Frail in your 40s? What to know about ‘pre-frailty’ and how to reverse it
Media Dragon
Daily Dose of Dust
Jozef Imrich, name worthy of Kafka, has his finger on the pulse of any irony of interest and shares his findings to keep you in-the-know with the savviest trend setters and infomaniacs.
''I want to stay as close to the edge as I can without going over. Out on the edge you see all kinds of things you can't see from the center.''
-Kurt Vonnegut
Powered by His Story: Cold River
Thursday, October 29, 2026
Frail in your 40s? What to know about ‘pre-frailty’ and how to reverse it
Hacking Tax agents preparers: Poland busts crypto exchange
- Reported losses by those 60 or older went up 400% from 2020 to 2025, from $600 million to $3 billion
- Top frauds by this cohort were investments (crypto romance frauds?) and business and government impersonation frauds
- Most large losses were sent by bank to bank wire transfers or crypto
- Older consumer less likely overall to be victims, but lose more money
Online Shopping Fraud. This topic is the largest source of fraud complaints. People find fantastically low prices for goods on Facebook, and increasingly on Google searches. But the goods never arrive at all, or are counterfeit, and often goods that do get sent are completely different than those advertised. Its no surprise that most of this involves China, and is a major industry there. And now with AI to create fake web pages this fraud is easier to conduct than ever. People who complain to their payment mechanism, whether a credit card of PayPal, may well be able to get their money back. For more detail, see my study on this topic.
Fraud Studies: Here are links to the studies I’ve written for the Better Business Bureau: puppy fraud, romance fraud; BEC fraud, sweepstakes/lottery fraud, tech support fraud, romance fraud money mules, crooked movers, government imposters, online vehicle sale scams, rental fraud, gift cards, free trial offer frauds, job scams, online shopping fraud, fake check fraud and crypto scams
Fraud News Around the world
- Nigeria: Man gets three years prison for impersonating someone else of Facebook in investment fraud
- Georgia: Woman (Chinese?) arrested for fraud claiming to be calling from FDIC and needing to keep victim money “safe”
- US seizes $12 million in designer watches coming from Hong Kong at Indianapolis airport
- Singapore: Four arrested for laundering money from apparnent government impersonation fraud
- UK: Eight years prison for man who sold PPE gloves he didn’t have; bought luxury cars and a rolex
- Wyoming: Police arrest Canadian man who went to home of woman to collect gold; she had been called by an “FTC employee” who told her she needed to keep money “safe;” tip to police by owner of a gold store where woman had gone to buy $450,000
- Canada: Police in Thunder Bay arrest Quebec man for grandparent fraud
- Virginia: US Customs seizes large quantity of counterfeit kitchen sinks imported from China
- India busts call center in Jaipur that was calling the US and claiming to be technical support from iPhones; arrest ten
- Texas: Former US military man extradited from the Philippines and pleads guilty to huge ID theft effort that raided bank accounts of military members
- Miami: Pakistani man charged with selling over $126 million of counterfeit postage online
- FTC sends $9.8 million to consumers harmed by Wal-Mart toleration of fraud in wire transfer services
- DOJ files suit referred by the FTC against ticket broker who got massive number of tickets by illegal means
- Interpol launches consumer education effort aimed at AI and deepfakes
- Council on Foreign Relations: AI is turbocharging scam compounds in SE Asia
- Hits City of Liberty, Texas; lose $600,000
- BEC fraud rises 30% in 2025, part because use of AI evades multi-factor authentication
- India extradites man on most wanted list to the US for food stamp benefit fraud; got $600,000
- Chicago: City IG says 44 Chicago cops guilty of PPP fraud
- West Virginia: Woman pleads guilty to PPP fraud; got $440,000
- Denver: Man gets 30 months prison for PPP fraud; got $1.2 million
- Phoenix: Man gets ten years prison for PPP fraud and firearms offenses; got $2.2 million
- Postal letter carrier gets 20 months prison for unemployment fraud; had money go to address he controlled
- Florida: Postal worker pleads guilty to PPP fraud
- Denver: Man gets 20 months prison for PPP fraud; must pay $5 million restitution
- FinCEN identifies $270 million in suspected federal student loan fraud
- Florida: Woman convicted of stealing $152,000 in social security benefits
- Cambodia arrests 77 police officers for their involvement in online frauds and scam compounds
- Belarus: Police bust scam group, apparently doing government impersonation fraud, and arrest 80
- Brookly DA’s office disrupts crypto investment scam targeting Russian speakers; took down
- Poland busts crypto exchange used to launder €77 million from online frauds, arrests nine
- Under new Illinois law fraud victims that use Bitcoin ATM’s can get their money back – but only if they report it within 30 days; $750,000 returned to victims so far
- Connecticut: Man pleads guilty to crypto investment fraud; got more than $1 million; despite claims of investing he just kept the money and used it for gambling
- Ransomware gangs now engaging in physical threats against employees or their families 40% of the time
- Hits City of Bernillo, New Mexico
- Attack on Alabama Board of Nursing
Press Coverage of French Protests Broadcasts Neoliberal Message That Markets Matter More Than People
"Historically, the most terrible things - war, genocide, and slavery - have resulted not from disobedience, but from obedience."
~ Howard ZinnPress Coverage of French Protests Broadcasts Neoliberal Message That Markets Matter More Than People
The media is speaking with almost one voice to enforce the neoliberal order: ordinary citizens must submit to the needs of the investor class.
Speck Reviews Oh’s Does the Corporate Tax Still Distort Organizational Governance?
This week, Sloan Speck (Blue J; Google Scholar, SSRN) reviews a new work by Jason S. Oh (UCLA; SSRN), Does the Corporate Tax Still Distort Organizational Governance?, 22 N.Y.U. J.L. & Bus. 69 (2025) (TaxProf Blog).
Lawyers and economists have long recognized that taxation affects business entities’ governance decisions, and these tax-induced distortions have motivated decades of calls for corporate tax integration. In Does the Corporate Tax Still Distort Organizational Governance?, Jason Oh brings fresh insights to these longstanding debates. Oh observes that publicly traded companies rarely organize as limited liability companies (or other noncorporate state-law forms), even though LLCs’ governance regime allows greater flexibility without changing the entity’s corporate tax classification (through a check-the-box election or under § 7704’s publicly traded partnership rules). As Oh frames the question, “Why are there so few public LLCs?” To explain this puzzle, Oh advances a “homogeneity hypothesis”: “public entities prefer homogeneous interests and therefore gravitate toward governance and taxation regimes that reinforce homogeneity amongst investors.” In a world where public companies have diverse stakeholders, allocating the firm’s residual value—and upside—in a block of small, standardized units just makes life simpler.
Read MoreYour Election Interference Fears Were 100% Justified
TMP – This Is Not a Drill … Repeat … NOT a Drill – Drilling Down Into the Details – More Threats From the Trump DOJ – “The Trump administration has launched a full-blown attack on the midterm elections in California. It’s the very thing that everyone has been worrying that Trump would do for more than a year and yet …
it doesn’t feel like the totality of what’s happening has really sunk in or embedded itself in the national political conversation as we sit here 12 days out from the end of voting. To recap for those just joining us, the Trump administration has used the false pretext of rampant noncitizen voting to:
- gin up criminal prosecutions nationwide against noncitizens for alleged voting-related crimes, with a special focus on California, where it rolled out a bunch of dubious new charges with high-profile arrests and official press conferences two weeks before the election;
- sue California to force it to segregate and not count mail-in ballots from alleged noncitizen voters until it undertakes some new, uncertain, and open-ended investigation into whether the voters are citizens;
- send federal agents door-to-door looking for noncitizen voters in what is at best a fishing expedition and at worst a campaign to terrorize and instill fear in potential voters in minority communities.
All of this happening — and I cannot emphasize it enough — while universal mail-in voting is already underway in California.
The various ways in which the Trump administration spent the past several months trying to monkey with the midterms — asserting unprecedented federal control over state-run federal elections, attempting to use the Postal Service to throttle mail-in ballot delivery, demanding access to voter rolls and individual voter information; marshaling federal databases in a purported effort to ferret out noncitizen voters; among other things — was merely a prelude to its open attack on the midterms now ongoing in California. The breadth and persistence of those earlier efforts by the administration has probably dulled the senses a bit and made it harder to distinguish what it happening now as a more serious and immediate threat to free and fair elections.
The other complicating factor is that the fight to fend off the administration’s attack in California stretches from coast to coast, making it harder for reporters to cover it as a single unified story and for the public to grasp the various tendrils. There’s a major civil lawsuit underway in California and two separate important lawsuits in D.C. Plus the myriad criminal cases in California, which won’t be decided until after the election.
At the same time, federal grand jury subpoenas are still outstanding that demand voter information from California election officials. And amidst all of that the Trump DOJ continues to actively threaten California election officials with prosecution if they don’t capitulate to administration demands…”
Millionaire ATO boss admits to massive error on credit card bungled ban
'Mind blowing' senior public sector salaries and payouts revealed in Senate Estimates
The high earnings of some senior public sector executives have dominated a number of Senate Estimates hearings this week, with revelations of massive salaries and even payouts and bonuses.
There are now 17 public servants from a single agency, the Future Fund Management Agency, earning more than a million dollars a year, with one being paid $2.2 million (including incentive bonuses) in the last financial year.
There were a mere 11 executives earning more than a million at the Future Fund the previous year, but they’ve now been joined by another six top-earning executives…
Millionaire ATO boss admits to massive error on credit card ban
ATO boss Rob Heferen admits blunder over credit card ban after business backlash


ATO ‘jumped to conclusions’ over bungled ban on credit card payments
Tax office boss concedes the ATO should have consulted better on ending credit card tax payments and admits he misread how businesses use them.
Tax Commissioner Rob Heferen says the ATO should have consulted better with business over its ban on credit card payments.
ATO boss tells senate estimates he ‘jumped to conclusions’ on business credit card payments
The tax chief says he jumped to a conclusion about businesses’ card use before recognising the cash-flow benefits for operators not in financial trouble.

Tax boss Rob Heferen has admitted he incorrectly jumped to the wrong conclusion about how businesses use credit-card payments, conceding that “hindsight’s a wonderful thing” over his office’s controversial move to axe them.
Australian Taxation Office commissioner Rob Heferen told Senate estimates on Wednesday that earlier consultation could have helped identify alternatives to withdrawing a payment option he estimated was used by about 250,000 small businesses.
The ATO on October 1 gave businesses just two months to find another way to pay their tax. Business groups warned of cash-flow disruption and accused it of double standards: businesses could no longer pass card-processing fees on to customers, yet the tax office was dropping direct card payments rather than paying those fees itself.
The Government stepped in eight days later, funding a reprieve until June 30, 2027.
Mr Heferen’s evidence exposed a gap in his initial understanding of why businesses used the payment method.
“I had jumped to the conclusion that managing cash flow related to a situation where a person or a business might be struggling,” he said.
He subsequently recognised that businesses not necessarily in financial trouble could use a card’s interest-free period to manage cash flow.
“It’s cashflow and it means breathing space each month,” restaurateur Nahji Chu said, previously reported by The Nightly.
She described a $10,000 tax payment by card as providing a month’s breathing space while more revenue came in.
Mr Heferen said the ATO had proceeded on figures showing only 5 per cent of small businesses used cards to pay tax. Asked how many that represented, he cited 256,000 users, while offering to correct the number if necessary.
He said earlier engagement could have involved businesses in finding a solution, rather than presenting a decision and giving them time to adjust.
“I think we’d be more active in trying to engage with people earlier,” he said.
With the right stakeholders involved, including the small-business ombudsman, “we may well have been in a different situation”.
Business groups had complained about precisely that distinction between shaping the decision and implementing it.
After an October 7 meeting, Australian Chamber of Commerce and Industry chief executive Andrew McKellar said: “The ATO is saying they’re not negotiating the decisions made. They’re talking about implementation and how that’s going to happen.”
The agency’s justification centres on the cost of accepting cards without passing processing fees on to users. The ATO estimates continued acceptance would cost $200 million annually with taxpayers footing the bill.
Mr Heferen said card companies had “engaged very constructively” in negotiations, but their offers remained difficult for the agency to afford.
“The price that they could provide us was still such that we felt it was difficult to to afford,” he said.
Businesses will still be able to pay tax by credit card through third-party providers after June 2027. The ATO has warned taxpayers to consider their fees, charges and processing times.
Its October 9 statement promised further consultation on hardship support and alternatives for taxpayers unable to pay through other methods.
Mr Heferen mentioned payment deferrals and waiving interest on tax debt as measures earlier discussions might have explored, but explicitly stopped short of proposing them.
Reflections on developments in large market taxation (and why Australia is different)
Second Commissioner Jeremy Hirschhorn's speech at the AmCham Presidio series event.
Introduction
Thank you for having me here tonight, it is wonderful to have the opportunity to speak with an organisation that reflects the important and enduring relationship between Australia and the US, both at a country-to-country level, but also with significant cross border investment and trade between our private sectors.
Tonight I have been asked to reflect on the evolution of large market taxation over the last twenty years (and the last ten years in particular), drawing out some macro themes, and then how that has influenced tax administration in Australia (and given this is AmCham, some occasional comments on the US position!).
ATO boss Rob Heferen admits blunder over credit card ban after business backlash



Tax agency terminated for serious breaches
The TPB has ended the registration of a tax agent company over client verification failures and offering clients payments if they did not make complaints against the company.
The Tax Practitioners Board (TPB) has terminated the registration of Xact Taxation (previously trading as Tax Refund on Spot) after finding serious failures in its client identity verification and record-keeping processes.
The TPB found that the company had breached multiple items of the Code of Professional Conduct and no longer met the requirements for registratio. It has prohibited the company from reapplying for registration for three years.
The TPB’s investigations found that the company had engaged in conduct that breached the code by failing to act honestly and with integrity. The company had done this by:
- Accessing clients’ ATO notices of assessment without authorisation and falsely representing to the TPB that those documents had been provided by the clients to satisfy proof-of-identity (POI) requirements.
- Maintaining false interview sheets and POI records to support those representations
- Falsely claiming that document verification service checks had been undertaken for POI when they had not been completed
- Implementing terms and conditions that allowed the company to deduct fees from ATO refunds for up to 10 years, even if it did not lodge the income tax return and repeatedly redirect refunds to the company’s trust account.
The investigations also revealed that the company offered “goodwill payments” to clients on the condition that they agree not to make complaints against it.
Furthermore, the TPB found that the company failed to provide tax agent services competently by not carrying out adequate POI checks, maintaining adequate records of identification documents checked for POI purposes, changing clients’ bank account details without properly verifying their circumstances, and failing to implement appropriate supervision and quality assurance processes before lodging tax returns.
The consequence of these failures was that the company failed to take reasonable care to ascertain clients’ circumstances before changing financial institution details on ATO records, and failed to conduct POI according to the requirements. Income tax returns were lodged without client authorisation, and client refunds were redirected.
According to the TPB, this demonstrated a failure to exercise reasonable care and comply with key professional obligations.
In addition to this, the TPB’s investigation showed that the company’s directors were no longer fit and proper persons, and as such, the company failed to meet the tax practitioner registration requirements under the Tax Agent Services Act 2009 (TASA) that its directors must be fit and proper persons.
As director and supervising agent of the company, Mona Makan was found not to be a fit and proper person as she caused the company to engage in conduct that undermines public trust and confidence in the integrity of the tax system and the professional standards expected of the tax practitioners.
As a supervising agent, Presh Batra was found not to be a fit and proper person as he caused the company to engage in conduct that breached the code, and as a registered tax agent, submitted client income tax returns that were unauthorised.
Both Makan and Batra were found to have caused the company to engage in conduct that is so serious that the TPB, the ATO commissioner, clients, and the public could not have confidence that Makan would perform her functions as a registered tax agent to the required standard of integrity and competence.
Given the seriousness of the breaches of conduct, the TPB said it also decided to prohibit the company from reapplying for registration for three years from the date the termination takes effect.
TPB chair Peter de Cure said the decision illustrates the importance of strong client verification and governance processes in protecting taxpayers and maintaining confidence in the tax profession.
“This case involved serious failures in client identity verification, record-keeping and practice governance. These failures enabled tax returns to be lodged without proper authorisation and exposed clients to significant risk,” he said.
“Identity verification is not simply an administrative step. It is a fundamental safeguard that helps protect clients from fraud, unauthorised access to their information and the misuse of their tax affairs. Tax practitioners should review their systems and processes regularly to ensure they have effective controls in place and are meeting their professional obligations.”
de Cure warned that the TPB will take appropriate action against tax practitioners who do not meet standards.
“Tax practitioners play a trusted role in the tax system and are expected to meet high standards of competence, integrity and client care,” he said.
The termination came into effect on 16 July 2027 and ends on 16 July 2029.
On 15 July 2026, Xact Taxation Pty Ltd applied to the Administrative Review Tribunal (ART) for a review of the TPB’s decisions to terminate its tax agent registration and prohibit it from reapplying for registration for three years.
The review of the TPB’s decision is yet to be heard.




