Author: Press Room

With the release of the IRS’ strategic operating plan (you can read about it here), there has been a lot of conversation about enforcement. Specifically, there are worries that the IRS will use extra funding from Congress to target working families and small businesses making under $400,000—a charge that both Treasury Secretary Yellen and IRS Commissioner Danny Werfel have denied. While these debates continue, IRS has been using existing resources to continue enforcement activities—both civil and criminal. Some of these efforts—the ones that catch the bad guys—don’t get much exposure. That’s especially true in a climate where enforcement has become…

U.S. regional banks largely sold off after the collapse of Silicon Valley Bank in March. Regulators seized its deposits, in what is the largest U.S. bank failure since the global financial crisis . Although their shares have regained some ground since, after the government said it was ready to provide further guarantee of deposits , the SPDR Regional Banking ETF (KRE) is still down 26% in the year to date. Should you buy the dip or steer clear of the uncertainty? A bull and a bear on U.S. regional banks faced off on CNBC’s ” Street Signs Asia ” on…

First lady Jill Biden pens profile of Ukrainian first lady for Time MagazineFirst lady Jill Biden hailed Ukrainian first lady Olena Zelenska for her strength and determination amid Russia’s war for Time Magazine’s “100 Most Influential People of 2023.”I met the first lady last Mother’s Day in a small town near the edge of her country, just a few months after Russia’s unprovoked war of aggression began. Instinctively, we embraced—two mothers, two nations, coming together for peace.She could take her family and flee. What mother would blame her? Yet, she stays. She stays because freedom and democracy deserve defenders. She stays…

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Wall Street has been hit with a barrage of complex signals about the economy’s health over the past month. From banking turmoil to weakening jobs data to slowing inflation, and now the start of earnings season, investors have remained largely resilient. But the Federal Reserve’s March meeting minutes revealed last week that officials believe the economy will enter a recession later this year.…

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Donald Trump, the 45th President of the United States, has raked in up to $1 million from the sales of his digital trading cards.According to a filing with the US Office of Government Ethics, the former US president earned between $100,001 to $1 million from CIC Digital, the company behind the sale of NFTs featuring digital images of Trump.The filing was part of his personal financial disclosure with the Federal Election Commission, which also showed that the American politician earned millions from speaking engagements. The filing is required of candidates running for president.According to the filing, submitted on Friday, Trump holds…

Big money investors pumped billions into buying up apartment buildings in the pandemic era. The deals were often based on the assumption that rents would continue to increase. But rents are flatlining and expenses are increasing, leaving landlords to face big losses.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app While offices have been going through a paradigmatic shift as more workers do their jobs remotely, apartment buildings have experienced robust demand from tenants.But fault lines have emerged for investors who paid top dollar for assets that depended on…

Chinese electric-car maker BYD posted a video of its upcoming Yangwang U9 supercar.  The luxury vehicle will be able to bounce and jump off the ground. BYD showed off the U9’s “body control system.” Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Cars that just move forward and backward are so yesterday. Super-powered electric vehicles that can bounce side to side and up and down? Now that’s the future. Chinese Tesla rival BYD showed the world just that on Monday. In a video from a BYD…

One of China’s biggest water-heater manufacturers said its US clients had demanded it move production out of China in response to rising geopolitical tensions.Lu Yucong, chair of Guangdong Vanward New Electric, blamed American and European protectionism for the shift. The move highlights how not just foreign companies but also Chinese groups are being forced to change supply chains.Multinationals are reassessing their global operations after Russia’s invasion of Ukraine, the pandemic and growing tensions between Beijing and Washington. They are also increasingly concerned about China’s relations with Russia and the threat of sanctions.“[American companies] . . . had specific requirements that we build factories outside…

Former President Donald Trump’s criminal indictment helped jolt his fundraising. GOP presidential candidate Nikki Haley faces questions about her campaign math. Embattled New York Rep. George Santos refunded more contributions than he took in. And some – but not all – of the Democratic Party’s most vulnerable Senate incumbents have stepped up their fundraising ahead of tough 2024 election fights. Here’s a look at a few takeaways from new first-quarter campaign filings covering the first three months of 2023: Trump raised about $14.4 million for his main campaign committee in the first quarter of this year – with donations spiking…