.
Of course, corrected tax forms may take longer because your employer or financial institution has to reissue the documents.

The ‘first thing’ you need to get organized

If you’re unsure which tax forms you need, Smith suggested reviewing last year’s return.
“That’s the first thing you should do to get ready for taxes,” he said.
For example, you may have the same employers, income from financial institutions and similar tax breaks.
But if things changed or if this is your first time filing a return, think about what happened in your life last year, places you worked or things you sold, O’Saben said.

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Retirement 401(k) account balances bounced back in 2023 to the highest level in nearly two years, according to Fidelity’s recent report.
Despite persistent inflation, more than one-third of workers increased their retirement savings contribution rate.
The number of 401(k) millionaires also rose more than 10%.

In a year that defied most economists’ expectations, retirement savers reaped the benefits.
Retirement account balances, which took a sharp nosedive in 2022 due to market volatility, have now started to bounce back, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The financial services firm handles more than 45 million retirement accounts total.

The average 401(k) balance ended 2023 up 14% from a year earlier to $118,600, Fidelity found.
The average individual retirement account balance also gained 12% year over year to $116,600 in the fourth quarter of 2023.

“This past year ended on a high note for retirement savers,” said Sharon Brovelli, president of workplace investing at Fidelity Investments.
Positive savings behaviors were key to realizing better outcomes, added Mike Shamrell, Fidelity’s vice president of thought leadership.
A great year for the major indexes also helped. The Nasdaq soared 43% in 2023, while the S&P 500 notched a 24% annual gain and the Dow Jones Industrial Average rose more than 13%.

Number of 401(k) millionaires jumps 11.5%

At the end of 2023, signs that inflation was cooling were not only good news for the economy, but they were also good news for stocks. After the S&P 500 closed out 2023 with a nine-week win streak, the number of Fidelity 401(k) plans with a balance of $1 million or more increased 20% from the third quarter.
Year over year, the number of 401(k) millionaires rose 11.5%. 
“These are the poster children of staying the course and taking a long-term approach,” Shamrell said.
Overall, more than one-third of retirement savers increased their retirement savings contributions, Fidelity found. The average 401(k) contribution rate, including employer and employee contributions, now stands at 13.9%, just below Fidelity’s suggested savings rate of 15%.

More retirement savers are borrowing from their 401(k)

Still, savers also tapped their accounts to free up cash. The percentage of workers who took a loan from their 401(k), including for hardship reasons, ticked up to 8.9%, from 7.8% at the end of 2022. 
Federal law allows workers to borrow up to 50% of their account balance, or $50,000, whichever is less. However many financial experts similarly advise against tapping a 401(k) before exhausting all other alternatives since you’ll also be forfeiting the power of compound interest. 
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At the same time, many households are also leaning heavily on credit cards to make ends meet, other research shows.
Across all ages and income levels, more than one-third of adults have more credit card debt than emergency savings, according to a recent report by Bankrate.
“At a time of record-high credit card rates, we see a record-high number of Americans carrying credit card debt that exceeds their emergency savings,” said Greg McBride, chief financial analyst at Bankrate.

During times of financial stress, it may make sense to borrow from a retirement account, rather than rely on such high-interest debt, according to Fidelity’s Shamrell.
“If you have been in a financial bind and the choice is a high-interest credit card or a loan from your 401(k), sometimes the loan is your optimal choice,” he said.
“But that’s in a time of real financial need,” he added, “not going to your college roommate’s wedding in Napa.”
Unlike credit card and other debt, savers who borrow from their 401(k) pay themselves back with interest. Interest rates are also generally much lower than those of credit cards, which are currently at a record high over 21%.
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More than half of aspiring homeowners say cost of living and insufficient income make it difficult to afford a down payment and closing costs for a home, according to a new report by Bankrate.
The report also found a degree of pessimism from aspiring homebuyers who think they will never be able to buy a home, or that it will take at least five or 10 years.
“That’s a long time for people to wait,” said Mark Hamrick, senior economic analyst and Washington bureau chief of Bankrate.

Milos Dimic | E+ | Getty Images

With various factors keeping homeownership out of reach for Americans, many aspiring homeowners are pessimistic, doubting they will ever achieve that goal.
Would-be buyers point to two major obstacles holding them back, according to a new Bankrate report. About half, 51%, point to a high cost of living, and 54% say they have insufficient income given where home prices are now.

The site polled 2,267 U.S. adults, 864 of whom are aspiring homeowners, in late January. Bankrate defined aspiring or prospective homeowners as those who have either owned a home in the past but currently do not, as well as those who have never owned a home but wish to someday.
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When asked about their ability to buy a home, 20% of aspiring owners said they may “never” be able to save enough for the down payment and other costs. Meanwhile, 30% said it could take them at least five years, while 10% said it could take them a decade or longer. 
“That’s a long time for people to wait,” said Mark Hamrick, senior economic analyst and Washington bureau chief of Bankrate. “‘Never’ is a long time, [and] so can be five or 10 years.” 

Mortgage rates cross 7% again

High mortgage rates can contribute to aspiring homeowners’ feeling that their income is holding them back from buying in the current market.

As interest rates rose sharply in 2022, the average cost of a monthly mortgage payment swelled to $2,045 in December 2022, a 46% increase from $1,400 a year prior, according to a September report from the Consumer Financial Protection Bureau. More people were denied on mortgage applications for insufficient income in 2022 than in 2021.
Last week, the 30-year fixed rate mortgage increased to 7.06% from 6.87%, a disappointing sight for those who were expecting more pronounced declines in the early year, Hamrick said.
While there are predictions that suggest rates may begin to come down this year, “a series of unexpected events,” like the Covid-19 pandemic, have made interest rates both spike and sharply decline in recent years, he said. 
“We have to acknowledge a high degree of uncertainty even though we want to understand there’s a baseline or expectation within reason,” Hamrick said.

Homeownership costs go beyond the mortgage

Aspiring buyers need to think beyond the down payment as they consider their timeline to homeownership. They must be able to meet new obligations that come with owning a home on top of other financial goals, said Hamrick, who underscored the need for emergency savings.
“Homeownership is not a singular event that does not have other implications on finances,” he said. “There’s no doubt that there will be repairs, maintenance and upgrades and renovations required as long as they are owning a home.”

If the homeowner is not prepared for such repairs and maintenance costs, these additional expenses can lead to financial strain, making it harder to save toward other goals and indirectly making you “house poor,” certified financial planner Preston D. Cherry recently told CNBC. Cherry, the founder and president of Concurrent Financial Planning in Green Bay, Wisconsin, is also a CNBC FA Council member.
It could be worse, Hamrick added: “It’s not only a question of being house poor, but it’s question of taking on more debt because of the lack of flexibility in household finances.”
In addition to high cost of living and low income, aspiring homeowners also cited credit card debt (18%) and student loan debt (10%) as barriers to homeownership, the Bankrate report found. More