The special per diem rates that a taxpayer uses in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home under the per diem substantiation method (set out in Rev. Proc.… 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. Why it matters: Moody’s is the last of the big three credit rating firms that still… 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 highest in four decades. Since then, we have observed a consistent decline in inflation for… 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 in a statement Friday. One potential concern of a partial or full IRS shutdown is… 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 remain agile and cost-effective. One of the surprising answers to this call is the emergence… 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 turning points in the business cycle and where the economy is heading in the near term.… 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 after one more hike this year. The US central bank’s policy-setting Federal Open Market Committee… 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 to show strength in the face of elevated interest rates. U.S. applications for jobless claims… 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 their tax clients of how rental income and expenses are treated for tax purposes. Those… 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 pay closer attention to high-income compliance issues, the Service said Wednesday in a news release. The… 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 opinion from us because we’re the experts.” “Act before it’s too late. Don’t miss out.”… 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 beneficial ownership information (BOI), which will begin on Jan. 1, 2024. The Small Entity Compliance Guide,… 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 will ease to 2.7 per cent in 2024 after an already “sub-par” expansion of 3… 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 on Wednesday and defer any further tightening amid mixed signals from the world’s largest economy.… 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 share of gross domestic product is rising again after nearly two years of declines, according… 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 from Natixis Investment Managers. That is up “quite a bit” from about 40% of respondents… 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 on the processing of new ERC claims; allowing taxpayers to withdraw unpaid claims; and the… 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, S&P said in a report released on Wednesday, the latest sign that corporate stress is… 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 from Natixis Investment Managers. That is up “quite a bit” from about 40% of respondents… 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 to mark the largest increase in 14 months and signal that inflation is likely to… 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 current economic conditions as good or very good — up from 34% last quarter —… 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 amendments to Sec. 174 made by the law known as the Tax Cuts and Job… 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 a variety of other items. The consumer price index, which measures costs across a broad… 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 fair value measurement standard. After reviewing shareholder feedback received on the exposure draft of Accounting for and… 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 down to the US central bank’s 2% target and avoid a recession, according to an… 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 for growth in 2023 when they publish an updated outlook later this month. Following a… 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 it colors almost everything we think and do. Our thought-streams are heavy with negative self-talk, worrying, rumination,… 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? According to YC President Garry Tan, 75% of the current summer cohort is pre-revenue and 81% are looking… 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. He has over 30 years of experience as a tech entrepreneur, and one of his… 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 sentiment evident, VIX is near record low and positioning has increased” to above-average levels, a… 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 far in 2023, economists say. Output will expand 2.1 per cent in 2024, according to… 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 Blue Zones features the work of bestselling author Dan Buettner, a man who has traveled across… 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 up and down and hitting a historic low in the fourth quarter of 2022. After… 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. After-tax profits for nonfinancial firms rose 4.5% in the second quarter, a Bureau of Economic Analysis report on… 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 released Thursday showed that consumer spending jumped 0.8% last month as shoppers shelled out for… 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 growth in China rather than changes to interest rates from the Federal Reserve, according to… 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 and financials advanced. The S&P 500 notched its largest three-day gain since March, paring its decline this… 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 assets to the IRS and customers as part of Treasury’s broader effort to close the… 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 from the summer stock-market slide.  The gains were broad-based, with 10 of the S&P 500’s… 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® declined in August to 106.1 (1985=100), from a downwardly revised 114.0 in July. The Present Situation… 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, that central bank officials were “prepared to raise rates further.” Traders appeared to shake off… 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 — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and… 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 amendments to the federal income tax expensing rules for research and experimentation (R&E) costs. Although… 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 League college degree or even the best Wall Street advice that distinguishes financial haves from… 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 important to having a successful retirement. Investing during retirement isn’t the same as when you’re… 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 AI to be private. Forty percent of data analysis leaders currently use generative artificial intelligence in their… 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 by policy divisions and onerous work demands, but also a bounce in morale. When Erica Williams took… 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 consumers, builders are starting a whole bunch of new houses and unemployment claims are falling. … 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 job structure, instead embracing the flexibility and adaptability of the gig economy. Since the coronavirus… 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 about claiming benefits. As today (Aug. 14) marks the 88th anniversary of our national Social Security… 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 to the U.S. central bank’s 2% inflation target will require a recession and significant job… 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 commit tax refund fraud identity theft,” the Treasury Inspector General for Tax Administration (TIGTA) said… 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 retirement the next step in a journey, not a final destination. I am seeing an… 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 the stage where it can leave interest rates where they are, Philadelphia Fed President Patrick… 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 over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.… 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 at least some of its grip on the U.S. economy. Prices accelerated a seasonally adjusted… 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 be overlooked. The best leaders know that the questions they ask are as important as… 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 may shrink, savvy entrepreneurs look inwards, seeking ways to unearth hidden profits through cost-cutting and efficiency-boosting strategies. Reducing expenses… 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 companies the worst of the profit pain is likely over as margin-shredding inflation pressures ease.… 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 account. An amortization deduction is allowed ratably over a five-year period (a 15-year period in… 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 your child or your children to work for your business? Doing so can keep them… 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 therapy. These words ring truest when deciding on when to activate Social Security, which can… 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 the 1960s, when he was a child. “You would drive from New York, where we… 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 a public business entity’s expenses. The ASU proposes changes to Subtopic 220-40, Income Statement — Reporting… 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 on the S&P 500 index to a Street high, a day after Morgan Stanley’s Michael… 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 encourages increasingly broad market gains. The S&P 500 rose 3.1 per cent in July, including… 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 to “expected fiscal deterioration over the next three years,” an erosion of governance and a… 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 quarter, extending a trend that began before recent stresses in the banking sector emerged. The… 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 central bank’s aggressive monetary tightening campaign to tamp down price surges will likely result in… 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 brief moment or two in the winter, that call — and the economic doom-and-gloom that… 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 level in 22 years as it left the door open to further increases this year.… 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 a faster-than-expected pace during the period, the Commerce Department reported Thursday. GDP, the sum of all goods… 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 12 months are 50% or less, according to a National Association for Business Economics survey.… 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 of offers promising tax refunds or to “fix” tax problems. Many of these offers center… 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 and the American economy continued to show resilience in the face of dramatically higher interest… 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 trading as if rate hikes were a thing of the past.  JPMorgan Asset Management is… 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 markedly higher than it would prefer.  After taking a break from tightening credit last month,… 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 think, “This is such a great place to visit. What if we lived here?” Ian… 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 poll asked 1,238 people if they felt they were “just getting by right now” and… 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 more time to review your financial goals and decide whether you need a reboot. “When… 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 a 16-month hiking cycle that has been the most aggressive fight against US inflation in… 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 hours a day, seven days a week, with transactions clearing in seconds. The system went… 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 regularly to streamline daily tasks in their personal and professional lives. And more and more companies across… 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 that just keeps getting delayed further, but someday in the near future a mild recession… 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 scale back on third-party help in certain areas.  The firms—Deloitte, Ernst & Young, KPMG, and… 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 the need for the US Federal Reserve to raise interest rates much further. Morgan Stanley,… 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 Reserve survey that shows the combined impact of high interest rates and a cautious turn… 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 defeat, but will their sway hold amid a shakeup at the Fed committee that decides… 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 on economic activity and inflation, according to Jan Hatzius, the chief economist at Goldman Sachs… 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 reading of 64.4. It is the largest gain since December 2005. Sentiment is at its… 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 be able to pull off what once seemed impossible: containing pricing pressures without tipping the… 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” outlook among monthly survey respondents toward business conditions and the prospects for sales. The economy has… 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 up in December by 1% to 1,712 after commercial filings declined in the full calendar… 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 to know: is an all-time high next? John Flood, a partner at Goldman Sachs Group Inc.,… 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 easing in the face of the Federal Reserve’s streak of interest rate hikes. The government’s… 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 some deceleration in costs and easy comparisons against a time when price increases were running… 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 too high, but the end to its current monetary policy tightening cycle is getting close,… 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 to be enough this time around. That’s according to a growing chorus of strategists, who… 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 the U.S. say they are completely financially secure, according to a new Bankrate survey of more than… 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 to an IRA vs. leaving your money in the plan. And you won’t come up… 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 is cooling from ultrahot levels as the Federal Reserve raises interest rates. Americans voluntarily left… 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 have vastly shifted how investors envision future retirement. So much so that new research by… 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 the current state of our economy, leaving retirement is becoming more common. Due to high inflation and… 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 decade of being out of the workforce, she wasn’t certain employers would want her. “I… 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 tech-heavy index that they expect will benefit from the growth of artificial intelligence. The index… 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 Reserve said on Wednesday as the central bank and other regulators prepare to propose harsher regulations… 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 pressures and cool a surprisingly resilient US labor market. Asked whether Fed officials now anticipate… 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 upward revision Thursday from the Commerce Department. Gross domestic product increased at a 2% annualized pace… 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, as it struggles with the slowdown in demand for consulting and other services. The firm,… 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 enough—yet. Economic growth remains mostly solid and price pressures strong across affluent countries despite sharply higher interest rates.… 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 comes to emergency savings, more than half of Americans — 57% — are uncomfortable with… 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 (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial… 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. Investors poured $1.6 billion into exchange-traded funds focused on small-cap stocks last week, according to… 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 “careful pace” from here as policymakers edge towards a stopping point for their historic round… 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 need to put away for their later years and how much money they actually have… 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 US short interest, or the amount traders have spent betting against US equities, exceeded $1… 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 made on bringing down inflation. Speaking a week after Federal Open Market Committee officials decided for the… 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 high last week, remaining elevated for a third straight week in what may be an… 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 season and improved its phone service, but real and permanent change requires significant IT upgrades,… 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 released Wednesday shows a 65-year-old retiring in 2023 can expect to spend an average of… 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 on the upswing again, according to Goldman Sachs. It’s just going to take some time… 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 decades that donations did not increase year over year — according to the Giving USA… 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 were set to resume, only to take it back and provide them more time. This… 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 Group Inc. Investors could be assuming that a sharp deceleration in growth will lead to… 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 property market as stronger-than-expected headwinds. The U.S. investment bank lowered its full-year real gross domestic… 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 19% last year, as they are increasingly left cash-strapped in a cooling economy while dealing… 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 a Vanguard survey released Thursday, participation rates in 401(k) plans for which the asset management firm serves… 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 itself. That’s the finding from a groundbreaking study from the Farmer School of Business at… 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 this year, while JP Morgan sees one more hike in July, after the central bank… 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, Chair Jerome Powell said. The main drivers of inflation after the pandemic have shown signs of… 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 offered a nuanced view Wednesday of how the Fed intends to address its core challenge… 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 Morning Consult survey. The survey found 92% of Americans are pulling back, further evidence of… 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 leading measure of wealth for most adults today, according to the new Charles Schwab Modern Wealth Survey.… 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 to 4%, the smallest rise since March 2021 and well off the peak of 9.1% in June last… 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 week. Both the consumer price index and the core CPI — which excludes food and… 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 continue to ease in the face of repeated interest rate hikes by the Federal Reserve.… 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 is forcing small businesses and individuals to take additional safety measures or to avoid sending… 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 from the broad stock index’s closing level on Friday. Though market breadth has been narrow… 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 pressure off the Federal Reserve to continue raising interest rates, the Labor Department reported Tuesday.… 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 gains came from just a few tech and AI companies with mega-cap stocks that are… 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, even as they confront a resilient US economy and persistent inflation. The Federal Open Market… 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 US stocks, she’s also saying equities have room to keep rallying. “The bear market is… 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 a row to cool inflation.  Interest rates on I bonds, which are set twice a year on May… 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 the upfront benefits of contributing to a tax-deferred retirement plan (a 401(k) or traditional IRA, for example) and… 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 Waldron said on Thursday, calling it “a mini-stagflation scenario.” There will be a tougher environment… 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 of a bull market. A jump in jobless claims to the highest since October 2021… 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 surviving that environment. Historically, bookkeeping has been a labor-intensive and time-consuming process. We are going… 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, and overseers of efforts to scale business growth. They plan for and measure success while… 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 percent above its lowest level of 2022, a gain that some on Wall Street see… 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 sharp rebound in 2024 when analysts say the Federal Reserve’s policy will become more accommodative.… 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 4,000 job losses last month, according to data from Challenger, Gray & Christmas, as interest in the… 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 summer if it skips an increase at its forthcoming policy meeting this month. Payrolls growth… 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 trillion debt ceiling, averting what would have been a first-ever default. The Senate voted 63-36 to… 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 how a recovery might play out. Over the past 25 years, two historic downturns stand… 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 their own organizations. A year later, they were mostly optimistic, with 76% in the second… 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 higher paying jobs — is a thing of the past. Why it matters: The historic… 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 increase means for money markets. The concern is that with a tentative deal pending, 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, according to a gauge released Friday that the Federal Reserve follows closely. The personal consumption… 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 of weakness.  Gross domestic product rose at a revised 1.3% annualized pace in the first… 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 the need for more increases while others expected a slowdown in growth to remove the… 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 thin held nearly steady at 61%, according to a new LendingClub report. However, high-income earners are… 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 have added $21 billion in new long positions on S&P 500 futures, Citi’s data showed,… 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 their money to last for a longer period of time, according to Kamila Elliott, a… 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 certain they have enough fuel to make it to Hawaii safely, but if not, the… 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 many different phases. The last five years before you retire are particularly important, as you’ll… 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 fair” or “poor” rather than “excellent” or “good” (45%). More also report that their financial… 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 pushed it into a bear market. The question now: can the tech-heavy gauge extend its… 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 the U.S. Department of the Treasury, signaling that such fraud continues to be a pervasive problem for… 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 mental health platform Headspace, 87% of employees feel a sense of dread at work at… 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 per cent inflation, even as early signs of relief emerge following the worst shock in… 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 his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and… 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. Household debt balances set a fresh record high of $17.05 trillion during the first quarter,… 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 depends on your household and occupation, according to financial experts. Most Americans aren’t prepared for… 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 its bills as soon as June 1. That crunch came months sooner than expected, raising… 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 horizon, we just don’t know when. If you have a leak in your roof, when’s… 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 paper and electronic individual returns received before January of this year. This means all returns… 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 improved as wages and work flexibility increased, and workers moved into positions that were a better fit.… 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 hope that inflation is at least trending lower. The producer price index, a measure of prices… 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 hope that the cost of living will head lower later this year. The consumer price… 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 protection as the era of easy money draws to a close. The tally of U.S.… 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 comedy. “It’s a little like in Meet the Parents” says JJ Kinahan, IG North America CEO,… 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 — thanks to banking, politics, and even the weather. In Powell’s view, the gravity-defying strength of… 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% to 5.25%. In its post-meeting statement, the central bank appeared to soften its language on… 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 will be enough to then pause the fastest rate-raising cycle in 40 years. “We are… 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 early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then… 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 a telephone option available. The IRS said Friday in Announcement 2023-16 that the change applies to public… 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 decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve… 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 the hiking campaign drawing to a close, that agreement is going to be a lot… 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 adjusted annual rate of personal saving was 4.6% in February. That’s well below the average annual rate… 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 May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be… 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 and inflation took hold of an economy largely expected to decelerate even further ahead. Gross… 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. Rather, the company offered its first ever high-yield savings account. The move reflects growing demand… 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 year will be audited, IRS Commissioner Danny Werfel told the Senate Finance Committee on Wednesday.… 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 SPAC merger between 2020 and 2022, 100—or 27%—were penny stocks trading below $1 as of… 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 firms raised a collective $37 billion across 2,856 deals last quarter. It was the lowest… 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 have beaten analysts’ expectations. The S&P 500 and the tech-heavy Nasdaq Composite ended the day… 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 to 27 minutes a year earlier, the agency said Monday. Ahead of the tax filing… 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, 74%, of people say they cannot count on Social Security benefits when it comes to… 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 in a recent survey expressed optimism about the economy. Grant Thornton’s 2023 Q1 CFO Survey found that… 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 own savings in the process. Over two-thirds (68 percent) of parents of adult children have… 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, for Social Security beneficiaries next year. The Consumer Price Index for all Urban Consumers, or… 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 than 30 years. The Washington, D.C.-based institution said that five years from now, global growth… 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. The consumer price index, a widely followed measure of the costs for goods and services… 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 client note, following recent economic data that hinted that the Federal Reserve’s aggressive interest rate… 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 Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back… 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 tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging… 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 professional achievement. Now, many Silicon Valley veterans are being driven to new paths far from… 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 planning to start businesses in 2023 – the majority of whom say inflation is driving their… 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 jobs. Employers added 236,000 workers last month, a historically strong gain but the smallest in more than… 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, according to new data. S&P Global Market Intelligence reported Thursday that it recorded 71 corporate bankruptcies in… 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 acceleration from a year ago, outplacement firm Challenger, Gray & Christmas reported Thursday. Planned layoffs… 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 weakest in more than 30 years. Speaking in Washington ahead of the World Bank and… 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 banking system as well as shifting outlooks for inflation and interest rates. Government data early… 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 driven by a desire for flexibility and financial stability.  That compares to just 29% before… 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 2034, one year earlier than was projected last year, according to the annual trustees’ report released… 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 Reserve’s fight against high inflation is showing grudging progress. Prices had risen by a sharp… 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 traders pile into technology stocks and angst around the recent bank turbulence eases. The tech-heavy… 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 most people but a rise and plateau for an unhappy minority. Are people who earn… 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 perhaps they were laid off, but now a new opportunity has presented itself and they… 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 living paycheck to paycheck, up from 60% a month earlier, according to a new LendingClub report.… 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 between entities under common control. The amended ASU No. 2016-02, Leases (Topic 842) was released after a post-implementation… 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 of March 17, the agency reported Friday. In January, the IRS warned filers that refunds could be… 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 and European lenders dominated sentiment and complicated central banks’ fight against inflation. The Japanese yen… 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 Valley Bank that was taken over by the FDIC two weeks ago after depositors, in a crisis… 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 or to your emergency fund — especially during periods of economic uncertainty. And the banking crisis has… 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 that it might pause its rate-hike campaign due to the turmoil in the banking sector.… 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 2023 — at least, that’s the implication from new economic projections they published this week. … 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 the alleged fraud totaling $3.2 billion.  The 975 cases include a broad range of criminal… 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 are also targets in the contentious debate over how to shore up the shaky finances… 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 of turmoil in the financial industry. Still, this marks the ninth consecutive increase in one… 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 by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped… 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 of stocks and bonds. Heightened geopolitical tensions, soaring inflation, and the subsequent tightening of monetary… 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 campaign as Wall Street banks scale back their hawkish expectations in the aftermath of the… 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 effect its collapse this month had on the global tech sector and banking system. While SVB was… 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 US banks rallied on Tuesday after Janet Yellen said the government stood ready to provide… 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 and less on enforcement and operations, National Taxpayer Advocate Erin Collins said Thursday in a blog… 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? And does a U.K. company, for example, face tax complications abroad if they have staff… 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 before the pair of bank failures, 2023 was on track for a nasty year for… 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 meetings. After the pandemic, the company bought out the office lease and 110 employees scattered across 40… 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 weighs its next move on interest rates. The producer price index fell 0.1% for the… 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 still have bargaining power in a cooling but strong job market, economists said. “Workers have a… 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 to reassure Americans that the banking system was secure after two bank failures fed fears… 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 slow the economy with higher interest rates at the same time it moves to stem… 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 contractors in the state of California. The California appeals court found that a labour measure, known… 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 get your actual work done, you’re not alone. According to research, 70% of meetings are keeping employees… 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 would rather quit their job than return to the office five days a week. A… 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 the domestic outlook for the next 12 months. That’s an improvement from the fourth quarter,… 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 with congressional Republicans over the debt ceiling and government funding. The proposal, certain to be… 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 doesn’t have to be one or the other. The decision on whether to buy long-term… 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 2023, but concern about inflation remains high, according to the first-quarter Business and Industry Economic Outlook… 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 payrolls rose 242,000 last month after an upwardly revised 119,000 increase in January, according to… 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 the double taxation incurred by C Corps. There are many reasons for your clients to… 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, decided to take the technology for a test drive, asking, “What status I should use… 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 had expected. Citing data earlier this year showing that inflation has reversed the deceleration it showed in… 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 for debate. As industries and executives explore how to use AI-powered chatbots like ChatGPT best, the value… 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 alone — driven by credit card balances and auto loans. A February 16 report from… 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 expected to be doing at age 66. “I would hope to be retired, playing the… 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 rest of the pack while many others are acquired or fade away. It’s been a… 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 small banks that asks about profits, interest rates, and whether they’re lending more money (or… 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 continue to plague the economy, and many companies are already girding for a potential recession.… 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 new paths to success. That means the metrics used to measure and steer performance need… 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 cut back on production to cope with a slower U.S. economy. The change in the… 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 slog to return to the peak of pandemic-era valuations. In 2021, it was not unusual… 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 from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending… 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 a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrues per report, not per… 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 upbeat about the labor market. The survey from the Conference Board on Tuesday also showed… 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 for delays as some carriers try to prop up prices by canceling voyages. Retailers had… 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 of sitting in traffic and punching the clock, you will sit and punch no more.… 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 more than most families can afford, and college costs are still rising. Tuition and fees plus room… 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 they had previously forecast after a series of reports have pointed to a surprisingly resilient economy despite… 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 are mulling over whether to get a job, according to a recent study from Paychex. On… 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 level and hold them there through the year, according to economists surveyed by Bloomberg this… 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 increased in the fourth quarter of 2022, the average balance of individual retirement accounts (IRA)… 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 shocked to see how easily someone can use it to effectively stalk you and violate… 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 him as a “bona fide executive” — is entitled to overtime pay for having worked more than… 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, and more. As a business owner, it is critical that you keep your business and personal… 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 Department on Tuesday issued final regulations pertaining to companies filing returns and other documents electronically starting in… 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 a bout of market volatility that prevented most initial public offerings in 2022, last week… 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 a change that could potentially help over 500,000 filers annually, the IRS announced. In IR-2023-29, a… 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 to the 10% tax penalty. Pulling money from your pre-tax retirement accounts before age 59½… 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 for approximately $80 billion that Congress budgeted for it to spend over 10 years as… 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 the future, and said they saw the case for raising rates by a half-point at… 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 risk appetite returns in 2023, they can’t exit fast enough.  The 30-member gauge is up… 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. The 401(k) has evolved over the past few decades, offering flexibility in the way American… 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 retail sales for the month increased by 3%, compared with expectations for a rise of 1.9%,… 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 streak of cooler inflation readings. By the numbers: The Consumer Price Index rose 0.5% last month, as… 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 years, at least a third of all startups will die. That’s a natural consequence of… 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 reduce coveted work-from-home positions. According to a survey of 825 employees and 354 employers that… 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 doesn’t lead them to replace workers with machines. A new paper by experts at Wharton… 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 the Darden School of Business and the Batten School of Leadership and Public Policy, has… 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, the Labor Department reported Tuesday. The consumer price index, which measures a broad basket of common… 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 not need to report these payments on their 2022 tax returns. After several days of… 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 “rollover” — may sound straightforward. But the seemingly easy task has many pros and cons to consider… 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 refunds or payments that states made in 2022 as part of state pandemic relief measures… 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 economists and investors had a clear narrative coming into 2023: The Federal Reserve had spent… 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 sign of flagging confidence in the economy’s ability to withstand additional Federal Reserve interest-rate hikes.… 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 on the agency’s funding. Black taxpayers are at least three times as likely to be… 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, Amended U.S Individual Income Tax Return, will for the first time be able to select… 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 were a year ago, while 50% are worse off. Since Gallup first asked this question… 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 payments are federally taxable may be the most asked question of this filing season. For… 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 from Federal Reserve Chair Jerome Powell about how long the central bank may need to… 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 interview with “Good Morning America” on Monday, saying the economy remains “strong and resilient.” A blockbuster jobs… 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 market and signs of improving business sentiment.  The Goldman team led by Jan Hatzius cut… 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 of planned rules requiring companies to disclose the effects of extreme weather and other costs… 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 U.S. labor market remains incredibly strong. Investors can’t decide if that is a good or bad… 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 designed to help organizations that engage in a range of activities, such as developing new… 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 to new hires and the blocking of line-jumping services, the man who leads much of… 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 Board voted to propose a new rule on cryptocurrency accounting and disclosure, creating new guidance… 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. Yet against all odds, Corporate America continues to splurge on its own shares — a… 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 is unclear. According to Dow Jones, the consensus forecast calls for 187,000 new nonfarm jobs… 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 for talent, primarily financial, has never been more intense. Alongside industries like private equity reporting fierce battles… 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 individual tax structures. Corporate tax rates were reduced from a maximum rate of 35% to… 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 it was raising its short-term borrowing rate another 0.25%, the central bank’s second consecutive decision… 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 last week as the labor market remains resilient despite higher borrowing costs and mounting fears… 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, washing machines, heavy equipment, and hamburgers – kept rolling along at the end of 2022.… 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 in that category were among the country’s higher earners, a new study shows. Some 64%… 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 2019. The Dow Jones Industrial Average rose 368.95 points, or 1.09%, to 34,086.04. The S&P… 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 do most people put the man first on 1040? Even Kamala Harris goes second to… 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 and policymakers once pandemic-era distortions behind the recent surge subside and prices cool. “We’re just… 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.  Economic recessions generally follow that rule, but not always. A short, deep recession can leave… 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 the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Under the… 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,” one expert said. If you’ve been debating whether to file your taxes early this year,… 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, the smallest since they kicked off their tightening cycle 10 months ago with one the… 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. SECURE Act 20 is finally here. The long-awaited upgrade to the initial legislation known as… 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; green up pointing triangle International Business Machines Corp. IBM -0.04%decrease; red down-pointing triangle and SAP SAP -0.78%decrease; red down-pointing triangle SE joined the string… 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 off to a tepid start in the new year. The first batch of reports on… 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 physical health by lowering your anxiety about money issues. New Year’s resolutions about taking better… 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, data-driven thinkers. Through our Wednesday newsletters, we have brought you extensive content surrounding data, statistics, and… 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 homebuyers faced with higher prices for just about everything, including homes.  The average rate on… 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 they would have to turn to credit cards to cover the cost, according to a… 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 dimensions of undersaving. Many Americans head into their retirement years with little rigor in their… 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 incomes the top 1% of earners in the U.S. bring in vary by over a… Read More »Here’s how much money you need to earn to be in the top 1% in every U.S. state

WASHINGTON — The Internal Revenue Service announced today that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System… Read More »IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023

CFOs are widely focused on reducing costs, spotting M&A opportunities, and restructuring supply chains, per Grant Thornton. The overall economy — and the issues it creates — are arguably the largest challenge for CFOs this year. Yet… Read More »64% of CFOs Predict Net Profit Growth in 2023

Investors and retirement savers have many tools at their disposal to whittle their incomes down to a point where capital gains are taxed at a 0% tax rate. The magic number for couples? $83,350. One… Read More »How to Pay 0% in Taxes (Without Cheating)

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

Consternation and chaos are two of the words used to describe some of the reactions to IRS updates related to Schedules K-2 and K-3. On this collaboration episode with the Tax Section Odyssey podcast, CPAs… Read More »What’s the 411? Explaining Schedules K-2 and K-3

KEY POINTS Randy had an 850 credit score. According to FICO, the most popular scoring model, that’s as good as it gets. Still, a line on his credit report said he could lower his utilization… Read More »These common misconceptions can prevent you from achieving that perfect credit score

All it takes is protecting what you save, having an income plan, knowing your health care options, reducing your tax burden, and making an estate plan. Planning for retirement is actually pretty simple. Just answer… Read More »Am I Going to Be OK in Retirement? Yes, With Focus on 5 Key Areas

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

As they debate the size of their next rate hike, Federal Reserve officials grapple with the broader needs of an economy expected to keep slowing The Federal Reserve spent most of last year in emergency… Read More »The Fed’s new challenge: Stay on the gas or tap the brakes?

The pause in the stock market’s strong start to 2023 underscores the main question vexing much of Wall Street: When will it be safe to start buying again?  Yes, markets have grown increasingly confident that… Read More »Investors Aren’t Sure When to Dive Back Into US Stock Market

KEY POINTS Federal Reserve Governor Christopher Waller said Friday he favors a quarter percentage point interest rate increase at the next meeting, as he waits for more evidence that inflation is heading in the right… Read More »Fed Governor Waller backs quarter-point interest rate hike at next meeting

Americans are piling on credit-card debt just as interest rates are reaching historic highs.  Multiple polls show American consumers sinking deeper into credit card debt. A new survey from Bankrate, the consumer finance company, found… Read More »A growing number of Americans face potentially crippling credit-card debt

Hybrid work is here to stay. That’s the prediction from Wharton management professor Martine Haas, who was asked to share what she thinks will be the biggest workplace trend of 2023. Although the mix of remote… Read More »Why Hybrid Work Will Reign in 2023

The bigger and better child tax credit that applied for 2021 is gone, replaced by a new set of rules for taking the credit on 2022 returns. The IRS’s tax filing season is upon us.… Read More »Child Tax Credit Changes and FAQs for Your 2022 Tax Return

Getting an early start on laying the groundwork for your exit is imperative. Empowering others to make decisions and delegating responsibilities also play key roles. If you’re a small-business owner approaching retirement, it’s important to… Read More »3 Mistakes Business Owners Can’t Afford to Make When Planning Their Exit Strategy

It’s the beginning of every American’s favorite time of the year to hate: tax season. The IRS will begin accepting tax returns for the 2022 tax year on January 24th. Here are three of the… Read More »Don’t Make These 3 Big Mistakes This Tax Season

The Internal Revenue Service’s Criminal Investigation unit is increasingly relying on information provided by financial institutions under the Bank Secrecy Act to uncover tax-related crimes such as money laundering and drug trafficking. IRS-CI chief Jim… Read More »IRS turns to bank data to investigate tax criminals

Agency estimates new rule could increase workers’ earnings by nearly $300 billion per year The Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers, a widespread and often exploitative… Read More »FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

Geopolitical risks are driving efforts to diversify but there are no quick solutions It is a year since New York Federal Reserve economists unveiled the Global Supply Chain Pressure Index. The barometer of port backlogs… Read More »Companies race to work around choke points in world trade

Multinational companies still want cheap and efficient markets, but they also want safety. That’s why they’re rerouting the pathways of global trade and finance. The future looked bright to all parties when Alphabet Inc.’s Google joined with Facebook Inc.… Read More »Globalization Isn’t Dead. But It’s Changing.

The first decline in 60 years is set to have long-term consequences for domestic and global economies China’s population fell in 2022 for the first time in decades a historic shift that is expected to… Read More »China’s population falls in a historic shift

(Bloomberg) — More than 5 million businesses were created in the US last year, a sign that the entrepreneurship boom spawned by the pandemic may be long-lasting.  New business applications rose by 44% from 2019… Read More »Over 5 Million New US Startups Show Covid-Era Boom Has Legs

Become familiar with this hybrid type of pension plan and its advantages for the right businesses. Many successful business owners and professionals begin their high-earning years belatedly because of lengthy educational requirements and initial careers… Read More »The rise of the cash balance pension plan

The annual rite of filing a federal tax return is kicking into full swing, and this time, millions of Americans will need to adjust their expectations.  Stimulus checks are no more. Generous credits for children… Read More »Tax season 2023: Smaller refunds, higher audit rates, jarring capital-gains bills

KEY POINTS Given today’s ongoing high inflation, many Americans worry they may not have put away enough money for retirement. They fear that sharp increases in food and energy prices and transportation and medical care… Read More »Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

(Bloomberg) — The World Economic Forum’s annual meeting began in Davos with corporate executives and economists warning a global recession is likely this year. Of 4,410 business leaders surveyed by PricewaterhouseCoopers LLP in October and… Read More »Business Chiefs and Economists Brace for Recession as Davos Begins

Many people believe willpower is fixed and finite. Yet powerful strategies exist that can help us increase it. We all face demanding days that seem designed to test our self-control. Perhaps you are a barista,… Read More »The mindset that brings unlimited willpower

WASHINGTON — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than… Read More »IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

Housing is only one of the many costs of sending a child to college, but it is also an area that presents parents with numerous options. A student can live in a dormitory on campus… Read More »Tax Implications of Owning a Second Home for a Child in College

CFOs should be aware of these data points on employment trends, CPI, and productivity going into 2023. FOs are number-centric, data-driven thinkers. Through our Wednesday newsletters, we have brought you extensive content surrounding data, statistics, and… Read More »2023 Outlook: 4 Charts to Watch

In addition, one in 10 small businesses went viral on TikTok organically, according to a new survey from Capterra. A new survey from Capterra, an online marketplace for the enterprise software industry, found that 78% of… Read More »78% of Small Businesses Say TikTok Ads Have Boosted Profits

(Bloomberg) — Bond-market bulls are getting an early taste of what they expect to be a winning trade of 2023. On Friday, shorter-dated Treasuries led a broad market rally after the jobs report for December… Read More »Bond Rally Gives Early Win to Wall Street’s 2023 Yield-Curve Bet

KEY POINTS Phishing is on the rise, and anyone who uses email, text messaging, and other forms of communication is a potential victim.  These attacks, in which a cybercriminal sends a deceptive message that’s designed… Read More »Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them

KEY POINTS It’s not easy to prioritize financial goals, especially when choosing between two essentials in an unsteady economy: saving for retirement or building your emergency fund.  While there are higher 401(k) contribution limits for 2023, you… Read More »How to balance retirement and emergency savings in a shaky economy

(Bloomberg) — There wasn’t much sunshine in the stack of Wall Street forecasts that predicted 2023 would bring a global economic contraction and rough going for risk assets. But as January trading picks up steam,… Read More »Optimism Makes Comeback on Wall Street With Soft Landing Eyed

The 2022 tax year has ended and tax professionals everywhere are encouraging their small business clients to close their books and start thinking about their tax returns. In a perfect world, these clients have worked… Read More »3 After-Year-End Tax Strategies For Small Businesses

The IRS divides taxpayers into different examination classes. The IRS sees the typical taxpayer reporting an income of less than $200,000. These taxpayers faced an odds of audit of just 1.9 out of every 1,000… Read More »IRS Audits Dropped Slightly in 2022

KEY POINTS Credit card interest rates reached record highs last year and there is still more to come in 2023, according to Greg McBride, chief financial analyst at Bankrate.com. Credit card rates are now more than… Read More »Credit card interest rates are heading to 20% on average — here’s the best way to pay down high-interest debt

Despite return-to-office initiatives and hybrid work models, virtual meetings are still on the rise. Despite some organizations going as far as to tell employees to turn down meetings they find unbeneficial, executives and their employees seem to… Read More »Remote Meetings Up 60% Since 2020: Weekly Stat

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

WASHINGTON (AP) — Federal Reserve officials suggested at their most recent meeting that a continuing streak of robust hiring could keep inflation elevated and was a key reason why they expected to raise interest rates this year… Read More »Fed minutes: Officials cited strong hiring to justify hikes

KEY POINTS Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the sidelines. Prices in November were still 8.6% higher than during the same month in 2021,… Read More »Home price increases weakened sharply in November, posting the smallest annual gain in 2 years

If the ‘secondary’ spouse makes a balance-due payment to the IRS, it may not get credited to their account. Taxpayers who file as married filing jointly and make a balance-due payment online may find their… Read More »MFJ taxpayers need to look out for this tax payment SNAFU

New York (CNN) — Many CEOs, investors, and consumers are worried about a recession in 2023. But Moody’s Analytics says the more likely scenario is a “slow session,” where growth grinds to a near halt but a full economic… Read More »Get ready for a ‘slowcession’ in 2023, Moody’s says

More than two-thirds of economists at 23 major financial institutions expect the U.S. to have a downturn this year Big banks are predicting that an economic downturn is fast approaching. More than two-thirds of the… Read More »Big Banks Predict Recession, Fed Pivot in 2023

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022. The Internal Revenue Service has issued the 2023 optional standard mileage… Read More »IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile

KEY POINTS As the calendar turns to 2023, workers in more than half of all states have something to look forward to this year: a higher minimum wage. That’s occurring as the federal minimum wage… Read More »These states are raising their minimum wages in 2023. Chart shows where workers can expect higher pay

Generally, investors in activities such as real estate in which they don’t materially participate can only take deductions up to the amount of their passive income for the year. The IRS often scrutinizes large deductions… Read More »Tough Tax Law Test for Real Estate Professionals

Retail sales jumped despite inflation hitting 7.1% in November Retail sales jumped 7.6% during the critical holiday season that runs from Nov. 1 to Christmas Eve, according to Mastercard SpendingPulse, which tracks sales across all payment types. … Read More »Retail sales jump 7.6% during the critical holiday shopping season

This chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on information we have now, and using projections based on previous years- and depending on when a person… Read More »When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

The IRS on Friday announced a delay in the $600 reporting threshold for third-party settlement organizations, which had been in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations… Read More »IRS delays Form 1099-K $600 reporting threshold

The Fed will keep fighting inflation, and the unemployment rate will rise. But there are positive trends on the horizon. If 2022 was the year U.S. investors came around to the reality of entrenched inflation… Read More »Brace for Recession Next Year. But the Outlook Isn’t All Doom and Gloom.

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

Rate of inflation slows again to 5.5% from 6.1% The numbers: A key gauge of U.S. prices rose just 0.1% in November, marking the fifth month in a row in which inflation eased after peaking at… Read More »High U.S. inflation is on the wane, PCE price gauge shows

When is a company allowed to report as deductions on a tax return the expenses that have been incurred during the time leading up to getting the doors open for business? In other words, when… Read More »Deduction of startup expenses

Consider these seven retirement portfolio management strategies for a recession. The U.S. economy is getting a head start on a New Year’s hangover, with economists calling for hard times in 2023. According to the Conference… Read More »How to Adjust Your Retirement Portfolio Against a 2023 Recession

The amount of money workers are demanding to switch jobs has been escalating — recently hitting a new eight-year high amid powerful inflation and the prospect of a recession. Asked about the minimum pay they… Read More »Here’s how much pay Americans say they’d need to start a new job

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

A second marriage means a new financial plan. Read below to see how this couple navigates building one. Second marriages can be challenging. Throw in a young second family, older kids from a previous first… Read More »Second Marriage – Second Chances

Across the world, governments have intervened to mitigate the effects of inflation on businesses and consumers. Price tags are seen as a woman shops at a local market in Nice, France, on 7 June 2022.… Read More »How governments are trying to ease the impact of inflation

The Federal Reserve’s super-sized interest rates are not scaring most companies into cutting back on spending, according to a survey released on Wednesday. About two-thirds of chief financial officers say the current level of interest… Read More »Corporate America isn’t afraid of the Fed’s monster rate hikes