KEY POINTS The percentage of people who are uncomfortable with the money theyhave set aside is now 58%, up from… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash
At the end of May 2022, the agency had a backlog of 21.3 millionunprocessed paper tax returns, an increase of… Read More »IRS Still Has Backlog of 21.3 Million Tax Returns
Equities have yet to fully price in the risk of a recession and mayhave further fall, according to Morgan Stanley… Read More »Morgan Stanley and Goldman see more stock market losses
NPR’s Leila Fadel talks to Stephen Cecchetti, professor ofinternational finance at Brandeis University, for a preview ofPowell’s testimony which follows… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels
And 40% of those surveyed have less than $50,000 saved for their old age Many older Americans are willing to… Read More »Nearly one-third of older Americans have less than $10,000 saved for retirement
Goldman Sachs Group Inc. economists warned the risk of a US recessionhas grown more likely, and have downgraded their gross… Read More »Goldman Warns US Recession Risk Now Higher and More Front-Loaded
NEW YORK, June 16 (Reuters) – Investors’ faith in a soft landing forthe U.S. economy is being heavily tested, as… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike
The market route has been painful for investors. But the sting may beespecially sharp for anyone who has recently retired… Read More »Retiring into a bear market: What to do, what to avoid
Microsoft’s spreadsheet still dominates corporate finance for plentyof good reasons, but is it holding you back from growth? Why Does… Read More »The Excel Equation: When Is It Time to Move Away?
KEY POINTS The Federal Reserve raised its benchmark interest rates three-quartersof a percentage point in its most aggressive hike since… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994
The Federal Reserve’s plan to raise its benchmark rate to a neutrallevel, around 2.5%, by the end of the year… Read More »A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.
A key inflation reading showed a glimmer of hope on Tuesday, revealinga slight slowdown in rising prices — though they… Read More »Key inflation measure slows slightly but remains uncomfortably high
WASHINGTON (AP) — The Federal Reserve intensified its fight againsthigh inflation on Wednesday, raising its key interest rate bythree-quarters of… Read More »Fed attacks inflation with its largest rate hike since 1994
The US stock market has entered a bear market and if history is anyguide, it could be long and painful.… Read More »Wall Street’s Latest Bear Market May Be Here to Stay for a While
US consumer inflation reached its highest level in more than fourdecades in May as surging energy and food costs pushed… Read More »U.S. Inflation Hit 8.6% in May
The writing is on the wall, and the majority of U.S. economists agreethat the U.S. is in store of a… Read More »Over two-thirds of economists believe a recession is likely to hit in 2023
US inflation accelerated to a fresh 40-year high in May, a sign thatprice pressures are becoming entrenched in the economy.… Read More »US Inflation Quickens to 40-Year High, Pressuring Fed and Biden
WASHINGTON — The Internal Revenue Service today announced an increasein the optional standard mileage rate for the final 6 months… Read More »IRS increases mileage rate for the remainder of 2022
Depending on your income in 2021, you may be feeling the pain ofpaying your state and federal income taxes. Some… Read More »5 States With The Highest State Income Tax Burdens
KEY POINTS Amid high inflation that has become the No. 1 business risk, not asingle chief financial officer surveyed by… Read More »The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey
Treasury Secretary Janet Yellen said Wednesday that tariff reductionson Chinese goods may be warranted as the White House tries to… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars
The stock market has been cratering so far this year — leaving specialpurpose acquisition companies, which buy private firms in… Read More »Wall Street’s blank-check boom has gone bust
Prices for chips and shipping containers have come off peaksCentral bankers are scrambling to snuff out soaring inflation Three of… Read More »Inflation Is Poised to Ease According to These Three Key Indicators
More than 8 in 10 Americans believe the state of the nation’s economyis poor or not so good, according to… Read More »Americans in a new poll deeply pessimistic about the economy
KEY POINTS Japan has made key advancements in the quantum computer race, Indiahas developed its own strategy for the technology,… Read More »The race toward a new computing technology is heating up — and Asia is jumping on the trend
KEY POINTS Social Security’s combined trust funds are now projected to be able topay scheduled benefits until 2035, a full… Read More »Social Security’s funds have a new, later-projected depletion date of 2035. How Congress may shore up the program
KEY POINTS The IRS is working to boost audit rates for the wealthiest Americans,according to a statement from the agency.While… Read More »The IRS is working to increase its audit rates for higher earners
SummaryTesla employed around 100,000 people at end of 2021Musk warned staff on Tuesday to return to the office or leaveU.S.… Read More »Exclusive: Elon Musk wants to cut 10% of Tesla jobs
BlackRock Inc. Chief Executive Officer Larry Fink said he expectsinflation to remain elevated for several years primarily because ofsnarled global… Read More »Fink Sees Elevated Inflation for Years Amid Supply Shocks
The IRS on Wednesday began its annual “Dirty Dozen” series, warning ofabusive tax transactions and scams, with four schemes the… Read More »Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams
KEY POINTS There are two main factors that have Dimon worried: So-calledquantitative tightening, or QT, is scheduled to begin this… Read More »Jamie Dimon says ‘brace yourself for an economic hurricane caused by the Fed and Ukraine war
The US private sector added fewer jobs than expected in May as theFederal Reserve ramped up its effort to slow… Read More »Private businesses added 128,000 jobs in May, marking the smallest gain of the pandemic recovery
The ‘retirement ideal’ has been changing for years. Older people areincreasingly unretiring, changing the shape of this life stage. Picture… Read More »Is this the end of retirement as we know it?
The blue-chip S&P 500 stock index ended the month of May with amarginal 0.01 percent gain, following weeks of tumultuous… Read More »US stocks end volatile May roughly unchanged
Summary The consumer confidence index falls to 106.4 in MayLabor market gauge softens; more say jobs hard to findBuying intentions… Read More »The rising cost of living hurts U.S. consumer confidence; house prices soar
In some instances, C corporations prefer to designate payments asamounts for compensation, rather than payments of dividends. The IRSsees it… Read More »IRS Finds Disguised Non-Deductible Dividends
In a typical month, a couple of hundred American companies disclosesizable seed funding rounds. And every few quarters, Crunchbase Newshas… Read More »5 Areas Where US Seed Funding Is Strong In 2022
Corporate executives have this month bought shares in their companiesat a rate not seen since the early days of the… Read More »Executives ‘buy the dip’ at a rate not seen since the start of the pandemic
Global equity funds saw their biggest inflows in 10 weeks, led by USstocks, as cheaper valuations lured buyers after a… Read More »Dip Buyers Storm Back to Stocks After Selloff
KEY POINTS First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3%Dow Jones estimate and a write-down from… Read More »First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower
Blank-check companies settled on deals to buy a members-only startupairline, a startup augmented reality firm and a company called Two… Read More »SPACs Make Flurry of Deals as Blank Checks Seek Something to Own
KEY POINTS The core personal consumption expenditures price index, the Fed’spreferred inflation gauge, rose 4.9% from a year ago in… Read More »The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing
Beneath the latest global market disruptions are clues that the Federal Reserve is making slow but sure progress in its… Read More »Fed’s Inflation Fight Gets a Boost Amid the Wall Street Rout
KEY POINTS Fed minutes released Wednesday indicated that officials are prepared to move ahead with multiple 50 basis points interest… Read More »Fed minutes point to more rate hikes that go further than the market anticipates
When adding an LLC member, business clients need your guidance on handling the change legally and for tax purposes. Here, Nellie… Read More »6 Steps for Adding New Members to an LLC
WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1,… Read More »IRS interest rates increase for the third quarter of 2022
We’re nearing the end of the second quarter of the year, and it’s been unpleasant to say the least. Inflation,… Read More »The Market Minute: Halfway Through 2022 And The Outlook For SPACs And IPOs Isn’t Good
Another week, another message to startups that the good times are dead. This time the message comes directly from the… Read More »Sequoia Latest To Issue Warning Shot To Founders
All participants at the Federal Reserve’s May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation they agreed… Read More »Fed embraces 50-basis-point rate hikes in June, and July to curb ‘very high’ inflation
Walmart announced on Tuesday that it’s planning on expanding thenumber of stores that offer drone-delivered packages; by the end ofthe… Read More »Walmart is expanding its drone deliveries to reach 4 million households
American workers say it will take $1.1 million on average to retirecomfortably — but less than one in four-figure they’ll… Read More »A Comfortable Retirement Appears Out of Reach for Most Americans
When it comes to retirement planning, educating yourself can keep youfrom making big mistakes. Here are three key lessons that… Read More »Education is Key: 3 Financial Lessons for Retirees Nearing Retirement
Recession fears have markets into panic. But the leaders of America’sbiggest banks and US consumers appear to be in good… Read More »JPMorgan Says U.S. Consumers Are Doing Just Fine
The IRS correctly calculated taxpayers’ eligibility for a recoveryrebate credit in the 2021 filing season 99.3% of the time, theTreasury… Read More »IRS mostly correct on recovery rebate credits, TIGTA says
The Internal Revenue Service issued potentially improper RecoveryRebate Credit payments totaling $898 million, according to a newreport. The report, from… Read More »IRS sent over $800M in potentially improper recovery rebate payments
Stephanie Pomboy digs around to find risks and opportunities whereothers fail to tread. Right now, the founder and president of… Read More »The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy
KEY POINTS Bank of America’s account holders saw strong growth in their balancesduring Covid, CEO Brian Moynihan told CNBC.Moynihan said… Read More »Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says
The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per gallon The average… Read More »Average US gasoline price jumps 33 cents to $4.71 per gallon
Under the Tax Code, the rate of interest is determined on a quarterlybasis. For taxpayers other than corporations, the overpayment… Read More »IRS increases interest rates for Q3
Corporate tax rates in major economies around the world have fallen toan average of just 25.1% this year, according to… Read More »Corporate taxes plunged to a new low worldwide
The national median rent was $1,827 a month in April, up 16.7% from ayear ago, according to a report from… Read More »Rents in the US just hit another record high
‘It’s going to be hard to avoid some kind of recession,’ ChiefExecutive Charlie Scharf says Wells Fargo and company CEO… Read More »U.S. Economy Is Headed for a Downturn, Wells Fargo CEO Says
The Internal Revenue Service has been auditing fewer taxpayers since2010, according to a new report, but audit rates have been… Read More »IRS audit rates plummet, especially for wealthy
Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the… Read More »Does inflation have you worried about retirement? Here’s what experts say to do
Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely… Read More »Powell: ‘Some pain’ may be required to slow inflation
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear… Read More »Powell: Fed to keep hiking rates until it controls inflation
The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default
Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions.… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.
The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.
Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending
KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability… Read More »IRS destroyed 30M paper information returns due to the backlog
With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs… Read More »U.S. profit forecasts weaken as companies assess inflation risks
Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc.… Read More »BofA scales back on SPAC work as bank retreat accelerates
Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices… Read More »US sanctions ban the provision of accounting and consulting services to Russia
To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance… Read More »How to Amend Form 1040 and Submit Form 1040-X
Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says
A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff
The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary… Read More »Fed raises interest rates by 0.50%, the largest move since 2000
Among numerous other changes, the Tax Cuts and Jobs Act (TCJA) chippedaway at several tax breaks for individuals, including the… Read More »Key Tax Rules for Deducting Mortgage Interest
It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse
The pandemic-era trend known as the “Great Resignation” is stillred-hot, as workers enjoy the perks of record-high demand for theirlabor.… Read More »The Great Resignation is still red hot — but may not last
Jerome Powell doesn’t like to bless banks and financial markets, buthe could shift the needle this week on how high… Read More »Powell’s Fed Set to Go Big and Keep Going Until Inflation Tamed
Many of the concerns small business owners have now are about how theycan stay afloat after the COVID-19 pandemic. Here,… Read More »How Running a Small Business Might Change in 2022
Now that this year’s tax filing season is over, it’s time to startthinking about next year’s return. After all, the… Read More »Tax Changes and Key Amounts for the 2022 Tax Year
In mid-April, months into an increasingly frustrating house hunt,Harsh Grewal and his wife settled on a place in a San… Read More »The Fed wants to cool the U.S. housing market. Here’s what that feels like
People are worn out. They are trying to make it through the stress ofthe pandemic, a continually volatile market, and… Read More »How People with Pandemic-Induced Financial Fatigue Can Get Back on Track
Cryptocurrency is prevalent topic news these days, falling in and outof favor depending on whom you ask. Institutions are decrying… Read More »Crypto Cares: The Rise of Virtual Currencies and You
Many filers discover after having mailed in their Form 1040 that theymade a mistake, such as missed deductions or understated… Read More »How to Fix Errors on Form 1040
A year ago, startup founders often found themselves fought over byventure investors eager to grab a piece of any promising… Read More »‘Cash Is King’ As VC Spigot Slows
Consumer prices rose more than 6 percent annually in March, showingconsumer spending taking a bigger bite out of household incomes,according… Read More »Fed’s inflation gauge rose 6.6 percent annually in March
The U.S. dollar touched a two-decade high against rivals on Thursday,as Wall Street rallied and European shares rose from six-week… Read More »Global shares rise as earnings boost, U.S. dollar hits 20-year high
Vanesa Sojor Apr 29, 2022, 7:27 PM (4 hours ago) to me The US economy shrank in the first quarter America’s… Read More »The US economy shrank in the first quarter
Think of it like playing chess. Making sense of the strategicinterplay between investments, taxes and retirement income canposition you for… Read More »Up Your Retirement Planning Game
KEY POINTS Fed Chairman Jerome Powell on Thursday said the central bank iscommitted to raising rates “expeditiously” to bring down… Read More »Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May
Internal Revenue Service Commissioner Charles Rettig told lawmakersthe IRS has been working hard this past filing season during acongressional hearing… Read More »IRS pledges to overcome challenges from overburdened tax season
Companies that used a buzzy strategy for going public throughout thepandemic have had a dismal track record for investors. Out… Read More »SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out
As the global startup market digests a changing valuation environmentand climate for venture investment, not every sector is taking thesame… Read More »Why SaaS is bucking the venture slowdown
Makers of chocolate bars and coffee to lawnmowers and industrialrobots succeeded in passing on soaring costs to consumers,first-quarter earnings showed… Read More »Big companies manage to pass on soaring costs to cash-strapped consumers
JPMorgan Chase & Co. strategists expect Corporate America to easilytrounce Wall Street’s earnings forecasts. Consensus earnings estimates for the S&P… Read More »JPMorgan Expects S&P 500 Earnings to Blow Past Gloomy Estimates
If you’re ready to retire but don’t want to leave the workforceentirely, semi-retirement might be a good option for you.… Read More »3 Strategies to Help You Plan a Successful Semi-Retirement
The dollar is reaching fresh nearly two year highs lifted by loominginterest rate increases from the Federal Reserve, strong US… Read More »Dollar’s Upward March Reaches a Nearly Two-Year High
Low-rated US companies borrowed record amounts in the loan market lastyear taking advantage of low-interest rates and generous credit. Now,all… Read More »Rising Rates Threaten Companies Acquired in the LBO Boom
When it comes to investing, you’ve likely heard the arguments forputting your hard-earned money into exchange-traded funds (ETFs) ormutual funds… Read More »What are expense ratios? These fees could be eating away at your investment earnings
There are two universal principles regarding the reasonableness ofemployee compensation: (i) most people feel they are under-compensatedand (ii) those same… Read More »Is Your Compensation Reasonable? For Tax Purposes, That Is
A bull market is developing in recession expectations. This week, investors will have the chance to hear if dozens ofcompanies… Read More »Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder
Gas prices jumped 48 percent year over year, the Bureau of LaborStatistics said. U.S. inflation data hit a multidecade high… Read More »Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes
Knowing which of the financial phases of life you are in can help youbetter plan to build, protect and enjoy… Read More »Which of the 3 Financial Phases Are You In?
Economists see a growing risk of recession as the relentlessly strongUS economy whips up inflation, likely bringing a heavy-handed responsefrom… Read More »Recession Risk Is Rising, Economists Say
The new pilot program will benefit the IRS through more efficientaccess to digitized records and related metadata and improve securityand… Read More »IRS to Digitize Archived Tax Filings in Tech Pilot Program
Do you ever wake up thinking your day will turn out one way, and itends up being completely different? Did… Read More »Why Is Everything An Emergency?
Tax returns are piling up at the Internal Revenue Service, andmillions of taxpayers are experiencing refund delays beyond thetypical 21… Read More »IRS: We Apologize, Your Tax Refund Is Delayed
KEY POINTS Excessive write-offs compared with income, unreported earnings andrefundable tax credits are among the most common IRS red flags.However,… Read More »Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS
Owning a home is part of the American Dream. Whether you fancy a logcabin in the middle of nowhere, a… Read More »13 Tax Breaks for Homeowners and Home Buyers
The U.S. jobs market has never been tighter than it is today,increasing the risks to the economy as Federal Reserve… Read More »U.S. Labor Market Is Tightest of Postwar Era, Goldman Gauge Shows
Oil prices jumped over 3% on Monday, with investors worried abouttighter supply as mounting civilian deaths in Ukraine increasedpressure on… Read More »Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions
National Taxpayer Advocate (NTA) Erin Collins formally directed theIRS to take immediate steps toward implementing existing scanningtechnology to process tax… Read More »National taxpayer advocate directs IRS to implement scanning technology
KEY POINTS You may have a wildly different tax bill depending on where you live.That’s because your tax burden —… Read More »These states have the highest and lowest tax burdens
US bond’s worst quarter in more than 40 years has come to a close. Thequestion for many investors now is… Read More »Bond Market Suffers Worst Quarter in Decades
The question, which on Form 1040 is just below the address block,asks, “At any time during 2021, did you receive,… Read More »Individual taxpayers must answer crypto-asset questions, IRS notes
For retirees who turned 72 during the last half of 2021, in mostcases, Friday, April 1, 2022, is the last… Read More »April 1 is the Last Day for New Retirees to Take RMDs
KEY POINTS The Federal Trade Commission on Monday sued TurboTax owner Intuit infederal court and filed a parallel administrative complaint.… Read More »FTC sues TurboTax owner Intuit for advertising tax software as ‘free’
Deloitte’s latest quarterly survey of Fortune 500 chief financialofficers found the executives have a gloomier outlook on the economythan last… Read More »Inflation, geopolitical risks, and regulation top CFO worries, survey says
First-quarter listings plunged to the lowest level since 2016Several big companies on file are yet to move ahead with plans… Read More »U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window
Analysts and investors of major Wall Street banks are eagerlyanticipating any insight from executives on the outlook for consumerspending and… Read More »Bank analysts, investors are antsy for spending outlook as inflation risks grow
The trust fund penalty sometimes called the 100% penalty, is one ofthe most onerous federal tax law provisions on the… Read More »Bookkeeper Hit Hard by Trust Fund Penalty
President Joe Biden unveiled a budget plan Monday that includes aminimum tax for ultra-wealthy households, raises the corporate taxrate, and… Read More »Biden releases budget plan with tax hikes, stock buyback restrictions
President Joe Biden’s administration released its $6 trillion budgetMonday for the federal government’s 2023 fiscal year, which beginsOctober 2022. Also… Read More »Biden proposes a higher corporate tax rate, 20% billionaire minimum tax
Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by… Read More »IPO Market Plunges 70% as Higher Rates, War Curb Risk Appetite
This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to… Read More »Rules for Selling Investments to Related Parties
Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office
The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the… Read More »Tax Court Weighs in on Reasonable Compensation
The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes
When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from… Read More »Spotting ACH Fraud and What Bookkeepers Can Do
Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize… Read More »Congress presses IRS on ERTC processing and tax penalty relief
For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season
It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form
KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows
IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end
U.S. stock indexes rallied for a third straight day, putting the S&P 500 on pace for its biggest weekly gain… Read More »S&P 500 Extends Rally, Up Nearly 5% for the Week
Summary Russia was due to pay $117 mln by Wednesday’s deadline Creditors see this week’s deadline as a test for… Read More »Some Russia creditors have received dollar bond payment -sources
Summary Fed lifts policy rate by a quarter of a percentage point U.S. central bank sees more rate hikes in… Read More »Fed hikes interest rates, signals aggressive fight to curb inflation
The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past… Read More »Auto depreciation limits leap with inflation
As many of you know, the deadline for submitting IRS Form 2553 was March 15. The clients that did so… Read More »What to Do When Clients File for S Corp Election
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for… Read More »SBA again extends the deferment period for EIDL payments
KEY POINTS “Under reasonable circumstances,” savers can earn the same amount investing in either traditional or Roth retirement savings accounts,… Read More »Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?
The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult… Read More »IRS plans to hire thousands likely to fall short
On Wednesday the Federal Reserve will likely take the first steps in paring back its stimulus — by raising interest… Read More »FOMC preview: The tightening begins this week
Available positions include temporary, term, and permanent jobs. Many are entry-level clerk and tax examiner positions in the Wage and… Read More »IRS to Hire 5,000 New Staff in Austin, Ogden and Kansas City
A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual… Read More »IRS Nixes 10-Year Stretch For Most Inherited IRAs
Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much… Read More »Goldman Sees U.S. Recession Risk as Much as 35% as Cuts Forecast
Most Americans carry some debt, be it from student loans, a mortgage, a credit card, or a car loan. But… Read More »Here’s what to know about managing your debt in retirement
KEY POINTS The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982.… Read More »Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years
Inflation is at a 40-year high. For those nearing or in retirement, it could pack a painful punch, but there… Read More »Inflation Continues to Rising: How to Navigate the Uncertainty
When it’s just the yield curve narrowing, oil jumping, or stocks falling into a correction, maybe you can hold off… Read More »Traders surrender to recession paranoia in U.S. market rout
Russian financial conditions at tightest since 2008 Global financial conditions at tightest since the pandemic height Conditions could tighten further… Read More »Tightening financial conditions sound alarm for world economy
The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing… Read More »IRS to fast-track 10,000 hirings to address the backlog
Another version of your “retirement number,” a simple wealth gap calculation could be eye-opening for retirement savers – especially business… Read More »How to Calculate Your Retirement Wealth Gap
Oil prices gave up most of their big overnight gains in a wild session, briefly dipping into negative territory after… Read More »U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain
The departure of corporations from investments in Russia has been swift following the country’s invasion of Ukraine, and individual investors… Read More »What to do if you want to eliminate Russian securities from your investment portfolio
The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says
Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves
“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It… Read More »Colorado will start accepting cryptocurrency for tax payments
Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about… Read More »Positive for now, CPA executives wary of inflation and other headwinds
What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k)… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware
Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator… Read More »Pending home sales fall for a third consecutive month
In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is… Read More »A guide to dealing with today’s IRS
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing,… Read More »Oil tops $105/bbl after Russia attacks Ukraine
KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year,… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020
“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens
US companies and financial institutions are starting to settle on a new interest rate benchmark to replace the troubled London… Read More »SOFR Leads Race to Replace Libor as Interest-Rate Benchmark
When Ben Snyder started his first business, he felt like he was being suffocated. He was stuck in the weeds didn’t know… Read More »How to stay focused as a new CEO
KEY POINTS Wages are rising but it’s not enough to keep up with the increased cost of living. Nearly two-thirds… Read More »Despite rising wages, 61% of Americans are still living paycheck to paycheck, report finds
There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts… Read More »AICPA testifies to Congress on IRS service problems
Prices appear likely to continue rising in a pandemic-altered environment that continues to see high inflation in many countries, according… Read More »Pricing pressures continue as labor, supplies remain scarce
Federal Reserve officials said last month the bank may need to raise interest rates and reduce its bond holdings faster… Read More »Fed officials floated faster rate hikes in January meeting
If you’ve been feeling depleted while running your business, you could be dealing with more than just a rough patch.… Read More »How to Recover From Burnout as an Entrepreneur
The pace of blank-check mergers failing to cross the finish line is accelerating as the industry grapples with waning investor… Read More »SPAC Mergers Are Falling Apart at a Rapid Pace
KEY POINTS The producer price index, which measures wholesale prices, rose 1% in January and 9.7% for the 12-month period,… Read More »Wholesale prices rise 1% in January, up near-record 9.7% over the past year
Nearly 24 million taxpayers are still waiting for the Internal Revenue Service to process their tax returns from last year… Read More »IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season
The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its… Read More »IRS identifies paused taxpayer notices
Last year saw some fundamental shifts in the startup funding landscape that will have a profound impact by this time… Read More »4 Reasons 2022 Will Be A Turning Point For Startup Funding
Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative… Read More »SPACs With $160 Billion Scrounge for Targets as Clock Ticks Down
A big year for car and home shopping helped push Americans to take on a lot more debt last year.… Read More »Household debt jumped by $1 trillion in 2021, the most since 2007