A day after Raphael Warnock held onto his seat in Georgia’s Senate race, giving Democrats a 51-49 edge in the Senate, Democrats are hoping that momentum can quickly turn into a financial boost for par...
Tag: Government Bodies
Cryptocurrency investor losses are being turned into IRS gains — here’s how they’re doing it
The Internal Revenue Service has been turning up its scrutiny on cryptocurrency investors in recent years, and as that happens, more investors have been turning to the tax code’s rules on investment l...
The U.S. job market is strong, but layoffs are on the rise. Is this a good — or bad — time to ask for a raise? Experts weigh in.
Is this an opportune time to ask for a raise? Or, given the recent spate of tech layoffs, is it better to lie low for a while? The good news: Employers are giving pay raises. The increase in wages ov...
Trump Organization CFO Weisselberg chokes up on witness stand, claims his ‘personal greed’ drove $1.7 million tax-avoidance scheme
NEW YORK (AP) — Donald Trump’s longtime finance chief choked up on the witness stand Thursday, saying he betrayed the Trump family’s trust by scheming to dodge taxes on $1.7 million in company-paid pe...
As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit
A temporary tax break for small businesses has spawned a cottage industry of advisory firms tapping into federal pandemic aid, raising alarms at the Internal Revenue Service that some claims are going...
‘Voters are looking for help’: With control of Congress too early to call, here are 3 burning tax questions
A day after midterm elections, it remains uncertain whether either party will end up with Congressional control or whether it will be a divided Congress — and that has consequences for these tax quest...
U.S. Treasury says currency-market intervention should be reserved for ‘very exceptional circumstances’ in response to Japan’s September move
The U.S. Treasury Department on Thursday said it expects currency-market interventions, like Japan’s in September, should be reserved for exceptional circumstances, as it kept Tokyo on a list of partn...
U.S. Treasury sweetens the pot on I-bonds by adding a fixed rate
After record-breaking sales of I-bonds in October, the U.S. Treasury is dangling another good deal in front of savers for the next six months. Starting Nov. 2, when I-bonds will be available again af...
Don’t Expect the Stock Market to Rally, Even if GOP Wins Control of Congress
The outcome of the midterm elections on Nov. 8 could disappoint investors, regardless of which party they support. According to Wall Street lore, stocks usually perform strongly following the midterms...
Rethinking China: Xi’s Power Play Could Bring Down Stocks Even More
Chinese stocks have lost roughly half their market value, or almost $1.5 trillion, over the past two years. But the damage may not be over as investors reassess their China allocations after President...
TSMC’s stock slumps after reported diss of U.S. chip efforts; industry downgrades also weigh on sector
Chip stocks lagged behind the broader market Monday following one report that Taiwan Semiconductor Manufacturing Co. is pessimistic about U.S. efforts to build domestic capacity, and another that said...
Depleting strategic oil reserves could prove ‘painful in the months to come’: Saudi energy minister
“‘It is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come.’” — Prince Abdulaziz bin Salman, Saudi energy minister That’s Prince Abdula...
Financial Advisor Pleads Guilty to Fraud After Airport Arrest
A Massachusetts investment advisor has pleaded guilty to multiple counts of fraud and other charges after a failed attempt to flee the country while he was awaiting trial. Steven Xigoros, of Lowell, M...
IRS releases new federal tax brackets and standard deductions. Here’s how they affect your family’s tax bill.
America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Inter...
Do you have problems with the IRS — or does the IRS have a problem with you? Read this before you act.
How do you deal with a problem like the Internal Revenue Service? And how do you deal with your own tax problems as they pertain to the IRS? To be clear, I’m not talking about major problems like righ...
IRS sets new 401(k) limits — investors can save a lot more money in 2023
People can contribute up to $22,500 in 401(k) accounts and $6,500 in IRAs in 2023, the IRS said Friday. For 401(k)s, that’s an almost 10% increase from 2022’s contribution limit of $20,500. For IRAs, ...
New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.
In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year. It might feel tough sometimes to link the IRS with the concept ...
U.K. Markets Cheer After Liz Truss Resigns. Stocks, Bonds, and the Pound Gain.
British investors cheered the resignation of Prime Minister Liz Truss, whose recent budget plans disrupted markets and prompted intervention by the Bank of England. Stocks, bonds, and the pound crept ...
Opinion: Don’t have $13 million? The lifetime estate- and gift-tax exemptions for 2023 still matter to you.
The wealthiest families in the U.S. will get a bit of inflation-adjusted relief from the IRS in 2023, with the lifetime estate-tax exemption increasing to $12.9 million for individuals, up from $12.06...
Beneficiaries of Inherited Retirement Accounts Dodge a Tax Bullet
New legislation related to taxes can come with plenty of ambiguities and complexities, but the IRS often irons them out in the regulations it proposes. Al Drago/Bloomberg Sometimes these efforts fail...
Rates on Treasury I Bonds Will Fall to 6.5% Soon. Get a Higher Rate Now.
The new rate on Treasury Series I inflation-linked savings bonds is likely to be set at 6.5% for bonds purchased starting in November, down from the current rate of 9.6%, Barron’s estimates. The new r...
U.S. Suppliers Halt Operations at Top Chinese Memory Chip Maker
BEIJING–U.S. chip-equipment suppliers are pulling out staff based at China’s leading memory-chip maker and pausing business activities there, according to people familiar with the matter, as they grap...
That Sky-High I Bond Interest Rate Will Be Coming Down to Earth
Inflation-adjusted Series I savings bonds have been the most enticing place to park your cash this year—nearly 10% interest, backed by the U.S. government, the safest investment around. In a few weeks...
Exxon Improperly Fired Scientists Suspected of Sharing Information, Labor Department Finds
Listen to article (2 minutes) The Labor Department said it found Exxon Mobil illegally fired two company scientists over suspicions they shared information with The Wall Street Journal about concerns ...
Trump Files Defamation Lawsuit Against CNN, Seeking $475 Million
Former President Donald Trump filed a defamation lawsuit Monday against CNN, accusing the network of engaging in a smear campaign against him in the lead-up to the 2024 presidential race. Mr. Trump’s ...
What’s Stopping Companies from Pulling Supply Chains Out of China
Text size Despite the trade war and Covid-19 lockdowns, China accounts for 35% of total U.S. containerized imports. Mario Tama/Getty Images About the authors: Christopher S. Tang is a University Disti...