Top Internal Revenue Service officials told Congress on Tuesday they were unaware of the agency's targeting of conservative groups for extra tax scrutiny until recently.» Read More
WASHINGTON, May 17- A leading U.S. congressman said on Friday that an Internal Revenue Service scandal had exposed deep problems with the federal tax system, saying it needed to be overhauled.
Jim McCaughan, CEO at Principal Global Investors says the Fed has been on the right track and very transparent about its plans.
WASHINGTON, May 16- Finding a permanent Internal Revenue Service commissioner who is ready to endure a grueling Senate confirmation hearing could be a challenging task for President Barack Obama in the wake of the controversy engulfing the agency over its targeting of conservative groups seeking tax-exempt status.
Republicans on the House Financial Services Committee pressed the issue, saying they did not want the SEC to wade into politically charged rulemaking, especially after the recent revelation that the Internal Revenue Service targeted conservative groups.
President Barack Obama will meet with Treasury Department officials on Wednesday after reviewing a government report that showed the Internal Revenue Service targeted conservative groups for extra scrutiny, White House spokesman Jay Carney said. Obama has called for those responsible for the IRS' actions to be held accountable.
May 14- Ineffective management and bureaucratic confusion at the Internal Revenue Service fueled the agency's inappropriate targeting of conservative political groups for extra tax scrutiny, a government watchdog said on Tuesday.
May 14- In response to a scathing report by a watchdog about its targeting of some conservative groups for extra scrutiny, the U.S. Internal Revenue Service said on Tuesday that it agreed that "inappropriate shortcuts were used" to screen groups for political activity.
John Daley, CEO of Grattan Institute warns that Australia has a serious deficit problem that needs to be dealt with and should keep in mind the lessons from Europe's crisis.
WASHINGTON, May 14- An Internal Revenue Service auditor said on Tuesday that a top Washington official, when she learned that agents were targeting conservative groups for extra scrutiny of their tax status, immediately changed the policy to a non-partisan criteria, but that low-level employees reversed the policy.
WASHINGTON, May 14- Poor management at the U.S. Internal Revenue Service played a major role in IRS agents subjecting conservative political groups' applications for tax-exempt status to extra scrutiny, said a report from a government watchdog group obtained by Reuters on Tuesday.
WASHINGTON, May 14- The U.S. Internal Revenue Service in 2012 reviewed allegations that conservative Tea Party groups had come under extra scrutiny by the tax service's agents and found bias against conservatives, Republican members of Congress said on Tuesday.
WASHINGTON, May 14- The U.S. Department of Justice is working with the Federal Bureau of Investigation to probe the Internal Revenue Service over its targeting of certain groups, U.S. Attorney General Eric Holder said on Tuesday.
NEW YORK, May 14- It goes without saying that you should file your tax returns each year and pay what you owe. Except in cases of tax fraud, the U.S. Internal Revenue Service will generally work with taxpayers to get them back into the system.
WASHINGTON, May 14- U.S. Senate Republican leader Mitch McConnell called on President Barack Obama on Tuesday to make all who knew about the Internal Revenue Service scandal available for questioning, and said there should be "no more stonewalling."
WASHINGTON-- Interest rates on short-term Treasury bills rose in Monday's auction with rates on six-month bills rising to the highest level in three weeks. The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.045 percent, up from 0.040 percent last week.
The Treasury's strategy seems to be that the U.S. economy is strong enough to withstand whatever negative impacts that may come from a stronger dollar against the yen, reports CNBC's Steve Liesman.
CNBC's Rick Santelli talks with Andy Brenner, National Alliance Securities, about the Fed's plan to end its bond-buying program and the impact on the markets.
John Reed Stark, Strosz Friedberg managing director, discusses the fallout following a data breach found at Bloomberg. (Disclosure: Bloomberg is a competitor of CNBC in reporting and distributing business news on the Web and on television.)
A controversial privacy breach involving Bloomberg data terminals has Wall Street & Washington buzzing. CNBC's Kayla Tausche looks into which firms are crying foul; and CNBC's Steve Liesman reports the Fed and Treasury Department are investing which top officials may have been tracked. (Disclosure: Bloomberg is a competitor of CNBC in reporting and distributing business news on the Web and on television.)
*IRS put conservative groups under closer scrutiny. WASHINGTON, May 11- A senior U.S. Internal Revenue Service official knew in 2011 that IRS agents were giving extra scrutiny to conservative Tea Party groups, according to documents from a watchdog office obtained by Reuters on Saturday.