Treasury Secretary Janet Yellen’s trip to India this week will be the latest attempt by the Biden administration to look past the new power’s longstanding ties to Russia and deepen a relationship it hopes will serve as a counterweight to China. The US has changed its approach to India since the invasion of Ukraine began, … Read more
Photo: Daniel Acker/Bloomberg News You name it, the Biden administration has done it to encourage Americans to vote for the Democrats this year. And now the Tax Agency may lend a hand. In October, the IRS extended the window for some people to file a 2021 tax return by one month to November 17. It … Read more
BOGOTÁ, Colombia—Colombia is set to raise taxes on wealthy individuals and extractive industries to pay for anti-poverty and rural development initiatives as the leftist government grapples with a decline in the peso that has outpaced that of most emerging market currencies . Investors’ concerns about the government’s progressive platform are exaggerated, Finance Minister José Antonio … Read more
By Travis Nix and Tyler Martinez Nov. 1, 2022 6:27 PM ET Photo: Daniel Acker/Bloomberg News Navigating the maze that is the US tax code can already feel like a punishment for ordinary taxpayers. But the real punishment comes when Americans face oppressive penalties from the Internal Revenue Service for innocent filing errors. That may … Read more
Few differences between Democrats and Republicans are sharper than their approaches to the Internal Revenue Service. Republicans believe the IRS’s priorities should be to fairly administer the law and keep Americans’ interactions with the agency simple and few, which was a key achievement of our 2017 tax reform law. Democrats appear to value revenue over … Read more
TOKYO—Japan spent more than $40 billion in October to prop up the yen, an effort that has had some success but remains hampered by Washington’s lack of interest in stemming the dollar’s rise. The finance ministry said the government spent 6.35 trillion yen in October on intervention, equivalent to $42.8 billion. The figure came on … Read more
People trying to buy Treasury I bonds, which pay 9.62% interest if bought before Oct. 28, are experiencing outages on the TreasuryDirect website. The Treasury said there has been a “significant” increase in traffic on the website, which is the only place where investors can directly buy securities such as I-bonds and Treasury bills. The … Read more
People trying to buy Treasury I bonds, which pay 9.62% interest if bought before Oct. 28, are experiencing outages on the TreasuryDirect website. The Treasury said there has been a “significant” increase in traffic on the website, which is the only place where investors can directly buy securities such as I-bonds and Treasury bills. The … Read more
The delay in selecting and confirming Mr. Rettig’s replacement almost certainly means an interim IRS commissioner after Nov. 12. The acting commissioner may be reluctant to make binding decisions that affect the agency’s long-term future. Any vacancy that lasts until January would let Republicans sway or reject a Biden nominee if they win a Senate … Read more
America’s high inflation rate will produce a 7% increase in the amount of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Internal Revenue Service. It will also pump up tax rates by 7%, according to the annual inflation adjustments the IRS announced this week. … Read more