Economy

IRS to Prioritize Criminal Investigations and Enforcement for Certain Assets

IRS to Prioritize Criminal Investigations and Enforcement for Certain Assets

The Internal Revenue Service (IRS) has announced that the federal tax agency is prioritizing criminal investigations and will be increasing enforcement on certain assets. The IRS revealed that it plans to increase enforcement in the area of digital asset transactions and listed transactions. The agency identified certain transactions to have…
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U.S Adds 236,000 Jobs as Labor Market Slows in March

U.S Adds 236,000 Jobs as Labor Market Slows in March

The United States added 236,000 new jobs in March, slightly below the market estimate of 238,000, according to the latest government data. The jobs numbers, from the Bureau of Labor Statistics (BLS), show the labor market weakened last month. The number of jobs added to the economy in March is…
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Inflation Woes Intensify as Saudi Arabia Slashes Oil Output

Inflation Woes Intensify as Saudi Arabia Slashes Oil Output

America's inflation woes are likely to intensify further after Saudi Arabia revealed in a surprise announcement that it is slashing oil output. On Sunday, the Saudis announced that the country is rolling out voluntary cuts to the Kingdom's oil production. Russia and other OPEC+ oil producers are joining Saudi Arabia…
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America’s Biggest Banks Experience Major Surge in Withdrawals

America’s Biggest Banks Experience Major Surge in Withdrawals

America's largest banks experienced a major surge in withdrawals last week as the banking crisis appears to be deepening. The 25 biggest banks in the United States saw a huge $90 billion outflow of deposits last week. The news is a sharp reversal from the prior week where larger financial…
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Former FDIC Chair Speaks Out: Biden Admin Overreacted with SVB ‘Bailout’

Former FDIC Chair Speaks Out: Biden Admin Overreacted with SVB ‘Bailout’

The former chair of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, has criticized the Biden administration’s "bailout" of Silicon Valley Bank (SVB). Bair denounced the Biden admin's decision to guarantee all deposits at the failed SVB, labeling the move an “overreaction.” Bair made the comments during a recent appearance…
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IRS Lists ‘Dirty Dozen’ Tax Scams in Fresh Warning

IRS Lists ‘Dirty Dozen’ Tax Scams in Fresh Warning

The Internal Revenue Service (IRS) has released a list of the "Dirty Dozen" scams that taxpayers should be aware of. The IRS published the list along with a warning to taxpayers and businesses about the latest tax scams. The agency warns that unscrupulous promoters are falsely advertising the availability of…
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Biden Urges Congress to Ban Executives of Collapsed Banks from Industry

Biden Urges Congress to Ban Executives of Collapsed Banks from Industry

President Joe Biden has called on Congress to toughen penalties against the executive of collapsed banks. Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse…
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