Crude Oil Prices Tick Higher After Putin Threatens to Let Europe ‘Freeze’

Text size Russian President Vladimir Putin Mikhail Klimentyev/SPUTNIK/AFP via Getty Images Oil prices inched up on Thursday after Russian President Vladimir Putin hinted that he might tear up supply c...

Oil Prices Tick Higher After Putin Threatens to Let Europe ‘Freeze’

Text size Russian President Vladimir Putin Mikhail Klimentyev/SPUTNIK/AFP via Getty Images Oil prices inched up on Thursday after Russian President Vladimir Putin hinted that he might tear up supply c...

Citigroup Joins Industry Effort to Lend to People Without Credit Scores

Citigroup is joining a government-sponsored effort to expand access to credit in underserved communities. The bank is launching two pilot programs early next year under the Office of the Comptroller o...

Compounding a disastrous year for Bitcoin and other cryptocurrency: IRS proposes controversial new question about digital assets

The Internal Revenue Service could have a potential head-scratcher of a question about your crypto investments and what’s taxable, according to a major accountants’ association. For two years, the IRS...

Wells Fargo Fined $22 Million for Alleged Whistleblower Retaliation

Wells Fargo & Co. was fined more than $22 million by the U.S. Labor Department for allegedly firing a senior manager in its commercial banking unit after the employee reported concerns about misco...

IRS Says It Exposed Some Confidential Taxpayer Data on Website

WASHINGTON—The Internal Revenue Service inadvertently posted what is normally confidential information involving about 120,000 individuals before discovering the error and removing the data from its w...

Natural Gas Prices Are Soaring on Russian Supply Cuts. The West Is Holding Firm.

Russia has cut European Union–bound natural-gas exports to 20% of last year’s level. Krisztian Bocsi/Bloomberg Text size Stymied for the moment on Ukraine’s battlefield, Vladimir Putin is escalating h...

U.S. states fall short of pledges to cut ties with Russia

Driven by moral outrage over Russia’s invasion of Ukraine earlier this year, U.S. governors and other top state officials made it clear: They wanted to cut their financial ties with Russia. A few stat...

IRS Waives $1.2 Billion in Late-Filing Penalties for Income-Tax Returns

Listen to article (2 minutes) The Internal Revenue Service said Wednesday it was waiving late-filing penalties and issuing refunds to 1.6 million taxpayers who missed extended filing deadlines for tax...

How to Claim Your Student Loan Forgiveness

The Biden administration is canceling a portion of federal student loan debt. Stefani Reynolds/AFP/Getty Images Text size The Biden administration is canceling a portion of federal student loan debt a...

Biden Planning Student-Loan Announcement Wednesday

White House officials are planning for President Biden to make an announcement on Wednesday about his proposal for dealing with student-loan debt, according to people familiar with the matter. The pre...

U.S. Could Cancel Some Student Debt. Expect News Soon.

Text size A decision on forgiving federal student loan debt is expected by the end of August. Stefani Reynolds/AFP/Getty Images The Biden administration is expected to make an announcement on federal ...

What $80 Billion More for the IRS Means for Your Taxes

The last Tax Report came out just as Congress took up the Inflation Reduction Act, and it discussed the bill’s $80 billion in proposed new Internal Revenue Service funding. Over half the new dollars w...

Yellen tells IRS to develop modernization plan in 6 months

Now that President Joe Biden signed Democrats’ expansive climate, tax and health care bill into law, U.S. Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outli...

More IRS Audits Are on the Way for Taxpayers. How to Respond if You’re Targeted.

Taxpayers, be forewarned. A new era of IRS scrutiny is looming. The Internal Revenue Service is due to receive an infusion of $80 billion over 10 years under the Inflation Reduction Act—the tax, clima...

What a Chinese Blockade of Taiwan Would Mean for Global Business

Beijing considers Taiwan, a democratically ruled island near mainland China, as part of its territory. When U.S. House Speaker Nancy Pelosi visited Taiwan this month to support its government, Beijing...

Inflation Reduction Act would send $80 billion to the IRS. Tax experts say it may not be enough to help the backlogged agency.

For roughly a year, Jonathan Baer watched a paper folder full of tax-related paperwork slowly grow as he chronicled his effort to claim his 2020 tax refund. The attempts included upwards of 40 phone c...

House passes Inflation Reduction Act: What Democrats’ bill does for climate, drug prices and taxes

Democrats’ Inflation Reduction Act passed the House of Representatives in a 220-207 vote on Friday after clearing the Senate last weekend, and with it, some big changes could be coming to key sectors ...

Judge in Twitter, Elon Musk Case Known for Quick Work

The judge who will decide whether Elon Musk should have to buy Twitter Inc. has a record of quickly deciding urgent cases over imperiled corporate deals and has ordered buyers to close deals they want...

Got Hidden Income? The IRS May Get More Money to Find You

If Congress passes the Inflation Reduction Act, Americans should expect more IRS audits—especially on filers making more than $400,000 a year. The surprise agreement between Sens. Chuck Schumer (D., N...

IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback

Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in ...

Russia’s Natural-Gas Game Comes With Economic Risks

Russian President Vladimir Putin can afford to cut off natural-gas exports to Europe thanks to ample revenues from other commodities, but such a move would come with longer-term risks for Russia’s san...

All Jobs Businesses Cut in Pandemic Are Back, but Not Where They Were Lost

Private-sector payrolls exceeded prepandemic levels in June, taking just over two years to close a 21 million job gap that was created in the spring of 2020 and reshaping the labor market in the proce...

What’s Happening in Sri Lanka? What to Know About the Protests and Economic Crisis

Sri Lanka’s sovereign-debt crisis has crippled its economy and sparked months of political turmoil and public unrest. With its foreign reserves drained to near zero, the South Asian nation fell into d...

IRS, Lawmakers Seek Review of Comey, McCabe Audits

WASHINGTON—The Internal Revenue Service and members of Congress have asked the agency’s inspector general to investigate the circumstances surrounding intensive audits of James Comey and Andrew McCabe...

Prosecutors Say JPMorgan Traders Scammed Metals Markets by Spoofing

CHICAGO—JPMorgan Chase & Co.’s precious-metals traders consistently manipulated the gold and silver market over a period of seven years and lied about their conduct to regulators who investigated ...

The IRS audited ex-FBI director James Comey and former deputy Andrew McCabe. What are the odds?

In recent years, the Internal Revenue Service has been processing around 150 million to over 160 million tax returns annually, doing the work with a shrinking staff and an inflation-adjusted budget th...

Supreme Court Curbs EPA’s Authority. What’s Happening To Energy Stocks.

Text size The Supreme Court ruled the EPA must get clear congressional approval before making sweeping regulations to deal with climate change. George Frey/Getty Images Coal mining and oil stocks were...

G-7 to Ban Russian Gold, Adding to Sanctions Over Ukraine

Russia exports roughly $19 billion of gold a year, and cutting off that revenue source will add to pressure on the Russian economy, according to Secretary of State Antony Blinken. Dreamstime Text size...

Treasury Secretary Yellen Says She Was Wrong About Inflation

Treasury Secretary Janet Yellen said Tuesday her inflation projections were wrong in statements she made last year as consumer prices began a surge to their highest level in decades. “I think I was wr...

Finland says Russia suspending natural gas supplies

Russia will cut off natural gas to Finland on Saturday after the Nordic country that applied for NATO membership this week refused President Vladimir Putin’s demand to pay in rubles, the Finnish state...

Proposed IRS Rule Could Penalize Some Heirs of Retirement Accounts

Proposed new regulations from the Internal Revenue Service for inherited retirement accounts would require many heirs to make minimum annual withdrawals from the accounts—leaving less room for the sav...