10 things you need to know today: December 5, 2023
1. Southern Gaza fighting escalates Israeli forces intensified their ground and air assault in southern Gaza on Monday in a… Read More »10 things you need to know today: December 5, 2023
1. Southern Gaza fighting escalates Israeli forces intensified their ground and air assault in southern Gaza on Monday in a… Read More »10 things you need to know today: December 5, 2023
As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial… Read More »End-of-year financial and tax considerations
(Reuters) – U.S. Federal Reserve officials appear on track to end the year with interest rate hikes as a thing… Read More »Fed, with rates at a peak, now looks at a hold and an eventual pivot lower
After a historic run-up in inflation, Americans are now starting to see something they haven’t in three years: deflation. To… Read More »Goods Deflation Is Back. It Could Speed Inflation’s Return to 2%.
Profits have been making a comeback. That makes a comedown for the U.S. economy seem less likely. The Commerce Department on… Read More »How Rising Profits Could Prevent the Economy From Faltering
Treasury Secretary Janet Yellen said she sees a good chance of the US economy achieving a soft landing, with the… Read More »Yellen Says Soft Landing Looks Good, Unemployment May Level Off
Global stocks have closed out their biggest monthly rally in three years, as investors pile into risky assets in the… Read More »Global stocks record best month in three years on interest rate cut hopes
The numbers: Initial jobless claims rose 7,000 to 218,000, in the week ending Nov. 25, the Labor Department said Thursday. Economists… Read More »Jobless claims tick higher in latest week, reaching highest level in 2 years
KEY POINTS Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve… Read More »Fed’s favorite gauge shows inflation rose 0.2% in October and 3.5% from a year ago, as expected
(Bloomberg) — Federal Reserve Governor Michelle Bowman said she expects to support additional tightening of monetary policy to return inflation… Read More »Fed’s Bowman Favors Hiking Rates If Inflation Progress Stalls
WASHINGTON (AP) — Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk… Read More »US economic growth for last quarter is revised up to a 5.2% annual rate
The rally that led the S&P 500 to one of its best November gains in a century is now running… Read More »Sharp US Stock Rally Is Running Out of Steam, Citi Strategists Say
KEY POINTS Holiday shopping this year is expected to reach record spending levels, according to the National Retail Federation. But as consumers… Read More »You may be at risk for fraud this holiday season, particularly if you shop at the last minute. Here’s why
OpenAI’s leadership crisis demonstrated the indirect influence wielded by tech giants in the generative AI startup ecosystem. Microsoft’s CEO Satya… Read More »Generative AI mega-deals by tech giants compel VCs to react
Wall Street is gearing up for rate cuts. Twenty months after the Federal Reserve began a historic campaign against inflation,… Read More »Investors See Interest-Rate Cuts Coming Soon, Recession or Not
(CNN) — Whether they jostled through brick-and-mortar stores or toggled between tabs and virtual carts, holiday shoppers were eager to participate in… Read More »Energized shoppers break one-day holiday sales record
Stocks and bonds have surged in November. With record investor balances in money-market funds, some analysts are optimistic that they… Read More »Investors Are Hungry for Risk—and Holding Record Cash Sums
(Reuters) – U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the… Read More »Exclusive: US securities regulator signals it may curb climate rule ambitions
The S&P 500 is set for a fresh high in 2024 because US companies have adapted to higher rates and… Read More »Bank of America Sees S&P 500 Hitting Record 5,000 Next Year
Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation… Read More »Fed gave no indication of possible rate cuts at last meeting, minutes show
The year’s top venture capital story has been The Next Great Platform Shift, as every tech startup is either incorporating,… Read More »Weight-loss drugs are the next startup platform shift
(Reuters) – U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the… Read More »Exclusive: US securities regulator signals it may curb climate rule ambitions
Wall Street believes its soft-landing dream is on the verge of coming true. That is prompting a fresh wave of… Read More »Wall Street Has a Plan for a Soft Landing: Buy More Stocks
KEY POINTS Families preparing for Thanksgiving will find that turkeys are cheaper this year. The U.S. bird population recovered from last… Read More »Turkeys are cheaper, but inflation is ‘clearly impacting’ Thanksgiving food costs, economist says. Here’s how to save
(Reuters) – The U.S. central bank must steer between the risk of doing too little and taking the fight against… Read More »Fed’s Cook says economic risks two-sided, ‘soft landing’ possible
(Reuters) – Some of the major banks in the world expect global economic growth to slow further in 2024, squeezed… Read More »Global economy to slow down but likely avoid recession in 2024
(Reuters) – Goldman Sachs investment strategists said on Wednesday that they now expect the S&P 500 to end 2024 at… Read More »Goldman sees S&P 500 rising to 4700 by year-end 2024
Investors have been dumping cash and piling into bonds and equities as conviction grows that big central banks have finished… Read More »Investors snap up bonds and stocks in bet interest rates have peaked
WASHINGTON (AP) — U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease after a year and… Read More »US producer prices slide 0.5% in October, biggest drop since 2020
There’s a lot of quiet action taking place under the radar in today’s business world. Quiet culture workplace trends—such as quiet… Read More »The ‘Quiet Cutting’ Trend Is A Controversial Leadership Strategy, New Study Shows
KEY POINTS People who find it easiest to financially prepare for retirement have four behavioral traits, a new survey shows. Yet just… Read More »These behavioral traits lead to greater retirement savings, research finds. Yet only 10% of workers have them
The IRS received billions of dollars in funding to spend over 10 years, but high expectations for improvement mean that… Read More »Werfel: IRS must move quickly to show what a well-funded agency can do
The reopening of the IPO market is, once again, delayed. For a moment this fall, it looked like the window… Read More »The Charts That Could Predict the IPO Market’s Comeback
The taxpayer’s road to a claim for refund of income tax is littered with various requirements that may produce sinkholes… Read More »Claim for refund: Beware of sinkholes
By the time a person approaches retirement age, they have enough life experience to know that change and the unexpected… Read More »What’s the Key to a Secure Retirement?
Consumer prices were unchanged from the prior month in October as a drop in oil prices dragged down headline inflation… Read More »Inflation: Consumer prices were unchanged in October, core inflation rises at slowest pace since September 2021
FOMO in the stock market is back. A lightning-fast rebound has driven the S&P 500 up in nine of the… Read More »Is the Stock Market Rally About to Rev Up?
2023 has proven to be a formidable period for the US venture ecosystem. Dealmaking and valuation metrics have either plateaued or… Read More »US VC valuations stay on a downward trend
Moody’s Investors Service on Friday said it was revising the outlook on the U.S. government’s ratings to negative, while affirming… Read More »Moody’s Changes Outlook on U.S. Ratings to Negative
(Bloomberg) — There’s a stark divide among Wall Street banks over how aggressive they think the Federal Reserve will be… Read More »Goldman Sachs, Morgan Stanley Diverge on Fed Rate-Cut Forecasts
Jerome H. Powell, the chair of the Federal Reserve, on Thursday expressed little urgency to make another interest rate increase… Read More »Fed Chair Recalls Inflation ‘Head Fakes’ and Pledges to Do More if Needed
Company leaders have learned a lot over the past year returning to offices, like the fact that they don’t need… Read More »Why 75% of companies plan to downsize office space next year
This week on 60 Minutes, correspondent Anderson Cooper reports on what happens when Social Security overpays people who receive benefits. Beneficiaries may… Read More »Social Security overpayments: Tips to prevent them
China’s deflation pressures worsened in October as consumer prices dipped back below zero and producer cost declines deepened, adding to… Read More »China’s Consumer Deflation Returns as Recovery Remains Fragile
Citadel founder Ken Griffin said the world is facing unrest and structural changes that are pushing it toward de-globalization and… Read More »Griffin Says Peace Dividend Over, High Inflation to Last Decades
What distinguishes true leaders from managers is their commitment to innovation. Indeed, managing any business is challenging and complex work.… Read More »Embracing authentic demand: The core of innovation leadership
One common concern among folks in their 60s is determining a prudent time to retire. After decades in the workforce,… Read More »Are You Ready to Retire? Find Out With This 10-Item Checklist
Come 2024, the Social Security system will be in its 89th year of operation, and in many ways, the key… Read More »The Real State of the Social Security Program
Federal Reserve Governor Christopher Waller said the US labor market is cooling this year without there being a big spike… Read More »US Labor Market Is Cooling Without Big Losses, Fed’s Waller Says
Minneapolis (CNN) — The resilient consumer has kept the US economic engine running, but it’s coming at a big cost: Americans are piling up… Read More »US credit card balances see largest yearly leap on record
New York (CNN) — Wall Street gained Tuesday as the continued slide in Treasury yields helped propel stocks higher. The S&P 500… Read More »S&P 500 and Nasdaq Composite notch longest streak of gains in two years
While the US banking sector is stable, growing vulnerabilities leave at least some institutions under a near-term threat of funding… Read More »The US Banking System Is Still Vulnerable, NY Fed Blog Says
The US economy may be growing much faster than pessimists had predicted, but business is still brisk for bankruptcy lawyers. “Things… Read More »Can corporate America cope with its vast debt pile?
Most investors understand that they need diversification in their portfolios. As a result, they are fairly good about settling on… Read More »Weighing a Roth Conversion? Don’t Overlook These Five Factors
The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the option to currently deduct research… Read More »Defining software development costs
(Reuters) – The dollar fell to a six-week low on Friday after data showed the world’s largest economy created fewer… Read More »US dollar tumbles to six-week low after soft jobs data
US stocks recorded their best day in six months as bond yields tumbled after the Federal Reserve and other central… Read More »Stocks rally and bond yields tumble as investors trim interest rate outlook
Thanks for joining us. Here are five key takeaways from the US employment report for October:
KEY POINTS Working longer is among the best ways to ensure you don’t outlive your retirement savings. The problem is, you… Read More »Why working longer is a bad retirement plan
KEY POINTS Private sector payroll growth increased modestly in October but missed expectations, in a potential sign that the employment… Read More »Private sector payrolls rose 113,000 in October, less than expected, ADP says
The IRS announced the 2024 benefit and contribution limits for qualified retirement plans, including contributions limits for Sec. 401(k) plans… Read More »Inflation adjustments to retirement account limits issued for 2024
There’s a bright side for investors reeling from a rare three-month slide in US stocks: The gloom is setting the… Read More »Wall Street Sentiment Indicator Shows S&P 500 Gaining 16% Over Next Year
(Reuters) – U.S. job openings increased in September, pointing to persistent labor market tightness that is underpinning the economy and… Read More »US job openings remain elevated in September
WASHINGTON (AP) — The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but… Read More »Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike
A measure of pay and benefits that officials at the Federal Reserve have been watching closely as they try to… Read More »A Key Measure of Wages Grew at a Moderate Pace This Summer
WASHINGTON (AP) — The Federal Reserve is poised to leave its key interest rate unchanged Wednesday at a time when… Read More »Surge in interest rates and a cloudier economic picture to keep Federal Reserve on sidelines
(Bloomberg) — Despite roaring growth and a resilient job market, more middle-class Americans are worried about the state of the… Read More »Middle-Class Americans Are Rattled by Fed’s Fight Against Inflation
(Reuters) – The tentative agreements reached between the United Auto Workers and the Detroit Three automakers mark another major victory… Read More »UAW’s record deal could boost others’ wages as labor notches another victory
A phantom stock plan is a tool that may be used to transfer equity to key employees or valued team… Read More »This Halloween, Consider a Phantom Stock Plan
Retirement can be ruthlessly final for some. And while ageism remains alive and well within workplaces, losing the most experienced… Read More »Is ‘flextirement’ the new retirement?
Investors hoping for a boost to stocks by the end of the year will be disappointed, according to Morgan Stanley’s… Read More »Morgan Stanley’s Wilson Sees Year-End Stock Rally as Unlikely
Since Federal Reserve officials last raised interest rates in July, the economy is doing two things that central bankers don’t think… Read More »Does Strong Growth Fuel Inflation? Fed Debates Whether Old Model Still Applies
President Biden signed a sweeping artificial intelligence executive order Monday, wielding the force of agencies across the federal government and invoking broad emergency… Read More »Biden signs AI executive order, the most expansive regulatory attempt yet
KEY POINTS The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in… Read More »U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in… Read More »US consumers keep spending briskly even in the face of persistent inflation and high interest rates
KEY POINTS The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in… Read More »U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected
Dealmakers are suddenly busy again, as consolidation in the energy patch helped make this one of the busiest months in… Read More »Dealmaking Surge Turns October into Busiest M&A Month in Years
Budgets for employee salary increases have grown by an average of 4.4% in 2023, the highest increase in more than… Read More »Budgets for salary increases rise at historic rates
The IRS will continue its pursuit of money owed to the U.S. government by sending letters to about 150 U.S.… Read More »IRS emphasizes strides as it presses to keep funding
Earnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks.… Read More »Stock Pickers Sidelined With World Events Overshadowing Earnings
A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for… Read More »Bond Rout Drives 10-Year Treasury Yield to 5%
Certain employers concerned about the accuracy of an employee retention credit (ERC) claim they filed now have a way to… Read More »‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
Economists raised their US growth projections through early 2024 and trimmed recession odds to a one-year low as consumers continue… Read More »Economists Boost US Growth Projections, Reduce Recession Odds
In a few short months, the IRS will pilot a tax prep and filing service where taxpayers can bypass accountants… Read More »Will an IRS Tax Prep Service Replace H&R Block or TurboTax?
The projected gross tax gap jumped to $601 billion in tax year 2020 and $688 billion in tax year 2021,… Read More »Projected tax gap jumps to $688 billion for tax year 2021
An IRS pilot program will let eligible individuals in 13 states electronically file their federal tax returns directly with the… Read More »13 states will participate in IRS Direct File pilot
Any potential equity market rally is at risk if geopolitical uncertainty escalates further, according to Goldman Sachs Group Inc. Their… Read More »Goldman Strategists Warn Geopolitics Pose Risk to Stock Market
Applications for U.S. unemployment benefits fell to their lowest level in eight months last week as businesses continue to retain… Read More »Applications for US jobless benefits fall to lowest level in more than 8 months
The SEC recently adopted a series of rules and amendments aimed at strengthening transparency around securities in the capital market.… Read More »SEC addresses securities transparency; PCAOB addresses audit concerns
The complexities of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit.… Read More »Three Factors to Consider Before Taking Social Security
(Reuters) – A rally in the S&P 500 in the fourth quarter of 2023 “is more likely than not”, Morgan… Read More »S&P 500 rally in Q4 “more likely than not” despite headwinds – Morgan Stanley
The outlook for earnings is weakening and could remain subdued, according to strategists from Morgan Stanley to JPMorgan Chase &… Read More »Wall Street Strategists Sound Alarm on Dimmer Profit Outlook
Hitting a six-figure salary used to be a career milestone for many. Making $100,000 or more was something to celebrate… Read More »A six-figure salary was once celebrated, now it’s expected
KEY POINTS As Generation X knows all too well, “reality bites,” to quote the iconic 1994 film of the same name. Most… Read More »Reality does bite: Why Generation X is falling behind on retirement savings
If you have successfully transitioned into retirement, congratulations! While it’s an exciting new chapter, it’s important to avoid taking shortcuts… Read More »How Is Your Post-Retirement Stacking Up? Three Key Questions
Economists are turning optimistic on the U.S. economy. They now think it will skirt a recession, the Federal Reserve is… Read More »A Recession Is No Longer the Consensus
Individual taxable earnings of up to $168,600 annually will be subject to Social Security tax in 2024, the Social Security… Read More »Social Security wage base, COLA set for 2024
Most of us seem to know that the average American lives between 70 and 80 years: 73.5 years for men,… Read More »How long does retirement last? Most American men don’t seem to know
Americans didn’t pay an estimated $688 billion in taxes due on their 2021 returns—the largest shortfall ever. Audits and other… Read More »Americans Failed to Pay a Record $688 Billion in Taxes. The IRS Says That Will Change.
We are bombarded with financial advice from various corners, be it the internet, family, or friends. While some tidbits may… Read More »How Do You Build Wealth? Seven Critical Steps
Federal Reserve officials at their September meeting differed on whether any additional interest rate increases would be needed, though the… Read More »Fed officials see ‘restrictive’ policy staying in place until inflation eases, minutes show
Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling that the worst of the… Read More »Wall Street Is Marking Up Forecasts in Sign Profit Slump Is Likely Over
US inflation was higher than forecast in September, raising the prospect that the Federal Reserve may raise interest rates following… Read More »US inflation higher than expected in September
(Reuters) – Wall Street’s top regulator on Tuesday said it has tightened the timeline for investors to disclose 5% ownership… Read More »US SEC shortens deadline to disclose 5% stock ownership to 5 days
(Reuters) – U.S. producer prices increased more than expected in September amid higher costs for energy products and food, but… Read More »Gasoline, food drive US producer prices higher; core inflation cools
Friday’s sizzling jobs report is bolstering the probability of another Federal Reserve rate increase this year, adding to pain in… Read More »Fading Optimism on Rates Signals Trouble Ahead for $425 Billion Debt Wall
The accounting and finance talent shortage has prompted many CFOs to reevaluate their approach to staffing. The search for quality… Read More »84% of CFOs Continue to Face Significant Talent Shortages
US stocks reeling from the impact of high bond yields are facing a new threat from an expected slew of… Read More »Profit Warnings to Hit S&P 500 as High Rates Pinch Consumers
For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., in February. It’s… Read More »Five Tax Moves Retirees Should Consider Before Dec. 31
Minneapolis (CNN)— Fall is here, pumpkin spice lattes are flowing, and in some states, there’s a bite in the air from… Read More »US economy added 336,000 jobs last month, almost twice what was expected
As global financial markets grapple with the possibility of 5% benchmark Treasury yields, the question on investors’ minds: how much… Read More »Here’s Why a 5% US Yield Would Stress Out Global Markets
Stock bulls reeling from the worst month of 2023 have at least one reason for optimism: Corporate profits are set… Read More »Investors Eye Profit Rebound After Yearlong Earnings Recession
No one needs to tell you why you should have life insurance: If you die and your family or anyone who… Read More »How to Shop for Life Insurance in 3 Easy Steps
Over the past several years, health savings accounts (HSAs) have grown in both interest and popularity — so much so… Read More »Do You Really Know What Your HSA Can Do for You?
Most financial advisors recommend that clients wait to claim Social Security retirement benefits until full retirement age or up to age 70.… Read More »When Clients Claim Social Security Early, Take These Steps to Avoid Surprises
Minneapolis (CNN ) — The number of job openings at US employers unexpectedly jumped in August, a testament to the continued resilience of… Read More »US job openings unexpectedly grew in August
KEY POINTS Social Security retirement benefits provide guaranteed monthly income for the duration of your retirement. But when you die, your checks… Read More »‘You only get Social Security while you’re alive,’ expert says. What happens to benefits after you die
It has always struck me as ironic that planning for retirement takes so much work. And the closer you get… Read More »Nervously Nearing Retirement? Four Do’s, Four Don’ts, and One Never
The PCAOB adopted a new standard relating to the auditor’s requirements for the use of confirmation. Effective for financial statement audits for… Read More »New PCAOB standard addresses confirmation in the audit
Investors have shown few signs of panic during a stock market slump that’s pushed the S&P 500 Index into its… Read More »Market Stress Rises Over Wild Week Ahead Even Without a Shutdown
US stocks registered their first negative quarter of 2023 on Friday, ruling off on a bumpy three months for equities… Read More »US stocks notch quarterly drop against backdrop of Treasury sell-off
WASHINGTON (AP) — The threat of a federal government shutdown suddenly lifted late Saturday as President Joe Biden signed a temporary funding… Read More »Government shutdown averted with little time to spare as Biden signs funding before midnight
1. GOP candidates fight for spotlight in 2nd debate Seven Republican candidates clashed in their second 2024 presidential primary debate… Read More »10 things you need to know today: September 28, 2023
Calls will go unanswered and mail will get no response under the IRS contingency plan for the first five days… Read More »Unanswered calls, backlog of mail: IRS plan for government shutdown
The Federal Reserve’s preferred inflation gauge increased by 0.1 percent in August and fell to a 3.9 percent annual increase,… Read More »Fed’s preferred inflation gauge rises 0.1 percent in August
A thorough financial analysis and risk assessment of debt security assets and bank equity values shows the threat of bank… Read More »Identifying and analyzing the risks of ‘risk-free’ securities
Conventional wisdom about putting money in qualified accounts (401(k), 403(b) and IRA are examples) for decades has been to defer… Read More »Deferring Taxes Until Retirement? You May Want to Rethink That
The government is threatening a shutdown this week, leaving many to wonder how Social Security would be affected, one of… Read More »How Social Security Would Be Affected By A Government Shutdown
The special per diem rates that a taxpayer uses in substantiating the amount of ordinary and necessary business expenses incurred… Read More »Special per diem rate for business travel rises
Credit rating firm Moody’s warned that a shutdown of the U.S. federal government would be “credit negative” for the U.S.… Read More »Government shutdown could hurt U.S. credit rating, Moody’s warns
Last year, we witnessed a significant year-over-year increase in CPI inflation, reaching a high of 9.1% in June — the… Read More »Inflation and Retirement: Five Ways to Soothe Your Worries
The IRS is developing a contingency plan for a probable government shutdown, the union that represents the Service’s workers said… Read More »IRS developing contingency plan as government shutdown looms
In today’s rapidly changing business environment, marked by technological advancements and global market shifts, many companies seek innovative ways to… Read More »Why smart businesses are embracing fractional executives
About the Leading Economic Index and the Coincident Economic Index: The Leading Economic Index provides an early indication of significant… Read More »LEI for the U.S. Fell Again in August
The US Federal Reserve left its benchmark interest rate unchanged while signalling borrowing costs will likely stay higher for longer… Read More »Fed Leaves Rates Unchanged, Signals Another Hike This Year
U.S. applications for unemployment benefits fell to their lowest level in eight months last week as the labor market continues… Read More »US applications for jobless benefits fall to lowest level in nearly 8 months
As the popularity of short-term rentals through services such as Airbnb and Vrbo continues, CPAs more often face questions from… Read More »Passive loss limitations on rental real estate
The IRS will set up a new unit to focus on large or complex passthrough entities as it continues to… Read More »IRS to set up new work unit to focus on complex passthrough entities
“You could receive up to $26,000 per employee.” “Did your CPA say you’re not eligible? You should get a second… Read More »‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a guide to help small businesses navigate the new rules for reporting… Read More »FinCEN posts guide to help small businesses with BOI reporting
The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s pandemic rebound disappoints. Growth… Read More »Global Economy Poised to Slow as Rate Hikes Bite, OECD Says
The US Federal Reserve is set to conclude the year with two high-stakes meetings as it prepares to hold rates… Read More »US Federal Reserve set to hold interest rates but leave tightening in play
The world economy’s debt pile hit a fresh high in the first half of this year, while borrowing as a… Read More »Global debt pile hits record high of $307tn
KEY POINTS Almost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey… Read More »47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame
The IRS will take several aggressive steps against fraudulent claims for the employee retention credit (ERC), including an immediate moratorium… Read More »Moratorium imposed on new ERC claim processing to curb abuse
(Reuters) – The number of new corporate defaults globally reached 16 in August, the highest August monthly number since 2009,… Read More »Corporate defaults jump, highest August monthly tally since 2009, S&P says
KEY POINTS Almost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey… Read More »47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame
Producer price index climbs 0.7% in August The numbers: Fueled by higher energy costs, U.S. wholesale prices jumped 0.7% in August… Read More »Wholesale inflation posts largest increase in 14 months, U.S. PPI shows
CFOs haven’t felt this good about the economy in more than a year. Fifty-seven percent of North American CFOs rate… Read More »Optimism on the rise among large-company CFOs, according to survey
The IRS intends to issue proposed regulations governing the capitalization and amortization of specified research and experimental (SRE) expenditures under… Read More »Long-awaited guidance provided for amortization of R&E expenditures
KEY POINTS Inflation posted its biggest monthly increase this year in August as consumers faced higher prices on energy and… Read More »August core inflation, excluding food and energy, rose 0.3%, hotter than expected
FASB voted Wednesday to issue a cryptoassets standard that will require entities to report on fungible crypto holdings using the… Read More »FASB approves cryptoassets standard
The Federal Reserve’s 5.25 percentage points of interest-rate increases over the past 18 months may be enough to bring inflation… Read More »One Fed Model Suggests Central Bank Has Already Beaten Inflation
The US economy has been looking so solid lately that Federal Reserve officials will probably need to double their projection… Read More »Fed Set to Double Its Economic Growth Forecast After Strong US Data
Many of us are walking around much of the time in a mild state of anxiety, frustration, or negativity, and… Read More »The Power of Reframing to Change Our Outlook
With each cohort that graduates from Y Combinator, the same debate emerges: How can such early-stage startups justify such high valuations?… Read More »Are YC Valuations Really Too High?
For expert advice on identity theft risks, Kiplinger interviewed Raj Ananthanpillai, founder and CEO of Trua, an identity verification and screening company.… Read More »Expert Tips To Avoid Identity Theft
US stock investors have gotten so confident that it’s concerning strategists at JPMorgan Chase & Co. “There is complacency in… Read More »US Stock Investors’ Complacency is Worrying, JPMorgan Strategists Warn
Persistently higher interest rates in major economies mean global growth is likely to slow next year after outperforming expectations so… Read More »Economists grow gloomier on 2024 as central banks delay rate cuts
A new docuseries debuts today (Aug. 30) on Netflix that examines the formula for longevity. Live to 100: Secrets of the… Read More »Financial Planning in an Age of Increasing Longevity
CPA decision-makers’ optimism about their own organizations and the U.S. economy has been unsteady the last three years — cruising… Read More »Inflation no longer the top challenge for CPA decision-makers, survey shows
US corporate profits are on the rise again following four straight quarters of declines, according to government data out Wednesday.… Read More »US Corporate Profits Rise Again With Recession Fear Fading
Minneapolis (CNN) — US inflation may have remained elevated in July, but consumers just wanted to have some fun. New Commerce Department data… Read More »The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend
The chances of the dollar adding to its nearly 3.5% advance since mid-July depend more on the fate of economic… Read More »Dollar Stamina Hinges More on China Than Fed, Bank of America Says
U.S. stocks rose for a third consecutive session, cutting into major indexes’ August losses as shares from technology to industrials… Read More »Broad Rally Pushes Stock Indexes Higher
Long-awaited proposed regulations for digital asset reporting under Sec. 6045 would require brokers to report sales and exchanges of digital… Read More »Prop. regs. require brokers to report digital asset sales and exchanges
Major U.S. stock indexes kicked off the week with gains, rising for a second consecutive session and recouping some losses… Read More »U.S. Stocks Advance for Second Consecutive Session
Index Erases Early Summer Gains, as Hot Labor Market Cools and High Interest Rates Bite The Conference Board Consumer Confidence Index®… Read More »US Consumer Confidence Pulled Back in August
Stocks blasted higher in afternoon trading Friday, even after Federal Reserve Chair Powell warned in comments in Jackson Hole, Wyoming,… Read More »Markets soar higher as investors digest Powell’s message
KEY POINTS Earning a good salary is one thing, feeling “rich” is another. Even doctors, lawyers and other highly paid professionals —… Read More »Even millionaires are feeling financially insecure, report finds
Included within the numerous provisions of P.L. 115-97, commonly referred to as the Tax Cuts and Jobs Act (TCJA), were… Read More »State conformity to federal treatment of Sec. 174 R&E costs
Some of the traits that separate affluent households from those that struggle might surprise you. It’s not necessarily a high-paying job, an Ivy… Read More »These 5 things can make or break your ability to build wealth
Getting to retirement is only half the goal. That’s why having a cash cushion, minimizing taxes and more are so… Read More »Four Tips to Help You Conquer the Retirement Mountain
Code development, content creation and analytics are the top generative AI use cases. However, many enterprise users don’t trust gen… Read More »31% of Organizations Using Generative AI Ask It To Write Code
Chair Erica Williams has tried to set the troubled PCAOB on a new course. The ambitious shift has been marked… Read More »U.S. Auditing Watchdog Tries to Remake Itself, But It Isn’t Easy
This week has been marked by a raft of good economic news: Retailers are selling a whole lot of stuff to… Read More »Leading economic indicators stubbornly point to a recession. It still hasn’t arrived.
Since even before the global coronavirus pandemic, hundreds of thousands of employees have shifted from the traditional nine to five… Read More »The Future of Financial Management in the Gig Economy: A New Era of Freelancer-Friendly Financial Management
As Social Security commemorates its 88th year, here are a few things to keep in mind when you start thinking… Read More »Happy Birthday, Social Security: Celebrate by Avoiding These Three Mistakes
(Reuters) – Pessimists watching the Federal Reserve battle inflation have focused on the so-called “last-mile” problem, convinced a full return… Read More »A smooth ‘last mile’ to 2% inflation may not be a stretch for Fed
The IRS is uncertain about what happened to millions of tax records with sensitive information that could be used “to… Read More »Location of millions of tax records uncertain, TIGTA says in IRS critique
Actually retiring may be the hardest part about retirement. If you’ve got cold feet, here are some ideas to make… Read More »Are You Afraid to Retire Even Though You Can Afford To?
(Reuters) – Barring any abrupt change in the direction of recent economic data, the U.S. Federal Reserve may be at… Read More »Fed may be at point to ‘hold rates steady,’ Harker says
KEY POINTS Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances… Read More »Credit card balances jumped in the second quarter and are above $1 trillion for the first time
KEY POINTS The consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost… Read More »July CPI report shows inflation gauge rose 3.2%, less than expected
Learning to ask the right questions in the right way is a key technique for surfacing blindspots that can easily… Read More »8 Tips for Avoiding Your Leadership Blindspots
Navigating economic downturns can be as crucial as riding the waves of prosperity. In a slow economy, where revenue streams… Read More »12 Cost-Cutting Strategies to Help You Thrive in a Slow Economy
With Corporate America’s earnings season nearing an end, the takeaway is clear: Challenges remain, but for a broad swath of… Read More »Wall Street Forecasts Project Profit Recession Ends Next Quarter
For tax years beginning after Dec. 31, 2021, taxpayers must charge specified research or experimental (R&E) expenditures to a capital… Read More »Defining software development costs
It can be frustrating when your children complain about having nothing to do — especially during the summer. So, why not hire… Read More »Tax Benefits of Hiring Your Kids Plus IRS Rules to Follow
When you’re a financial adviser, you soon realize that half of the job is math; the rest is loopholes and… Read More »Three Reasons to Claim Social Security as Soon as You Retire: Why Wait?
Former IRS Commissioner Mark Everson compares the efforts of the IRS to go paperless to the interstate highway system of… Read More »2024 filing season could be paperless, IRS says
FASB is seeking comments on a proposed Accounting Standards Update (ASU) that is intended to provide investors with more decision-useful information regarding… Read More »FASB proposes improvements to income statement expenses
There’s a shift in tone happening across Wall Street. Oppenheimer Asset Management’s chief investment strategist John Stoltzfus lifted his target… Read More »Strategists Scramble to Catch Up as S&P 500 Rally Rumbles On
US stocks have recorded their longest monthly winning streak in two years, as optimism about falling inflation and resilient growth… Read More »US stocks notch longest monthly winning streak in two years
KEY POINTS Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing… Read More »Fitch downgrades U.S. long-term rating to AA+ from AAA
(Bloomberg) — The Federal Reserve said that banks reported tighter standards and continued weak demand for loans in the second… Read More »Fed Says US Banks Tightened Credit Further in Wake of Failures
The inflation outlook in the US is “quite positive,” Federal Reserve Bank of Minneapolis President Neel Kashkari said, though the… Read More »Kashkari Calls Inflation Outlook ‘Positive,’ Expects Job Losses
All the chatter back in December was that 2023 was to be the “year of the bond.” And for a… Read More »Stocks Crush ‘Year of Bond’ in Biggest Sentiment Shift Since ‘99
The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday to the highest… Read More »Federal Reserve raises US interest rates to highest level in 22 years
KEY POINTS The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at… Read More »GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls
A strong majority of business economists now say the odds of the United States entering a recession in the next… Read More »Economists See US Recession Odds at 50% or Less in New Survey
Summertime, and the scamming is surging. That is according to the IRS, which issued a warning Friday for taxpayers to be wary… Read More »Scams are surging in the summer, the IRS says
WASHINGTON (AP) — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased… Read More »U.S. consumer confidence jumps to a two-year high as inflation eases
Wall Street is so convinced that the Federal Reserve’s restrictive policies are nearing an end that money managers are already… Read More »Wall Street Already Positioning for a Post-Rate-Hike World
Rising hopes of a soft landing for the US economy likely hinge on the Federal Reserve’s willingness to tolerate inflation… Read More »US Economic Soft Landing Hinges on Fed’s Tolerance of Inflation
Summer vacation season is in full swing. As you relax on your favorite beach, lake or mountain trail, you might… Read More »10 Things For Retirees To Know About Buying A Second Home
Almost 50 percent of U.S. adults report being able to save some for retirement, according to a new Axios/Ipsos poll. The… Read More »Roughly half in new poll say they’re able to save for retirement
KEY POINTS Summer can be an ideal time to slow down, reflect and reset your money mindset. You also may find… Read More »Midyear check-in: Take these 3 actions now to start cleaning your financial house
(Bloomberg) — Most economists expect the Federal Reserve to lift interest rates one more time next week as it ends… Read More »Fed Seen Hiking Final Time to a 22-Year Peak in Economist Survey
The Federal Reserve launched its much-anticipated real-time payments system on Thursday. The FedNow Service will settle payments between banks and other financial institutions 24… Read More »FedNow, the Fed’s instant payments system, is live
You’ve probably heard a lot about the benefits of ChatGPT lately. There is no doubt that it’s everywhere now. Individuals use it… Read More »The Top 3 Do’s and Don’ts of Integrating ChatGPT into Your Business
New York (CNN)— A recession could be miles away — or it could be just around the corner. It’s the storm… Read More »Americans aren’t rebuilding their savings fast enough
The Big Four accounting firms are trimming their consulting ranks—sometimes months after a promotion—after forecasting slower growth as more businesses… Read More »Big Four Accounting Firms Pare Their Consultant Ranks in Postpandemic Reversal
Big investment banks are turning more bearish on the dollar as expectations grow that a “soft” economic landing will reduce… Read More »Wall Street banks ditch bullish dollar bets over ‘soft landing’ hopes
(Bloomberg) — Americans are increasingly likely to get turned down when they apply for credit, according to a new Federal… Read More »More Americans Are Getting Turned Down for Loans, Fed Data Shows
Washington, DC (CNN) — Some Federal Reserve officials are already advocating for two consecutive rate hikes starting this month to ensure inflation’s… Read More »The Fed is debating getting rate hikes out of the way sooner
The US economy has a better chance of avoiding a recession in the next 12 months following recent positive data… Read More »Goldman’s Hatzius Cuts Odds of US Recession in Next Year to 20%
The numbers: The University of Michigan’s gauge of consumer sentiment rose to a preliminary July reading of 72.6 from a June… Read More »U.S. consumer sentiment soars in July to highest level since September 2021
Wall Street is more convinced than ever that inflation is subsiding. That’s giving investors hope that the Federal Reserve might… Read More »Markets Appear Convinced the Fed Can Pull Off a Soft Landing
Dive Brief: Dive Insight: The forecast of anemic growth aligns with what the National Federation of Independent Business calls a “dismal”… Read More »Economy struggling in ‘slowcession’: Moody’s
Dive Brief: Dive Insight: The rise in bankruptcies follows a shift seen late last year as total commercial filings ticked… Read More »Business bankruptcies pick up again
With the S&P 500 up 25% in nine months and sitting at its best level since April 2022, people want… Read More »S&P 500 on Track to Hit Record High Before Year-End, Goldman’s Flood Says
WASHINGTON (AP) — Wholesale prices in the United States decelerated again last month, the latest sign that inflationary pressures are… Read More »US wholesale prices for June point to further easing of inflation pressures
KEY POINTS Inflation fell to its lowest annual rate in more than two years during June, the product both of… Read More »Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases
(Reuters) – The Federal Reserve will likely need to raise interest rates further to bring down inflation that is still… Read More »Fed closing in on end of rate hiking cycle, central bank officials say
‘Better than feared’ — a theme that fueled stock gains for the past two earnings seasons — is not going… Read More »Pricey Stocks Mean Typical Earnings Season Boost Is Unlikely
Americans are not feeling very confident about their money these days. In fact, fewer than 1 in 3 adults in… Read More »Here’s the salary Americans say they need to feel financially secure
When a person retires with a company retirement plan, it’s important to know the pros and cons of rolling over… Read More »Should You Roll Over Your Retirement Plan When You Retire?
The surge in Americans quitting their jobs has abated since peaking during the pandemic, another sign that the labor market… Read More »Americans Have Quit Quitting Their Jobs
The COVID-19 pandemic, along with turbulent markets in the past years, have heavily shaped consumer sentiment on financial wellness and… Read More »How Each Workforce Sees Their Retirement in a Post-Pandemic World
Going back to work after retiring isn’t something many retirees think about when they enter their golden years, but given… Read More »Leaving Retirement? Three Things to Consider Before You Unretire
Deandrea Rahming was eager to go back to work when her youngest child started school, but after more than a… Read More »Women are returning to the job market in droves, just when the U.S. needs them most
The Nasdaq Composite recorded its best first half of the year since 1983, after investors flocked to companies in the… Read More »Nasdaq records best start to year in four decades
The nation’s biggest banks are healthy enough to keep lending in the face of a severe economic shock, the Federal… Read More »Fed says nation’s largest banks can withstand severe economic shock
Federal Reserve Chair Jerome Powell signaled policymakers could potentially raise interest rates in July and September to curb persistent price… Read More »Powell Signals Fed Open to Two Straight Hikes at Coming Meetings
KEY POINTS The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big… Read More »First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision
KPMG is cutting 5 per cent of its workforce in the US, its second round of job cuts this year,… Read More »KPMG to axe 5% of US workforce as demand for services slows
The world’s central banks raced at an extraordinary pace over the past year to cool inflation, but it hasn’t proved… Read More »Why Economies Haven’t Slowed More Since Central Banks Hit the Brakes
KEY POINTS Having ample cash set aside can help prevent an unexpected emergency from turning into a financial catastrophe. But when it… Read More »57% of people are uncomfortable with their level of emergency savings. Here’s how much they think they need
In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board… Read More »Historic global standards for sustainability reporting released
Smaller, speculative stocks have endured a historically weak stretch. Investors are betting that a turnaround is finally in the works.… Read More »Hopes Rise for Rally in Small Stocks After Historic Underperformance
(Reuters) – U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank would move interest rates at a… Read More »Fed’s Powell says rate hikes will come at a “careful pace” from here
A major trouble sign when it comes to America’s sagging retirement system: The gulf between what many people say they… Read More »Here’s how much money Americans think they need to retire comfortably
Short sellers are ramping up bets against US stocks even as paper losses on the positions surpass $100 billion. Total… Read More »Short Bets on US Stocks Hit $1 Trillion, Most Since April 2022
KEY POINTS Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest rate increases are likely ahead until additional progress is… Read More »Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go’
(Reuters) – The number of people filing for state unemployment benefits for the first time held steady at a 20-month… Read More »U.S. jobless claims hold steady at 20-month high, current account gap widens
The IRS reduced its backlog of unprocessed original tax returns by 80% from the 2022 to the 2023 tax filing… Read More »Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
“Flat” is the new relief for retirees, according to a report from Fidelity Investments. The annual Retiree Health Care Cost Estimate Fidelity… Read More »Retiree health care cost estimate ‘flat,’ Fidelity says
After going from boom to bust in one short year, the environment for initial public offerings in the US is… Read More »Goldman Says IPO Bust Looks Like It’s Ready to Boom Once Again
NEW YORK (AP) — Charitable giving in the United States declined in 2022 — only the fourth time in four… Read More »Charitable giving in 2022 drops for only the fourth time in 40 years: Giving USA report
KEY POINTS Over the three-year-long pause on student loan payments, the U.S. Department of Education has repeatedly told borrowers their bills… Read More »It’s official: Student loan payments will restart in October, Education Department says
Inflation in the US won’t come down as quickly as markets are currently pricing, according to strategists at Goldman Sachs… Read More »Goldman Says Markets Too Optimistic on Pace of US Inflation Drop
(Reuters) – Goldman Sachs (GS.N) analysts have cut forecasts for China’s economic growth, citing persistently weak confidence and the cloud over the… Read More »Goldman Sachs cuts China growth forecast as property slowdown bites
(Reuters) – A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from… Read More »‘Great Resignation’ continues as quarter of workers look to change jobs, PwC says
Automatic enrollment in 401(k) plans is helping Americans save for retirement in record numbers, a new study shows. According to… Read More »Retirement saving at new high thanks to automatic enrollment
As organizations fret over the potential risks of remote work, new research suggests the real dangers lurk within the office… Read More »Why In-Office Work Is The Real Threat to Cybersecurity
(Reuters) – BofA Global Research now expects two more quarter percentage point interest rate hikes from the U.S. Federal Reserve… Read More »Bank of America expects Fed to deliver two more rate hikes, JP Morgan adds July hike expectation
Service-industry jobs will likely need to weaken further for the Federal Reserve to bring inflation back to its 2% target,… Read More »Services Key to Bringing Inflation Down, Powell Says
WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve. Chair Jerome Powell… Read More »Fed Chair Powell sees progress on inflation, though not quickly enough
KEY POINTS Nearly all Americans are cutting back on their spending in some way, according to a new CNBC and… Read More »Nearly all Americans cut back on spending due to inflation, CNBC survey finds
KEY POINTS Many Americans feel wealthy — but don’t necessarily measure it in dollars and cents. Well-being, not money, has become the… Read More »What does it take to be wealthy? Well-being is a more important measure than money or assets, survey finds
Slowing inflation is cheered by most people, but for Social Security recipients, it’s a double-edged sword. Annual inflation cooled in May… Read More »What is the projected COLA for 2024? Social Security recipients may see it shrink more.
U.S. inflation slowed in May, supporting the case for Federal Reserve officials to pause their run of interest-rate hikes this… Read More »U.S. inflation slows, giving room for Federal Reserve to pause rate hikes
WASHINGTON (AP) — Wholesale prices in the United States dropped 0.3% from April to May, another sign that inflationary pressures… Read More »Inflationary pressures continue to ease, producer prices drop 0.3% from April to May
NEW YORK (AP) — Check fraud is back in a big way, fueled by a rise in organized crime that… Read More »Cases of check fraud escalate dramatically, with Americans warned not to mail checks if possible
Goldman Sachs boosted its year-end price target for the S&P 500 to 4500 from 4000, implying a roughly 5% upside… Read More »Goldman Sachs Raises S&P 500 Price Target
KEY POINTS The inflation rate cooled in May to its lowest annual rate in more than two years, likely taking… Read More »Inflation rose at a 4% annual rate in May, the lowest in 2 years
New York (CNN) — The S&P 500 officially entered a bull market on Thursday, gaining 20% off of its lows in October. But those big… Read More »America has lost half its public companies since the 1990s. Here’s why
Federal Reserve policymakers are about to take their first break from an interest-rate hiking campaign that started 15 months ago,… Read More »Fed Is Set to Pause and Assess the Effect of Rate Hikes
Bank of America Corp.’s Savita Subramanian is not only calling a formal finale to the bear market that has plagued… Read More »BofA Says Stock Bull-Market Means More Gains 92% of the Time
I bonds are no longer the darling of investors now that the Federal Reserve has raised interest rates 10 times in… Read More »Inflation’s easing. Do Americans still need their I bond protection? Experts weigh in
To Roth or not to Roth? For more than two decades, retirement savers have pondered that question. Should they get… Read More »Are You Ready to ‘Rothify’ Your Retirement?
(Reuters) – Goldman Sachs Group Inc. (GS.N) is planning for a period of sluggish growth and higher inflation, the bank’s president John… Read More »Goldman Sachs planning for sluggish growth, higher inflation
A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker… Read More »S&P 500 Enters Bull Market as Tech Rally Resumes: Markets Wrap
You can’t survive in a fast-paced environment without financial management — there is no argument with that. Bookkeeping is the key to… Read More »How AI Is Transforming the Accounting Industry — and What the Future Will Look Like
CFOs have always served as mission-critical liaisons between different units within a business, conduits to sponsors of private equity-backed businesses,… Read More »How CFOs Can Optimize Cash Flow: 4 Steps
The S&P 500, the index obsessed over by investors, executives, and government officials, on Monday came close to finishing 20… Read More »Is the Bear Market Over? It Depends.
(Reuters) – Morgan Stanley warns of a 16% drop in profit for S&P 500 companies this year, followed by a… Read More »Morgan Stanley sees slump in US earnings in 2023, sharp rebound next year
For those wondering when AI will start replacing human jobs, the answer is it already has. Artificial intelligence contributed to nearly… Read More »AI eliminated nearly 4,000 jobs in May, report says
Unexpectedly strong hiring across the US economy has piled pressure onto the Federal Reserve to raise interest rates later this… Read More »Hot jobs market piles pressure on Federal Reserve to raise rates later this summer
(Reuters) – The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government’s $31.4… Read More »US Congress averts historic default, approves debt-limit suspension
When we look at recent declines in tech valuations, it’s tempting to turn to prior down markets for guidance on… Read More »Downturns Recover In Years. Popped Bubbles Take Decades
Three years ago, at the onset of the COVID-19 pandemic, CPA decision-makers in business and industry were historically pessimistic about… Read More »Pessimism, contraction plans rise for CPA decision-makers, survey shows
A phenomenon that defined the pandemic-era labor market is over: the Great Resignation — workers furiously quitting for new, likely… Read More »The Great Resignation is over, quit rates return to pre-pandemic levels
Bond traders look set to pivot from worrying the US wouldn’t raise its debt limit to fretting about what the… Read More »Debt-Ceiling Relief May Be Short as Focus Turns to T-Bill Deluge
KEY POINTS Inflation stayed stubbornly high in April, potentially reinforcing the chances that interest rates could stay higher for longer,… Read More »Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed
The government’s two main measures of US economic activity diverged in the first quarter, with one gauge painting a picture… Read More »Two Key Gauges of US Economic Activity Diverged in First Quarter
Federal Reserve officials were divided at their last meeting over where to go with interest rates, with some members seeing… Read More »Fed officials less confident on the need for more rate hikes, minutes show
KEY POINTS Even as inflation cools, consumers still show signs of strain. As of April, the share of adults feeling stretched too… Read More »Share of six-figure earners living paycheck to paycheck jumps, report finds. Advisor offers ways to break the cycle
Investors are boosting their bullish bets on US equities, making positioning increasingly “one-sided,” according to Citigroup Inc. strategists. Market participants… Read More »Citi Says Buyers Plow $21 Billion Into US Stocks
KEY POINTS When it comes to managing money, women face unique challenges. Women tend to live longer than men, which means they need… Read More »Women need financial freedom to ‘live on their terms,’ advisor says. These 3 strategies can help
Imagine boarding a plane for a long-awaited retirement vacation in Hawaii. Before takeoff, the captain announces the crew is fairly… Read More »Saving for Retirement Isn’t Enough: You Need a Wealth Plan
Preparing for retirement is something most adults will do their entire working lives, but ensuring a successful post-retirement life has… Read More »How to Retire in 5 Years
WASHINGTON, D.C. — Americans remain guarded about their personal finances, with the majority (55%) saying their financial situation is “only… Read More »Americans Remain Discouraged About Personal Finances
Eighteen months since the start of a near year-long selloff, the Nasdaq 100 Index has recovered half the losses that… Read More »Nasdaq 100’s Big Recovery Faces a Key Tipping Point
KEY POINTS The IRS flagged more than 1 million tax returns for potential identity theft during the 2023 tax season, according to… Read More »IRS flagged more than 1 million tax returns for identity fraud in 2023
Work isn’t necessarily supposed to be fun, but should it be causing employees so much emotional distress? According to a new report by… Read More »The ‘Sunday scaries’ every day? Why 87% of employees dread work
Economists and policymakers are bracing for a long and rocky road back to the US Federal Reserve’s target of 2… Read More »Fed faces a long battle to trim inflation to its 2% target
ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep… Read More »Repelled by high car prices, Americans are holding on to their vehicles longer than ever
Minneapolis (CNN) — Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable.… Read More »Americans’ debt surpasses $17 trillion for the first time
KEY POINTS An emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash… Read More »Here’s how much emergency savings you need amid economic uncertainty, according to financial advisors
Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all… Read More »Plunging Tax Revenue Accelerates Debt-Ceiling Deadline
Just like spring and summer always lead to fall and winter, we know winter is coming and another recession is on the… Read More »Preparing for the Next Recession: Six Considerations for Retirees
The IRS, which spent the pandemic years mired in backlogs of mail, said this week that it has processed all… Read More »IRS backlog lessens; agency plans to resume collection notices
Job satisfaction hit a 36-year high in 2022, reflecting two effects of the tight pandemic labor market: The quality of jobs… Read More »Workers Are Happier Than They’ve Been in Decades
KEY POINTS Wholesale prices rose less than expected in April, according to a Labor Department report Thursday that provides more… Read More »Wholesale prices rose just 0.2% in April, less than estimate as inflation pressures ease
KEY POINTS A widely followed measure of inflation rose in April, though the pace of the annual increase provided some… Read More »Inflation rate eases to 4.9% in April, less than expectations
(Reuters) – U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several filing for bankruptcy… Read More »Factbox: U.S. corporate bankruptcies at highest level since 2010
Corporate results this quarter have mostly outpaced expectations, but accusations of so-called ‘sandbagging’ remind one strategist of an early 2000s… Read More »Earnings season: Low expectations make it like getting ‘9th place ribbon’ says analyst
Federal Reserve Chair Jerome Powell reckons the US economy can skirt recession. But the odds are stacked against him —… Read More »Powell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC Standoff
The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5%… Read More »Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike
Federal Reserve officials are on track to increase interest rates again at their meeting this week while deliberating whether that… Read More »Fed Set to Raise Interest Rates to 16-Year High and Debate a Pause
WASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as… Read More »Treasury’s Yellen says US could default as soon as June 1
With COVID-19 no longer considered a national emergency, the IRS will return to in-person public hearings for proposed regulations with… Read More »IRS returns to in-person public hearings; telephone still an option
(Reuters) – U.S. consumer spending was unchanged in March as an increase in outlays on services was offset by a… Read More »US consumer spending flattens; core inflation still hot
(Bloomberg) — Chair Jerome Powell has achieved a near-perfect consensus as the Federal Reserve raised interest rates aggressively. Now, with… Read More »Jerome Powell Could Face More Opposition as Fed Choices Get Tougher
KEY POINTS The U.S. personal savings rate remains below its historical average, according to the U.S. Bureau of Economic Analysis. The seasonally… Read More »Americans are saving far less than normal in 2023. Here’s why
If you’re looking to buy a home, new federal rules may impact how much you pay for a mortgage. Beginning… Read More »Why having good credit could cost you more on a home mortgage
KEY POINTS Growth in the U.S. slowed considerably during the first three months of the year as interest rate increases… Read More »U.S. GDP rose at a 1.1% pace in the first quarter as signs build that the economy is slowing
Tech giant Apple last week announced a buzzy product release — but it wasn’t a new version of its iPhone or virtual reality headset.… Read More »High-yield savings accounts surge amid shaky stock market, experts say
The IRS will use audit rates from 2018 to determine what percentage of individual taxpayers reporting income under $400,000 a… Read More »Werfel: IRS will audit individuals under $400K at 2018 rates
Buzzfeed isn’t the only company that merged with a SPAC that’s hurting. Of the 365 companies that listed publicly through a… Read More »More Than 25% of the Companies That Merged With SPACs During the Boom Are Penny Stocks Now
More evidence continues to show just how challenging today’s venture funding environment is compared to the pandemic-era boom. Nationally, tech… Read More »VC deals continue to fall across US startup hubs
Stocks were muted Wednesday as another heavy day of corporate earnings got under way, with companies broadly posting results that… Read More »Stocks Muted Amid Rush of Earnings
WASHINGTON (AP) — Taxpayers who called the IRS had an average wait time of four minutes this tax season compared… Read More »Calling the IRS? Hold times are way down this tax season
KEY POINTS Negative headlines about Social Security’s future may be affecting how prepared people feel when it comes to their own retirement. Almost three-quarters,… Read More »74% say they can’t count on Social Security when planning for retirement. Here’s what not to do
Some CFOs are choosing to look on the bright side. Despite a potential recession, more than half of finance leaders… Read More »CFO optimism is up, but cost concerns remain
Parents are stepping in to help their adult children when they’re in a financial pinch, but many are sacrificing their… Read More »Survey: 68% have made a financial sacrifice to help their adult children with money
KEY POINTS New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA,… Read More »As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon
KEY POINTS The International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more… Read More »IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990
KEY POINTS Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday.… Read More »Inflation rises just 0.1% in March and 5% from a year ago as Fed rate hikes take hold
(Reuters) – The U.S. economy is at risk of shrinking in the second quarter, BofA Global Research wrote in a… Read More »BofA sees ‘meaningful risks’ of Q2 U.S. economic contraction
Corporate America is facing its sharpest drop in profits since the early stages of the coronavirus pandemic, according to Wall… Read More »US companies face biggest decline in profits since Covid shutdowns
(Bloomberg) — US bank lending contracted by the most on record in the last two weeks of March, indicating a… Read More »US Bank Lending Slumps by Most on Record in Final Weeks of March
For engineers and other tech workers, landing a job with one of the industry’s best-known companies was long the ultimate… Read More »As Tech Jobs Disappear, Silicon Valley Veterans Reset Their Careers
Thinking of starting a side hustle? According to the latest New Business Insights survey commissioned by Intuit Quickbooks, millions of Americans are… Read More »7 Things to Know Before Starting Your Side Hustle
The red-hot labor market cooled some in March, with hiring gains moderating and wage growth easing as more workers sought… Read More »March Jobs Report Shows Hiring Gradually Cooling
Corporate bankruptcy petitions in the U.S. surged last month and first-quarter filings this year reached the highest level since 2010,… Read More »US corporate bankruptcy filings spiked in March: S&P Global
KEY POINTS Companies announced nearly 90,000 layoffs in March, a sharp step up from the previous month and a giant… Read More »Layoffs are up nearly fivefold so far this year with tech companies leading the way
The IMF’s managing director has warned that the global economy is facing years of slow growth, with medium-term prospects their… Read More »Global economy set for years of weak growth, IMF chief Kristalina Georgieva warns
Stocks ended the quarter on a positive note, after a stormy three months in which markets were whipsawed by strains in the… Read More »Stocks Close Higher in Last Session of Turbulent Quarter
(Bloomberg) — Women created about half of new US businesses for the third year in a row in 2022, largely… Read More »Women Are Still the Driving Force of US Post-Covid Entrepreneurs
KEY POINTS The Social Security trust funds that about 67 million Americans rely on for benefits are scheduled to be depleted in… Read More »Social Security trust funds depletion date moves one year earlier to 2034, Treasury says
The numbers: The cost of U.S. goods and services rose by a milder 0.3% in February, perhaps a sign the Federal… Read More »Inflation softens in February, PCE finds and takes some pressure off Fed
The Nasdaq 100 Index surged into a new bull market Wednesday for the first time in nearly three years as… Read More »Nasdaq 100 Enters Bull Market as Bank Jitters Ease, Tech Rallies
Reconciling previously contradictory results, researchers from Penn and Princeton find a steady association between larger incomes and greater happiness for… Read More »Does more money correlate with greater happiness?
Sometimes individuals submit applications for Social Security retirement benefits but then have a change of heart. Perhaps they retired or… Read More »How to reverse course on collecting Social Security
KEY POINTS It’s getting harder to keep up with higher prices. As of February, 62% of all U.S. adults were… Read More »With 62% of Americans living paycheck to paycheck amid inflation, more people have a side job
FASB on Monday released an amendment to an Accounting Standards Update designed to improve leases guidance on related party arrangements… Read More »FASB issues update to leases guidance
KEY POINTS With the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as… Read More »The IRS has issued nearly 54 million tax refunds. Here’s the average payment
Global financial markets are poised for another week of volatility, as traders close out a dizzying month in which worries about US… Read More »Investors Brace for Another Week of Volatility as Mad March Ends
First Citizens has agreed to buy a $72 billion chunk of Silicon Valley Bridge Bank, the California lender formerly known as Silicon… Read More »First Citizens is acquiring $72B in deposits and loans from Silicon Valley Bridge Bank
KEY POINTS When you’re on a tight budget, It can be tough to decide between contributing to your retirement savings… Read More »Retirement vs. emergency savings: How to prioritize in a shaky economy
(Reuters) – Bank of America and UBS trimmed their terminal rate expectations on Thursday after the U.S. Federal Reserve hinted… Read More »BofA, UBS trim forecast for Fed funds rate amid banking crisis
Federal Reserve Chair Jerome Powell and his colleagues are expecting a sharp dropoff in economic activity through the rest of… Read More »New Fed Forecasts Suggest Central Bank Is Bracing for Recession
The Internal Revenue Service’s Criminal Investigation unit investigated nearly 1,000 tax and money laundering cases related to COVID-19 relief, with… Read More »IRS investigators uncover billions in COVID tax fraud
62, 65, 67, 70. All these ages are important when it comes to Social Security and Medicare. And these ages… Read More »Here’s why retirement age matters for Social Security and Medicare
KEY POINTS The Federal Reserve raised the target federal funds rate by a modest 0.25 percentage points on Wednesday, after nearly two weeks… Read More »Here’s what the Federal Reserve’s 25 basis point interest rate hike means for your money
WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate… Read More »Fed raises key rate by quarter-point despite bank turmoil
Despite last year’s upheaval, many investors are sticking with long-term plans and tightening their budgets instead of moving money out… Read More »Investors Nearing Retirement Show Patience With Markets
(Reuters) – Goldman Sachs is expecting a pause this week from the U.S. Federal Reserve after a year-long rate increase… Read More »Global banking turbulence prompts Wall Street banks to trim hawkish Fed bets
New York (CNN) — It’s difficult to overstate the influence that Silicon Valley Bank had over the startup world and the ripple… Read More »Silicon Valley Bank left a void that won’t easily be filled
Treasury secretary defends ‘decisive and forceful actions’ by regulators to avert broader crisis Shares of First Republic and other regional… Read More »First Republic rallies as Yellen says US prepared to give more support
The IRS should spend more of its $80 billion appropriation over 10 years on taxpayer services and business systems modernization… Read More »Taxpayer services should get more of that $80 billion, advocate says
When does doing a little work on vacation turn into a stay that piques the interest of local tax authorities?… Read More »Logging into Zoom at the beach could land you a tax bill
The collapses of Silicon Valley Bank and Signature Bank over the weekend continue to dominate headlines and send ripples through markets. But even… Read More »More Companies Are Going Bust This Year—and It’s Not Just Banks
Before the pandemic, Logikcull had an office in downtown San Francisco and, like most tech companies, it had a lot of… Read More »Could this meeting have been an email? Employees are over meetings. Now companies are too
KEY POINTS Wholesale prices posted an unexpected decline in February, providing some encouraging news on inflation as the Federal Reserve… Read More »Wholesale prices post an unexpected decline of 0.1% in February; retail sales fall
KEY POINTS The pace of wage growth seems to be decelerating, according to the February jobs report issued Friday — but workers… Read More »Wage growth is cooling — but workers still have bargaining power, economists say
NEW YORK (AP) — Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced… Read More »Government races to reassure US that banking system is safe
Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to… Read More »U.S. Inflation Cooled in February as Fed Confronts Bank Failures
A US court has ruled that “gig” economy giants including Uber and Lyft can continue treating their workers as independent… Read More »US court rules Uber and Lyft workers are contractors
If you sometimes feel like your days are being taken up by meeting after meeting, leaving you little time to… Read More »This is how a no meeting week boosts employee productivity and wellbeing
73% of workers with a side hustle are actively thinking about quitting their job. 60% of workers said that they… Read More »Up to 45 Percent of Americans Have a Side Hustle
Overall, positivity about the U.S. economy remains muted, with just 23% of respondents to a recent survey saying they are optimistic about… Read More »Inflation, talent, labor costs: 3 challenges amid slightly rising optimism
(Bloomberg) — President Joe Biden unveiled a $6.9 trillion budget proposal on Thursday, a defiant opening salvo in high-stakes negotiations… Read More »Biden Fires $6.9 Trillion Salvo to Open Budget Showdown With GOP
Should you buy long-term care insurance or save up to self-insure? There are many trade-offs to consider. And, surprise: It… Read More »Long-Term Care Insurance: To Buy or Not to Buy?
After hitting a historic low at the end of 2022, the outlook on the U.S. economy rebounded somewhat in February… Read More »Economic optimism is still low but improving; concerns about inflation remain
US companies added more jobs than expected in February, underscoring persistent demand for labor that’s keeping wage growth elevated. Private… Read More »US Companies Added More Jobs Than Expected as Demand for Workers Remained Elevated
Although the most significant advantage is the limited liability protection it provides its shareholders, the S Corp election also avoids… Read More »Milestones for S Corporation Election
ChatGPT can write essays, poetry, letters, and more, so we posed the question—can it do our taxes? Our company, TaxBuzz,… Read More »ChatGPT’s Tax Advice Was Wrong 100% Of The Time
KEY POINTS Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers… Read More »Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated
As ChatGPT’s trendiness questions the value of some parts of the workforce, the value of human intuition is also up… Read More »ChatGPT’s Impact on CFOs: What is AI’s Limit in Replacing Humans?
Household debt rose to new levels in 20 years — jumping $394 billion in the fourth quarter of the year… Read More »U.S. Household Debt Hit a Record $16.90 Trillion in 2022
Cumberland, Rhode Island — Maryann O’Connor is juggling two jobs, sometimes working up to 11 hours per day, not what she… Read More »Millions of Americans nearing retirement age with no savings
I predict 2023 is going to be a year of reordering as the true breakthrough companies separate themselves from the… Read More »Predictions for 2023: A make-or-break year for startups
This week, the Federal Deposit Insurance Corp. released its latest quarterly banking profile. That’s a survey of thousands of large and… Read More »Businesses and consumers are borrowing more, despite rising interest rates
The first quarter of this year finds businesses confronting plenty of tax and business challenges. Rising interest rates and inflation… Read More »Top 10 tax-planning considerations for 2023
Performance metrics are evolving. It’s time for financial leaders to do the same. In the digital economy, businesses are finding… Read More »4 Ways to Turn Your KPIs Into Strategic Assets
The numbers: A key barometer of American factories was negative for the fourth month in a row at 47.7%, as manufacturers… Read More »U.S. factories contract for a fourth straight month, ISM shows, but there might be a silver lining
It’s a tough pill to swallow, but the entire VC ecosystem is slowly accepting that it will be a long… Read More »Calculate it: How long will it take to grow into old valuations?
New York Times, I.R.S. Decision Not to Tax Certain Payments Carries Fiscal Cost: More than 20 state governments, flush with cash… Read More »NY Times: IRS Decision Not To Tax State Stimulus Payments Carries Fiscal Cost
The U.S. Supreme Court held Tuesday in a 5-4 decision that the $10,000 penalty for a non-willful failure to file… Read More »Supreme Court holds FBAR penalty is imposed per report, not per account
(Reuters) – U.S. consumer confidence unexpectedly fell in February, with the decrease concentrated among lower-middle-income households, though Americans grew more… Read More »US consumer confidence retreats, house price inflation cools further
(Reuters) – Collapsing ocean shipping rates would seem to be good news for U.S. retailers, but they are now bracing… Read More »U.S. retailers’ ocean shipping price woes ending, but new delays threaten
This decision isn’t easy, thanks to investment, tax, and other considerations. Let’s explore the implications of each. After 40 years… Read More »Should I Sell or Rent My House When I Relocate for Retirement?
KEY POINTS Getting into college is hard enough, but figuring out how to pay for it is another hurdle altogether. Higher education already costs… Read More »3 strategies can get you more financial aid for college
WASHINGTON (AP) — A majority of the nation’s business economists expect a U.S. recession to begin later this year than… Read More »The 2023 US recession now expected to start later than predicted
KEY POINTS For some retirees, heading back to work has emerged as an aspiration. Roughly 1 in 6 retired Americans say they… Read More »1 in 6 retirees are mulling a return to work. What to consider before ‘unretiring’
Inflation that is proving increasingly stubborn will prompt the Federal Reserve to raise interest rates to an even higher peak… Read More »Faster Inflation Portends Higher Fed Peak Rate in Latest Economists’ Survey
Average retirement account balances dropped nearly 25 percent last year, according to a new report by Fidelity. Although retirement balances… Read More »Retirement account balances lost almost 25 percent last year: Fidelity
Many people use their primary email to sign in to practically everything. That’s a privacy nightmare, and you might be… Read More »Using Your Real Email to Sign In? Your Privacy Is at Risk
KEY POINTS The Supreme Court ruled Wednesday that an offshore oil rig worker who earned more than $200,000 annually — and whose company classified… Read More »Supreme Court rules Helix Energy oil rig worker who makes $200,000 is entitled to overtime
Business owners can apply for their Employer Identification Number in minutes and use it to hire employees, borrow, pay taxes,… Read More »8 reasons why you need an EIN for your business and how to apply for one
The final regulations reflect changes made by the Taxpayer First Act that strengthen e-filing requirements. The IRS and the Treasury… Read More »IRS and Treasury Finalize E-Filing Rules for Businesses
(Reuters) – Is the IPO winter finally easing? A year after Russia’s invasion of Ukraine and an inflation rally fueled… Read More »U.S. IPO pick-up offers hope of market re-open
Taxpayers and tax practitioners can now submit information online in response to nine notices rather than mailing the information, in… Read More »Taxpayers can now submit information online in response to 9 IRS notices
Sometimes you just can’t avoid dipping into a retirement fund, but you might be able to qualify for an exception… Read More »Ways to Avoid the Penalty on Early Retirement Withdrawals
The IRS will not meet the Friday deadline imposed by Treasury Secretary Janet Yellen to turn over its spending plan… Read More »IRS misses Friday deadline to turn over $80 billion spending plan
(Bloomberg) — Two of the Federal Reserve’s most hawkish policymakers signaled they may favor returning to bigger interest-rate hikes in… Read More »Fed Officials Support More Rate Hikes to Ensure Lower Inflation
When the stock market reeled last year, the Dow Jones Industrial Average became a place where many found shelter. As… Read More »Dow Lags Market by Most Since 1934 as Stock Rotation Continues
Three types of people could benefit from taking advantage of the after-tax 401(k) contributions option in their company’s retirement plan.… Read More »After-Tax 401(k) Contributions: Pros and Cons
KEY POINTS Sales at retailers rose far more than expected in January as consumers persevered despite rising inflation pressures. Advance… Read More »Retail sales jump 3% in January, smashing expectations despite an inflation increase
Consumer prices rose at a more rapid monthly pace in January, the Labor Department said on Tuesday — interrupting a monthslong… Read More »Consumer prices rise at a faster pace in January
If you ask John Chambers, the startup world is about to be hit with a cataclysm: Within the next two… Read More »Ex-Cisco chief John Chambers says more than 1/3 of all startups will fail in the next two years
Many workers who quit last year in the so-called Great Resignation are now reporting Great Regret as Big Tech layoffs… Read More »‘Great Resignation’ becomes ‘Great Regret’ for job-hoppers
A new study co-authored by Wharton’s Daniel G. Garrett shows that giving businesses tax breaks for investment in new equipment… Read More »Why Capital Investment in Equipment Doesn’t Hurt Employment
Jim Detert just wants to set the record straight. The University of Virginia professor, who holds a joint appointment in… Read More »How Changing the Connotation of ‘Quiet Quitting’ can Benefit the Workplace
KEY POINTS Inflation turned higher to start 2023, as rising shelter, gas, and fuel prices took their toll on consumers,… Read More »Inflation rose 0.5% in January, more than expected and up 6.4% from a year ago
The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will… Read More »IRS Says State-Issued Stimulus Payments are Not Taxable
KEY POINTS Moving money from a 401(k) plan to an individual retirement account — an action commonly known as a… Read More »Rollovers from a 401(k) plan to an IRA: Weigh these 7 factors first
The IRS has asked a tax group for information from 21 states as it works to determine whether special tax… Read More »IRS seeks information on 21 states regarding special payments, refunds
The Federal Reserve has raised rates rapidly. But instead of cracking, some data point to an economy that’s thriving. Many… Read More »What Recession? Some Economists See Chances of a Growth Rebound.
US government bond investors pushed two-year yields above 10-year yields by the widest margin since the early 1980s Thursday, a… Read More »Treasury Yield-Curve Inversion Reaches Deepest Level Since the 1980s
A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate… Read More »NY Times: Black Americans Are Much More Likely To Face Tax Audits, Study Finds
WASHINGTON — In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X,… Read More »New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed up refunds
WASHINGTON, D.C. — Reflecting on their personal financial situations, 35% of Americans say they are better off now than they… Read More »Half in U.S. Say They Are Worse Off, Highest Since 2009
Federal taxability of state-issued stimulus payments is causing frustration for taxpayers and tax professionals. Indeed, whether or not state-issued stimulus… Read More »Are State Tax Refunds And Rebates Federally Taxable? It Depends.
(Reuters) – U.S. stocks rallied to a convincingly higher close on Tuesday, but trade was choppy as investors digested comments… Read More »Wall Street rallies but trade choppy as investors digest Powell’s comments
Data last week showed that the unemployment rate stands at a 53-year low. Treasury Secretary Janet Yellen rejected recession fears in an… Read More »Treasury Secretary Janet Yellen rejects recession fears, says the economy is ‘strong’
Economists at Goldman Sachs Group Inc. said the risk of a US recession is receding amid a persistently strong jobs… Read More »Goldman Cuts US Recession Odds to 25% on Jobs, Business Outlook
Wall Street regulator is revisiting how proposals would affect financial reporting The Securities and Exchange Commission is considering a softening… Read More »SEC Considers Easing Climate-Disclosure Rules After Investor Pushback
After a strong jobs report, traders are betting the Fed might raise interest rates two more times this year The… Read More »Upbeat Economic Data Keep Investors on Edge About Fed
The federal research and development (R&D) Tax Credit is a useful credit for businesses of all sizes. The credit is… Read More »R&D Tax Credit Misconceptions and Guidelines
Starting in January, the IRS has answered calls to its Practitioner Priority Service telephone line in under 10 minutes, thanks… Read More »Wait times for practitioner phone line reduced, IRS official says
Financial Accounting Standards Board proposes that U.S. companies use fair-value accounting to measure certain cryptocurrency assets The Financial Accounting Standards… Read More »Standards Setter Floats New Rule on Crypto Accounting
President Joe Biden dislikes them. The taxman is coming after them. And Wall Street strategists warn the boom won’t last.… Read More »Stock Buybacks Race to Record $132 Billion Start as Companies Snub All Warnings
KEY POINTS Economists expect slightly slower, but still strong job growth in January, while the impact of corporate layoff announcements… Read More »January job growth is forecast to slow slightly, but the impact of big corporate layoffs is uncertain
Strategies around talent recruitment and retainment are a principal focus for CFOs, according to a new study by CFO. Competition… Read More »78% of CFOs Say Quiet Quitting is a Problem: Weekly Stat
The law known as the Tax Cuts and Jobs Act (TCJA),1 enacted in 2017, made significant changes to the corporate and… Read More »Taxpayer marital status and the QBI deduction
The Fed has raised interest rates to cut prices but the move risks a recession. The Federal Reserve said Wednesday… Read More »Fed approves 0.25% hike, softening rate increases again
WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to a nine-month low… Read More »U.S. weekly jobless claims drop to nine-month low; productivity gains speed
CHICAGO/DETROIT, Jan 31 (Reuters) – The companies that produce goods at the heart of the U.S. consumer economy – SUVs,… Read More »U.S. execs sound a note of caution even as earnings outstrip estimates
(Bloomberg) — The share of Americans who say they live paycheck-to-paycheck climbed last year, and most of the new arrivals… Read More »Even on $100k Plus, More Americans Are Living Paycheck-to-Paycheck
Stocks rose on Tuesday as strong earnings and encouraging inflation data pushed the S&P 500 to its best January since… Read More »Dow closes more than 350 points higher, S&P 500 caps best January in four years
Wall Street Journal, Who Goes First on Your Joint Tax Return? Probably Not the Woman. The IRS doesn’t care, so why… Read More »WSJ: Whose Name Goes First On Your Joint Tax Return? Probably Not The Woman.
US Treasury Secretary Janet Yellen said persistently weak inflation is likely to return as a long-term challenge for the economy… Read More »Yellen Sees Low Inflation as More Likely Long-Term Challenge
If something’s going to be painful, it’s easier to bear if it’s of short duration, at least in some contexts. … Read More »2023 Recession Could Last 3 Quarters
The business interest expense deductibility limitation provisions of Sec. 163(j) have taken on a broader scope since the passage of… Read More »Sec. 163(j) business interest limitation: New rules for 2022
“It’s safe to assume your Social Security number is in the hands of someone you don’t want to have it,”… Read More »With fraud on the rise, experts urge taxpayers to file their tax returns early
(Reuters) – U.S. central bankers have unambiguously telegraphed this week’s policy decision: a quarter-of-a-percentage-point increase in their benchmark interest rate,… Read More »Fed’s words in focus as markets bet rate hikes will soon end
SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes.… Read More »Highlights of SECURE Act 2.0 for Individuals
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 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
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
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
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
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
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
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