Author: Press Room

The IRS on Thursday released a plan for the nearly $80 billion in agency funding enacted through the Inflation Reduction Act in August — including expected boosts for customer service, technology and enforcement.”Now that we have long-term funding, the IRS has an opportunity to transform our operations and provide the service that people deserve,” IRS Commissioner Danny Werfel told reporters on a press call.Aligned with priorities outlined by Treasury Secretary Janet Yellen in August, the plan aims to improve several areas of taxpayer service, including a five-year timeline to digitize the filing process and the ability to respond to all…

It all started with a little curiosity. A team of ProPublica reporters earlier this year began looking into the travel of various Supreme Court justices, not entirely sure what they would find, if anything. But after a little digging, the trio of journalists stumbled upon something that piqued their interest. In fact, what they uncovered raised their eyebrows to such a degree that they believed the discovery was an explosive story in its own right: a trip that Clarence Thomas had taken aboard billionaire Harlan Crow’s private jet between Connecticut and Washington, D.C. But their editors encouraged the team to…

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Web3 recruitment marketplace DeeLance is gaining massive traction for its mission to shake up the industry as it trends on social media.Launching its presale only last week, decentralized hiring platform DeeLance has started trending on Twitter in India.The hashtag #DeeLanceCoin was at No.3 on Twitter in a country of 1.4 billion people.India’s fast-growing economy and young, aspirational middle class make it an ideal market for gig economy platforms such as Deelance.DeeLance Expected to be a Hit In IndianWith hundreds of thousands of graduates coming into the labor market every year, there is strong competition in the Indian jobs market. Web3 recruitment…

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U.S. hiring slowed in March as the once rock-solid labor market began to soften in the face of high interest rates and stubborn inflation.  Employers added 236,000 jobs in March, the Labor Department said in its monthly payroll report released Friday, mostly in line with the 239,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, ticked lower to 3.5% as the labor force participation rate increased to the highest level since before the pandemic began. It marked the lowest monthly jobs gain since December 2020. While monthly jobs data is always important, the Federal Reserve is closely watching this particular report…

The average account balance for self-directed 401(k)s grew to $280,099 for the fourth quarter of 2022, up by 2.45% from the previous quarter, according to a report by Charles Schwab.  Self-directed 401(k)s are retirement plans that exist within a company’s 401(k) plan, but allow participants to invest in their choice of stocks, bonds, mutual funds and other securities that aren’t part of the traditional 401(k) investment menu.Here’s how these plans broke down by holdings in Q4, according to Schwab:  Equities: 31.3%.Mutual funds: 29.4%ETFs: 22.1%Baby boomers held the largest balances in self-directed 401(k)s with an average of $453,554, Schwab reported. That…

Spring is in the air, which means the U.S. is in store for warmer temperatures and higher gas prices, according to the latest report from AAA. The national average cost for a gallon of gas increased by five cents from last week to $3.48, reflecting strong demand for gas and rising oil prices, AAA said. As temperatures heat up, so will demand, which will likely keep pressuring gas prices.”Oil prices finally crested and have now settled above the $70 per barrel mark after weeks of hovering just below it and gas demand is very robust,” AAA spokesperson Andrew Gross said in a statement.…

Apple on Tuesday announced a soft launch of its long-awaited buy now, pay later (BNPL) service option for Apple Wallet. The company is inviting a few, select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months. Apple Pay Later was initially anticipated to launch last September. It will allow users to split the cost of their purchases into four interest-free payments spread over six weeks. Consumers apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone or…

Some U.S. states are looking to expand their student debt repayment programs that would forgive loans even if the federal plan fails, according to a recent report.   Most states, except North Dakota, already have some form of student loan exemption, according to a report by The Pew Charitable Trusts. Unlike President Biden’s more open-ended plans, forgiveness at the state level has typically been tailored to forgive loans for borrowers that work in certain professions, such as doctors, teachers, police officers or farmers. However, rising tuition and the cost of borrowing, which has made some Americans think twice about college, is driving some states to…