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Tag: Government

For the IRS, government shutdown 'could not have come at a worse time,' report says

For the IRS, government shutdown 'could not have come at a worse time,' report says

Finance
The longest government shutdown in history could not have come at a worse time for the IRS, the National Taxpayer Advocate has told Congress. The IRS was heading into its first filing season under the massive new tax law when the federal government partially closed. Among the changes was the raising of the standard deduction for married couples to $ 24,000 from $ 13,000, and to $ 12,000 for individuals, from $ 6,500. Personal exemptions were also eliminated. "It was the biggest change in 30 years," said Gary Milkwick, chief product officer at 1800Acco...
Government seeks to raise Rs 5,316 crore by selling 3% in Axis Bank

Government seeks to raise Rs 5,316 crore by selling 3% in Axis Bank

Finance
MUMBAI: The Centre is seeking to raise around Rs 5,316 crore by selling its 3% stake, owned through the Specified Undertaking of the Unit Trust of India (SUUTI), in private sector lender Axis Bank. The stake sale is aimed at helping North Block meet its budgeted disinvestment target. The offer for sale, at Rs 689.52 apiece, translates into a 3% discount to Monday’s Axis Bank closing price of 710.35. The sale opens on February 12 for institutional investors. Bidding by retail buyers and funds that choose to extend bids not allotted yet will be held on February 13, the bank said in a stock exchange filing late Monday. About 10% of the offer size will be reserved for retail investors. Citigroup Global Markets India, Morgan Stanley and ICICI Securities are managing the share sale. The st...
Government to miss Brexit trade deal target

Government to miss Brexit trade deal target

Business
By Adam Parsons, business correspondent, in Switzerland Government officials have admitted for the first time that they will not be able to renegotiate all trade treaties involving the European Union by the end of March.The UK is party to around 40 European treaties, covering trade with more than 70 countries and making up 12% of the UK's total trade. In the event of no deal, each would need to be rewritten, either with new terms or by mirroring the existing terms, a process known as "rolling over".Two years ago, the International Trade Secretary Liam Fox said that updated versions of all those treaties should be ready to sign within a minute of Britain leaving the EU.Now, according to senior government sources, expectations have been tempered. In...
Next government shutdown: How to build a cash cushion when your income is cut off

Next government shutdown: How to build a cash cushion when your income is cut off

Finance
There's one thing the record 35-day government shutdown made clear: Americans aren't saving for a rainy day. "The partial government shutdown serves as a wake-up call that emergency savings must be made a more serious priority," said Mark Hamrick, senior economic analyst at Bankrate.com. Over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from jobs site CareerBuilder. Just 40 percent of Americans are able to cover an unexpected $ 1,000 expense with their savings, according to a separate survey from pers...