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The Internal Revenue Service Advisory Council issued its annual report Wednesday after a turbulent year at the agency, criticizing the repeated funding cuts at the agency, and the staffing cuts amid a revolving door of commissioners at the top.Processing Content”After years of inadequate funding that resulted in an IRS constrained by budget issues, unable to reliably answer telephone calls, process tax returns in a timely fashion, update technology, or even open their mail, in 2022 Congress passed the Inflation Reduction Act (IRA, P.L. 117-169), providing an $80 billion infusion of funding to bring the IRS’ technology and processes into the…

Stellantis CEO Antonio Filosa speaks during an event in Turin, Italy, Nov. 25, 2025.Daniele Mascolo | ReutersDETROIT — Stellantis CEO Antonio Filosa views 2026 as an execution year for the embattled maker of Jeep, Ram and Dodge vehicles in the U.S. after years of market share declines.Filosa has been undertaking a turnaround plan since he was named CEO in May. So far, his plans have included prioritizing the company’s Jeep and Ram brands in the U.S. as well as undoing many decisions his predecessor Carlos Tavares made to focus on all-electric vehicles.”The strategy that we have in front of us…

Mark Mason, CEO of Citi Private Bank, speaks during the Global Wealth Management Summit in New York June 17, 2014.Shannon Stapleton | ReutersThe biggest U.S. banks show no sign of capitulating to President Donald Trump’s mandate to slash credit card interest rates, setting up a confrontation just as the President is expected to take the world stage next week at Davos.Executives at JPMorgan Chase and Citigroup warned this week that rather than offering cards at a 10% interest rate, as Trump has directed should happen by Jan. 20, the banks would simply close many customers’ accounts.”An interest rate cap is…

President Donald Trump wants credit card interest rates capped at 10%. At least one company has already moved to do so.Bilt Rewards announced a new suite of credit cards on Wednesday called “Bilt 2.0,” which will offers new cardholders 10% interest rates for their first year.”We want to be on the side of this conversation, for right now, on the side of consumers and affordability,” Bilt Rewards CEO Ankur Jain told Fox Business on Wednesday. “On new purchases of the Bilt card, we’re going to make sure that our consumers have access to that lower 10%.”Bilt is known for allowing…

A cryptocurrency promoted this week by former New York City mayor Eric Adams spiked in value before rapidly losing most of its gains, and is connected to a landlord who previously secured a lucrative city-backed homeless shelter deal after hiring a lawyer with close ties to Adams.Adams told journalists Monday morning that the “NYC Token” project would generate money to fund blockchain education for underserved New Yorkers and fight antisemitism and “anti-Americanism.”He didn’t say how, or specify who he was working with, but said he wasn’t drawing a salary yet.The project’s website mentions an entity called C18 Digital LLC in…

The U.S. Supreme Court has ruled that Illinois Republican U.S. Rep. Mike Bost — seen here with President Trump — has the legal standing to challenge a state law about mail ballots. Anna Moneymaker/Getty Images hide caption toggle caption Anna Moneymaker/Getty Images The U.S. Supreme Court ruled Wednesday that political candidates have the legal standing to challenge election laws before voting or counting starts. The case before the court was brought by Illinois Republican U.S. Rep. Michael Bost and other candidates, who wanted to challenge a state law that allows election officials to count mail ballots that arrive up to…

2026-01-14T19:07:17.737Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Saks Global’s Chapter 11 filing reveals that it owes hundreds of millions to big-name brands. Major unsecured creditors include Chanel, LVMH and Christian Louboutin, and Burberry. Google and Meta are also among the list of unsecured creditors. Saks Global has filed for Chapter 11 bankruptcy protection — and court…

2026-01-14T18:55:39.015Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Interior designers told us the top mistakes people make when styling and decorating a living room. They said it’s important to have enough lighting and surfaces within the space. Try to avoid mounting your TV too high above a fireplace and pushing your couch against a wall. Even if…

Citi CEO Jane Fraser is adopting a player-coach mentality with her team this year, and she’s making clear she expects them to run another lap.In a memo sent on Wednesday titled “The bar is raised,” Citi CEO Jane Fraser told the firm’s more than 200,000 employees that she expects higher performance this year.”Every one of us has to adopt a more commercial mindset: asking for the business, competing for the full wallet, and not settling for a secondary role or missed opportunity. We are not graded on effort. We are judged on our results. And I expect to see the…

Some people aspire to homeownership. Others would rather spend their hard-earned money on experiences and purchases that make them happy.”Am I crazy for thinking the housing market is cooked and that I’d rather live a little before locking myself into a mortgage?” one Reddit user wrote on a thread about choosing between buying a house and traveling. “How bad is it, really, to delay buying property in my situation?”A poster in another thread echoed their skepticism. “I live in a rent-controlled apartment right now. I put $1400 per month into my cash savings fund. I take international trips multiple times…