The Internal Revenue Service has been auditing fewer taxpayers since2010, according to a new report, but audit rates have been plungingthe most for higher-income taxpayers. A report released Tuesday by the Government Accountability Officefound that in recent years, the IRS audited taxpayers with incomesbelow $25,000 and those with incomes of $500,000 or more athigher-than-average rates.… Read More »IRS audit rates plummet, especially for wealthy

Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the consumer price index, which measures the prices of goods andservices, notched an 8.3% increase from the year-earlier period. In fact, 70% of Americans are calling inflation “a very big problem”for the country, according to a… Read More »Does inflation have you worried about retirement? Here’s what experts say to do

Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely slow economic activity — until there is “clear and convincingevidence” that inflation is coming down. “We will go to that point and there won’t be any hesitation aboutthat,” Powell said at a Wall Street Journal… Read More »Powell: ‘Some pain’ may be required to slow inflation

WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear evidence inflation is steadily falling — a high-stakeseffort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead,in turn, to higher borrowing costs for consumers and… Read More »Powell: Fed to keep hiking rates until it controls inflation

The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a move thatcould bring Moscow closer to the brink of default. The Treasury Department’s Office of Foreign Assets Control is expectedto allow a general license that expires May 25 to lapse, according topeople familiar with the… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default

Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions. In a tumultuous time, many adults under 35 have stopped playing itsafe. Instead of banking as much of their pay as they used to, they’resaving less, spending more, and pursuing passion projects or riskycareers. Namrata… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.

The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model. The best-laid plans for a full-time return to the office remain bedeviled by Covid-19 case rates and a workforce reluctant to go back to their commutes, according to data published this week by the Partnership for New… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.

Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped 8.3% year over year in April, the U.S. Bureau of Labor Statistics reported Wednesday. While the reading was a slight decline from the 8.5% increase seen a month prior, it still represented inflation near a 40-year… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending

KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%. Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released Monday by the Treasury Inspector General for TaxAdministration, noted that the IRS typically uses information returndocuments for post-processing compliance matches… Read More »IRS destroyed 30M paper information returns due to the backlog