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David JC Cutler

A Personal Blog
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David JC Cutler

A Personal Blog
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Corporate Layoffs Spread Beyond High-Growth Tech Giants

Dow, IBM, and SAP say they will lay off thousands of workers as belt-tightening becomes the new business priority Dow Inc., DOW 1.46%increase;… Read More »Corporate Layoffs Spread Beyond High-Growth Tech Giants

The U.S. economy doesn’t look as good as GDP suggests

The U.S. economy grew at a seemingly snappy pace in the waning months of 2022, but it appears to have gotten… Read More »The U.S. economy doesn’t look as good as GDP suggests

Financial Wellness Is Self-Care: 3 Steps to Help Improve Yours

Many people resolve in the new year to get healthier. Taking charge of your financial wellness can help improve your… Read More »Financial Wellness Is Self-Care: 3 Steps to Help Improve Yours

2023 Outlook: 4 Charts to Watch

CFOs should be aware of these data points on employment trends, CPI, and productivity going into 2023. CFOs are number-centric,… Read More »2023 Outlook: 4 Charts to Watch

Mortgage rates continue a downward trend

The average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to… Read More »Mortgage rates continue a downward trend

Faced with a $1,000 emergency, most Americans say they wouldn’t have the money

A majority of Americans say they would struggle to pay for a $1,000 emergency expense, with a record share saying… Read More »Faced with a $1,000 emergency, most Americans say they wouldn’t have the money

Why Older Americans Regret Not Saving Early and Enough

Financial literacy and greater longevity awareness will help fix retirement planning gaps, according to a study that delved into multiple… Read More »Why Older Americans Regret Not Saving Early and Enough

Here’s how much money you need to earn to be in the top 1% in every U.S. state

Being considered rich isn’t just about how much money you make, it’s where you live, too. State by state, the… Read More »Here’s how much money you need to earn to be in the top 1% in every U.S. state

IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023

WASHINGTON — The Internal Revenue Service announced today that businesses can now file Form 1099 series information returns using a… Read More »IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023

64% of CFOs Predict Net Profit Growth in 2023

CFOs are widely focused on reducing costs, spotting M&A opportunities, and restructuring supply chains, per Grant Thornton. The overall economy… Read More »64% of CFOs Predict Net Profit Growth in 2023

How to Pay 0% in Taxes (Without Cheating)

Investors and retirement savers have many tools at their disposal to whittle their incomes down to a point where capital… Read More »How to Pay 0% in Taxes (Without Cheating)

Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros

KEY POINTS Few things are more frightening for everyday taxpayers than a possible IRS audit. But experts say tax exams… Read More »Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros

What’s the 411? Explaining Schedules K-2 and K-3

Consternation and chaos are two of the words used to describe some of the reactions to IRS updates related to… Read More »What’s the 411? Explaining Schedules K-2 and K-3

These common misconceptions can prevent you from achieving that perfect credit score

KEY POINTS Randy had an 850 credit score. According to FICO, the most popular scoring model, that’s as good as… Read More »These common misconceptions can prevent you from achieving that perfect credit score

Am I Going to Be OK in Retirement? Yes, With Focus on 5 Key Areas

All it takes is protecting what you save, having an income plan, knowing your health care options, reducing your tax… Read More »Am I Going to Be OK in Retirement? Yes, With Focus on 5 Key Areas

As Tax Season Starts, a Beleaguered I.R.S. Looks to Bolster Customer Service

The Biden administration is focusing on making the agency more responsive amid concerns that a funding increase will result in… Read More »As Tax Season Starts, a Beleaguered I.R.S. Looks to Bolster Customer Service

The Fed’s new challenge: Stay on the gas or tap the brakes?

As they debate the size of their next rate hike, Federal Reserve officials grapple with the broader needs of an… Read More »The Fed’s new challenge: Stay on the gas or tap the brakes?

Investors Aren’t Sure When to Dive Back Into US Stock Market

The pause in the stock market’s strong start to 2023 underscores the main question vexing much of Wall Street: When… Read More »Investors Aren’t Sure When to Dive Back Into US Stock Market

Fed Governor Waller backs quarter-point interest rate hike at next meeting

KEY POINTS Federal Reserve Governor Christopher Waller said Friday he favors a quarter percentage point interest rate increase at the… Read More »Fed Governor Waller backs quarter-point interest rate hike at next meeting

A growing number of Americans face potentially crippling credit-card debt

Americans are piling on credit-card debt just as interest rates are reaching historic highs.  Multiple polls show American consumers sinking… Read More »A growing number of Americans face potentially crippling credit-card debt

Why Hybrid Work Will Reign in 2023

Hybrid work is here to stay. That’s the prediction from Wharton management professor Martine Haas, who was asked to share what… Read More »Why Hybrid Work Will Reign in 2023

Child Tax Credit Changes and FAQs for Your 2022 Tax Return

The bigger and better child tax credit that applied for 2021 is gone, replaced by a new set of rules… Read More »Child Tax Credit Changes and FAQs for Your 2022 Tax Return

3 Mistakes Business Owners Can’t Afford to Make When Planning Their Exit Strategy

Getting an early start on laying the groundwork for your exit is imperative. Empowering others to make decisions and delegating… Read More »3 Mistakes Business Owners Can’t Afford to Make When Planning Their Exit Strategy

Don’t Make These 3 Big Mistakes This Tax Season

It’s the beginning of every American’s favorite time of the year to hate: tax season. The IRS will begin accepting… Read More »Don’t Make These 3 Big Mistakes This Tax Season

IRS turns to bank data to investigate tax criminals

The Internal Revenue Service’s Criminal Investigation unit is increasingly relying on information provided by financial institutions under the Bank Secrecy… Read More »IRS turns to bank data to investigate tax criminals

FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

Agency estimates new rule could increase workers’ earnings by nearly $300 billion per year The Federal Trade Commission proposed a new… Read More »FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

Companies race to work around choke points in world trade

Geopolitical risks are driving efforts to diversify but there are no quick solutions It is a year since New York… Read More »Companies race to work around choke points in world trade

Globalization Isn’t Dead. But It’s Changing.

Multinational companies still want cheap and efficient markets, but they also want safety. That’s why they’re rerouting the pathways of… Read More »Globalization Isn’t Dead. But It’s Changing.

China’s population falls in a historic shift

The first decline in 60 years is set to have long-term consequences for domestic and global economies China’s population fell… Read More »China’s population falls in a historic shift

Over 5 Million New US Startups Show Covid-Era Boom Has Legs

(Bloomberg) — More than 5 million businesses were created in the US last year, a sign that the entrepreneurship boom… Read More »Over 5 Million New US Startups Show Covid-Era Boom Has Legs

The rise of the cash balance pension plan

Become familiar with this hybrid type of pension plan and its advantages for the right businesses. Many successful business owners… Read More »The rise of the cash balance pension plan

Tax season 2023: Smaller refunds, higher audit rates, jarring capital-gains bills

The annual rite of filing a federal tax return is kicking into full swing, and this time, millions of Americans… Read More »Tax season 2023: Smaller refunds, higher audit rates, jarring capital-gains bills

Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

KEY POINTS Given today’s ongoing high inflation, many Americans worry they may not have put away enough money for retirement.… Read More »Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

Business Chiefs and Economists Brace for Recession as Davos Begins

(Bloomberg) — The World Economic Forum’s annual meeting began in Davos with corporate executives and economists warning a global recession… Read More »Business Chiefs and Economists Brace for Recession as Davos Begins

The mindset that brings unlimited willpower

Many people believe willpower is fixed and finite. Yet powerful strategies exist that can help us increase it. We all… Read More »The mindset that brings unlimited willpower

IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

WASHINGTON — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation’s 2023 tax… Read More »IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

Tax Implications of Owning a Second Home for a Child in College

Housing is only one of the many costs of sending a child to college, but it is also an area… Read More »Tax Implications of Owning a Second Home for a Child in College

Consumer prices fell 0.1% in December, in line with expectations from economists

KEY POINTS Inflation closed out 2022 in a modest retreat, with consumer prices in December posting their biggest monthly decline… Read More »Consumer prices fell 0.1% in December, in line with expectations from economists

When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

KEY POINTS Starting this month, more than 65 million Social Security beneficiaries will receive benefit checks that include a record-breaking 8.7%… Read More »When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

National taxpayer advocate: IRS in better shape now than a year ago

The IRS will begin the 2023 filing season in much better shape than it was a year ago, with a… Read More »National taxpayer advocate: IRS in better shape now than a year ago

2023 Outlook: 4 Charts to Watch

CFOs should be aware of these data points on employment trends, CPI, and productivity going into 2023. FOs are number-centric,… Read More »2023 Outlook: 4 Charts to Watch

78% of Small Businesses Say TikTok Ads Have Boosted Profits

In addition, one in 10 small businesses went viral on TikTok organically, according to a new survey from Capterra. A new… Read More »78% of Small Businesses Say TikTok Ads Have Boosted Profits

Bond Rally Gives Early Win to Wall Street’s 2023 Yield-Curve Bet

(Bloomberg) — Bond-market bulls are getting an early taste of what they expect to be a winning trade of 2023.… Read More »Bond Rally Gives Early Win to Wall Street’s 2023 Yield-Curve Bet

Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them

KEY POINTS Phishing is on the rise, and anyone who uses email, text messaging, and other forms of communication is… Read More »Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them

How to balance retirement and emergency savings in a shaky economy

KEY POINTS It’s not easy to prioritize financial goals, especially when choosing between two essentials in an unsteady economy: saving… Read More »How to balance retirement and emergency savings in a shaky economy

Optimism Makes Comeback on Wall Street With Soft Landing Eyed

(Bloomberg) — There wasn’t much sunshine in the stack of Wall Street forecasts that predicted 2023 would bring a global… Read More »Optimism Makes Comeback on Wall Street With Soft Landing Eyed

3 After-Year-End Tax Strategies For Small Businesses

The 2022 tax year has ended and tax professionals everywhere are encouraging their small business clients to close their books… Read More »3 After-Year-End Tax Strategies For Small Businesses

IRS Audits Dropped Slightly in 2022

The IRS divides taxpayers into different examination classes. The IRS sees the typical taxpayer reporting an income of less than… Read More »IRS Audits Dropped Slightly in 2022

Credit card interest rates are heading to 20% on average — here’s the best way to pay down high-interest debt

KEY POINTS Credit card interest rates reached record highs last year and there is still more to come in 2023,… Read More »Credit card interest rates are heading to 20% on average — here’s the best way to pay down high-interest debt

Remote Meetings Up 60% Since 2020: Weekly Stat

Despite return-to-office initiatives and hybrid work models, virtual meetings are still on the rise. Despite some organizations going as far… Read More »Remote Meetings Up 60% Since 2020: Weekly Stat

Key tax and retirement provisions in the Secure 2.0 Act

The Consolidated Appropriations Act, 2023, P.L. 117-328, enacted on Dec. 29 included (as its Division T) the Secure 2.0 Act, which… Read More »Key tax and retirement provisions in the Secure 2.0 Act

Fed minutes: Officials cited strong hiring to justify hikes

WASHINGTON (AP) — Federal Reserve officials suggested at their most recent meeting that a continuing streak of robust hiring could… Read More »Fed minutes: Officials cited strong hiring to justify hikes

Home price increases weakened sharply in November, posting the smallest annual gain in 2 years

KEY POINTS Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the… Read More »Home price increases weakened sharply in November, posting the smallest annual gain in 2 years

MFJ taxpayers need to look out for this tax payment SNAFU

If the ‘secondary’ spouse makes a balance-due payment to the IRS, it may not get credited to their account. Taxpayers… Read More »MFJ taxpayers need to look out for this tax payment SNAFU

Get ready for a ‘slowcession’ in 2023, Moody’s says

New York (CNN) — Many CEOs, investors, and consumers are worried about a recession in 2023. But Moody’s Analytics says the more likely scenario… Read More »Get ready for a ‘slowcession’ in 2023, Moody’s says

Big Banks Predict Recession, Fed Pivot in 2023

More than two-thirds of economists at 23 major financial institutions expect the U.S. to have a downturn this year Big… Read More »Big Banks Predict Recession, Fed Pivot in 2023

IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the… Read More »IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile

These states are raising their minimum wages in 2023. Chart shows where workers can expect higher pay

KEY POINTS As the calendar turns to 2023, workers in more than half of all states have something to look… Read More »These states are raising their minimum wages in 2023. Chart shows where workers can expect higher pay

Tough Tax Law Test for Real Estate Professionals

Generally, investors in activities such as real estate in which they don’t materially participate can only take deductions up to… Read More »Tough Tax Law Test for Real Estate Professionals

Retail sales jump 7.6% during the critical holiday shopping season

Retail sales jumped despite inflation hitting 7.1% in November Retail sales jumped 7.6% during the critical holiday season that runs from Nov.… Read More »Retail sales jump 7.6% during the critical holiday shopping season

When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

This chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on information we… Read More »When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

IRS delays Form 1099-K $600 reporting threshold

The IRS on Friday announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in… Read More »IRS delays Form 1099-K $600 reporting threshold

Brace for Recession Next Year. But the Outlook Isn’t All Doom and Gloom.

The Fed will keep fighting inflation, and the unemployment rate will rise. But there are positive trends on the horizon.… Read More »Brace for Recession Next Year. But the Outlook Isn’t All Doom and Gloom.

US economic growth revised up to 3.2% in the third quarter in a show of resiliency

Third-quarter GDP was previously reported to have increased by 2.9% The U.S. economy grew at a faster pace in the third quarter… Read More »US economic growth revised up to 3.2% in the third quarter in a show of resiliency

High U.S. inflation is on the wane, PCE price gauge shows

Rate of inflation slows again to 5.5% from 6.1% The numbers: A key gauge of U.S. prices rose just 0.1% in… Read More »High U.S. inflation is on the wane, PCE price gauge shows

Deduction of startup expenses

When is a company allowed to report as deductions on a tax return the expenses that have been incurred during… Read More »Deduction of startup expenses

How to Adjust Your Retirement Portfolio Against a 2023 Recession

Consider these seven retirement portfolio management strategies for a recession. The U.S. economy is getting a head start on a… Read More »How to Adjust Your Retirement Portfolio Against a 2023 Recession

Corporate America isn’t afraid of the Fed’s monster rate hikes

The Federal Reserve’s super-sized interest rates are not scaring most companies into cutting back on spending, according to a survey… Read More »Corporate America isn’t afraid of the Fed’s monster rate hikes

After This Year’s Slump, S&P 500 Faces a Historical Warning Sign

Consecutive down years are rare for US stocks, so after this year’s drop, there’s only a low probability they will… Read More »After This Year’s Slump, S&P 500 Faces a Historical Warning Sign

2023 brings lots of news to the IRS while keeping one problem: backlogs

The new year promises many changes for the IRS, including a new commissioner (nominated, at least) and billions of dollars… Read More »2023 brings lots of news to the IRS while keeping one problem: backlogs

4 Ways to Prepare for a Personal Financial Crisis and Keep Goals on Track

An unexpected loss can send you spinning, but knowing where you stand and where to turn financially if something happens… Read More »4 Ways to Prepare for a Personal Financial Crisis and Keep Goals on Track

Will the 60/40 portfolio stage a comeback in 2023?

Putting 60 percent of a portfolio in stocks and 40 percent in bonds is supposed to hedge against both assets… Read More »Will the 60/40 portfolio stage a comeback in 2023?

Here’s how much pay Americans say they’d need to start a new job

The amount of money workers are demanding to switch jobs has been escalating — recently hitting a new eight-year high… Read More »Here’s how much pay Americans say they’d need to start a new job

The average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most

KEY POINTS Amid record-high inflation, stretching Social Security benefit checks became more difficult in 2022. Even as a 5.9% cost-of-living adjustment went… Read More »The average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most

Second Marriage – Second Chances

A second marriage means a new financial plan. Read below to see how this couple navigates building one. Second marriages… Read More »Second Marriage – Second Chances

How governments are trying to ease the impact of inflation

Across the world, governments have intervened to mitigate the effects of inflation on businesses and consumers. Price tags are seen… Read More »How governments are trying to ease the impact of inflation

The Loss Harvesting Tax Dodge: Use It Or Lose It

There’s still time. You’ve got two weeks left to take capital losses, using them to cut your 2022 tax bill.… Read More »The Loss Harvesting Tax Dodge: Use It Or Lose It

BlackRock Bucks Bets on Plunging Inflation

BlackRock Inc. thinks markets are too complacent about inflation staying high for longer and is maximizing assets by hedging that… Read More »BlackRock Bucks Bets on Plunging Inflation

Op-ed: Here are 5 questions to ask your financial advisor before the end of the year

KEY POINTS The end of the year is a time to give thanks and celebrate the holidays with our families.… Read More »Op-ed: Here are 5 questions to ask your financial advisor before the end of the year

FASB set to draft crypto asset disclosure standard

FASB made several tentative board decisions Wednesday related to its project on the disclosure of crypto assets, and the board agreed to… Read More »FASB set to draft crypto asset disclosure standard

88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit

KEY POINTS The ranks of employers offering a Roth savings option to 401(k) investors continue to grow, giving more workers… Read More »88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit

What’s Next for the IRS?

Tax experts sound off on the funding the IRS will get from Congress and what it could mean for the… Read More »What’s Next for the IRS?

Pay IRS Penalties Or Show Reasonable Cause

Taxpayers claim that IRS penalties are not warranted for many reasons. One of the biggest and most misunderstood is the… Read More »Pay IRS Penalties Or Show Reasonable Cause

Here’s why salaries in the U.S. don’t keep up with inflation

Inflation in the United States hit a record high in June 2022. Consumer prices soared by 9.1% compared with a year prior… Read More »Here’s why salaries in the U.S. don’t keep up with inflation

5 Top ERC Myths Businesses Need To Beware Of

In 2021, I published a piece about the top myths regarding the Employee Retention Credit (ERC) that was preventing business owners, charity… Read More »5 Top ERC Myths Businesses Need To Beware Of

Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak

The Federal Reserve is going slower but aiming higher. The Fed raised its key short-term interest rate by half a percentage… Read More »Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak

US Credit-Card Delinquencies to Rise Next Year, TransUnion Says

US credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with… Read More »US Credit-Card Delinquencies to Rise Next Year, TransUnion Says

How Your Year-End Bonus Will Be Taxed for 2022

Tax withholding rules mean that a portion of your announced bonus pay won’t make it into your bank account. For… Read More »How Your Year-End Bonus Will Be Taxed for 2022

‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know

KEY POINTS SEATTLE — If you’re living together before marriage or committed long-term without plans to tie the knot, you’ll… Read More »‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know

Consumer prices rose less than expected in November, up 7.1% from a year ago

KEY POINTS Prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping… Read More »Consumer prices rose less than expected in November, up 7.1% from a year ago

The trends that will affect CPAs in 2023

Talent, technology, and ESG remain top concerns against a backdrop of economic pessimism. During the past two years, we’ve witnessed… Read More »The trends that will affect CPAs in 2023

Morningstar Raises “Safe” Retirement Withdrawal Rate to 3.8%

Morningstar researchers say higher interest rates and lower equity evaluations will make starting with a 3.8% withdrawal rate safe for… Read More »Morningstar Raises “Safe” Retirement Withdrawal Rate to 3.8%

The IRS Versus The Clumsy Taxpayer

The penalty for fairly innocent goofs can run into millions of dollars. Is there any limit to how unpleasant the… Read More »The IRS Versus The Clumsy Taxpayer

As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

KEY POINTS As inflation has kept prices high in 2022, Social Security beneficiaries may look forward to a record-high cost-of-living… Read More »As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

10 Key Things to Think About in Your New Year Financial Planning

2023 is set to be a tough year economically. Here’s how to get your financial and life plans in the… Read More »10 Key Things to Think About in Your New Year Financial Planning

The average American may spend nearly $1,500 on the holidays

’Tis the season to be spending. Holiday retail sales are predicted to soar as high as $960 billion, according to the… Read More »The average American may spend nearly $1,500 on the holidays

PCAOB report: Audit deficiencies increase in 2021

The percentage of audits found to have deficiencies during PCAOB inspections is expected to increase approximately 25% year-over-year, according to… Read More »PCAOB report: Audit deficiencies increase in 2021

Are You Rich? The Answer May Surprise You

Whether you are considered rich depends on how you measure it – and the bar for that is changing. Have… Read More »Are You Rich? The Answer May Surprise You

Taking required minimum distributions? How to reduce the sting of selling in a down market

KEY POINTS The deadline is fast approaching for mandatory retirement plan withdrawals, which may force some retirees to sell assets… Read More »Taking required minimum distributions? How to reduce the sting of selling in a down market

As supply chains unclog, consumers enjoy (tentative) relief

Back in January, 109 container ships waited off the California coast to unload cargo in Los Angeles and Long Beach,… Read More »As supply chains unclog, consumers enjoy (tentative) relief

‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

KEY POINTS American consumers are tapping the brakes on spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according… Read More »‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

Renewing a year-end tradition, companies are throwing holiday parties again to bring employees back together

KEY POINTS After two years of Covid-related cancellations and the desire of many companies to bring remote workers back together,… Read More »Renewing a year-end tradition, companies are throwing holiday parties again to bring employees back together

7 Financial Planning Steps to Take at the End of the Year

These moves are good to make at any time of the year, but doing them before 2023 arrives can help… Read More »7 Financial Planning Steps to Take at the End of the Year

CEO economic outlook tumbles to a two-year low

Slower hiring. Weaker spending. And softer growth. That’s what America’s CEOs are bracing for as the economy heads into 2023… Read More »CEO economic outlook tumbles to a two-year low

SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour

One of the SPAC industry’s most well-known sponsors and a would-be serial backer have seen deals worth $10.6 billion go… Read More »SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour

When it comes to IPOs, 2022 was nothing like 2021

Experts suspect the IPO market won’t recover until the second half of 2023, if then 2022 was not a good year… Read More »When it comes to IPOs, 2022 was nothing like 2021

You can control your tax-reporting destiny.’ 4 key year-end tax moves

KEY POINTS With the holiday season in full swing, it can be easy to forget about the finer points of… Read More »You can control your tax-reporting destiny.’ 4 key year-end tax moves

37 Money-Saving Resolutions for the New Year

It’s time once again to make a fresh start. That’s the beauty of the New Year. We can all pause… Read More »37 Money-Saving Resolutions for the New Year

IRS Form 1099-K: Will You Get One From Venmo, PayPal, or Cash App?

A new $600 reporting threshold for IRS Form 1099-K involves payment networks like Venmo, PayPal, Amazon, Square, and Cash App.… Read More »IRS Form 1099-K: Will You Get One From Venmo, PayPal, or Cash App?

Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month

Brisk wage growth may lead officials to consider raising the policy rate above 5% in 2023 while approving a 0.5-point… Read More »Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month

The US economy adds 263,000 jobs in November, better than expected as hiring remains solid

November jobs report provides critical insight into the health of the US labor market U.S. job growth rose faster than… Read More »The US economy adds 263,000 jobs in November, better than expected as hiring remains solid

U.S. consumer spending powers ahead in October; inflation cooling

U.S. consumer spending increased solidly in October, while inflation moderated, giving the economy a powerful boost at the start of… Read More »U.S. consumer spending powers ahead in October; inflation cooling

U.S. Economic Growth Slowed This Fall, Fed’s Beige Book Says

Central bank’s business contacts saw greater economic uncertainty amid inflation and higher interest rates U.S. economic growth eased this fall… Read More »U.S. Economic Growth Slowed This Fall, Fed’s Beige Book Says

Fed Chief Jerome Powell Signals Slowdown in Rate Hikes: What the Experts Are Saying

Federal Reserve Chair Jerome Powell signaled that the central bank will slow its pace of rate hikes(opens in new tab) next month,… Read More »Fed Chief Jerome Powell Signals Slowdown in Rate Hikes: What the Experts Are Saying

How to avoid mistakes with required minimum distributions from your retirement accounts

KEY POINTS You’ve got about a month left to make sure you get it right when it comes to mandatory… Read More »How to avoid mistakes with required minimum distributions from your retirement accounts

Interest rates increase for the first quarter of 2023

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For… Read More »Interest rates increase for the first quarter of 2023

The Way We Pay: Cash Isn’t King in These States

There is growing support for going cashless in the United States. Would you like cash back? When the choice comes… Read More »The Way We Pay: Cash Isn’t King in These States

Watching Rates and Inventory as Home Sales Keep Falling

Nine Straight Months In January of this year, the number of single-family homes sold rose month-over-month, according to the National… Read More »Watching Rates and Inventory as Home Sales Keep Falling

Tech Selloff Catches Up With Private Startups

Markdowns of up to 80% help drum up interest in the secondary market for shares in unlisted companies Tech startups… Read More »Tech Selloff Catches Up With Private Startups

5 Tax Moves to Consider Before Year-End

Careful tax planning can mean fewer surprises when it comes time to file. Here are a few tips to consider… Read More »5 Tax Moves to Consider Before Year-End

The great mismatch: Remote jobs are in demand, but positions are drying up

The job market — although still hot — is slowing, and many Americans who had been working from home are… Read More »The great mismatch: Remote jobs are in demand, but positions are drying up

Fed Officials Say More Rate Hikes Coming; Williams Flags Path to Cuts

Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation, with one key official… Read More »Fed Officials Say More Rate Hikes Coming; Williams Flags Path to Cuts

More Consumers Shopped With Apps Than at Malls on Black Friday

Inflation cast a long shadow over Black Friday 2022. Consumer prices rose 7.7% year over year in October, leaving millions of consumers… Read More »More Consumers Shopped With Apps Than at Malls on Black Friday

7 Wash Sale Facts To Know Before Selling Stock For Tax Loss Harvesting

Are you bullish about the stock markets in 2023? If so, you may be looking at year-end strategies to prepare… Read More »7 Wash Sale Facts To Know Before Selling Stock For Tax Loss Harvesting

New York becomes the first state to restrict cryptocurrency mining

New York Gov. Kathy Hochul (D) on Tuesday signed a law temporarily restricting cryptocurrency mining in the state over environmental concerns, making… Read More »New York becomes the first state to restrict cryptocurrency mining

Recession fears receded this earnings season

Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have… Read More »Recession fears receded this earnings season

U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls

Audit firms would have to report once a year to the Public Company Accounting Oversight Board and their clients’ audit… Read More »U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls

Bank of America sees bear rally fizzling out even as equity inflows surge

Investors flocked back into equities at the fastest pace in about eight months on signs of cooling inflation, but Bank… Read More »Bank of America sees bear rally fizzling out even as equity inflows surge

JPMorgan Sees ‘Mild’ US Recession in 2023 on Fed’s Rate Hikes

JPMorgan Chase & Co. economists projected the US will enter a “mild” recession next year thanks to interest-rate hikes that… Read More »JPMorgan Sees ‘Mild’ US Recession in 2023 on Fed’s Rate Hikes

Serious cyberattacks on the rise, report shows

The number of organizations hit with cyberattacks is rising, according to a new report focused on US and UK businesses.… Read More »Serious cyberattacks on the rise, report shows

US retail sales rose 1.3% last month, a sign of resilience

Americans stepped up their spending at retailers, restaurants, and auto dealers last month, a sign of consumer resilience as the… Read More »US retail sales rose 1.3% last month, a sign of resilience

Employee retention credit: Navigating the suspension test

Establishing eligibility for the employee retention credit (ERC) by satisfying the business operations suspension test (suspension test) is similar to… Read More »Employee retention credit: Navigating the suspension test

Taking Retirement Withdrawals in a Declining Market

Retirees often need to take cash out of retirement accounts to handle basic household expenses on a regular basis. If you have… Read More »Taking Retirement Withdrawals in a Declining Market

New Bull Market or Another Bear Market Fakeout?

Last week’s market rally was an across-the-board move higher in asset prices. Not only did the S&P 500 post a… Read More »New Bull Market or Another Bear Market Fakeout?

Economists See US Inflation Running Even Hotter Through Next Year

Economists see US inflation running hotter through next year than they did a month ago and recession odds continue to… Read More »Economists See US Inflation Running Even Hotter Through Next Year

Brainard says U.S. Fed should probably ‘soon’ slow pace of rate hikes

Federal Reserve Vice Chair Lael Brainard said the central bank should soon moderate the size of its interest-rate increases, signaling… Read More »Brainard says U.S. Fed should probably ‘soon’ slow pace of rate hikes

Fed boosts focus on liquidity, other risks as the economy weakens: Barr

Michael Barr, the Federal Reserve’s top regulatory official, said Monday the U.S. central bank is watching for any stresses to… Read More »Fed boosts focus on liquidity, other risks as the economy weakens: Barr

Consumer prices rose 0.4% in October, less than expected, as inflation eases

KEY POINTS The consumer price index rose less than expected in October, an indication that while inflation is still a… Read More »Consumer prices rose 0.4% in October, less than expected, as inflation eases

IRS still coping with millions of unprocessed tax returns

The Internal Revenue Service had 4.4 million unprocessed individual returns received this year as of Oct. 28, including the tax… Read More »IRS still coping with millions of unprocessed tax returns

The 5 biggest takeaways from earnings season

The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or… Read More »The 5 biggest takeaways from earnings season

US consumer inflation eased to 7.7% over the past 12 months

WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures… Read More »US consumer inflation eased to 7.7% over the past 12 months

Op-ed: Here’s a year-end checklist to help you navigate some complicated financial issues

KEY POINTS The end of the year is one of the most important times for investors because there are so… Read More »Op-ed: Here’s a year-end checklist to help you navigate some complicated financial issues

5 Survival Tips for the Bear Market

It’s been a painful year for investors, but focusing on the long term and implementing constructive actions can help weather… Read More »5 Survival Tips for the Bear Market

Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

The Federal Reserve on Friday confirmed what many investors were saying for some time: the $24 trillion Treasury market has… Read More »Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

Wall Street Hopes History Repeats With a Post-Election Comeback

The stock market’s short-term fate is riding on something that’s been a major boon for equities for more than 70… Read More »Wall Street Hopes History Repeats With a Post-Election Comeback

401(k) Plans Now Let Workers Put Retirement Money Into Cryptocurrency

Though employers and regulators remain cautious, some plans are beginning to offer the option A small group of workers is… Read More »401(k) Plans Now Let Workers Put Retirement Money Into Cryptocurrency

Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a long slump in crypto… Read More »Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

IRS Criminal Investigation Had a 90% Conviction Rate in FY 2022

IRS-CI carried out more than 2,550 criminal investigations during its most recent fiscal year, according to a report. IRS Criminal… Read More »IRS Criminal Investigation Had a 90% Conviction Rate in FY 2022

Newly released IRS Data Book numbers confirm the decline in audit rates

Along with frustrating backlogs, declining audit rates have been the topic of many accountant discussions regarding how IRS budget constraints… Read More »Newly released IRS Data Book numbers confirm the decline in audit rates

5 Ways to Fight Inflation’s Impact on Your Retirement Plan

As high inflation persists, so does worry among retirees and workers who are within a few years of retirement. One… Read More »5 Ways to Fight Inflation’s Impact on Your Retirement Plan

Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

KEY POINTS The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the fourth time in a row on Wednesday,… Read More »Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

3 More Money Lessons I Learned by Age 40

A financial planner who has seen a lot and reflected on what brings his clients happiness and fulfillment shares some… Read More »3 More Money Lessons I Learned by Age 40

How AI And Machine Learning Quietly Went Mainstream

The bold, hype-laden pronouncements around AI and machine learning were hard to miss five or six years ago. Headlines about robo-accountants… Read More »How AI And Machine Learning Quietly Went Mainstream

U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid… Read More »U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

Pros and Cons of Renting Versus Owning in Retirement

Here’s how to decide if you are better off renting in retirement or owning a home. When you’re planning to retire,… Read More »Pros and Cons of Renting Versus Owning in Retirement

Growing tax gap shows need for better service, compliance, IRS says

The annual tax gap averaged $496 billion for tax years 2014 through 2016, and that figure is likely to grow,… Read More »Growing tax gap shows need for better service, compliance, IRS says

Silicon Valley’s Share of Startup Deals Drops Below 20% for First Time

The decline comes as entrepreneurs and investors increasingly set up shop outside the tech mecca Silicon Valley accounted for less… Read More »Silicon Valley’s Share of Startup Deals Drops Below 20% for First Time

When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

This chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on information we… Read More »When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

The Frontier: Accountants are drowning in data

Accountants are truly living in the age of data, where sophisticated gathering techniques combine with computer-guided analytics to produce business… Read More »The Frontier: Accountants are drowning in data

IRS hires 4,000 customer service reps, plans to hire 1,000 more

The IRS has hired 4,000 new customer service representatives and plans to hire another 1,000 to be trained to field… Read More »IRS hires 4,000 customer service reps, plans to hire 1,000 more

Bad S&P 500 Earnings Are Playing Right Into the Fed’s Hands

Bad news we received from some mega caps is necessary: Hogan Almost 25% of firms reporting are coming up short… Read More »Bad S&P 500 Earnings Are Playing Right Into the Fed’s Hands

Myths about the ERC

One CPA said the employee retention tax credit is overlooked by many organizations that might be eligible to take advantage… Read More »Myths about the ERC

Euro zone inflation hits record high of 10.7% as growth slows sharply

KEY POINTS Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this… Read More »Euro zone inflation hits record high of 10.7% as growth slows sharply

Yellen Lauds GDP Report as Evidence of ‘Resilient’ Economy

Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy… Read More »Yellen Lauds GDP Report as Evidence of ‘Resilient’ Economy

Key inflation gauge for the Fed rose 0.5% in September, in line with expectations

KEY POINTS The core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from… Read More »Key inflation gauge for the Fed rose 0.5% in September, in line with expectations

FASB seeks input on proposed changes to accounting for joint ventures

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to provide investors and other allocators of… Read More »FASB seeks input on proposed changes to accounting for joint ventures

Common Retirement Questions: When Should I Begin Taking Social Security?

Retirement Daily’s Robert Powell sits down with Dana Anspach from Sensible Money to tackle the ten most common questions in… Read More »Common Retirement Questions: When Should I Begin Taking Social Security?

7 Big Retirement Risks to Avoid

As people live longer and costs keep climbing, we offer some tips on how to navigate the changing retirement landscape.… Read More »7 Big Retirement Risks to Avoid

63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

KEY POINTS With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic… Read More »63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

KEY POINTS Gross domestic product rose 2.6% in the third quarter versus the estimate of 2.3%. A narrowing trade deficit… Read More »U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

The Securities and Exchange Commission on Wednesday adopted two final rule packages. The first rule, approved in a 5-0 vote, requires… Read More »SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

SPAC Market Update

Lukewarm SPAC market’s fate is intertwined with IPOs It’s clear now that modern reverse mergers between SPACs and low-revenue, high-growth… Read More »SPAC Market Update

Falling Medicare Costs and a Big Social Security COLA? Don’t Get Too Excited

What You Need to Know The 2023 COLA is 8.7%, and Medicare Part B premiums will fall by 3.1%. Long-term… Read More »Falling Medicare Costs and a Big Social Security COLA? Don’t Get Too Excited

Americans now say they will need $1.25 million to retire comfortably, survey finds

KEY POINTS As everyday costs increase, Americans now say it will cost more to retire. Adults now say it will… Read More »Americans now say they will need $1.25 million to retire comfortably, survey finds

IRS initiates pilot program to thwart line-jumping on PPS calls

The IRS has begun a pilot program that is meant to thwart line-jumping services that let those practitioners who pay… Read More »IRS initiates pilot program to thwart line-jumping on PPS calls

Inflation worries hurt U.S. consumer confidence; house prices decelerating

Summary Consumer confidence index falls 5.3 points to 102.5 Labor market differential drops to 32.5 from 38.1 House price gains… Read More »Inflation worries hurt U.S. consumer confidence; house prices decelerating

JPMorgan chief says geopolitics more concerning than a recession

JPMorgan Chase CEO Jamie Dimon said on Tuesday that he is more concerned about today’s geopolitics than a looming recession, following remarks… Read More »JPMorgan chief says geopolitics more concerning than a recession

Fed’s Bullard, and Evans, shows two paths to the same policy rate

Charles Evans and James Bullard are the U.S. Federal Reserve’s longest-serving monetary policymakers, a pair of PhD economists who’ve been… Read More »Fed’s Bullard, and Evans, shows two paths to the same policy rate

Want a big tax break for a Porsche? Better move fast

The hottest tax move right now doesn’t involve a fancy trust or gift to charity. Instead, it centers on a… Read More »Want a big tax break for a Porsche? Better move fast

When is a Roth conversion beneficial?

This article focuses on some of the considerations that investors should assess when determining whether to convert a traditional IRA… Read More »When is a Roth conversion beneficial?

Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

Fresh economic data pointed to a slowdown in U.S. and global growth, as higher prices and interest rates weigh on… Read More »Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

BofA Economist: ‘I Don’t See How We Avoid a Recession’

Inflation won’t be cooling off until 2023, and there is likely going to be a recession next year, according to… Read More »BofA Economist: ‘I Don’t See How We Avoid a Recession’

Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Hopeful economic signs compete with challenges to profits including inflation, rising rates, and a strong dollar Early results from the… Read More »Early Earnings Reports Worry Investors Already Battered by Stock Selloff

5 Ways Leaders Unconsciously Sabotage Their Own Success

Here are five ways leaders may be hindering their own success without even realizing it. Most of us think leaders… Read More »5 Ways Leaders Unconsciously Sabotage Their Own Success

Confessions of a personal finance reporter (Part Two): 3 more of my worst money mistakes

KEY POINTS I’ve made many money mistakes that I’m not proud of but that may serve as an object lesson… Read More »Confessions of a personal finance reporter (Part Two): 3 more of my worst money mistakes

Retirement account inflation adjustments issued for 2023

The IRS on Friday announced the 2023 inflation-adjusted dollar-amount ceilings and thresholds for a wide range of qualified retirement plans… Read More »Retirement account inflation adjustments issued for 2023

IRS Warns of Third-Party Employee Retention Credit Claims

These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund… Read More »IRS Warns of Third-Party Employee Retention Credit Claims

U.S. existing home sales slide again in September; jobless claims fall

Sales of existing U.S. homes slid for an eighth straight month in September and will likely fall further in the… Read More »U.S. existing home sales slide again in September; jobless claims fall

The 9-to-5 workday doesn’t work anymore

More than 40 years after Dolly Parton sang about it, the “9 to 5” job is on life support. Gone… Read More »The 9-to-5 workday doesn’t work anymore

Fed’s Harker Expects Rates to Be ‘Well Above’ 4% by Year End

Federal Reserve Bank of Philadelphia President Patrick Harker said officials are likely to raise interest rates to “well above” 4%… Read More »Fed’s Harker Expects Rates to Be ‘Well Above’ 4% by Year End

IRS criminal investigators probe COVID fraud

The Internal Revenue Service’s Criminal Investigation unit has been working with the Justice Department to uncover billions of dollars in… Read More »IRS criminal investigators probe COVID fraud

Worried About Layoffs? Understanding How The IRS Taxes Severance Pay Can Help

With the prospect of a recession, people are worried about layoffs. You may get severance pay when you quit your… Read More »Worried About Layoffs? Understanding How The IRS Taxes Severance Pay Can Help

Sustainability and super apps top Gartner’s Top 10 2023 Trends List

Other trends including the metaverse, adaptive AI, and wireless value realization will be coming into vogue in 2023. Because financial… Read More »Sustainability and super apps top Gartner’s Top 10 2023 Trends List

Consumer spending was flat in September and below expectations as inflation takes its toll

KEY POINTS Retail and food services sales in total were little changed in September against the estimate for a 0.3%… Read More »Consumer spending was flat in September and below expectations as inflation takes its toll

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits for 2023,… Read More »IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

Forecast for U.S. recession within year hits 100%

A U.S. recession is effectively certain in the next 12 months in new Bloomberg Economics model projections, a blow to… Read More »Forecast for U.S. recession within year hits 100%

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Understand the tax consequences of remote work

In a post-pandemic world, 16% of companies have gone fully remote. Many workers have embraced and adapted to this new setup. Yet… Read More »Understand the tax consequences of remote work

Student Loan Forgiveness Website Opens

After almost two months since President Joe Biden signed an executive order to forgive some student loans for many Americans,… Read More »Student Loan Forgiveness Website Opens

Oil prices settle lower on U.S. supply, lower China demand

Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese… Read More »Oil prices settle lower on U.S. supply, lower China demand

Economists Now Expect a Recession, Job Losses by Next Year

The US will enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently… Read More »Economists Now Expect a Recession, Job Losses by Next Year

The global economy is in chaos. Nobody’s coming to the rescue.

The global turmoil provides the latest test of U.S. influence over international affairs after the Biden administration sought to re-engage… Read More »The global economy is in chaos. Nobody’s coming to the rescue.

After two years of shipping snarls, things are starting to turn around

KEY POINTS After two years of port congestions and container shortages, disruptions are now easing as Chinese exports slow in… Read More »After two years of shipping snarls, things are starting to turn around

Developments in state income tax nexus for remote sellers

While many recent changes in state nexus rules are associated with sales and use tax, a movement to reframe the… Read More »Developments in state income tax nexus for remote sellers

You Can Apply Now for Biden’s Student Loan Debt Forgiveness

The Biden administration officially launched the 2022 student loan debt forgiveness application and millions have already applied for relief. President… Read More »You Can Apply Now for Biden’s Student Loan Debt Forgiveness

Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Americans nearing retirement know the advice all too well: When it comes to Social Security, good things come to those… Read More »Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Fed’s Bullard says boost to dollar from interest rate hikes may ease

The Federal Reserve’s rapid interest rate increases have contributed to the strength of the dollar against other currencies, but that… Read More »Fed’s Bullard says boost to dollar from interest rate hikes may ease

The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

‘Retirement risks faced by workers are greater than ever before’ Almost half of baby boomers and more than one-third of… Read More »The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

Where inflation is getting better, and worse

Everybody’s unhappy with the latest inflation report, which shows that the annual change in price increases dropped by just one-tenth of… Read More »Where inflation is getting better, and worse

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Worsening inflation will pressure Fed to keep raising rates

Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households,… Read More »Worsening inflation will pressure Fed to keep raising rates

JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%

JPMorgan Chase & Co (JPM.N) Chief Executive Officer Jamie Dimon on Thursday warned that persistent and elevated inflation could spur interest rates… Read More »JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%

Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

KEY POINTS Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced. The… Read More »Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

KEY POINTS JPMorgan Chase CEO Jamie Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely… Read More »‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the… Read More »PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

Two Fed Officials Make Case for Caution With Future Interest Rate Raises

Two Federal Reserve officials began laying out a case for exercising caution in raising interest rates after policymakers last month… Read More »Two Fed Officials Make Case for Caution With Future Interest Rate Raises

S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report

U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out… Read More »S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report

Bridgewater’s Dalio warns of a ‘perfect storm’ for economy

Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world’s biggest hedge funds, said a “perfect… Read More »Bridgewater’s Dalio warns of a ‘perfect storm’ for economy

IRS to target abusive ERTC claims

One of the biggest issues being discussed by the IRS, Congress, and the AICPA is the millions of businesses that… Read More »IRS to target abusive ERTC claims

U.S. Job Openings Fall by 1.1M, a 10% Drop From July

Despite the drop, there is “a lot more job shedding that needs to occur before the Fed feels like its… Read More »U.S. Job Openings Fall by 1.1M, a 10% Drop From July

The Six Best Ways to Give to Charity (And Cut Your Tax Bill)

Giving your money to charity doesn’t have to be a totally selfless act. It can also be a way to… Read More »The Six Best Ways to Give to Charity (And Cut Your Tax Bill)

Recession Approaching?

Our latest Marcum-Hofstra CEO survey shows that 93.6% of CEOs are concerned that the economy will experience a recession in the coming… Read More »Recession Approaching?

Dallas Fed says inflation surge badly eroding many American’s wage gains

Americans’ wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank… Read More »Dallas Fed says inflation surge badly eroding many American’s wage gains

FASB proposes improvements to segment reporting

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to improve disclosures about a public entity’s… Read More »FASB proposes improvements to segment reporting

Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

With new laws from Colorado to Rhode Island, employers are under growing pressure to publicly share how much a job pays.… Read More »Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

People Still Quit Jobs, but More Office Workers Are Staying Put

American workers quit 4.2 million jobs in August, but one type of employee appears to be getting cold feet about… Read More »People Still Quit Jobs, but More Office Workers Are Staying Put

Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

KEY POINTS Nonfarm payrolls increased by 263,000 for the month, short of the Dow Jones estimate of 275,000. The unemployment… Read More »Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

Global VC Pullback Is Dramatic In Q3 2022

The big global venture capital pullback we were all expecting is truly here.  Venture and growth investors in private companies… Read More »Global VC Pullback Is Dramatic In Q3 2022

WTO predicts trade growth to slow next year amid crises

The World Trade Organization is predicting global trade volumes will grow a lackluster 1% next year as crises and challenges… Read More »WTO predicts trade growth to slow next year amid crises

OPEC+ was rebuked by the U.S. after cutting output to keep prices high

OPEC+ agreed to make a large production cut to keep oil prices high, drawing an immediate rebuke from the U.S. … Read More »OPEC+ was rebuked by the U.S. after cutting output to keep prices high

Fed’s Bostic Favors Raising Rates as High as 4.5% by Year-End

Federal Reserve Bank of Atlanta President Raphael Bostic said he favors lifting interest rates to between 4% and 4.5% by… Read More »Fed’s Bostic Favors Raising Rates as High as 4.5% by Year-End

Job openings plunged by more than 1.1 million in August

KEY POINTS Job openings in August totaled 10.05 million, a 10% drop from the 11.17 million reported in July and… Read More »Job openings plunged by more than 1.1 million in August

CEOs are preparing for a recession, and they don’t think it will be short

Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically… Read More »CEOs are preparing for a recession, and they don’t think it will be short

U.S. Job Openings Fell in August, Layoffs Up Slightly

U.S. employers pulled back sharply on job openings, while layoffs rose in August, adding to signs the labor market and… Read More »U.S. Job Openings Fell in August, Layoffs Up Slightly

‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Governments around the world are determined to bring down inflation whatever the cost, but a growing chorus of voices is pointing out… Read More »‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Nearly 50% of CEOs Looking at Job Cuts, and 39% have Frozen Hiring: KPMG Survey

The KPMG 2022 CEO Outlook asked more than 1,300 CEOs of the world’s largest businesses about their strategies and outlook.… Read More »Nearly 50% of CEOs Looking at Job Cuts, and 39% have Frozen Hiring: KPMG Survey

Hurricane Ian Victims Granted Tax Extensions

Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns… Read More »Hurricane Ian Victims Granted Tax Extensions

The IPO Market Is on Track for Its Worst Performance in 30 Years

Venture capital and private equity have left the market, and the third quarter’s proceeds are the lowest since 2008. Move… Read More »The IPO Market Is on Track for Its Worst Performance in 30 Years

Global shipping costs are plunging as the world economy slows

THE COST OF shipping containers is in retreat around the world, as the shortages and bottlenecks that plagued maritime trade throughout much of… Read More »Global shipping costs are plunging as the world economy slows

OPEC+ to consider an oil cut of over 1 million barrels per day

Summary Cuts could include Saudi voluntary reduction Largest cut since the pandemic reduction Oil fell due to rising Fed rates,… Read More »OPEC+ to consider an oil cut of over 1 million barrels per day

US economy drops at a 0.6% annual rate from April through June

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

New U.S. National Security Rule Requires Firms to Disclose Key Owners

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

U.S. No. 1 target for ransomware

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 Are Up 23% As Inflation, Wages, And Profits Rise

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

CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

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

Fed’s Kashkari Says Rate-Hike Pace ‘Appropriate’ to Cool Prices

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

Supply Chain Pressures Keep Inventories High in Q2

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

Crypto M&A Slows As Its Own Type Of Winter Sets In

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

ESG funds are ‘definitely at a crossroads’: EY executive

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

This IRS Tax Form Can Cost You 24%

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%

Analysis: A crowd of dollar bulls raises the risk of a violent pullback

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

Colorado now accepts crypto for taxes

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

The new minimum tax could hit Berkshire Hathaway and Amazon hardest, a study shows

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

UK Market Selloff Slams Gilts, Pound, Piling Pressure on BOE

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

The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

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

Crypto M&A Slows As Its Own Type Of Winter Sets In

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

The Independent Contractor Dilemma

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

85% of Companies Still Actively Hiring Despite Recession Fears: Weekly Stat

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

Fed Signals No Letup in Inflation-Fighting Rate Increases

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

Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

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

Using Your 401(k) to Delay Getting Social Security and Increase Payments

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

CFO optimism is declining as cost concerns rise

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

Who Actually Qualifies for the Employee Retention Credit?

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?

Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

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

52% of Workers are Content with Their Jobs

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

Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

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

U.S. Retirees Aren’t Waiting Till Age 70 to Collect Social Security

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

Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

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, JetBlue: Corp. Travel Ramping Up, No Cracks in Demand

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

Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

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

Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

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

Federal Reserve under pressure to back up hawkishness with rate projections

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

EXPLAINER: How the strong U.S. dollar can affect everyone

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

Central banks set to hit peak rates at a faster pace

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

10-year Treasury yield jumps to 3.51%, the highest level since 2011

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

The ‘taxing’ complication of cryptocurrency

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

US wholesale inflation declined in August to still-high 8.7%

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%

IRS’s extra enforcement funding brings audit worries

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

US 2- to 30-Year Curve Reaches Most Inverted Level This Century

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

WHAT IS ‘QUIET QUITTING’?

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’?

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

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

IRS delays in processing NOL refund claims cost taxpayers millions in interest

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

Sliding Earnings Forecasts Pose Next Test for Markets

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

Stubbornly high rents and food prices boost U.S. inflation in August

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

Fed set for another 75-basis-point rate hike; early pivot unlikely: Reuters poll

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 Struggle to Set Guidance as Economy Flashes Mixed Signals

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

Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

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

U.S. SEC to set up a new office for crypto filings

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

Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

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

Slower Inflation Unlikely to Sway Fed From Another Jumbo Hike

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

Converting an S Corp to a C Corp

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

Eurozone interest rates in record rise to fight inflation

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

IRS Audits With No Time Limit And No Statute Of Limitations

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

The U.S. is on track for a soft landing, Goldman Sachs chief economist says

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

Fed’s Brainard: Rates to rise higher, stay elevated longer

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

IRS continued to delay business tax refunds from pandemic

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

Mortgage demand drops further as interest rates shoot back to June high

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

Gallup Poll: ‘Quiet Quitters’ Make Up Half of the U.S. Workforce

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+ agrees to make a token supply cut to steady the oil market

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

Fed’s Long-Sought Neutral Goal Proves Elusive and Moving Target

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

U.S. Dollar Strength Lifts Americans’ Relative Spending Power

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

Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

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

Payrolls rose 315,000 in August as companies keep hiring

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

Dollar Gauge Rallies to Record High as Yen Cracks Key 140 Mark

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

How To Avoid State Tax On Student Debt Forgiveness

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

Wall Street ends August with a whimper on Fed worry

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

Jobless claims tumble to a nine-week low of 232,000. U.S. layoffs are still historically low.

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.

A deeper dive into the Inflation Reduction Act’s tax provisions

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

Euro zone inflation hits another record of 9.1% as food and energy prices soar

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

Job openings top 11.2 million in July, well above estimate and nearly double the available workers

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

Hourly Wage Growth Increases

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

Fed’s instant payment service ‘FedNow’ is set to launch by July 2023

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

Federal Reserve says a real-time payment system could begin as early as May 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

Can the U.S. Embrace a Four-day Workweek?

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?

US stocks tumble more than 3% after Powell stands firm on rate rises

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

Inflation Eased in July, According to the Fed’s Preferred Measure

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

Key US Growth Measures Diverge, Complicating Recession Debate

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

US Corporate Profits Soar, Taking Margins to Widest Since 1950

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

Employers Project 5.6% Jump in Health Benefit Costs

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

SEC adopts ‘pay versus performance’ disclosure rules

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

Here’s what President Biden’s student loan forgiveness means for your taxes

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

IRS relieves penalties for 2019 and 2020

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

Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

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 Contracts Again, Weakest Since May 2020

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

Which Vehicles Qualify for New $7,500 Electric Vehicle Tax Credit?

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?

We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

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

IPO Market Faces Worst Year in Two Decades. ‘Really Hard Pill to Swallow.’

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.’

Fewer Americans are switching to new jobs, NY Fed survey shows

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

Inflation is through the roof: How the Consumer Price Index measures the cost of living

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

America just got a $100-a-month raise

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

Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

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

RSM U.S. Supply Chain Index: Back to normal for the first time since the pandemic hit

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

The U.S. may fall into recession by early 2023: Conference Board

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

Fed planned more tightening while noting the risk of going too far

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

Inflation Reduction Act potentially doubles R&D tax credit

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

A surge in gig work is evident from 1099 filings

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

Layoffs Are Planned at Half of US Companies, PwC Survey Shows

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

Stock Market Plunge Punished 401(k) Millionaires

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

BofA Quants Say a Winning Stock Signal Is Bad Omen for Bulls

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

Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

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

IRS pledges not to use the extra funding to audit lower-income taxpayers

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

People aren’t cutting back on tips even as inflation surges

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

Retail sales little changed in July amid a fall in gas prices and a drop in auto sales

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

Biden signs the Inflation Reduction Act into law, setting 15% minimum corporate tax rate

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

SPAC Activity in July Reached the Lowest Levels in Five Years

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

Employers Project 5.6% Jump in Health Benefit Costs

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

IRS interest rates increase for Q4

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

New Electric Car Tax Credits Are About to Radically Change Buying EVs

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

Fed Minutes May Reveal Inclinations on Size of Next Rate Hike

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

Jamie Dimon sounds off on… almost everything: Morning Brief

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

Stock Market Recovery Faces a New Hurdle as Record Buybacks Slow

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’s Cash Stockpile Swells Amid Slowdown

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

Most Americans: ‘I’ve Got 99 Problems, But an IRS Audit Ain’t One

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

Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

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

Rental Activity and Self-Employment Tax

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 passes Inflation Reduction Act, sending climate and health bill to Biden

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

OPEC, in contrast to IEA, sees lower 2022 oil demand growth

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

Factbox: U.S. IPO activity plunges as Ukraine war triggers volatility

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

Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb

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

EXPLAINER: Mixed US inflation signs. Where are prices going?

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?

Rapid Wage Growth Keeps Pressure on U.S. Inflation

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

4 Ways SMBs Can Recession-Proof Their Businesses

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

IRS expands crypto question on a draft version of 1040

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

Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

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

On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

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

Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

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

Key tax provisions in the Senate reconciliation bill

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

Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

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

Solo 401(k) Plans: Looking Out for Number One

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

Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

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

Companies From Google to Pepsi Are Boosting Capital Spending

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

Intuit Issues Phishing Warnings to QuickBooks Users

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

Global supply chain stress at 18-month low in July, NY Fed’s index shows

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

Taxpayer advocate appeals IRS decision to delay scanning tech

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

The Independent Contractor Dilemma

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

IRS adding more filters trying to catch business tax fraud

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 Surpasses $16 Trillion on Higher Mortgages

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

Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says

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 issued wrong credit scores for “millions” of customers, report 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

Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

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

Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax

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’s Kolanovic stands apart in saying stocks will rebound

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

Home prices cooled at a record pace in June, according to housing data firm

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

Workers’ wages continue to climb, but not as fast as inflation

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

Goldman’s Kostin Says US Results Season Better Than Feared

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

IRS sent incorrect balance due notices to couples

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

Stock Market Has No Fear of a Recession That’s Almost Priced In

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

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

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

Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike

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

Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

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

GDP fell 0.9% in the second quarter, the second straight decline, and a strong recession signal

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

Fed jacks rates again, Powell vows no surrender in inflation battle

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

Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

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

Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared

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

5 UNEXPECTED QUESTIONS THAT CAN CHANGE YOUR LIFE

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

Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks

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

5 Inspirational ‘Grit in Leadership’ Skills for Overcoming Adversity

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

The Problem With Traditional Business Benchmarks

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

Is A Recession Looming? Why History Says We Shouldn’t Panic

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

What to know about the financial risks of becoming your own boss

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. economy slowing, but recession not inevitable, Yellen says

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

Bond Traders Regaining Faith That Fed Can Slay Inflation Dragon

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

40% of workers are considering quitting their jobs soon—here’s where they’re going

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

On-Demand Pay: 60 Percent of U.S. Workers Want Daily Access to Earned Wages

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

The top 20 tax developments from 2022

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

Is Inflation Costing You More as a Retiree?

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?

Here are 6 strategies to recession-proof your finances at any age

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

Tech Downturn Slows Early-Stage Startup Funding

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

IRS seeks transformation in a new 5-year plan

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

Citi economists call global recession a present danger

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

Private Credit Giants Curb Buyout Lending Spree in Big Shift

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

Wall Street braces for economic ‘hurricane’

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’

75% of middle-class households say their income is falling behind the cost of living

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

Taxpayer Fails to Prove Compensation Deduction

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

Dow rallies more than 750 points as traders bet that the bottom is in

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

Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

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

Stocks Lose Ground as Banks Give Quarterly Updates

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

Near and Long-Term Tax Planning for Section 1031

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

Congress Again Considers Free IRS Income Tax Filing System

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

Why Saving for Retirement Is More Difficult in 2022

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

Wholesale inflation in June surged 11.3% from a year ago

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

Rethinking the Value of 3 Common Financial Metrics

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

Euro falls to parity with US dollar for the first time in two decades

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

ICYMI | FASB Streamlines Income Tax Accounting

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

Treasury Curve Inversion Deepens to Level Last Seen in 2007

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

Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

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

Stock Drubbings Finally Convince Holdout Analysts to Get Real

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

How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

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

OECD sees global corporate tax overhaul on course for 2024

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

Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

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

The Stock Market Faces Next Test as Inflation Looms Over Earnings Season

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

US ports saw record imports this spring, as port workers’ contract expires

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 Warns against ‘Talking Ourselves into Recession’

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’

Another Wave of Shipping and Supply Chain Challenges is On the Way

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

Gas Prices Around the World

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

US Recession Is Already Here, According to Wells Fargo Investment Group

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

As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

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

Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

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

Tax Court Tailors Outcome to Fit Clothes Deduction

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 issues standards to improve fair value guidance for equity securities

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

1 Out of 3 Companies Increased Cash Holdings: Weekly Stat

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

ICYMI | Working from Home State Income Tax Complications

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

Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA

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

Fed: Sharply higher rates may be needed to quell inflation

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

NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

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

Audit partners see signs that inflation will persist

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

Economic output is falling, but so is unemployment

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

Biden Close to Rollback of Chinese Tariffs to Fight Inflation

-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

Explainer: Is the U.S. in a recession? GDP is not the only measure

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

Powell says no guarantee of a soft landing for the U.S. economy

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

U.S. Supreme Court emissions ruling may stop SEC drive for disclosure

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

S&P 500’s Brutal First Half Has Little Bearing on the Future

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 issues standards to improve fair value guidance for equity securities

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

2 ways to recover unsaved Excel files

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

Inflation is making Fourth of July celebrations more expensive than ever

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

Tax Court Halts Deduction for Start-Up Costs

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

The corporate spending that can’t wait for a recession to pass

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

Wall Street stumbles as consumer pessimism stokes growth fears

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

US IPOs Can’t Shake 2022 Slump After Thriving Through Pandemic

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

PODCAST: Which Documents to Keep, Which to Shred, and Which to Scan

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

Just keep your returns: Stores weigh paying you not to bring back unwanted items

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

Many US companies move to pay travel costs for employees seeking abortions

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

Fed policymakers embrace more rate hikes, markets a little less

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

8 Money Tips for Seniors Suffering from Inflation

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

High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

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

IRS Still Has Backlog of 21.3 Million Tax Returns

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

Morgan Stanley and Goldman see more stock market losses

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

Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

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

Nearly one-third of older Americans have less than $10,000 saved for retirement

And 40% of those surveyed have less than $50,000 save