Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April… Read More »US economy drops at a 0.6% annual rate from April through June
Millions of companies in the U.S. will have to report primary ownership, in an effort to close anti-money-laundering loopholes Millions… Read More »New U.S. National Security Rule Requires Firms to Disclose Key Owners
A recent analysis has found that the United States suffers more ransomware attacks than any other country. The United States… Read More »U.S. No. 1 target for ransomware
Tax collections this year in the U.S. are up 23% compared to last year, according to a new study by… Read More »Tax Collections Are Up 23% As Inflation, Wages, And Profits Rise
Financial decision-makers lowered their expectations for real growth in gross domestic product during the third quarter amid concerns over inflation… Read More »CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth
Minneapolis Fed chief says need to hike until inflation falls Get to policy that restraining economy and then be ‘patient’… Read More »Fed’s Kashkari Says Rate-Hike Pace ‘Appropriate’ to Cool Prices
Inconsistent lead times and shipping delays force companies to maintain inventory buffers. Efficient handling of working capital frees up cash… Read More »Supply Chain Pressures Keep Inventories High in Q2
The special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel away from home… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In
When the United Nations (UN) first laid out principles for environmental, social, and corporate governance (ESG) investing in 2006, then-Secretary General Kofi… Read More »ESG funds are ‘definitely at a crossroads’: EY executive
An IRS Form W-9 verifies your taxpayer ID number, typically your Social Security Number, or for a company, your employer… Read More »This IRS Tax Form Can Cost You 24%
Some investors are growing concerned the dollar’s meteoric rise is setting the stage for a rapid reversal, which would bruise… Read More »Analysis: A crowd of dollar bulls raises the risk of a violent pullback
The state has become the first in the U.S. to accept cryptocurrency for tax payments. Colorado has become the first… Read More »Colorado now accepts crypto for taxes
KEY POINTS The UNC Tax Center used 2021 financials to predict the effect of the Inflation Reduction Act’s minimum corporate… Read More »The new minimum tax could hit Berkshire Hathaway and Amazon hardest, a study shows
Currency’s plunge sparks talk of emergency central bank action UK 10-year yield rises above 4% for the first time since… Read More »UK Market Selloff Slams Gilts, Pound, Piling Pressure on BOE
From the best of times to the worst of times: The market for initial public offerings has fallen off a… Read More »The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown
After a fast start to the year, M&A deal-making in crypto has hit its own type of “winter.” Earlier this… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In
Gig economy companies classifying their workers as independent contractors continue to face lawsuits, state action, and federal agency enforcement For… Read More »The Independent Contractor Dilemma
Less than one-third of HR professionals are preparing for an economic slowdown, according to a new study. While CFOs are… Read More »85% of Companies Still Actively Hiring Despite Recession Fears: Weekly Stat
While Fed officials predict rates going higher than had been expected, we still see rates coming down by the end… Read More »Fed Signals No Letup in Inflation-Fighting Rate Increases
KEY POINTS The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation. Everything from mortgages and credit… Read More »Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you
Your 401(k) can be a bridge from retirement to a higher monthly income. Although you can start collecting Social Security… Read More »Using Your 401(k) to Delay Getting Social Security and Increase Payments
If CFOs had a Magic 8 Ball, it would read: “Outlook not so good.” There is a severe decline in… Read More »CFO optimism is declining as cost concerns rise
Even companies that have claimed the ERC may want to review their documentation of qualification for the credit. The Employee… Read More »Who Actually Qualifies for the Employee Retention Credit?
The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points and signaled additional large increases were likely even though… Read More »Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting
As part of the survey, employees also shared which incentives they value most that keep them engaged and loyal to… Read More »52% of Workers are Content with Their Jobs
KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to… Read More »Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates
There’s big money in waiting to collect Social Security, but most U.S. seniors leave that cash on the table. The… Read More »U.S. Retirees Aren’t Waiting Till Age 70 to Collect Social Security
One surprise that hits retirees in their first few years is that even without the costs of working and contributing… Read More »Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement
Delta Air Lines and JetBlue Airways each have seen business travel ramp up again in September, with no discernible “cracks”… Read More »Delta, JetBlue: Corp. Travel Ramping Up, No Cracks in Demand
Stocks fell and government bond yields rose to multiyear highs Tuesday ahead of the next decision by the Fed’s rate-setting… Read More »Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples
Higher rates and shrinking margins are among key concerns Goldman likes companies with the highest returns on capital After a hotter-than-expected inflation… Read More »Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings
US central bank to publish first ‘dot plot’ since June after months of persistently high inflation Federal Reserve officials are… Read More »Federal Reserve under pressure to back up hawkishness with rate projections
The buck isn’t stopping. The value of the U.S. dollar has been on a tear for more than a year… Read More »EXPLAINER: How the strong U.S. dollar can affect everyone
Markets are increasingly betting on policymakers raising borrowing costs higher and faster Investors are pricing in a sharper surge in… Read More »Central banks set to hit peak rates at a faster pace
Treasury yields climbed on Monday as traders anticipated the Federal Reserve’s next moves in the face of persistently high inflation.… Read More »10-year Treasury yield jumps to 3.51%, the highest level since 2011
Investors who were lucky enough to hop on the cryptocurrency bandwagon ahead of its sharp rise in popularity were also… Read More »The ‘taxing’ complication of cryptocurrency
Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a… Read More »US wholesale inflation declined in August to still-high 8.7%
Taxpayers are concerned the extra $80 billion will lead to more tax audits The additional $80 billion in funding over… Read More »IRS’s extra enforcement funding brings audit worries
The premium of the two-year Treasury yield over the comparable 30-year benchmark increased to a level unseen this century after… Read More »US 2- to 30-Year Curve Reaches Most Inverted Level This Century
From Bartleby, the Scrivener telling his 18th-century employer “I would prefer not to” to George Costanza setting up a nap station beneath his… Read More »WHAT IS ‘QUIET QUITTING’?
KEY POINTS The Social Security cost-of-living adjustment for 2023 could be 8.7%, according to a new estimate from The Senior… Read More »There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch
The Internal Revenue Service’s backlog is having an impact in many areas, including the handling of noncorporate applications for refund… Read More »IRS delays in processing NOL refund claims cost taxpayers millions in interest
Stocks are riding a tentative recovery, with the S&P 500 up 1.1% on Monday, but whether they can keep their… Read More »Sliding Earnings Forecasts Pose Next Test for Markets
Summary The consumer price index rises 0.1% in August Rents, food, and healthcare account for the increase in CPI Core… Read More »Stubbornly high rents and food prices boost U.S. inflation in August
The Federal Reserve will deliver another 75-basis-point interest rate hike next week and likely hold its policy rate steady for… Read More »Fed set for another 75-basis-point rate hike; early pivot unlikely: Reuters poll
Finance chiefs are finding it harder to peg yearly guidance as they struggle for visibility on the direction of the… Read More »Finance Chiefs Struggle to Set Guidance as Economy Flashes Mixed Signals
The Employee Retention Credit (ERC) remains one of the best tax benefits out there for small and medium businesses –… Read More »Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims
The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the… Read More »U.S. SEC to set up a new office for crypto filings
When it comes to retirement, you can’t save enough money — until you do. Saving for a post-work world is… Read More »Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard
US inflation likely slowed for a second month in August as gas prices continued to drop, but that probably won’t… Read More »Slower Inflation Unlikely to Sway Fed From Another Jumbo Hike
Whatever structure your clients launched with, at some point, for various reasons, changing structures may become a valid consideration. Many… Read More »Converting an S Corp to a C Corp
The European Central Bank has announced a record rise in eurozone interest rates as it seeks to fight inflation. Prices… Read More »Eurozone interest rates in record rise to fight inflation
With up to 87,000 new IRS agents on the way now that the Inflation Reduction Act is unleashing a Tougher IRS, there’s… Read More »IRS Audits With No Time Limit And No Statute Of Limitations
It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the U.S. economy… Read More »The U.S. is on track for a soft landing, Goldman Sachs chief economist says
The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and… Read More »Fed’s Brainard: Rates to rise higher, stay elevated longer
The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to… Read More »IRS continued to delay business tax refunds from pandemic
KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week… Read More »Mortgage demand drops further as interest rates shoot back to June high
Gen Z and younger millennials under 35 are one cohort that has seen a large drop in employee engagement. About… Read More »Gallup Poll: ‘Quiet Quitters’ Make Up Half of the U.S. Workforce
OPEC+ agreed to make a token oil supply cut for October, a surprise moves that shows the alliance is seeking… Read More »OPEC+ agrees to make a token supply cut to steady the oil market
A shift is underway at the Federal Reserve in how to describe neutral — the interest-rate level that neither stimulates… Read More »Fed’s Long-Sought Neutral Goal Proves Elusive and Moving Target
Inflation is high, but U.S. consumers’ relative purchasing power has never been higher. An index that considers inflation when measuring… Read More »U.S. Dollar Strength Lifts Americans’ Relative Spending Power
KEY POINTS If you’re feeling unsteady amid stock market volatility, high inflation, and rising interest rates, you may wonder how… Read More »Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors
KEY POINTS Nonfarm payrolls rose by 315,000 jobs in August, just below the Dow Jones estimate of 318,000. The unemployment… Read More »Payrolls rose 315,000 in August as companies keep hiring
The yen tumbled to its weakest level since 1998 against the US currency Greenback supported after jobless claims, manufacturing data… Read More »Dollar Gauge Rallies to Record High as Yen Cracks Key 140 Mark
There was some rain on the parade of celebration of the student loan debt forgiveness. The Tax Foundation, perhaps with… Read More »How To Avoid State Tax On Student Debt Forgiveness
Summary Snap jumps as it restructures ad business, lays off staff Bed Bath & Beyond sinks on a corporate overhaul… Read More »Wall Street ends August with a whimper on Fed worry
The number of people who applied for unemployment benefits at the end of August fell to a nine-week low of… Read More »Jobless claims tumble to a nine-week low of 232,000. U.S. layoffs are still historically low.
The budget reconciliation bill, P.L. 117-169, known as the Inflation Reduction Act, was signed into law on Aug. 16. It… Read More »A deeper dive into the Inflation Reduction Act’s tax provisions
KEY POINTS Euro zone inflation hit a new record high in August at 9.1%. The rate was above expectations, with… Read More »Euro zone inflation hits another record of 9.1% as food and energy prices soar
There were nearly 1 million more job openings than expected in July, an inflationary sign that the U.S. labor market… Read More »Job openings top 11.2 million in July, well above estimate and nearly double the available workers
Workers of U.S. small businesses continue to benefit from higher wages, according to the latest Paychex | IHS Markit Small… Read More »Hourly Wage Growth Increases
The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the… Read More »Fed’s instant payment service ‘FedNow’ is set to launch by July 2023
The FedNow system is supposed to be a cheaper option than wire transfers or debit card transaction fees. A Federal Reserve official… Read More »Federal Reserve says a real-time payment system could begin as early as May 2023
With the pandemic-fueled demand for more workplace flexibility, could the four-day workweek become the norm in American business? Three Wharton… Read More »Can the U.S. Embrace a Four-day Workweek?
Federal Reserve chair says central bank ‘must keep at it until the job is done on inflation US stocks tumbled… Read More »US stocks tumble more than 3% after Powell stands firm on rate rises
The pace of consumer price gains slowed, though it stayed near a four-decade high Inflation decelerated in July, measured by… Read More »Inflation Eased in July, According to the Fed’s Preferred Measure
Second quarter GDP contracted 0.6%, better than the prior estimate Gross domestic income rose at a 1.4% pace, and spending… Read More »Key US Growth Measures Diverge, Complicating Recession Debate
A measure of US profit margins has reached its widest since 1950, suggesting that the prices charged by businesses are… Read More »US Corporate Profits Soar, Taking Margins to Widest Since 1950
The increase for 2023 may rise even higher as insurance carriers price record inflation into employers’ renewal rates, per a… Read More »Employers Project 5.6% Jump in Health Benefit Costs
The SEC on Thursday adopted amendments that require specific disclosures about the relationship between a public company’s executive compensation and its financial… Read More »SEC adopts ‘pay versus performance’ disclosure rules
KEY POINTS Borrowers who will benefit from student loan forgiveness won’t need to worry about getting hit with a federal… Read More »Here’s what President Biden’s student loan forgiveness means for your taxes
A broad range of tax and information returns for the 2019 and 2020 tax years will receive automatic relief from… Read More »IRS relieves penalties for 2019 and 2020
Pass-through effects have increased during the pandemic Imported input prices have a larger effect on US inflation US consumer inflation,… Read More »Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says
US business activity contracted for a second straight month in August, reflecting softer demand at both manufacturers and service providers… Read More »US Business Activity Contracts Again, Weakest Since May 2020
The Inflation Reduction Act only offers tax credits on electric vehicles assembled in North America. Those looking to purchase an electric… Read More »Which Vehicles Qualify for New $7,500 Electric Vehicle Tax Credit?
KEY POINTS Sales of existing homes were down last month by 20.2% to 4.8 million properties from 6 million a… Read More »We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers
Inflation, rising interest rates, and Russia’s invasion of Ukraine sent shock waves through the stock market, putting a freeze on… Read More »IPO Market Faces Worst Year in Two Decades. ‘Really Hard Pill to Swallow.’
Workers are less satisfied with their wages as inflation erodes buying power The number of Americans quitting their jobs for… Read More »Fewer Americans are switching to new jobs, NY Fed survey shows
As the prices of many goods and services continue to skyrocket, there’s been a ton of media coverage on the… Read More »Inflation is through the roof: How the Consumer Price Index measures the cost of living
Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month… Read More »America just got a $100-a-month raise
Federal Reserve Chairman Jerome Powell will use his closely-watched Jackson Hole speech this week to stress that the central bank… Read More »Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation
The U.S. Supply Chain Index in July was back above neutral for the first time in nearly three years on… Read More »RSM U.S. Supply Chain Index: Back to normal for the first time since the pandemic hit
Dive Brief: The U.S. economy probably will not grow this quarter and, after more weakening, may fall into a brief… Read More »The U.S. may fall into recession by early 2023: Conference Board
Dive Brief: Federal Reserve officials last month affirmed their goal of curbing inflation to 2% and favored further increases in… Read More »Fed planned more tightening while noting the risk of going too far
The Inflation Reduction Act that President Biden signed into law this week has a lesser-known provision that could benefit many… Read More »Inflation Reduction Act potentially doubles R&D tax credit
That jump may lead to an increase in tax reporting requirements for companies, according to a recent analysis by tax… Read More »A surge in gig work is evident from 1099 filings
If your organization isn’t letting people go, the one next door probably is. That’s a key finding from a survey… Read More »Layoffs Are Planned at Half of US Companies, PwC Survey Shows
Data from Fidelity found the number of seven-figure retirement accounts down sharply after stocks cratered in the first half of… Read More »Stock Market Plunge Punished 401(k) Millionaires
Rule of 20 has a ‘perfect track record,’ bank strategists say Another indicator from CFRA signals that the market bottom… Read More »BofA Quants Say a Winning Stock Signal Is Bad Omen for Bulls
Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came… Read More »Fed sees interest rate hikes continuing until inflation eases substantially, minutes show
Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving… Read More »IRS pledges not to use the extra funding to audit lower-income taxpayers
KEY POINTS Tips for wait staff and cashiers haven’t taken a hit despite inflation, according to new data. Aggregated sales… Read More »People aren’t cutting back on tips even as inflation surges
KEY POINTS Retail sales for July were flat, compared with the estimate for a 0.1% gain. Excluding autos, sales increased… Read More »Retail sales little changed in July amid a fall in gas prices and a drop in auto sales
KEY POINTS President Joe Biden signed the Inflation Reduction Act into law The new law passed with majority Democratic support… Read More »Biden signs the Inflation Reduction Act into law, setting 15% minimum corporate tax rate
Once-hot blank-check firms have fallen out of favor alongside cryptocurrencies and other speculative investments SPACs were one of the hottest investments… Read More »SPAC Activity in July Reached the Lowest Levels in Five Years
The increase for 2023 may rise even higher as insurance carriers price record inflation into employers’ renewal rates, per a… Read More »Employers Project 5.6% Jump in Health Benefit Costs
The interest rates the Internal Revenue Service uses will go up for the quarter beginning Oct. 1, the agency said.… Read More »IRS interest rates increase for Q4
A number of EVs should become more affordable, but only after a “subsidy winter” when far fewer cars will qualify.… Read More »New Electric Car Tax Credits Are About to Radically Change Buying EVs
An account of the debate at the Federal Reserve’s July policy meeting,set to be published after two weeks of whiplash… Read More »Fed Minutes May Reveal Inclinations on Size of Next Rate Hike
People want to hear from JPMorgan (JPM) CEO Jamie Dimon. He’sinsightful, provocative, and never boring. So it’s little wonder that… Read More »Jamie Dimon sounds off on… almost everything: Morning Brief
An end to corporate America’s record stock-buying spree is givingequity bulls one more thing to worry about. JPMorgan Chase &… Read More »Stock Market Recovery Faces a New Hurdle as Record Buybacks Slow
Venture-capital firms are sitting on a record cash pile. Theirso-called dry powder—money raised but not deployed—has increased bymore than $100… Read More »Venture Capital’s Cash Stockpile Swells Amid Slowdown
A new poll found that a majority of voters (76%) weren’t worried aboutthe prospect of being audited by the IRS.… Read More »Most Americans: ‘I’ve Got 99 Problems, But an IRS Audit Ain’t One
KEY POINTS The Federal Reserve is unlikely to pivot from its hawkish interestrate hikes despite positive signs this week that… Read More »Fed expected to stick with hawkish rate hikes until data show further slowing in inflation
Tax planning for real estate activities often involves a myriad of taxconsiderations. For example, if the real estate produces a… Read More »Rental Activity and Self-Employment Tax
House Democrats on Friday approved a sprawling bill to lowerprescription drug costs, address global warming, raise taxes on somebillion-dollar corporations,… Read More »House passes Inflation Reduction Act, sending climate and health bill to Biden
Summary World demand growth to slow to 3.1 million bpd in 2022In contrasts with IEA, which raised its demand outlookOPEC… Read More »OPEC, in contrast to IEA, sees lower 2022 oil demand growth
Market volatility triggered by Russia’s invasion of Ukraine andsoaring global interest rates have forced investors to pull back frombacking initial… Read More »Factbox: U.S. IPO activity plunges as Ukraine war triggers volatility
Summary Fed now seen delivering 50 bps hike in SeptemberU.S. consumer price growth slows in JulyMusk sells Tesla shares worth… Read More »Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb
Consumers struggling with skyrocketing prices for food, gas, autos,and rent got a tantalizing hint of relief last month when pricesdidn’t… Read More »EXPLAINER: Mixed US inflation signs. Where are prices going?
Workers’ wages are rising briskly, a factor contributing tofour-decade high U.S. inflation. Average hourly earnings grew 5.2% in July from… Read More »Rapid Wage Growth Keeps Pressure on U.S. Inflation
Small and medium-sized businesses (SMBs) are known as the backbone ofthe U.S. economy and play a major role in most… Read More »4 Ways SMBs Can Recession-Proof Their Businesses
The Internal Revenue Service has released a draft version of Form 1040for next tax season, with an expanded question about… Read More »IRS expands crypto question on a draft version of 1040
KEY POINTS The consumer price index rose 8.5% in July from a year ago, belowexpectations, due largely to slumping energy… Read More »Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit
KEY POINTS A new Wells Fargo analysis looked at the best 20 days for the S&P 500between August 1992 and… Read More »On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it
President Joe Biden signed two bills on Friday that give the federalgovernment more time to catch and prosecute fraud related… Read More »Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud
By a vote of 51 to 50, the U.S. Senate on Sunday passed a budgetreconciliation bill, H.R. 5376, now known… Read More »Key tax provisions in the Senate reconciliation bill
KEY POINTS Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly $80 billion in funding for the… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers
One doesn’t have to be the loneliest number anymore. For years, soleproprietors weren’t able to choose from as wide a… Read More »Solo 401(k) Plans: Looking Out for Number One
When we think of penalties we naturally think of punishment. I mean,to channel Steven Wright, if a penalty is not… Read More »Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties
The biggest US companies keep stepping up their spending on capitalprojects and encouraging signals to investors in an uncertain economicclimate.… Read More »Companies From Google to Pepsi Are Boosting Capital Spending
The recent scam appears to cut across Intuit’s cloud and desktopproducts. In a worrying development pointing to the increasingsophistication of… Read More »Intuit Issues Phishing Warnings to QuickBooks Users
Stress on global supply chains eased in July to the lowest level sinceJanuary 2021 as port congestion and other snags… Read More »Global supply chain stress at 18-month low in July, NY Fed’s index shows
National Taxpayer Advocate Erin Collins is protesting a decision byInternal Revenue Service officials to postpone the implementation ofscanning technology by… Read More »Taxpayer advocate appeals IRS decision to delay scanning tech
Gig economy companies classifying their workers as independentcontractors continue to face lawsuits, state action, and federalagency enforcement For much… Read More »The Independent Contractor Dilemma
The IRS is continuing to hone its filters to catch business identitytheft and tax fraud, using 84 selection filters last… Read More »IRS adding more filters trying to catch business tax fraud
US household debt increased by 2% to $16.2 trillion in the secondquarter, with mortgages, auto loans, and credit-card balances allseeing… Read More »US Household Debt Surpasses $16 Trillion on Higher Mortgages
The Federal Reserve is “nowhere near” being almost done in fightingthe hottest inflation in four decades, and officials are fullycommitted… Read More »Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says
Equifax this spring sent out incorrect credit scores for millions ofcustomers applying for home and auto loans, the Wall Street… Read More »Equifax issued wrong credit scores for “millions” of customers, report says
KEY POINTS Despite seeing real wage gains this year, Americans must contend witha higher cost of living, which is growing… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth
Someone in Illinois bought the winning ticket, and if he or she doeslike most winners, they will take the lump… Read More »Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax
JPMorgan Chase & Co.’s Marko Kolanovic is quickly emerging as one ofthe very few bulls among Wall Street’s top strategists,… Read More »JPMorgan’s Kolanovic stands apart in saying stocks will rebound
KEY POINTS Home price gains are cooling fast, as demand wanes and supply builds.The annual rate of price appreciation fell… Read More »Home prices cooled at a record pace in June, according to housing data firm
Employers continued hiking workers’ pay at a brisker-than-expectedpace, but the increases still weren’t enough to compensate for theeven faster rise… Read More »Workers’ wages continue to climb, but not as fast as inflation
With the busiest week of the second-quarter earnings season over,investors are relieved that results are holding up better than feared,according… Read More »Goldman’s Kostin Says US Results Season Better Than Feared
The Internal Revenue Service admitted that some married couplesreceived an erroneous balance due notices for their 2021 tax returns. The… Read More »IRS sent incorrect balance due notices to couples
The stock market is wrestling with a “bad news is actually good news” scenario. US gross domestic product shrank in… Read More »Stock Market Has No Fear of a Recession That’s Almost Priced In
KEY POINTS The U.S. economy shrank for a second straight quarter, one definitionof a recession, the Bureau of Economic Analysis… Read More »U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow
One of the Treasury markets more widely watched yield-curve indicatorsextended its inversion after the Federal Reserve’s decision to liftits benchmark… Read More »Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike
KEY POINTS The Federal Reserve on Wednesday enacted its second consecutive 0.75percentage point interest rate increase, taking its benchmark rate… Read More »Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation
KEY POINTS Gross domestic product fell 0.9% at an annualized pace for the period,according to the advance estimate.That follows a… Read More »GDP fell 0.9% in the second quarter, the second straight decline, and a strong recession signal
Summary Fed raises policy rate to 2.25%-2.50% rangeU.S. central bank flags weakening economic dataFed’s Powell says failure to tame inflation… Read More »Fed jacks rates again, Powell vows no surrender in inflation battle
As the Federal Reserve prepares to meet this week, Wall Streetinvestors are betting that officials will raise interest ratesaggressively through… Read More »Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy
The US corporate earnings season is turning out to be better thanfeared as consumer spending remains resilient, while stocks havealready… Read More »Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared
Questions hold the potential for change but thought without action is defeat. “It is easier to act yourself into a… Read More »5 UNEXPECTED QUESTIONS THAT CAN CHANGE YOUR LIFE
Disappointing earnings reports from several big companies don’t seemto be fazing investors, with the S&P 500 up nearly 5% this… Read More »Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks
What inspires us to follow a CEO, founder, or thought leader?Certainly, there is a toughness, particularly in the face ofadversity,… Read More »5 Inspirational ‘Grit in Leadership’ Skills for Overcoming Adversity
Benchmark: “Something that serves as a standard by which others may bemeasured or judged,” according to Merriam-Webster. As necessary as… Read More »The Problem With Traditional Business Benchmarks
From rising interest rates to battling growing inflation and supplychain issues that don’t show any hint of resolving, warning signs… Read More »Is A Recession Looming? Why History Says We Shouldn’t Panic
Amid the “Great Resignation,” many people continue to relish the ideaof being their own boss. While autonomy and flexibility can… Read More »What to know about the financial risks of becoming your own boss
U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economicgrowth is slowing and she acknowledged the risk of a… Read More »U.S. economy slowing, but recession not inevitable, Yellen says
The bond market wants to believe that Federal Reserve boss JeromePowell will succeed in getting inflation under control. It’s unclear… Read More »Bond Traders Regaining Faith That Fed Can Slay Inflation Dragon
More than 4 million people have left their jobs each month in the U.S.so far this year — and according… Read More »40% of workers are considering quitting their jobs soon—here’s where they’re going
New research that analyzed the impact of same-day pay showed that 60%of working Americans want employers to offer workers immediate… Read More »On-Demand Pay: 60 Percent of U.S. Workers Want Daily Access to Earned Wages
As we enter the home stretch, 2022 has been an eventful year for taxprofessionals. New proposed regulations, court decisions, and… Read More »The top 20 tax developments from 2022
Higher prices can sting retirees harder than others for a number ofreasons, but there are a few specific types of… Read More »Is Inflation Costing You More as a Retiree?
KEY POINTS A CNBC poll found more than 6 out of 10 Americans think there will bea recession next year.Although… Read More »Here are 6 strategies to recession-proof your finances at any age
The slowdown in venture-capital funding has spread to early-stagestartups, with that part of the market suffering one of the biggestinvestment… Read More »Tech Downturn Slows Early-Stage Startup Funding
Improving the taxpayer experience while surmounting operationaldifficulties that include a shrinking workforce are among the goalsthe IRS has set for… Read More »IRS seeks transformation in a new 5-year plan
Citigroup Inc. economists have labeled a global recession a “clear andpresent danger,” while repeating they estimate a 50 percentprobability of… Read More »Citi economists call global recession a present danger
The giants of private credit — the only game in town lately forbig-ticket leveraged buyouts — are dialing back on… Read More »Private Credit Giants Curb Buyout Lending Spree in Big Shift
Talk about recession and inflation has been a dominant topic onsecond-quarter corporate earnings calls that are starting to flood in.… Read More »Wall Street braces for economic ‘hurricane’
KEY POINTS A high rate of inflation — 9.1% in June from a year earlier — hastaken a toll on… Read More »75% of middle-class households say their income is falling behind the cost of living
It may often be a good idea for a small business owner to havechildren and other relatives on the company… Read More »Taxpayer Fails to Prove Compensation Deduction
Stocks rallied Tuesday, with the market resuming a bounce from lastmonth’s lows, as traders bet on strong corporate earnings reports… Read More »Dow rallies more than 750 points as traders bet that the bottom is in
Federal Reserve officials have signaled they’re likely to raiseinterest rates by 0.75 percentage points later this month for thesecond straight… Read More »Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point
US stocks dipped to start the week as investors considered another setof earnings reports from major companies and looked ahead… Read More »Stocks Lose Ground as Banks Give Quarterly Updates
Lots of questions continue to swirl around the state of like-kindexchanges (real estate in particular) both in the near and… Read More »Near and Long-Term Tax Planning for Section 1031
The legislation would direct the IRS to create software that wouldallow any taxpayer to prepare and file their individual income… Read More »Congress Again Considers Free IRS Income Tax Filing System
Baby boomers have lived through the tech bubble, the 2008 housing andmarket crash, and even double-digit inflation in the 1970s,… Read More »Why Saving for Retirement Is More Difficult in 2022
Inflation at the wholesale level climbed 11.3% in June compared with ayear earlier, the latest painful reminder that inflation is… Read More »Wholesale inflation in June surged 11.3% from a year ago
Most companies use too many incomplete measures and would benefit fromusing one complete measure instead, as railroading company CSX hasimplemented.… Read More »Rethinking the Value of 3 Common Financial Metrics
Deepening fears about the health of the global economy have shoved theeuro down to parity against the US dollar for… Read More »Euro falls to parity with US dollar for the first time in two decades
Recently, FASB issued a new Accounting Standards Update (ASU 2019-12),Simplifying the Accounting for Income Taxes. The new standard amendssection 740… Read More »ICYMI | FASB Streamlines Income Tax Accounting
One of the US bond market’s most widely watched indicators ofpotential recession risk has reached levels last seen in 2007.… Read More »Treasury Curve Inversion Deepens to Level Last Seen in 2007
KEY POINTS The consumer price index increased 9.1% from a year ago in June, abovethe 8.8% Dow Jones estimate.Excluding food… Read More »Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify
Such a frenetic pace of downgrades seen only four times beforeRecession or not, the UBS model shows a 1,100-point gap… Read More »Stock Drubbings Finally Convince Holdout Analysts to Get Real
Remote work is equalizing tech startup pay across the country, withSilicon Valley and San Francisco as the benchmark, and Seattle… Read More »How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says
The biggest overhaul of cross-border tax rules in a generation is nowon course to take effect in 2024, the Organisation… Read More »OECD sees global corporate tax overhaul on course for 2024
Monthly consolidated financials need to be prepared within a few daysto be of use to operational leaders. Consolidated financial statements… Read More »Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month
Investors expect concerns about hot inflation and strapped consumersto dominate the corporate earnings season that kicks off this weekcreating winners… Read More »The Stock Market Faces Next Test as Inflation Looms Over Earnings Season
Another record-breaking number of imports passed through the US’smajor container ports this spring — showing no sign of a slowdown… Read More »US ports saw record imports this spring, as port workers’ contract expires
Commerce Secretary Gina Raimondo on Sunday expressed doubt that thenation will head into a significant economic downturn but warnedagainst “talking… Read More »Commerce Secretary Warns against ‘Talking Ourselves into Recession’
After a period of relative sanity, another wave of shipping congestionis expected to happen soon. By now weary retailers are… Read More »Another Wave of Shipping and Supply Chain Challenges is On the Way
You might be feeling pain at the pump, but it could be worse; gas is a lot more expensive in… Read More »Gas Prices Around the World
There’s no need to fret about the timing of a US recession anymore,according to Wells Fargo Investment Institute — because… Read More »US Recession Is Already Here, According to Wells Fargo Investment Group
KEY POINTS The federal minimum wage has been $7.25 per hour since 2009.Starting this month, workers in Connecticut, Nevada, Oregon,… Read More »As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue
Homebuyers are feeling the squeeze of rising mortgage rates. On top ofthat, housing prices remain high. That may lead many… Read More »Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget
After a nurse bought clothing for work at a clinic at her own expenseand deducted it from her taxes, she… Read More »Tax Court Tailors Outcome to Fit Clothes Deduction
FASB issued an Accounting Standards Update (ASU) that improvesfinancial reporting for investors and other financial statement usersby increasing the comparability… Read More »FASB issues standards to improve fair value guidance for equity securities
Operating cash flows boosted many balance sheets in the 12 monthsending March, but that will be harder to do this… Read More »1 Out of 3 Companies Increased Cash Holdings: Weekly Stat
The coronavirus (COVID-19) pandemic triggered an exodus of workersfrom their comfortable offices to the safety of their homes and otherremote… Read More »ICYMI | Working from Home State Income Tax Complications
Traditional IRAs are set up in a way that basically incentivizes you(and your heirs) into paying the highest tax bill… Read More »Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA
Federal Reserve officials were concerned at their meeting last monththat consumers were increasingly anticipating higher inflation, andthey signaled that much… Read More »Fed: Sharply higher rates may be needed to quell inflation
The tax agency is the gatekeeper for America’s charity system, butreduced vetting has opened the door to scams. The “American… Read More »NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud
Three out of four public company audit partners believe thatinflationary concerns could persist well into 2023 and possiblybeyond, according to… Read More »Audit partners see signs that inflation will persist
The U.S. economy has experienced 12 recessions since World War II, andeach one included two features: Economic output contracted andunemployment… Read More »Economic output is falling, but so is unemployment
-Move could include announcing new probe into China’s subsidies-Easing tariffs seen as way to counter accelerating inflation President Joe Biden… Read More »Biden Close to Rollback of Chinese Tariffs to Fight Inflation
By some early estimates, the U.S. economy, as measured by grossdomestic product, may have shrunk in the three months from… Read More »Explainer: Is the U.S. in a recession? GDP is not the only measure
Fed Chairman Jerome Powell on Wednesday said there was no guarantee that the central bank can engineer a soft landing… Read More »Powell says no guarantee of a soft landing for the U.S. economy
A U.S. Supreme Court decision to curb the Environmental Protection Agency’s power to regulate greenhouse gas emissions may be bad… Read More »U.S. Supreme Court emissions ruling may stop SEC drive for disclosure
How the second half will play out is still a coin toss Inflation will ease in coming quarters: Northwestern Mutual… Read More »S&P 500’s Brutal First Half Has Little Bearing on the Future
FASB issued an Accounting Standards Update (ASU) that improves financial reporting for investors and other financial statement users by increasing the comparability… Read More »FASB issues standards to improve fair value guidance for equity securities
Q. Help! I have been working on a very important Excel file for a client, and suddenly my computer locked up… Read More »2 ways to recover unsaved Excel files
KEY POINTS Thanks to inflation, even a backyard barbecue is more expensive this year. Here are five ways to save… Read More »Inflation is making Fourth of July celebrations more expensive than ever
If your client just set up their startup business, they might not wantto try to write off the costs and… Read More »Tax Court Halts Deduction for Start-Up Costs
KEY POINTS Major corporations tell CNBC that even as the stock market is volatileand recession risk elevated, spending levels will… Read More »The corporate spending that can’t wait for a recession to pass
Summary U.S. consumer expectations sink to a near-decade lowNike slips on downbeat quarterly revenue forecastIndexes down: Dow 1.56%, S&P 2.01%,… Read More »Wall Street stumbles as consumer pessimism stokes growth fears
Companies last year defied the coronavirus pandemic to go public at arecord pace. Now, market volatility, inflation, and fears of… Read More »US IPOs Can’t Shake 2022 Slump After Thriving Through Pandemic
A speedy recovery from a disaster can depend on your recordkeeping.Kiplinger’s Personal Finance writer Rivan Stinson tells us how to… Read More »PODCAST: Which Documents to Keep, Which to Shred, and Which to Scan
The chaotic mix of record fuel prices and an unending supply chaincrisis have retailers considering the unthinkable: Instead ofreturning your… Read More »Just keep your returns: Stores weigh paying you not to bring back unwanted items
Tech firms and banks, including Bank of America, Goldman Sachs,Citigroup, and JPMorgan Chase, add a ‘critical healthcare’ package Many large… Read More »Many US companies move to pay travel costs for employees seeking abortions
A pair of U.S. central bankers said on Friday they supported furthersharp interest rate hikes to stem rapid price rises,… Read More »Fed policymakers embrace more rate hikes, markets a little less
This year has been an especially tough one for seniors on fixedincomes. To stay on track, try these eight financial… Read More »8 Money Tips for Seniors Suffering from Inflation
KEY POINTS The percentage of people who are uncomfortable with the money theyhave set aside is now 58%, up from… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash
At the end of May 2022, the agency had a backlog of 21.3 millionunprocessed paper tax returns, an increase of… Read More »IRS Still Has Backlog of 21.3 Million Tax Returns
Equities have yet to fully price in the risk of a recession and mayhave further fall, according to Morgan Stanley… Read More »Morgan Stanley and Goldman see more stock market losses
NPR’s Leila Fadel talks to Stephen Cecchetti, professor ofinternational finance at Brandeis University, for a preview ofPowell’s testimony which follows… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels
And 40% of those surveyed have less than $50,000 saved for their old age Many older Americans are willing to… Read More »Nearly one-third of older Americans have less than $10,000 saved for retirement
Goldman Sachs Group Inc. economists warned the risk of a US recessionhas grown more likely, and have downgraded their gross… Read More »Goldman Warns US Recession Risk Now Higher and More Front-Loaded
NEW YORK, June 16 (Reuters) – Investors’ faith in a soft landing forthe U.S. economy is being heavily tested, as… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike
The market route has been painful for investors. But the sting may beespecially sharp for anyone who has recently retired… Read More »Retiring into a bear market: What to do, what to avoid
Microsoft’s spreadsheet still dominates corporate finance for plentyof good reasons, but is it holding you back from growth? Why Does… Read More »The Excel Equation: When Is It Time to Move Away?
KEY POINTS The Federal Reserve raised its benchmark interest rates three-quartersof a percentage point in its most aggressive hike since… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994
The Federal Reserve’s plan to raise its benchmark rate to a neutrallevel, around 2.5%, by the end of the year… Read More »A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.
A key inflation reading showed a glimmer of hope on Tuesday, revealinga slight slowdown in rising prices — though they… Read More »Key inflation measure slows slightly but remains uncomfortably high
WASHINGTON (AP) — The Federal Reserve intensified its fight againsthigh inflation on Wednesday, raising its key interest rate bythree-quarters of… Read More »Fed attacks inflation with its largest rate hike since 1994
The US stock market has entered a bear market and if history is anyguide, it could be long and painful.… Read More »Wall Street’s Latest Bear Market May Be Here to Stay for a While
US consumer inflation reached its highest level in more than fourdecades in May as surging energy and food costs pushed… Read More »U.S. Inflation Hit 8.6% in May
The writing is on the wall, and the majority of U.S. economists agreethat the U.S. is in store of a… Read More »Over two-thirds of economists believe a recession is likely to hit in 2023
US inflation accelerated to a fresh 40-year high in May, a sign thatprice pressures are becoming entrenched in the economy.… Read More »US Inflation Quickens to 40-Year High, Pressuring Fed and Biden
WASHINGTON — The Internal Revenue Service today announced an increasein the optional standard mileage rate for the final 6 months… Read More »IRS increases mileage rate for the remainder of 2022
Depending on your income in 2021, you may be feeling the pain ofpaying your state and federal income taxes. Some… Read More »5 States With The Highest State Income Tax Burdens
KEY POINTS Amid high inflation that has become the No. 1 business risk, not asingle chief financial officer surveyed by… Read More »The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey
Treasury Secretary Janet Yellen said Wednesday that tariff reductionson Chinese goods may be warranted as the White House tries to… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars
The stock market has been cratering so far this year — leaving specialpurpose acquisition companies, which buy private firms in… Read More »Wall Street’s blank-check boom has gone bust
Prices for chips and shipping containers have come off peaksCentral bankers are scrambling to snuff out soaring inflation Three of… Read More »Inflation Is Poised to Ease According to These Three Key Indicators
More than 8 in 10 Americans believe the state of the nation’s economyis poor or not so good, according to… Read More »Americans in a new poll deeply pessimistic about the economy
KEY POINTS Japan has made key advancements in the quantum computer race, Indiahas developed its own strategy for the technology,… Read More »The race toward a new computing technology is heating up — and Asia is jumping on the trend
KEY POINTS Social Security’s combined trust funds are now projected to be able topay scheduled benefits until 2035, a full… Read More »Social Security’s funds have a new, later-projected depletion date of 2035. How Congress may shore up the program
KEY POINTS The IRS is working to boost audit rates for the wealthiest Americans,according to a statement from the agency.While… Read More »The IRS is working to increase its audit rates for higher earners
SummaryTesla employed around 100,000 people at end of 2021Musk warned staff on Tuesday to return to the office or leaveU.S.… Read More »Exclusive: Elon Musk wants to cut 10% of Tesla jobs
BlackRock Inc. Chief Executive Officer Larry Fink said he expectsinflation to remain elevated for several years primarily because ofsnarled global… Read More »Fink Sees Elevated Inflation for Years Amid Supply Shocks
The IRS on Wednesday began its annual “Dirty Dozen” series, warning ofabusive tax transactions and scams, with four schemes the… Read More »Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams
KEY POINTS There are two main factors that have Dimon worried: So-calledquantitative tightening, or QT, is scheduled to begin this… Read More »Jamie Dimon says ‘brace yourself for an economic hurricane caused by the Fed and Ukraine war
The US private sector added fewer jobs than expected in May as theFederal Reserve ramped up its effort to slow… Read More »Private businesses added 128,000 jobs in May, marking the smallest gain of the pandemic recovery
The ‘retirement ideal’ has been changing for years. Older people areincreasingly unretiring, changing the shape of this life stage. Picture… Read More »Is this the end of retirement as we know it?
The blue-chip S&P 500 stock index ended the month of May with amarginal 0.01 percent gain, following weeks of tumultuous… Read More »US stocks end volatile May roughly unchanged
Summary The consumer confidence index falls to 106.4 in MayLabor market gauge softens; more say jobs hard to findBuying intentions… Read More »The rising cost of living hurts U.S. consumer confidence; house prices soar
In some instances, C corporations prefer to designate payments asamounts for compensation, rather than payments of dividends. The IRSsees it… Read More »IRS Finds Disguised Non-Deductible Dividends
In a typical month, a couple of hundred American companies disclosesizable seed funding rounds. And every few quarters, Crunchbase Newshas… Read More »5 Areas Where US Seed Funding Is Strong In 2022
Corporate executives have this month bought shares in their companiesat a rate not seen since the early days of the… Read More »Executives ‘buy the dip’ at a rate not seen since the start of the pandemic
Global equity funds saw their biggest inflows in 10 weeks, led by USstocks, as cheaper valuations lured buyers after a… Read More »Dip Buyers Storm Back to Stocks After Selloff
KEY POINTS First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3%Dow Jones estimate and a write-down from… Read More »First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower
Blank-check companies settled on deals to buy a members-only startupairline, a startup augmented reality firm and a company called Two… Read More »SPACs Make Flurry of Deals as Blank Checks Seek Something to Own
KEY POINTS The core personal consumption expenditures price index, the Fed’spreferred inflation gauge, rose 4.9% from a year ago in… Read More »The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing
Beneath the latest global market disruptions are clues that the Federal Reserve is making slow but sure progress in its… Read More »Fed’s Inflation Fight Gets a Boost Amid the Wall Street Rout
KEY POINTS Fed minutes released Wednesday indicated that officials are prepared to move ahead with multiple 50 basis points interest… Read More »Fed minutes point to more rate hikes that go further than the market anticipates
When adding an LLC member, business clients need your guidance on handling the change legally and for tax purposes. Here, Nellie… Read More »6 Steps for Adding New Members to an LLC
WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1,… Read More »IRS interest rates increase for the third quarter of 2022
We’re nearing the end of the second quarter of the year, and it’s been unpleasant to say the least. Inflation,… Read More »The Market Minute: Halfway Through 2022 And The Outlook For SPACs And IPOs Isn’t Good
Another week, another message to startups that the good times are dead. This time the message comes directly from the… Read More »Sequoia Latest To Issue Warning Shot To Founders
All participants at the Federal Reserve’s May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation they agreed… Read More »Fed embraces 50-basis-point rate hikes in June, and July to curb ‘very high’ inflation
Walmart announced on Tuesday that it’s planning on expanding thenumber of stores that offer drone-delivered packages; by the end ofthe… Read More »Walmart is expanding its drone deliveries to reach 4 million households
American workers say it will take $1.1 million on average to retirecomfortably — but less than one in four-figure they’ll… Read More »A Comfortable Retirement Appears Out of Reach for Most Americans
When it comes to retirement planning, educating yourself can keep youfrom making big mistakes. Here are three key lessons that… Read More »Education is Key: 3 Financial Lessons for Retirees Nearing Retirement
Recession fears have markets into panic. But the leaders of America’sbiggest banks and US consumers appear to be in good… Read More »JPMorgan Says U.S. Consumers Are Doing Just Fine
The IRS correctly calculated taxpayers’ eligibility for a recoveryrebate credit in the 2021 filing season 99.3% of the time, theTreasury… Read More »IRS mostly correct on recovery rebate credits, TIGTA says
The Internal Revenue Service issued potentially improper RecoveryRebate Credit payments totaling $898 million, according to a newreport. The report, from… Read More »IRS sent over $800M in potentially improper recovery rebate payments
Stephanie Pomboy digs around to find risks and opportunities whereothers fail to tread. Right now, the founder and president of… Read More »The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy
KEY POINTS Bank of America’s account holders saw strong growth in their balancesduring Covid, CEO Brian Moynihan told CNBC.Moynihan said… Read More »Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says
The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per gallon The average… Read More »Average US gasoline price jumps 33 cents to $4.71 per gallon
Under the Tax Code, the rate of interest is determined on a quarterlybasis. For taxpayers other than corporations, the overpayment… Read More »IRS increases interest rates for Q3
Corporate tax rates in major economies around the world have fallen toan average of just 25.1% this year, according to… Read More »Corporate taxes plunged to a new low worldwide
The national median rent was $1,827 a month in April, up 16.7% from ayear ago, according to a report from… Read More »Rents in the US just hit another record high
‘It’s going to be hard to avoid some kind of recession,’ ChiefExecutive Charlie Scharf says Wells Fargo and company CEO… Read More »U.S. Economy Is Headed for a Downturn, Wells Fargo CEO Says
The Internal Revenue Service has been auditing fewer taxpayers since2010, according to a new report, but audit rates have been… Read More »IRS audit rates plummet, especially for wealthy
Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the… Read More »Does inflation have you worried about retirement? Here’s what experts say to do
Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely… Read More »Powell: ‘Some pain’ may be required to slow inflation
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear… Read More »Powell: Fed to keep hiking rates until it controls inflation
The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default
Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions.… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.
The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.
Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending
KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability… Read More »IRS destroyed 30M paper information returns due to the backlog
With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs… Read More »U.S. profit forecasts weaken as companies assess inflation risks
Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc.… Read More »BofA scales back on SPAC work as bank retreat accelerates
Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices… Read More »US sanctions ban the provision of accounting and consulting services to Russia
To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance… Read More »How to Amend Form 1040 and Submit Form 1040-X
Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says
A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff
The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary… Read More »Fed raises interest rates by 0.50%, the largest move since 2000
Among numerous other changes, the Tax Cuts and Jobs Act (TCJA) chippedaway at several tax breaks for individuals, including the… Read More »Key Tax Rules for Deducting Mortgage Interest
It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse
The pandemic-era trend known as the “Great Resignation” is stillred-hot, as workers enjoy the perks of record-high demand for theirlabor.… Read More »The Great Resignation is still red hot — but may not last
Jerome Powell doesn’t like to bless banks and financial markets, buthe could shift the needle this week on how high… Read More »Powell’s Fed Set to Go Big and Keep Going Until Inflation Tamed
Many of the concerns small business owners have now are about how theycan stay afloat after the COVID-19 pandemic. Here,… Read More »How Running a Small Business Might Change in 2022
Now that this year’s tax filing season is over, it’s time to startthinking about next year’s return. After all, the… Read More »Tax Changes and Key Amounts for the 2022 Tax Year
In mid-April, months into an increasingly frustrating house hunt,Harsh Grewal and his wife settled on a place in a San… Read More »The Fed wants to cool the U.S. housing market. Here’s what that feels like
People are worn out. They are trying to make it through the stress ofthe pandemic, a continually volatile market, and… Read More »How People with Pandemic-Induced Financial Fatigue Can Get Back on Track
Cryptocurrency is prevalent topic news these days, falling in and outof favor depending on whom you ask. Institutions are decrying… Read More »Crypto Cares: The Rise of Virtual Currencies and You
Many filers discover after having mailed in their Form 1040 that theymade a mistake, such as missed deductions or understated… Read More »How to Fix Errors on Form 1040
A year ago, startup founders often found themselves fought over byventure investors eager to grab a piece of any promising… Read More »‘Cash Is King’ As VC Spigot Slows
Consumer prices rose more than 6 percent annually in March, showingconsumer spending taking a bigger bite out of household incomes,according… Read More »Fed’s inflation gauge rose 6.6 percent annually in March
The U.S. dollar touched a two-decade high against rivals on Thursday,as Wall Street rallied and European shares rose from six-week… Read More »Global shares rise as earnings boost, U.S. dollar hits 20-year high
Vanesa Sojor Apr 29, 2022, 7:27 PM (4 hours ago) to me The US economy shrank in the first quarter America’s… Read More »The US economy shrank in the first quarter
Think of it like playing chess. Making sense of the strategicinterplay between investments, taxes and retirement income canposition you for… Read More »Up Your Retirement Planning Game
KEY POINTS Fed Chairman Jerome Powell on Thursday said the central bank iscommitted to raising rates “expeditiously” to bring down… Read More »Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May
Internal Revenue Service Commissioner Charles Rettig told lawmakersthe IRS has been working hard this past filing season during acongressional hearing… Read More »IRS pledges to overcome challenges from overburdened tax season
Companies that used a buzzy strategy for going public throughout thepandemic have had a dismal track record for investors. Out… Read More »SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out
As the global startup market digests a changing valuation environmentand climate for venture investment, not every sector is taking thesame… Read More »Why SaaS is bucking the venture slowdown
Makers of chocolate bars and coffee to lawnmowers and industrialrobots succeeded in passing on soaring costs to consumers,first-quarter earnings showed… Read More »Big companies manage to pass on soaring costs to cash-strapped consumers
JPMorgan Chase & Co. strategists expect Corporate America to easilytrounce Wall Street’s earnings forecasts. Consensus earnings estimates for the S&P… Read More »JPMorgan Expects S&P 500 Earnings to Blow Past Gloomy Estimates
If you’re ready to retire but don’t want to leave the workforceentirely, semi-retirement might be a good option for you.… Read More »3 Strategies to Help You Plan a Successful Semi-Retirement
The dollar is reaching fresh nearly two year highs lifted by loominginterest rate increases from the Federal Reserve, strong US… Read More »Dollar’s Upward March Reaches a Nearly Two-Year High
Low-rated US companies borrowed record amounts in the loan market lastyear taking advantage of low-interest rates and generous credit. Now,all… Read More »Rising Rates Threaten Companies Acquired in the LBO Boom
When it comes to investing, you’ve likely heard the arguments forputting your hard-earned money into exchange-traded funds (ETFs) ormutual funds… Read More »What are expense ratios? These fees could be eating away at your investment earnings
There are two universal principles regarding the reasonableness ofemployee compensation: (i) most people feel they are under-compensatedand (ii) those same… Read More »Is Your Compensation Reasonable? For Tax Purposes, That Is
A bull market is developing in recession expectations. This week, investors will have the chance to hear if dozens ofcompanies… Read More »Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder
Gas prices jumped 48 percent year over year, the Bureau of LaborStatistics said. U.S. inflation data hit a multidecade high… Read More »Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes
Knowing which of the financial phases of life you are in can help youbetter plan to build, protect and enjoy… Read More »Which of the 3 Financial Phases Are You In?
Economists see a growing risk of recession as the relentlessly strongUS economy whips up inflation, likely bringing a heavy-handed responsefrom… Read More »Recession Risk Is Rising, Economists Say
The new pilot program will benefit the IRS through more efficientaccess to digitized records and related metadata and improve securityand… Read More »IRS to Digitize Archived Tax Filings in Tech Pilot Program
Do you ever wake up thinking your day will turn out one way, and itends up being completely different? Did… Read More »Why Is Everything An Emergency?
Tax returns are piling up at the Internal Revenue Service, andmillions of taxpayers are experiencing refund delays beyond thetypical 21… Read More »IRS: We Apologize, Your Tax Refund Is Delayed
KEY POINTS Excessive write-offs compared with income, unreported earnings andrefundable tax credits are among the most common IRS red flags.However,… Read More »Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS
Owning a home is part of the American Dream. Whether you fancy a logcabin in the middle of nowhere, a… Read More »13 Tax Breaks for Homeowners and Home Buyers
The U.S. jobs market has never been tighter than it is today,increasing the risks to the economy as Federal Reserve… Read More »U.S. Labor Market Is Tightest of Postwar Era, Goldman Gauge Shows
Oil prices jumped over 3% on Monday, with investors worried abouttighter supply as mounting civilian deaths in Ukraine increasedpressure on… Read More »Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions
National Taxpayer Advocate (NTA) Erin Collins formally directed theIRS to take immediate steps toward implementing existing scanningtechnology to process tax… Read More »National taxpayer advocate directs IRS to implement scanning technology
KEY POINTS You may have a wildly different tax bill depending on where you live.That’s because your tax burden —… Read More »These states have the highest and lowest tax burdens
US bond’s worst quarter in more than 40 years has come to a close. Thequestion for many investors now is… Read More »Bond Market Suffers Worst Quarter in Decades
The question, which on Form 1040 is just below the address block,asks, “At any time during 2021, did you receive,… Read More »Individual taxpayers must answer crypto-asset questions, IRS notes
For retirees who turned 72 during the last half of 2021, in mostcases, Friday, April 1, 2022, is the last… Read More »April 1 is the Last Day for New Retirees to Take RMDs
KEY POINTS The Federal Trade Commission on Monday sued TurboTax owner Intuit infederal court and filed a parallel administrative complaint.… Read More »FTC sues TurboTax owner Intuit for advertising tax software as ‘free’
Deloitte’s latest quarterly survey of Fortune 500 chief financialofficers found the executives have a gloomier outlook on the economythan last… Read More »Inflation, geopolitical risks, and regulation top CFO worries, survey says
First-quarter listings plunged to the lowest level since 2016Several big companies on file are yet to move ahead with plans… Read More »U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window
Analysts and investors of major Wall Street banks are eagerlyanticipating any insight from executives on the outlook for consumerspending and… Read More »Bank analysts, investors are antsy for spending outlook as inflation risks grow
The trust fund penalty sometimes called the 100% penalty, is one ofthe most onerous federal tax law provisions on the… Read More »Bookkeeper Hit Hard by Trust Fund Penalty
President Joe Biden unveiled a budget plan Monday that includes aminimum tax for ultra-wealthy households, raises the corporate taxrate, and… Read More »Biden releases budget plan with tax hikes, stock buyback restrictions
President Joe Biden’s administration released its $6 trillion budgetMonday for the federal government’s 2023 fiscal year, which beginsOctober 2022. Also… Read More »Biden proposes a higher corporate tax rate, 20% billionaire minimum tax
Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by… Read More »IPO Market Plunges 70% as Higher Rates, War Curb Risk Appetite
This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to… Read More »Rules for Selling Investments to Related Parties
Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office
The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the… Read More »Tax Court Weighs in on Reasonable Compensation
The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes
When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from… Read More »Spotting ACH Fraud and What Bookkeepers Can Do
Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize… Read More »Congress presses IRS on ERTC processing and tax penalty relief
For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season
It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form
KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows
IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end
U.S. stock indexes rallied for a third straight day, putting the S&P 500 on pace for its biggest weekly gain… Read More »S&P 500 Extends Rally, Up Nearly 5% for the Week
Summary Russia was due to pay $117 mln by Wednesday’s deadline Creditors see this week’s deadline as a test for… Read More »Some Russia creditors have received dollar bond payment -sources
Summary Fed lifts policy rate by a quarter of a percentage point U.S. central bank sees more rate hikes in… Read More »Fed hikes interest rates, signals aggressive fight to curb inflation
The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past… Read More »Auto depreciation limits leap with inflation
As many of you know, the deadline for submitting IRS Form 2553 was March 15. The clients that did so… Read More »What to Do When Clients File for S Corp Election
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for… Read More »SBA again extends the deferment period for EIDL payments
KEY POINTS “Under reasonable circumstances,” savers can earn the same amount investing in either traditional or Roth retirement savings accounts,… Read More »Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?
The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult… Read More »IRS plans to hire thousands likely to fall short
On Wednesday the Federal Reserve will likely take the first steps in paring back its stimulus — by raising interest… Read More »FOMC preview: The tightening begins this week
Available positions include temporary, term, and permanent jobs. Many are entry-level clerk and tax examiner positions in the Wage and… Read More »IRS to Hire 5,000 New Staff in Austin, Ogden and Kansas City
A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual… Read More »IRS Nixes 10-Year Stretch For Most Inherited IRAs
Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much… Read More »Goldman Sees U.S. Recession Risk as Much as 35% as Cuts Forecast
Most Americans carry some debt, be it from student loans, a mortgage, a credit card, or a car loan. But… Read More »Here’s what to know about managing your debt in retirement
KEY POINTS The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982.… Read More »Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years
Inflation is at a 40-year high. For those nearing or in retirement, it could pack a painful punch, but there… Read More »Inflation Continues to Rising: How to Navigate the Uncertainty
When it’s just the yield curve narrowing, oil jumping, or stocks falling into a correction, maybe you can hold off… Read More »Traders surrender to recession paranoia in U.S. market rout
Russian financial conditions at tightest since 2008 Global financial conditions at tightest since the pandemic height Conditions could tighten further… Read More »Tightening financial conditions sound alarm for world economy
The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing… Read More »IRS to fast-track 10,000 hirings to address the backlog
Another version of your “retirement number,” a simple wealth gap calculation could be eye-opening for retirement savers – especially business… Read More »How to Calculate Your Retirement Wealth Gap
Oil prices gave up most of their big overnight gains in a wild session, briefly dipping into negative territory after… Read More »U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain
The departure of corporations from investments in Russia has been swift following the country’s invasion of Ukraine, and individual investors… Read More »What to do if you want to eliminate Russian securities from your investment portfolio
The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says
Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves
“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It… Read More »Colorado will start accepting cryptocurrency for tax payments
Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about… Read More »Positive for now, CPA executives wary of inflation and other headwinds
What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k)… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware
Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator… Read More »Pending home sales fall for a third consecutive month
In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is… Read More »A guide to dealing with today’s IRS
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing,… Read More »Oil tops $105/bbl after Russia attacks Ukraine
KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year,… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020
“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens
US companies and financial institutions are starting to settle on a new interest rate benchmark to replace the troubled London… Read More »SOFR Leads Race to Replace Libor as Interest-Rate Benchmark
When Ben Snyder started his first business, he felt like he was being suffocated. He was stuck in the weeds didn’t know… Read More »How to stay focused as a new CEO
KEY POINTS Wages are rising but it’s not enough to keep up with the increased cost of living. Nearly two-thirds… Read More »Despite rising wages, 61% of Americans are still living paycheck to paycheck, report finds
There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts… Read More »AICPA testifies to Congress on IRS service problems
Prices appear likely to continue rising in a pandemic-altered environment that continues to see high inflation in many countries, according… Read More »Pricing pressures continue as labor, supplies remain scarce
Federal Reserve officials said last month the bank may need to raise interest rates and reduce its bond holdings faster… Read More »Fed officials floated faster rate hikes in January meeting
If you’ve been feeling depleted while running your business, you could be dealing with more than just a rough patch.… Read More »How to Recover From Burnout as an Entrepreneur
The pace of blank-check mergers failing to cross the finish line is accelerating as the industry grapples with waning investor… Read More »SPAC Mergers Are Falling Apart at a Rapid Pace
KEY POINTS The producer price index, which measures wholesale prices, rose 1% in January and 9.7% for the 12-month period,… Read More »Wholesale prices rise 1% in January, up near-record 9.7% over the past year
Nearly 24 million taxpayers are still waiting for the Internal Revenue Service to process their tax returns from last year… Read More »IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season
The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its… Read More »IRS identifies paused taxpayer notices
Last year saw some fundamental shifts in the startup funding landscape that will have a profound impact by this time… Read More »4 Reasons 2022 Will Be A Turning Point For Startup Funding
Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative… Read More »SPACs With $160 Billion Scrounge for Targets as Clock Ticks Down
A big year for car and home shopping helped push Americans to take on a lot more debt last year.… Read More »Household debt jumped by $1 trillion in 2021, the most since 2007