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The Internal Revenue Service lost 31% of its auditors from buyouts and layoffs tied to Elon Musk’s Department of Government Efficiency, departures that are likely to hamper the agency’s ability to go after tax cheats.More than 3,600 revenue agents — responsible for collecting tax payments — have left the IRS, according to an IRS watchdog report.In addition, 18% of revenue officers, who oversee challenging tax cases, and 10% of tax examiners — front-line employees who review returns — have also left the agency, the Treasury Inspector General for Tax Administration said in a recent report.The IRS downsizing is due to…

Tomorrow’s leaders are already making moves today.With greater access to technology than ever before, coupled with the ongoing urgency to address global challenges, today’s next-gen leaders are ready to take action. They have the tools to explore, collaborate, and showcase their work on the big stage, and leaders are paying attention.Business Insider’s “Young Geniuses” explores the big ambitions behind the next generation’s brightest.They’re putting passion into progress, turning curiosity into action, and asking big questions that lead to groundbreaking solutions.From teenage inventors and one-of-a-kind discoveries to startup founders and award-winning ventures, each story offers a look into the future through…

Natasa Adzic/stock.adobe.com The 2025 filing season has been completed quietly, despite trepidation regarding the Internal Revenue Service’s ability to function effectively in the face of cuts in funding and staff. “It’s been pretty smooth,” according to Roger Harris, president of Padgett Business Services. “A very typical season. Of course, the last four or five days are always a challenge when all the procrastinators come in. There’s always a hiccup during the last week.”One of the reasons it was smooth was a concerted effort to focus all IRS resources to make it smooth, according to Harris — an important lesson for the…

UBS Group AG agreed to pay $511 million to settle a U.S. investigation into how Credit Suisse Group, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago. A Credit Suisse unit pleaded guilty to conspiring to help its customers hide more than $4 billion from the Internal Revenue Service in at least 475 offshore accounts, the Justice Department said. The U.S. also filed a criminal charge related to U.S. accounts booked at Credit Suisse AG Singapore, which it will drop if the bank cooperates sufficiently. The resolution ends a long-running scandal…

One of the goals of President Donald Trump’s 145% tariffs against China is to drive manufacturing back to America. But the odds of that are low, at least when it comes to toys.”We don’t see that happening,” Mattel CEO Ynon Kreiz said on CNBC’s “Squawk Box” Tuesday, less than a day after the company withdrew annual financial targets.”We need to remember that a significant part of toy creation happens in America,” he said. “Design, development, product engineering, brand management all happens in America. Making product, producing product in other countries, allows us to create quality products at affordable price points.”Mattel…

The Ferrari brand logo, the coat of arms with the lettering and a rising horse (cavallino rampante), can be seen on the rim of a vehicle from the sports car manufacturer in Munich (Bavaria) on April 6, 2025.Picture Alliance | Picture Alliance | Getty ImagesLuxury carmaker Ferrari on Tuesday reported a significant upswing in first-quarter profit, citing robust demand for personalized vehicles — but warned U.S. President Donald Trump’s trade policy could hit earnings this year.The Maranello, Italy-based sports car manufacturer posted net profit of 412 million euros ($466.3 million) for the first three months of the year, reflecting a…

Young professionals are leaving thousands of dollars of their hard-earned money on the table, a personal finance expert says.But, she said, their money mistakes have nothing to do with their daily purchases.As a New Yorker, Yuval Shuminer, the founder and CEO of the fintech app Piere, was used to expensive coffees and brunches. “It is an absurdly expensive city,” Shuminer told Business Insider. “As you go about day-to-day life, you start to rack up a lot of these expenses across coffee that costs $7, an avocado toast that costs $12.”But in 2022, when the economy started to turn, Shuminer saw…

Miami, Hialeah Gardens, Florida, Walmart Supercenter, checkout line cashier, customers paying. Jeff Greenberg | Universal Images Group | Getty ImagesHispanic consumers are cutting back their grocery spending on everything from beer to cooking spray, executives said during recent earnings calls.Coca-Cola, Constellation Brands and Colgate-Palmolive are among the companies that have reported a slowdown in North American sales from Hispanic shoppers.A fifth of the U.S. population identifies as Hispanic or Latino, according to the U.S. Census Bureau. Hispanics are now the second-largest demographic in the U.S. and the second-fastest growing ethnic group, agency data shows.As the population of Hispanic consumers grows,…

Europe is making an aggressive play for global scientific talent, and is actively aiming at US researchers.Speaking at the Sorbonne University in Paris on Monday, European Commission President Ursula von der Leyen unveiled a $566 million funding package designed to turn Europe into a global hub for scientific research. French President Emmanuel Macron promoted the initiative on LinkedIn last month.The move comes just weeks after the Trump administration froze or slashed billions of dollars in federal funding for US universities and research institutions, triggering hiring freezes, layoffs, and fears of a long-term brain drain. Without naming the US or Trump,…

Greg Abel, Warren Buffett’s handpicked Berkshire successor, has a massive legacy to live up to.Buffett spent 60 years transforming Berkshire Hathaway, his multinational conglomerate holding company, from a failing textile mill into a $1 trillion company.The coming ascension of Abel, the chairperson of Berkshire Hathaway Energy, to replace Buffett is a reminder that getting a big promotion often involves a good deal of spadework. Once you get the gig, there are important things to keep in mind as you step into the role. Business Insider asked corporate observers for their advice on pathways to getting promoted and succeeding when you…