Federal workers owe IRS the $3.3 billion

When it comes to unpaid taxes, Treasury Department employees have the lowest tax delinquency rate among all federal departments.

NEW YORK (CNNMoney)

The IRS released data this week showing that roughly 3.3% of federal employees and retirees owed $3.3 billion in unpaid taxes as of Sept. 30.

That means they either couldn't pay the full amount owed when they filed a return, or they got snagged by an IRS audit and were told they owed more than they already paid.

The data, released after USA Today requested it under the Freedom of Information Act, broke down delinquency rates by departments and independent agencies.

At the low end of the scale was the Treasury Department, which had a 1.2% non-compliance rate.

A big part of Treasury is the IRS itself, which had a delinquency rate of 0.9%, according to an agency spokesman.

The rate among the population at large is at least 8.7%, the IRS estimates.

A few weeks ago the IRS found itself in hot water with Congress for having paid $1 million in bonuses to 1,100 IRS employees who were late in paying their taxes or had willfully understated their tax liability or income.

But it turns out the delinquency rate among Congressional staffers is higher -- 4.87% in the House and 3.24% in the Senate -- than those of IRS workers.

The government departments with the highest non-compliance rates were the Department of Housing and Urban Development (5.29%), the Department of Veterans Affairs (4.38%) and the Army (4.28%).

Among large independent federal agencies, which have at least 1,000 employees, the biggest offender was the Court Services and Offender Supervision Agency (8.05%), followed by the Government Printing Office (7.99%), the Smithsonian Institution (6.7%) and the Federal Reserve's board of governors (6.51%).

On the low end of the scale was the National Credit Union Administration (1.75%), the U.S. Nuclear Regulatory Commission (1.97%) and the Executive Office of the President (2.05%).

First Published: May 23, 2014: 3:56 PM ET

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I sold my startup to Cisco. Here's why

Dov Yoran, CEO and co-founder of ThreatGRID, talks about why he sold his company to Cisco Systems.

NEW YORK (CNNMoney)

Yoran had grown accustomed to refusing countless tech companies and investors who wanted a piece of his firm's sophisticated threat intelligence platform.

"We've been saying no to people for years. We didn't build a company just to flip it and move on," said Yoran, who co-founded ThreatGRID with Dean De Beer. "We really wanted to experience the whole thing from a startup and having guys sleep on couches and bootstrapping it."

And then Cisco Systems (CSCO, Fortune 500) entered the picture.

Cisco began informal conversations with New York-based ThreatGRID late last year. The talks quickly accelerated this winter and culminated this week with Cisco announcing a deal to acquire ThreatGRID and pair it with its rapidly expanding security platform.

Related: Internet Explorer bug lets hackers control your PC

"They made an incredibly compelling offer -- for not only today but what the vision looks like going forward," said Yoran, who is CEO of ThreatGRID.

Neither Cisco nor ThreatGRID would disclose the value of the deal due to confidentiality agreements.

But Yoran said "it was a fantastic exit for investors, shareholders and employees."

Yoran, who is 38 years old and lives in New York's SoHo neighborhood, said he doesn't plan any major lifestyle changes despite the looming financial windfall.

"It really wasn't about the money. It was about the drive and excitement of what we were building. The money came afterwards, which is pretty cool," said Yoran, who was a pre-med major at Tufts University before changing direction and earning a bachelor's in chemistry. He received his master's at George Washington University.

So why did Yoran decide to sell to Cisco after saying no to many others?

The clincher was the ability of Cisco to help ThreatGRID expand by incorporating the platform with its other products. Cisco plans to marry ThreatGRID with SourceFire, the cyber security company it acquired last year for $2.7 billion. SourceFire and ThreatGRID should be comfortable with each other since they had a previous partnership.

It also helps that the sale won't rock the boat for ThreatGRID's 25 employees, who will be allowed to continue doing what they do now, including working from home.

ThreatGRID crowdsources massive volumes of malware to provide threat intelligence to its clients, which include security subsidiaries of General Dynamics (GD, Fortune 500) and EMC (EMC, Fortune 500).

"We analyze data that are captured by endpoint and network vendors and we make it readable in a way their products can digest and take action," said Yoran.

Related: U.S. wants companies to share security data

Cyber security firms continue to be objects of desire for big tech companies due to the rising threat level.

Consider that the ThreatGRID deal was unveiled during a week headlined by a major hacker crackdown by the FBI, the U.S. accusing Chinese hackers of cyber espionage, eBay (EBAY, Fortune 500) disclosing a cyber attack and Target (TGT, Fortune 500) detailing its struggles to recover from last year's epic breach.

"For cyber attackers, and those who defend against them, the stakes could not be higher than they are right now," said Hilton Romanski, head of business development at Cisco, in a blog post announcing the ThreatGRID acquisition.

ThreatGRID is the first company Yoran co-founded that wound up being acquired, but it's hardly his first rodeo in the merger and acquisitions world.

Over the past two decades, Yoran worked at and invested in companies acquired by Intel's (INTC, Fortune 500) McAfee and Symantec (SYMC, Fortune 500), including a firm co-founded by his two brothers.

He said that experience helped guide him through Cisco's rigorous acquisition process and contemplate other potential options -- such as another round of funding or even an initial public offering.

And he made sure to remember this important lesson.

"You're not selling the company. Someone is buying the company," he said.

First Published: May 24, 2014: 10:58 AM ET

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GM faulty ignition crashes now 47

This is the 57-cent part at the center of GM's recall crisis.

NEW YORK (CNNMoney)

GM (GM, Fortune 500) has raised the number of frontal-impact crashes linked to the problem ignitions to 47 from 32, according to company spokesman Greg Martin.

Because of the flawed ignition, key rings holding more than one key could cause the ignition to suddenly switch to the off position. That can lead to a loss of power -- locking the steering wheel and interrupting airbags from deploying in an accident.

GM says the number of deaths tied to front impact crashes stemming from this defect remains at 13.

The National Highway Traffic Safety Administration chided the automaker for the way it handled the recall and said that the number of deaths tied to the problem was likely higher.

"GM knew about the safety defect, but did not act to protect Americans from that defect until this year. The families and friends of those lost in the crashes have the deepest sympathies of everyone at NHTSA. They deserve straight answers about what happened to their loved ones," NHTSA said in a statement.

"The final death toll associated with this safety defect is not known to NHTSA, but we believe it's likely that more than 13 lives were lost," NHTSA said.

GM spokesman Jim Cain said the automaker was aware of the NHTSA statement and that "if necessary we will adjust the number."

Related: Steps to a recall nightmare

GM has come under fire for the way it handled the flawed ignition switch.

Company employees knew about the defect for more than a decade before a recall was initiated in February 2014. So far, the automaker has recalled 2.6 million cars worldwide due to the ignition switch.

CEO Mary Barra has revamped how GM handles safety issues. A new unit charged with quickly uncovering safety defects has begun to aggressively issue recall notices for problems beyond the ignition switch.

The company has initiated 30 separate recalls covering 13.8 million U.S. cars and trucks, and 15.8 million vehicles worldwide, in 2014. That's more cars and trucks than GM sold in the five years since emerging from bankruptcy protection in 2009.

So far GM has agreed to pay the maximum fine of $35 million to NHTSA for the delay in the ignition recall. And it will be subject to closer oversight by the regulator.

The Justice Department is also considering whether to bring criminal charges against the automaker. A similar probe over Toyota's 2009 and 2010 unintended acceleration recalls led to a $1.2 billion fine earlier this year.

The company estimates it will cost $1.7 billion to repair the cars recalled so far in 2014. That expense essentially erased the profit the company would have reported in the first quarter.

GM shares are down 18% this year, lagging behind rivals Toyota (TM) and Ford Motor (F, Fortune 500).

-CNNMoney's Chris Isidore, CNN's Chris Kokenes and Rene Marsh contributed to this report.

First Published: May 24, 2014: 1:05 PM ET

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Seinfeld's 'Comedians in Cars' adding 24 new episodes

Seinfeld's 'Comedians in Cars Getting Coffee' premiers June 19 and now has a sponsor for the next four seasons. Click the image for a gallery of some of the cars, and stars, that have appeared on the show so far.

NEW YORK (CNNMoney)

This will be season four for the web series, which is now set to continue for another five seasons.

Crackle.com, a unit of Sony (SNE) Pictures TV, says luxury automaker Acura has extended its exclusive deal to sponsor 24 new episodes of the car & comedy mashup.

"Comedians in Cars Getting Coffee" is an online series appearing on Crackle.com that revolves around Seinfeld driving fellow comedians around in rare and expensive cars - then going for coffee. David Letterman, Don Rickles, Seth Meyers, and Chris Rock have all appeared with Seinfeld.

Related: The 'world's craziest, beautiful cars'

This season the show will feature Aziz Ansari, Robert Klein, Sarah Jessica Parker, Jon Stewart, and George Wallace.

The series has been an underground success. Crackle.com's website says that since its debut in 2012, "Comedians in Cars Getting Coffee" has delivered more than 40 million streams.

Series sponsor Acura is owned by Japan's Honda Motor (HMC).

First Published: May 23, 2014: 2:51 PM ET

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Just 2% of GM cars have ignition switch fix

A mechanic at a GM dealership in Michigan replaces an ignition switch on a recalled car.

NEW YORK (CNNMoney)

GM (GM, Fortune 500) began repairing the 2.6 million recalled vehicles six weeks ago. The automaker says that dealers have made such a small number of repairs in that time because it's having difficulty getting enough of the replacement parts it needs from Delphi Automotive (DLPH).

Delphi was the sole supplier of the part when the recalled cars were in production, and is the only manufacturer readily equipped to ramp production back up. It's already added extra shifts at the Mexican factory where the ignition switches are being made, and Delphi announced last week that it is adding an extra production line.

"With the second line coming online, we expect a much greater availability of parts," said GM spokesman Greg Martin. "By mid-July we expect supplies of parts to meet demand."

Related: GM recall's $1.7 billion windfall

GM says that Delphi will have made all of the parts required to repair all of the cars recalled for faulty ignition switches by October.

People who own cars that get recalled typically don't rush to bring cars in for repairs -- even in high profile cases like this one. And roughly a third of recalled cars are never brought in for repairs.

GM says its records show that 80% of its recalled cars and trucks are repaired within a year, and 85% are repaired within two years. The automaker says that's the highest repair rate in the industry, and that it's committed to repairing every car with the faulty ignition switch.

Related: GM cars sold - 12.1 million. Recalled - 13.8 million

The ignition switch is at risk of turning off the car while it is being driven if the key is jostled. The loss of power can disable the airbag, the power steering and anti-lock brakes.

GM insists that tests it has conducted show the cars are safe to drive, as long as drivers don't have other keys or key fobs on their key ring. And it says that any car owner who doesn't feel comfortable driving their car can get a free loaner from a GM dealership. About 35,000 loaners are now out in the field.

So far this year GM has recalled 13.8 million U.S. cars and trucks, more than the nation's largest automaker has ever recalled in a single year.

First Published: May 23, 2014: 2:50 PM ET

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Federal workers owe IRS the $3.3 billion

When it comes to unpaid taxes, Treasury Department employees have the lowest tax delinquency rate among all federal departments.

NEW YORK (CNNMoney)

The IRS released data this week showing that roughly 3.3% of federal employees and retirees owed $3.3 billion in unpaid taxes as of Sept. 30.

That means they either couldn't pay the full amount owed when they filed a return, or they got snagged by an IRS audit and were told they owed more than they already paid.

The data, released after USA Today requested it under the Freedom of Information Act, broke down delinquency rates by departments and independent agencies.

At the low end of the scale was the Treasury Department, which had a 1.2% non-compliance rate.

A big part of Treasury is the IRS itself, which had a delinquency rate of 0.9%, according to an agency spokesman.

The rate among the population at large is at least 8.7%, the IRS estimates.

A few weeks ago the IRS found itself in hot water with Congress for having paid $1 million in bonuses to 1,100 IRS employees who were late in paying their taxes or had willfully understated their tax liability or income.

But it turns out the delinquency rate among Congressional staffers is higher -- 4.87% in the House and 3.24% in the Senate -- than those of IRS workers.

The government departments with the highest non-compliance rates were the Department of Housing and Urban Development (5.29%), the Department of Veterans Affairs (4.38%) and the Army (4.28%).

Among large independent federal agencies, which have at least 1,000 employees, the biggest offender was the Court Services and Offender Supervision Agency (8.05%), followed by the Government Printing Office (7.99%), the Smithsonian Institution (6.7%) and the Federal Reserve's board of governors (6.51%).

On the low end of the scale was the National Credit Union Administration (1.75%), the U.S. Nuclear Regulatory Commission (1.97%) and the Executive Office of the President (2.05%).

First Published: May 23, 2014: 3:56 PM ET

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Just 2% of GM cars have ignition switch fix

A mechanic at a GM dealership in Michigan replaces an ignition switch on a recalled car.

NEW YORK (CNNMoney)

GM (GM, Fortune 500) began repairing the 2.6 million recalled vehicles six weeks ago. The automaker says that dealers have made such a small number of repairs in that time because it's having difficulty getting enough of the replacement parts it needs from Delphi Automotive (DLPH).

Delphi was the sole supplier of the part when the recalled cars were in production, and is the only manufacturer readily equipped to ramp production back up. It's already added extra shifts at the Mexican factory where the ignition switches are being made, and Delphi announced last week that it is adding an extra production line.

"With the second line coming online, we expect a much greater availability of parts," said GM spokesman Greg Martin. "By mid-July we expect supplies of parts to meet demand."

Related: GM recall's $1.7 billion windfall

GM says that Delphi will have made all of the parts required to repair all of the cars recalled for faulty ignition switches by October.

People who own cars that get recalled typically don't rush to bring cars in for repairs -- even in high profile cases like this one. And roughly a third of recalled cars are never brought in for repairs.

GM says its records show that 80% of its recalled cars and trucks are repaired within a year, and 85% are repaired within two years. The automaker says that's the highest repair rate in the industry, and that it's committed to repairing every car with the faulty ignition switch.

Related: GM cars sold - 12.1 million. Recalled - 13.8 million

The ignition switch is at risk of turning off the car while it is being driven if the key is jostled. The loss of power can disable the airbag, the power steering and anti-lock brakes.

GM insists that tests it has conducted show the cars are safe to drive, as long as drivers don't have other keys or key fobs on their key ring. And it says that any car owner who doesn't feel comfortable driving their car can get a free loaner from a GM dealership. About 35,000 loaners are now out in the field.

So far this year GM has recalled 13.8 million U.S. cars and trucks, more than the nation's largest automaker has ever recalled in a single year.

First Published: May 23, 2014: 2:50 PM ET

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Seinfeld's 'Comedians in Cars' adding 24 new episodes

Seinfeld's 'Comedians in Cars Getting Coffee' premiers June 19 and now has a sponsor for the next four seasons. Click the image for a gallery of some of the cars, and stars, that have appeared on the show so far.

NEW YORK (CNNMoney)

This will be season four for the web series, which is now set to continue for another five seasons.

Crackle.com, a unit of Sony (SNE) Pictures TV, says luxury automaker Acura has extended its exclusive deal to sponsor 24 new episodes of the car & comedy mashup.

"Comedians in Cars Getting Coffee" is an online series appearing on Crackle.com that revolves around Seinfeld driving fellow comedians around in rare and expensive cars - then going for coffee. David Letterman, Don Rickles, Seth Meyers, and Chris Rock have all appeared with Seinfeld.

Related: The 'world's craziest, beautiful cars'

This season the show will feature Aziz Ansari, Robert Klein, Sarah Jessica Parker, Jon Stewart, and George Wallace.

The series has been an underground success. Crackle.com's website says that since its debut in 2012, "Comedians in Cars Getting Coffee" has delivered more than 40 million streams.

Series sponsor Acura is owned by Japan's Honda Motor (HMC).

First Published: May 23, 2014: 2:51 PM ET

19.33 | 0 komentar | Read More

Federal workers owe IRS the $3.3 billion

When it comes to unpaid taxes, Treasury Department employees have the lowest tax delinquency rate among all federal departments.

NEW YORK (CNNMoney)

The IRS released data this week showing that roughly 3.3% of federal employees and retirees owed $3.3 billion in unpaid taxes as of Sept. 30.

That means they either couldn't pay the full amount owed when they filed a return, or they got snagged by an IRS audit and were told they owed more than they already paid.

The data, released after USA Today requested it under the Freedom of Information Act, broke down delinquency rates by departments and independent agencies.

At the low end of the scale was the Treasury Department, which had a 1.2% non-compliance rate.

A big part of Treasury is the IRS itself, which had a delinquency rate of 0.9%, according to an agency spokesman.

The rate among the population at large is at least 8.7%, the IRS estimates.

A few weeks ago the IRS found itself in hot water with Congress for having paid $1 million in bonuses to 1,100 IRS employees who were late in paying their taxes or had willfully understated their tax liability or income.

But it turns out the delinquency rate among Congressional staffers is higher -- 4.87% in the House and 3.24% in the Senate -- than those of IRS workers.

The government departments with the highest non-compliance rates were the Department of Housing and Urban Development (5.29%), the Department of Veterans Affairs (4.38%) and the Army (4.28%).

Among large independent federal agencies, which have at least 1,000 employees, the biggest offender was the Court Services and Offender Supervision Agency (8.05%), followed by the Government Printing Office (7.99%), the Smithsonian Institution (6.7%) and the Federal Reserve's board of governors (6.51%).

On the low end of the scale was the National Credit Union Administration (1.75%), the U.S. Nuclear Regulatory Commission (1.97%) and the Executive Office of the President (2.05%).

First Published: May 23, 2014: 3:56 PM ET

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Stocks: 5 things to know before the open

Click here to see in-depth premarket data

NEW YORK (CNNMoney)

Here are 5 things you need to know before the bell:

1. Data and earnings

The U.S. government will report new home sales from April at 10 a.m. ET.

Foot Locker (FL, Fortune 500) will report quarterly earnings before the open.

2. Stocks on the move

Shares in Best Buy (BBY, Fortune 500) and eBay (EBAY, Fortune 500) were dipping by roughly 1%. Best Buy had a strong day Thursday after better than expected earnings. EBay remains in the spotlight amid criticism that it was slow to inform customers about a hacking incident.

CBS (CBS, Fortune 500) was declining by roughly 2%. Shares in Aeropostale (ARO) plunged in extended trading on weak quarterly net sales and earnings. Hewlett-Packard (HPQ, Fortune 500) also fell in extended trading after it announced plans to cut 11,000 to 16,000 jobs on top of the previously announced 34,000 job cuts.

U.S. stock futures were little changed, after all three major indexes closed with gains Thursday.

Related: Fear & Greed Index

3. Credit Suisse raises $5 billion, Barclays fined

Shares in Credit Suisse (CS) were edging up in Europe after the bank sold $5 billion in bonds, raising fresh capital just days after paying a fine of $2.6 billion for U.S. tax evasion. Barclays (BCS) shares gained 0.6%, shrugging off news that it had been fined £26 million for manipulating the gold market.

4. Thai markets

Shares slipped 1% and the baht dipped against the dollar after Thursday's coup. Fitch said any further escalation in political instability could cause lasting damage to the economy.

Indian stocks continued to rally -- investors have high hopes for Narendra Modi, who will be sworn in as prime minister Monday. Other Asian markets ended with gains.

Related: CNNMoney's Tech30

5. German business sentiment

The May Ifo index came in slightly weaker than expected, in part due to concerns about the Ukraine crisis. Russian President Vladimir Putin is due to speak Friday at the St Petersburg International Economic Forum, ahead of elections in Ukraine this weekend.

Voting continues in European Parliament elections, with early indications suggesting a mixed performance for the region's euro skeptic protest parties.

European markets were mixed in early trading.

First Published: May 23, 2014: 5:35 AM ET

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