Data from Fidelity found the number of seven-figure retirement accounts down sharply after stocks cratered in the first half of 2022. The number of people with at least $1 million in their Fidelity 401(k) accounts plunged 29%… Read More »Stock Market Plunge Punished 401(k) Millionaires

Rule of 20 has a ‘perfect track record,’ bank strategists say Another indicator from CFRA signals that the market bottom is in Bank of America Corp.’s quant analysts say a US stock market indicator with… Read More »BofA Quants Say a Winning Stock Signal Is Bad Omen for Bulls

Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came down substantially, according to minutes from the session released Wednesday. During a meeting in which… Read More »Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn… Read More »IRS pledges not to use the extra funding to audit lower-income taxpayers

KEY POINTS Tips for wait staff and cashiers haven’t taken a hit despite inflation, according to new data. Aggregated sales data from Toast showed people tipped an average of 19.6% at full-service eateries and 16.9%… Read More »People aren’t cutting back on tips even as inflation surges

KEY POINTS Retail sales for July were flat, compared with the estimate for a 0.1% gain. Excluding autos, sales increased 0.4% against expectations for no gain. Falling fuel prices held back receipts at gas stations,… Read More »Retail sales little changed in July amid a fall in gas prices and a drop in auto sales

KEY POINTS President Joe Biden signed the Inflation Reduction Act into law The new law passed with majority Democratic support in the Senate and the House. The more than $430 billion package is expected to… Read More »Biden signs the Inflation Reduction Act into law, setting 15% minimum corporate tax rate

Once-hot blank-check firms have fallen out of favor alongside cryptocurrencies and other speculative investments SPACs were one of the hottest investments on Wall Street early last year, booming alongside cryptocurrencies, meme stocks, and other speculative trades as… Read More »SPAC Activity in July Reached the Lowest Levels in Five Years

The increase for 2023 may rise even higher as insurance carriers price record inflation into employers’ renewal rates, per a Mercer survey. With inflation-eating wage gains, most workers would rather not see more money drained… Read More »Employers Project 5.6% Jump in Health Benefit Costs

The interest rates the Internal Revenue Service uses will go up for the quarter beginning Oct. 1, the agency said. The rates will be: 6% for overpayments (5% in the case of a corporation); 3.5%… Read More »IRS interest rates increase for Q4

A number of EVs should become more affordable, but only after a “subsidy winter” when far fewer cars will qualify. Big changes are coming to the federal electric car tax credit with congressional passage of the… Read More »New Electric Car Tax Credits Are About to Radically Change Buying EVs

An account of the debate at the Federal Reserve’s July policy meeting,set to be published after two weeks of whiplash on Wall Street, willprobably offer clues as to what would push the central bank to… Read More »Fed Minutes May Reveal Inclinations on Size of Next Rate Hike

People want to hear from JPMorgan (JPM) CEO Jamie Dimon. He’sinsightful, provocative, and never boring. So it’s little wonder that the company puts him on calls with wealthyclients to give his take on, well, just… Read More »Jamie Dimon sounds off on… almost everything: Morning Brief

An end to corporate America’s record stock-buying spree is givingequity bulls one more thing to worry about. JPMorgan Chase & Co., Citigroup Inc., and Best Buy Co Inc. all pausedbuyback plans when reporting their second-quarter… Read More »Stock Market Recovery Faces a New Hurdle as Record Buybacks Slow

Venture-capital firms are sitting on a record cash pile. Theirso-called dry powder—money raised but not deployed—has increased bymore than $100 billion worldwide since the end of last year, reachingalmost $539 billion in July, according to… Read More »Venture Capital’s Cash Stockpile Swells Amid Slowdown

A new poll found that a majority of voters (76%) weren’t worried aboutthe prospect of being audited by the IRS. As we await the House of Representatives’ vote on legislation thatwould provide the IRS with… Read More »Most Americans: ‘I’ve Got 99 Problems, But an IRS Audit Ain’t One

KEY POINTS The Federal Reserve is unlikely to pivot from its hawkish interestrate hikes despite positive signs this week that inflation in the U.S.could be easing, according to market strategists.As both CPI and PPI soften,… Read More »Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

Tax planning for real estate activities often involves a myriad of taxconsiderations. For example, if the real estate produces a loss, adetermination must be made whether the loss is limited by insufficientbasis or by the… Read More »Rental Activity and Self-Employment Tax

House Democrats on Friday approved a sprawling bill to lowerprescription drug costs, address global warming, raise taxes on somebillion-dollar corporations, and reduce the federal deficit, sendingto President Biden the long-delayed, last component of his economicagenda… Read More »House passes Inflation Reduction Act, sending climate and health bill to Biden

Summary World demand growth to slow to 3.1 million bpd in 2022In contrasts with IEA, which raised its demand outlookOPEC July output rises 162,000 bpd, less than pledgedSees slightly higher U.S. shale growth in 2023… Read More »OPEC, in contrast to IEA, sees lower 2022 oil demand growth

Market volatility triggered by Russia’s invasion of Ukraine andsoaring global interest rates have forced investors to pull back frombacking initial public offerings, resulting in a dramatic decline instock market listings in the United States. According… Read More »Factbox: U.S. IPO activity plunges as Ukraine war triggers volatility

Summary Fed now seen delivering 50 bps hike in SeptemberU.S. consumer price growth slows in JulyMusk sells Tesla shares worth $6.9 blnThe volatility index closes at a four-month low Wall Street surged on Wednesday, putting… Read More »Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb

Consumers struggling with skyrocketing prices for food, gas, autos,and rent got a tantalizing hint of relief last month when pricesdidn’t budge at all from June after 25 straight months of increases.With gas prices continuing to… Read More »EXPLAINER: Mixed US inflation signs. Where are prices going?

Workers’ wages are rising briskly, a factor contributing tofour-decade high U.S. inflation. Average hourly earnings grew 5.2% in July from a year earlier, andannual wage gains have exceeded 5% each month this year, the LaborDepartment… Read More »Rapid Wage Growth Keeps Pressure on U.S. Inflation

Small and medium-sized businesses (SMBs) are known as the backbone ofthe U.S. economy and play a major role in most economies, withtremendous contributions to job creation. They represent about 90% ofbusinesses, and more than 50%… Read More »4 Ways SMBs Can Recession-Proof Their Businesses

The Internal Revenue Service has released a draft version of Form 1040for next tax season, with an expanded question about virtualcurrencies, now referred to as digital assets, along with otherchanges on drafts of that form… Read More »IRS expands crypto question on a draft version of 1040

KEY POINTS The consumer price index rose 8.5% in July from a year ago, belowexpectations, due largely to slumping energy prices.Excluding volatile food and energy prices, so-called core CPI rose5.9% annually and 0.3% monthly, compared… Read More »Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

KEY POINTS A new Wells Fargo analysis looked at the best 20 days for the S&P 500between August 1992 and July 2022. Almost half of them occurred amid adownturn.The findings underscore the impossibility of timing… Read More »On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

President Joe Biden signed two bills on Friday that give the federalgovernment more time to catch and prosecute fraud related to two ofthe most popular COVID-19 small business relief programs — thePaycheck Protection Program (PPP)… Read More »Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

By a vote of 51 to 50, the U.S. Senate on Sunday passed a budgetreconciliation bill, H.R. 5376, now known as the Inflation ReductionAct of 2022. The bill contains numerous tax provisions, including a15% corporate… Read More »Key tax provisions in the Senate reconciliation bill

KEY POINTS Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly $80 billion in funding for the IRS.The Inflation Reduction Act allocates $79.6 billion to the agency overthe next 10 years, with… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

One doesn’t have to be the loneliest number anymore. For years, soleproprietors weren’t able to choose from as wide a range of retirementplan options as bigger operations could. Or, in the case of a 401(k)plan,… Read More »Solo 401(k) Plans: Looking Out for Number One

When we think of penalties we naturally think of punishment.  I mean,to channel Steven Wright, if a penalty is not punishment when why doesthe word start with “penal”?  Both this week and next week’s lessonteach… Read More »Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

The biggest US companies keep stepping up their spending on capitalprojects and encouraging signals to investors in an uncertain economicclimate. Companies from Google parent alphabet incorporated to General MotorsCompany to Pepsi Cola incorporated are among… Read More »Companies From Google to Pepsi Are Boosting Capital Spending

The recent scam appears to cut across Intuit’s cloud and desktopproducts. In a worrying development pointing to the increasingsophistication of such scams, Intuit also stated that hackers appearto now be able to link emails to… Read More »Intuit Issues Phishing Warnings to QuickBooks Users

Stress on global supply chains eased in July to the lowest level sinceJanuary 2021 as port congestion and other snags eased, the New YorkFederal Reserve reported on Thursday, in its latest update to aworldwide index… Read More »Global supply chain stress at 18-month low in July, NY Fed’s index shows

National Taxpayer Advocate Erin Collins is protesting a decision byInternal Revenue Service officials to postpone the implementation ofscanning technology by the next tax season to deal with a backlog ofmillions of paper tax returns. Collins… Read More »Taxpayer advocate appeals IRS decision to delay scanning tech

Gig economy companies classifying their workers as independentcontractors continue to face lawsuits, state action, and federalagency enforcement  For much of the last decade, a legal and regulatory storm at the stateand federal levels has… Read More »The Independent Contractor Dilemma

The IRS is continuing to hone its filters to catch business identitytheft and tax fraud, using 84 selection filters last year to identifybusiness tax returns claiming refunds for potential fraud but notalways succeeding, according to… Read More »IRS adding more filters trying to catch business tax fraud

US household debt increased by 2% to $16.2 trillion in the secondquarter, with mortgages, auto loans, and credit-card balances allseeing sizable increases, according to a report by the New YorkFederal Reserve Bank. The increase in… Read More »US Household Debt Surpasses $16 Trillion on Higher Mortgages

The Federal Reserve is “nowhere near” being almost done in fightingthe hottest inflation in four decades, and officials are fullycommitted to achieving price stability, San Francisco Fed PresidentMary Daly said. “We have made a good… Read More »Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says

Equifax this spring sent out incorrect credit scores for millions ofcustomers applying for home and auto loans, the Wall Street Journalreported on Tuesday. As one of three major credit-reporting companies in the US., Equifaxprovides financial… Read More »Equifax issued wrong credit scores for “millions” of customers, report says

KEY POINTS Despite seeing real wage gains this year, Americans must contend witha higher cost of living, which is growing at the fastest annual pacein more than four decades.As inflation outpaces wage growth, credit card… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

Someone in Illinois bought the winning ticket, and if he or she doeslike most winners, they will take the lump sum, not the annuity. The$1.28 billion prize, which is the second-largest jackpot in MegaMillions lottery… Read More »Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax

JPMorgan Chase & Co.’s Marko Kolanovic is quickly emerging as one ofthe very few bulls among Wall Street’s top strategists, who says USstocks will rally in the second half. Kolanovic, voted the No. 1 equity-linked… Read More »JPMorgan’s Kolanovic stands apart in saying stocks will rebound

KEY POINTS Home price gains are cooling fast, as demand wanes and supply builds.The annual rate of price appreciation fell two percentage points from19.3% to 17.3%.Price gains are still otherwise strong because of an imbalance… Read More »Home prices cooled at a record pace in June, according to housing data firm

Employers continued hiking workers’ pay at a brisker-than-expectedpace, but the increases still weren’t enough to compensate for theeven faster rise in inflation. Wages and salaries for civilian workers increased 1.4% in the secondquarter and 5.3%… Read More »Workers’ wages continue to climb, but not as fast as inflation

With the busiest week of the second-quarter earnings season over,investors are relieved that results are holding up better than feared,according to Goldman Sachs Group Inc. strategists. Of the 56% of S&P 500 companies that have… Read More »Goldman’s Kostin Says US Results Season Better Than Feared

The Internal Revenue Service admitted that some married couplesreceived an erroneous balance due notices for their 2021 tax returns. The IRS added that no immediate response to the notice or phone callwas necessary right now… Read More »IRS sent incorrect balance due notices to couples

The stock market is wrestling with a “bad news is actually good news” scenario. US gross domestic product shrank in the second quarter after slowingin the first quarter as well. Two consecutive quarters of contractionis… Read More »Stock Market Has No Fear of a Recession That’s Almost Priced In

KEY POINTS The U.S. economy shrank for a second straight quarter, one definitionof a recession, the Bureau of Economic Analysis reported Thursday.However, fewer than half of Americans feel “financially secure enough”for another prolonged economic downturn,… Read More »U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow

One of the Treasury markets more widely watched yield-curve indicatorsextended its inversion after the Federal Reserve’s decision to liftits benchmark rate in line with expectations. The yield on the two-year Treasury moved to be as… Read More »Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike

KEY POINTS The Federal Reserve on Wednesday enacted its second consecutive 0.75percentage point interest rate increase, taking its benchmark rate toa range of 2.25%-2.5%.Chair Jerome Powell said there will be a point where the Fed… Read More »Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

KEY POINTS Gross domestic product fell 0.9% at an annualized pace for the period,according to the advance estimate.That follows a 1.6% decline in the first quarter and was worse thanthe Dow Jones estimate for a… Read More »GDP fell 0.9% in the second quarter, the second straight decline, and a strong recession signal

Summary Fed raises policy rate to 2.25%-2.50% rangeU.S. central bank flags weakening economic dataFed’s Powell says failure to tame inflation is not an option The Federal Reserve said on Wednesday it would not flinch in… Read More »Fed jacks rates again, Powell vows no surrender in inflation battle

As the Federal Reserve prepares to meet this week, Wall Streetinvestors are betting that officials will raise interest ratesaggressively through the end of the year and then turn around andstart cutting them in six months.… Read More »Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

The US corporate earnings season is turning out to be better thanfeared as consumer spending remains resilient, while stocks havealready priced in much of the bad news according to Citigroupincorporated and UBS Global Wealth Management… Read More »Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared

Questions hold the potential for change but thought without action is defeat. “It is easier to act yourself into a new way of thinking than it is tothink yourself into a new way of acting.”… Read More »5 UNEXPECTED QUESTIONS THAT CAN CHANGE YOUR LIFE

Disappointing earnings reports from several big companies don’t seemto be fazing investors, with the S&P 500 up nearly 5% this month, and2.5% last week, after a punishing start to the year. Even some companies that… Read More »Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks

What inspires us to follow a CEO, founder, or thought leader?Certainly, there is a toughness, particularly in the face ofadversity, that can encourage us to do the same and elevate ourefforts. In other words, toughness… Read More »5 Inspirational ‘Grit in Leadership’ Skills for Overcoming Adversity

Benchmark: “Something that serves as a standard by which others may bemeasured or judged,” according to Merriam-Webster. As necessary as benchmarks are, in my opinion, the modern businessworld has become entirely too fascinated with them.… Read More »The Problem With Traditional Business Benchmarks

From rising interest rates to battling growing inflation and supplychain issues that don’t show any hint of resolving, warning signs of arecession are becoming hard to ignore. Despite the state of ourcurrent economy, there are… Read More »Is A Recession Looming? Why History Says We Shouldn’t Panic

Amid the “Great Resignation,” many people continue to relish the ideaof being their own boss. While autonomy and flexibility can bealluring, there are also important financial considerations. This is especially important advice given that new… Read More »What to know about the financial risks of becoming your own boss

U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economicgrowth is slowing and she acknowledged the risk of a recession, butshe said a downturn was not inevitable. Yellen, speaking on NBC’s “Meet the Press,”… Read More »U.S. economy slowing, but recession not inevitable, Yellen says

The bond market wants to believe that Federal Reserve boss JeromePowell will succeed in getting inflation under control. It’s unclear just when the economy might witness an actual slowdown inconsumer-price gains, which are presently running… Read More »Bond Traders Regaining Faith That Fed Can Slay Inflation Dragon

More than 4 million people have left their jobs each month in the U.S.so far this year — and according to new research, this record-breakingtrend isn’t going to quit anytime soon. About 40% of workers… Read More »40% of workers are considering quitting their jobs soon—here’s where they’re going

New research that analyzed the impact of same-day pay showed that 60%of working Americans want employers to offer workers immediate accessto daily earned wages. A new national research study that analyzed the impact of same-day… Read More »On-Demand Pay: 60 Percent of U.S. Workers Want Daily Access to Earned Wages

As we enter the home stretch, 2022 has been an eventful year for taxprofessionals. New proposed regulations, court decisions, and InternalRevenue Service pronouncements have all impacted the tax landscape.While the major developments are familiar to… Read More »The top 20 tax developments from 2022

Higher prices can sting retirees harder than others for a number ofreasons, but there are a few specific types of investments that canhelp ease the pain. Inflation hurts everyone. It seems to reach every sector,… Read More »Is Inflation Costing You More as a Retiree?

KEY POINTS A CNBC poll found more than 6 out of 10 Americans think there will bea recession next year.Although Americans age 50 and older feel better prepared for recessionthan younger people, 68% of U.S.… Read More »Here are 6 strategies to recession-proof your finances at any age

The slowdown in venture-capital funding has spread to early-stagestartups, with that part of the market suffering one of the biggestinvestment drops in more than a decade. In the second quarter, venture capitalists invested around $16… Read More »Tech Downturn Slows Early-Stage Startup Funding

Improving the taxpayer experience while surmounting operationaldifficulties that include a shrinking workforce are among the goalsthe IRS has set for itself in the next five fiscal years. The 26-page IRS Strategic Plan FY 2022–2026 (Publication… Read More »IRS seeks transformation in a new 5-year plan

Citigroup Inc. economists have labeled a global recession a “clear andpresent danger,” while repeating they estimate a 50 percentprobability of such a slump. In a report to clients, economists led by Nathan Sheets said they… Read More »Citi economists call global recession a present danger

The giants of private credit — the only game in town lately forbig-ticket leveraged buyouts — are dialing back on risk, in a turningpoint that threatens to reduce crucial financing for mega deals. Blackstone Inc.,… Read More »Private Credit Giants Curb Buyout Lending Spree in Big Shift

Talk about recession and inflation has been a dominant topic onsecond-quarter corporate earnings calls that are starting to flood in. Recession fear is already dominating Washington. Now it’s grippingcorporate America. CEOs across industries are increasingly… Read More »Wall Street braces for economic ‘hurricane’

KEY POINTS A high rate of inflation — 9.1% in June from a year earlier — hastaken a toll on household budgets.In addition to dealing with earnings not keeping up with the cost ofliving, most… Read More »75% of middle-class households say their income is falling behind the cost of living

It may often be a good idea for a small business owner to havechildren and other relatives on the company payroll. However, a newTax Court case put a spotlight on what truly qualifies for the… Read More »Taxpayer Fails to Prove Compensation Deduction

Stocks rallied Tuesday, with the market resuming a bounce from lastmonth’s lows, as traders bet on strong corporate earnings reports andwagered that markets have found a bottom. The Dow Jones Industrial Average jumped 754.44 points,… Read More »Dow rallies more than 750 points as traders bet that the bottom is in

Federal Reserve officials have signaled they’re likely to raiseinterest rates by 0.75 percentage points later this month for thesecond straight meeting as part of an aggressive effort to combat highinflation. Policymakers left the door open… Read More »Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

US stocks dipped to start the week as investors considered another setof earnings reports from major companies and looked ahead to a slateof key central bank meetings. Stocks were in the green for much of… Read More »Stocks Lose Ground as Banks Give Quarterly Updates

Lots of questions continue to swirl around the state of like-kindexchanges (real estate in particular) both in the near and long-term.As a tax planner, it’s best to look at the current legislative impactand the possibilities.… Read More »Near and Long-Term Tax Planning for Section 1031

The legislation would direct the IRS to create software that wouldallow any taxpayer to prepare and file their individual income taxreturn beginning in the tax year 2023. U.S. Senator Elizabeth Warren is leading fellow Democrats… Read More »Congress Again Considers Free IRS Income Tax Filing System

Baby boomers have lived through the tech bubble, the 2008 housing andmarket crash, and even double-digit inflation in the 1970s, but neverall these financial crises together. Now we have inflation,pandemic-related supply chain disruptions, a bear… Read More »Why Saving for Retirement Is More Difficult in 2022

Inflation at the wholesale level climbed 11.3% in June compared with ayear earlier, the latest painful reminder that inflation is runninghot through the American economy. The Labor Department reported Thursday that the U.S. producer priceindex… Read More »Wholesale inflation in June surged 11.3% from a year ago

Most companies use too many incomplete measures and would benefit fromusing one complete measure instead, as railroading company CSX hasimplemented. At a recent financial training session for railroading company CSXCorporation, CFO Sean Pelkey asked his… Read More »Rethinking the Value of 3 Common Financial Metrics

Deepening fears about the health of the global economy have shoved theeuro down to parity against the US dollar for the first time in 20years. Investors gravitate towards the perceived safety of the dollar intimes… Read More »Euro falls to parity with US dollar for the first time in two decades

Recently, FASB issued a new Accounting Standards Update (ASU 2019-12),Simplifying the Accounting for Income Taxes. The new standard amendssection 740 of the Accounting Standards Codification (ASC),eliminating some problematic exceptions and technicalities. CPAs hoping the new… Read More »ICYMI | FASB Streamlines Income Tax Accounting

One of the US bond market’s most widely watched indicators ofpotential recession risk has reached levels last seen in 2007. The yield on the benchmark 10-year Treasury note moved to be as muchas 10 basis… Read More »Treasury Curve Inversion Deepens to Level Last Seen in 2007

Such a frenetic pace of downgrades seen only four times beforeRecession or not, the UBS model shows a 1,100-point gap for S&P 500 Even diehard bulls are yielding to recession angst. Wall Street analysts, the… Read More »Stock Drubbings Finally Convince Holdout Analysts to Get Real

Remote work is equalizing tech startup pay across the country, withSilicon Valley and San Francisco as the benchmark, and Seattle asExhibit A. That’s one insight from a recent study by financial technology companyCarta: compensation packages… Read More »How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

The biggest overhaul of cross-border tax rules in a generation is nowon course to take effect in 2024, the Organisation for EconomicCooperation and Development said on Monday in an update on the projectfor G20 finance… Read More »OECD sees global corporate tax overhaul on course for 2024

Monthly consolidated financials need to be prepared within a few daysto be of use to operational leaders. Consolidated financial statements enable organizations with a parentcompany and subordinate reporting units (e.g., subsidiaries, regionaloperations, or multiple locations)… Read More »Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

Investors expect concerns about hot inflation and strapped consumersto dominate the corporate earnings season that kicks off this weekcreating winners and losers in the battered stock market. Stocks have come under pressure this year with… Read More »The Stock Market Faces Next Test as Inflation Looms Over Earnings Season

Another record-breaking number of imports passed through the US’smajor container ports this spring — showing no sign of a slowdown inconsumer demand, the National Retail Federation, or NRF, said Friday. “Cargo volume is expected to… Read More »US ports saw record imports this spring, as port workers’ contract expires

Commerce Secretary Gina Raimondo on Sunday expressed doubt that thenation will head into a significant economic downturn but warnedagainst “talking ourselves into a recession.” She said it’s typical for the Federal Reserve’s hikes in interestrates… Read More »Commerce Secretary Warns against ‘Talking Ourselves into Recession’

After a period of relative sanity, another wave of shipping congestionis expected to happen soon. By now weary retailers are familiar withthe drill and are recalibrating supply chains and warehousing andmanufacturing strategies. At the moment,… Read More »Another Wave of Shipping and Supply Chain Challenges is On the Way

You might be feeling pain at the pump, but it could be worse; gas is a lot more expensive in some other countries. Historically high gas prices in the United States have led to consumer… Read More »Gas Prices Around the World

There’s no need to fret about the timing of a US recession anymore,according to Wells Fargo Investment Institute — because we’re alreadyin one. The investment strategy arm of the bank says the US is entering… Read More »US Recession Is Already Here, According to Wells Fargo Investment Group

KEY POINTS The federal minimum wage has been $7.25 per hour since 2009.Starting this month, workers in Connecticut, Nevada, Oregon, andWashington, D.C., are seeing higher minimum pay rates.Some experts say a higher federal standard for… Read More »As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

Homebuyers are feeling the squeeze of rising mortgage rates. On top ofthat, housing prices remain high. That may lead many to rethink theirbudget. “As mortgage rates go up, it raises the cost of buying a… Read More »Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

After a nurse bought clothing for work at a clinic at her own expenseand deducted it from her taxes, she wound up in front of the Tax Courtto ensure the purchase was a legitimate business-related… Read More »Tax Court Tailors Outcome to Fit Clothes Deduction

FASB issued an Accounting Standards Update (ASU) that improvesfinancial reporting for investors and other financial statement usersby increasing the comparability of financial information acrossreporting entities that have investments in equity securities measuredat fair value that… Read More »FASB issues standards to improve fair value guidance for equity securities

Operating cash flows boosted many balance sheets in the 12 monthsending March, but that will be harder to do this quarter. The Association for Financial Professionals’ annual Liquidity Surveytakes a thorough look into corporate treasury… Read More »1 Out of 3 Companies Increased Cash Holdings: Weekly Stat

The coronavirus (COVID-19) pandemic triggered an exodus of workersfrom their comfortable offices to the safety of their homes and otherremote locations. For some, this displacement is temporary and willend when the pandemic subsides; for others,… Read More »ICYMI | Working from Home State Income Tax Complications

Traditional IRAs are set up in a way that basically incentivizes you(and your heirs) into paying the highest tax bill possible. Don’t fallfor it. Consider a Roth conversion instead. When you first decided to contribute… Read More »Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA

Federal Reserve officials were concerned at their meeting last monththat consumers were increasingly anticipating higher inflation, andthey signaled that much higher interest rates could be needed torestrain it. The policymakers also acknowledged, in minutes from… Read More »Fed: Sharply higher rates may be needed to quell inflation

The tax agency is the gatekeeper for America’s charity system, butreduced vetting has opened the door to scams. The “American Cancer Society of Michigan,” state authorities say, wasa fake charity. And not even a good… Read More »NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

Three out of four public company audit partners believe thatinflationary concerns could persist well into 2023 and possiblybeyond, according to a new survey by the Center for Audit Quality(CAQ). The CAQ’s inaugural Audit Partner Pulse… Read More »Audit partners see signs that inflation will persist

The U.S. economy has experienced 12 recessions since World War II, andeach one included two features: Economic output contracted andunemployment rose. Today, something highly unusual is happening. Economic output fell inthe first quarter and signs… Read More »Economic output is falling, but so is unemployment

-Move could include announcing new probe into China’s subsidies-Easing tariffs seen as way to counter accelerating inflation President Joe Biden may announce as soon as this week a rollback ofsome US tariffs on Chinese consumer… Read More »Biden Close to Rollback of Chinese Tariffs to Fight Inflation

By some early estimates, the U.S. economy, as measured by grossdomestic product, may have shrunk in the three months from Aprilthrough June. Add that to the decline from January through March, andthat would be a… Read More »Explainer: Is the U.S. in a recession? GDP is not the only measure

Fed Chairman Jerome Powell on Wednesday said there was no guarantee that the central bank can engineer a soft landing for the U.S. economy. “We think that there are pathways for us to achieve the… Read More »Powell says no guarantee of a soft landing for the U.S. economy

A U.S. Supreme Court decision to curb the Environmental Protection Agency’s power to regulate greenhouse gas emissions may be bad news for a Securities and Exchange Commission (SEC) bid to force companies to disclose their… Read More »U.S. Supreme Court emissions ruling may stop SEC drive for disclosure

How the second half will play out is still a coin toss Inflation will ease in coming quarters: Northwestern Mutual The S&P 500 suffered its worst first half since 1970. But its dismal performance is… Read More »S&P 500’s Brutal First Half Has Little Bearing on the Future

FASB issued an Accounting Standards Update (ASU) that improves financial reporting for investors and other financial statement users by increasing the comparability of financial information across reporting entities that have investments in equity securities measured at fair… Read More »FASB issues standards to improve fair value guidance for equity securities

Q. Help! I have been working on a very important Excel file for a client, and suddenly my computer locked up and says, “Excel is not responding.” Is there anything I can do so that I… Read More »2 ways to recover unsaved Excel files

KEY POINTS Thanks to inflation, even a backyard barbecue is more expensive this year. Here are five ways to save money over the Fourth of July weekend without sacrificing the festivities or fun. Nothing says… Read More »Inflation is making Fourth of July celebrations more expensive than ever

If your client just set up their startup business, they might not wantto try to write off the costs and forget about it. As Ken Berry pointsout, a new Tax Court case makes the IRS’s… Read More »Tax Court Halts Deduction for Start-Up Costs

KEY POINTS Major corporations tell CNBC that even as the stock market is volatileand recession risk elevated, spending levels will increase.Technology is a primary reason as firms need to stay on top of areaslike AI… Read More »The corporate spending that can’t wait for a recession to pass

Summary U.S. consumer expectations sink to a near-decade lowNike slips on downbeat quarterly revenue forecastIndexes down: Dow 1.56%, S&P 2.01%, Nasdaq 2.98% Wall Street closed sharply lower in a broad sell-off on Tuesday asdire consumer… Read More »Wall Street stumbles as consumer pessimism stokes growth fears

Companies last year defied the coronavirus pandemic to go public at arecord pace. Now, market volatility, inflation, and fears of adownturn have brought an abrupt end to the listing party. Companies have raised a combined… Read More »US IPOs Can’t Shake 2022 Slump After Thriving Through Pandemic

A speedy recovery from a disaster can depend on your recordkeeping.Kiplinger’s Personal Finance writer Rivan Stinson tells us how to getour papers in order. Transcript: David Muhlbaum: What documents can you throw out, and which… Read More »PODCAST: Which Documents to Keep, Which to Shred, and Which to Scan

The chaotic mix of record fuel prices and an unending supply chaincrisis have retailers considering the unthinkable: Instead ofreturning your unwanted items, just keep them. In recent weeks, some of the biggest store chains, including… Read More »Just keep your returns: Stores weigh paying you not to bring back unwanted items

Tech firms and banks, including Bank of America, Goldman Sachs,Citigroup, and JPMorgan Chase, add a ‘critical healthcare’ package Many large US corporations have moved swiftly to provide support andfinancial assistance to employees seeking abortions in… Read More »Many US companies move to pay travel costs for employees seeking abortions

A pair of U.S. central bankers said on Friday they supported furthersharp interest rate hikes to stem rapid price rises, even as investorscheered economic data showing inflation expectations to be lessworrisome than initially feared. Last… Read More »Fed policymakers embrace more rate hikes, markets a little less

This year has been an especially tough one for seniors on fixedincomes. To stay on track, try these eight financial survival tips. Why is this year different from all other years for seniors?Inflation. The latest… Read More »8 Money Tips for Seniors Suffering from Inflation

KEY POINTS The percentage of people who are uncomfortable with the money theyhave set aside is now 58%, up from 44% two years ago, a newBankrate.com survey finds.“Inflation being at four-decade highs will erode your… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

At the end of May 2022, the agency had a backlog of 21.3 millionunprocessed paper tax returns, an increase of 1.3 million over thesame time last year. On June 22, National Taxpayer Advocate Erin M.… Read More »IRS Still Has Backlog of 21.3 Million Tax Returns

Equities have yet to fully price in the risk of a recession and mayhave further fall, according to Morgan Stanley and Goldman Sachs GroupInc. strategists. Although this year’s slump in US stocks has left them… Read More »Morgan Stanley and Goldman see more stock market losses

NPR’s Leila Fadel talks to Stephen Cecchetti, professor ofinternational finance at Brandeis University, for a preview ofPowell’s testimony which follows the Fed’s biggest rate hike since1994. LEILA FADEL, HOST: Inflation is also the focus of… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

And 40% of those surveyed have less than $50,000 saved for their old age Many older Americans are willing to work during their retirement years— and they may have to be — because they aren’t… Read More »Nearly one-third of older Americans have less than $10,000 saved for retirement

Goldman Sachs Group Inc. economists warned the risk of a US recessionhas grown more likely, and have downgraded their gross domesticproduct growth forecasts for the economy. The Goldman economists now see a 30% probability of… Read More »Goldman Warns US Recession Risk Now Higher and More Front-Loaded

NEW YORK, June 16 (Reuters) – Investors’ faith in a soft landing forthe U.S. economy is being heavily tested, as a jumbo-sized interestrate hike from the Federal Reserve stirs worries over the recessionand more volatile… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

The market route has been painful for investors. But the sting may beespecially sharp for anyone who has recently retired or is planning toin the next year or two. It’s worth remembering that bear markets… Read More »Retiring into a bear market: What to do, what to avoid

Microsoft’s spreadsheet still dominates corporate finance for plentyof good reasons, but is it holding you back from growth? Why Does Excel Survive in Finance Departments? Microsoft’s spreadsheet still dominates corporate finance, for plentyof good reasons.… Read More »The Excel Equation: When Is It Time to Move Away?

KEY POINTS The Federal Reserve raised its benchmark interest rates three-quartersof a percentage point in its most aggressive hike since 1994.According to the “dot plot” of individual members’ expectations, theFed’s benchmark rate will end the… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994

The Federal Reserve’s plan to raise its benchmark rate to a neutrallevel, around 2.5%, by the end of the year is under pressure aftersurprisingly strong May consumer inflation data on Friday. “The May CPI was… Read More »A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.

A key inflation reading showed a glimmer of hope on Tuesday, revealinga slight slowdown in rising prices — though they remain uncomfortablyhigh. The Producer Price Index, which measures wholesale prices before goodsand services reach consumers,… Read More »Key inflation measure slows slightly but remains uncomfortably high

WASHINGTON (AP) — The Federal Reserve intensified its fight againsthigh inflation on Wednesday, raising its key interest rate bythree-quarters of a point — the largest bump since 1994 — andsignaling more rate hikes ahead as… Read More »Fed attacks inflation with its largest rate hike since 1994

The US stock market has entered a bear market and if history is anyguide, it could be long and painful. This is the fourth such event for the S&P 500 Index over the past twodecades.… Read More »Wall Street’s Latest Bear Market May Be Here to Stay for a While

US consumer inflation reached its highest level in more than fourdecades in May as surging energy and food costs pushed prices higher,with little indication of when the upward trend could ease. The Labor Department on… Read More »U.S. Inflation Hit 8.6% in May

The writing is on the wall, and the majority of U.S. economists agreethat the U.S. is in store of a recession next year. Year-over-year U.S. consumer price increases unexpectedly surged lastmonth to 8.6%. That means… Read More »Over two-thirds of economists believe a recession is likely to hit in 2023

US inflation accelerated to a fresh 40-year high in May, a sign thatprice pressures are becoming entrenched in the economy. That willlikely push the Federal Reserve to extend an aggressive series ofinterest-rate hikes and adds… Read More »US Inflation Quickens to 40-Year High, Pressuring Fed and Biden

WASHINGTON — The Internal Revenue Service today announced an increasein the optional standard mileage rate for the final 6 months of 2022.Taxpayers may use the optional standard mileage rates to calculate thedeductible costs of operating… Read More »IRS increases mileage rate for the remainder of 2022

Depending on your income in 2021, you may be feeling the pain ofpaying your state and federal income taxes. Some of you reading thispost may be feeling a bit more pain based on the state… Read More »5 States With The Highest State Income Tax Burdens

KEY POINTS Amid high inflation that has become the No. 1 business risk, not asingle chief financial officer surveyed by CNBC thinks a recession canbe avoided.The macroeconomic view of CFOs informs a bearish stock market… Read More »The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey

Treasury Secretary Janet Yellen said Wednesday that tariff reductionson Chinese goods may be warranted as the White House tries to cool thehottest inflation in four decades, but said that such cuts are not a“panacea” to… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars

The stock market has been cratering so far this year — leaving specialpurpose acquisition companies, which buy private firms in order tomake them public without the need for a traditional initial publicoffering, with difficulty finding… Read More »Wall Street’s blank-check boom has gone bust

Prices for chips and shipping containers have come off peaksCentral bankers are scrambling to snuff out soaring inflation Three of the key supply-side factors driving today’s global inflationlevels have already turned around, meaning relief could… Read More »Inflation Is Poised to Ease According to These Three Key Indicators

More than 8 in 10 Americans believe the state of the nation’s economyis poor or not so good, according to a new Wall Street Journal-NORCpoll. The poll found that just 1 percent of respondents described… Read More »Americans in a new poll deeply pessimistic about the economy

KEY POINTS Japan has made key advancements in the quantum computer race, Indiahas developed its own strategy for the technology, and debates aresimmering over whether China has surpassed the U.S. on some fronts.Quantum computing will… Read More »The race toward a new computing technology is heating up — and Asia isjumping on the trend

KEY POINTS Social Security’s combined trust funds are now projected to be able topay scheduled benefits until 2035, a full year later than wasprojected last year.But if nothing is done to shore up the program,… Read More »Social Security’s funds have a new, later-projected depletion date of 2035. How Congress may shore up the program

KEY POINTS The IRS is working to boost audit rates for the wealthiest Americans,according to a statement from the agency.While plummeting audits have drawn congressional scrutiny, the numbersdoubled for higher earners over the past seven… Read More »The IRS is working to increase its audit rates for higher earners

SummaryTesla employed around 100,000 people at end of 2021Musk warned staff on Tuesday to return to the office or leaveU.S. executives sounding increasingly gloomy about the economy SAN FRANCISCO, June 3 (Reuters) – Tesla (TSLA.O)… Read More »Exclusive: Elon Musk wants to cut 10% of Tesla jobs

BlackRock Inc. Chief Executive Officer Larry Fink said he expectsinflation to remain elevated for several years primarily because ofsnarled global supply chains. “It’s been aggravated by Covid and lockdowns in different parts of theworld,” Fink,… Read More »Fink Sees Elevated Inflation for Years Amid Supply Shocks

The IRS on Wednesday began its annual “Dirty Dozen” series, warning ofabusive tax transactions and scams, with four schemes the Serviceadvised taxpayers to shun. The four arrangements the IRS described as potentially abusive “arevery much… Read More »Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams

KEY POINTS There are two main factors that have Dimon worried: So-calledquantitative tightening, or QT, is scheduled to begin this month andwill ramp up to $95 billion a month in reduced bond holdings.The other large… Read More »Jamie Dimon says ‘brace yourself for an economic hurricane caused by the Fed and Ukraine war

The US private sector added fewer jobs than expected in May as theFederal Reserve ramped up its effort to slow the economy and coolinflation. Private-sector firms added 128,000 payrolls last month, ADP saidThursday in its… Read More »Private businesses added 128,000 jobs in May, marking the smallest gain of the pandemic recovery

The ‘retirement ideal’ has been changing for years. Older people areincreasingly unretiring, changing the shape of this life stage. Picture retirement in your head. It’s a laughing, grey-haired couplesipping piña coladas on a white sand… Read More »Is this the end of retirement as we know it?

The blue-chip S&P 500 stock index ended the month of May with amarginal 0.01 percent gain, following weeks of tumultuous trading asinvestors questioned the trajectory of US inflation, growth, andFederal Reserve policy. Wall Street stocks… Read More »US stocks end volatile May roughly unchanged

Summary The consumer confidence index falls to 106.4 in MayLabor market gauge softens; more say jobs hard to findBuying intentions for cars, homes, and major appliances easeHouse prices accelerate year-on-year in March U.S. consumer confidence… Read More »The rising cost of living hurts U.S. consumer confidence; house prices soar

In some instances, C corporations prefer to designate payments asamounts for compensation, rather than payments of dividends. The IRSsees it another way, and the Courts backed it up. As shown in a new case decided… Read More »IRS Finds Disguised Non-Deductible Dividends

In a typical month, a couple of hundred American companies disclosesizable seed funding rounds. And every few quarters, Crunchbase Newshas made it a habit to peruse those rounds to see what trends we canglean. This… Read More »5 Areas Where US Seed Funding Is Strong In 2022

Corporate executives have this month bought shares in their companiesat a rate not seen since the early days of the Covid-19 pandemic inwhat some Wall Street analysts said was an encouraging sign for the USstock… Read More »Executives ‘buy the dip’ at a rate not seen since the start of the pandemic

Global equity funds saw their biggest inflows in 10 weeks, led by USstocks, as cheaper valuations lured buyers after a steep selloff onrecession fears. Investors added about $20 billion to global stocks in the week… Read More »Dip Buyers Storm Back to Stocks After Selloff

KEY POINTS First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3%Dow Jones estimate and a write-down from the initially reported 1.4%.The pullback in gross domestic product represented the worst quartersince the pandemic-scarred… Read More »First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower

Blank-check companies settled on deals to buy a members-only startupairline, a startup augmented reality firm and a company called Two BitCircus this month as SPACs face pressing deadlines to strike deals orclose shop. At least… Read More »SPACs Make Flurry of Deals as Blank Checks Seek Something to Own

KEY POINTS The core personal consumption expenditures price index, the Fed’spreferred inflation gauge, rose 4.9% from a year ago in April, in linewith estimates and a deceleration from March.Personal income rose slightly less than expected,… Read More »The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing

Beneath the latest global market disruptions are clues that the Federal Reserve is making slow but sure progress in its bid to curb the excesses of this inflation-addled business cycle.  Ever-tightening financial conditions and the draining of… Read More »Fed’s Inflation Fight Gets a Boost Amid the Wall Street Rout

KEY POINTS Fed minutes released Wednesday indicated that officials are prepared to move ahead with multiple 50 basis points interest rate increases. In addition, the Federal Open Market Committee said policy may have to move… Read More »Fed minutes point to more rate hikes that go further than the market anticipates

When adding an LLC member, business clients need your guidance on handling the change legally and for tax purposes. Here, Nellie Akalp, CEO and founder of CorpNet, shares six basic steps for adding a new member,… Read More »6 Steps for Adding New Members to an LLC

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation).… Read More »IRS interest rates increase for the third quarter of 2022

We’re nearing the end of the second quarter of the year, and it’s been unpleasant to say the least. Inflation, rising interest rates, and the war in Ukraine have caused a lot of volatility in… Read More »The Market Minute: Halfway Through 2022 And The Outlook For SPACs And IPOs Isn’t Good

Another week, another message to startups that the good times are dead. This time the message comes directly from the original authors of R.I.P. Good Times in 2008—Sequoia Capital. The venture giant—known for investments in tech titans… Read More »Sequoia Latest To Issue Warning Shot To Founders

All participants at the Federal Reserve’s May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation they agreed had become a key threat to the economy’s performance and was at risk of racing… Read More »Fed embraces 50-basis-point rate hikes in June, and July to curb ‘very high’ inflation

Walmart announced on Tuesday that it’s planning on expanding thenumber of stores that offer drone-delivered packages; by the end ofthe year, it hopes to fly deliveries from 34 sites across Arizona,Arkansas, Florida, Texas, Utah, and… Read More »Walmart is expanding its drone deliveries to reach 4 million households

American workers say it will take $1.1 million on average to retirecomfortably — but less than one in four-figure they’ll be able to savethat much. Just 22% of people approaching retirement age said they’ll have… Read More »A Comfortable Retirement Appears Out of Reach for Most Americans

When it comes to retirement planning, educating yourself can keep youfrom making big mistakes. Here are three key lessons that everyonepreparing for their golden years should know. Do you feel like you know enough about… Read More »Education is Key: 3 Financial Lessons for Retirees Nearing Retirement

Recession fears have markets into panic. But the leaders of America’sbiggest banks and US consumers appear to be in good financial health. JP Morgan Chase & CO. expects credit losses to remain abnormally lowthrough March… Read More »JPMorgan Says U.S. Consumers Are Doing Just Fine

The IRS correctly calculated taxpayers’ eligibility for a recoveryrebate credit in the 2021 filing season 99.3% of the time, theTreasury Inspector General for Tax Administration (TIGTA) reportedMonday. However, even the corresponding 0.7% error rate involved… Read More »IRS mostly correct on recovery rebate credits, TIGTA says

The Internal Revenue Service issued potentially improper RecoveryRebate Credit payments totaling $898 million, according to a newreport. The report, from the Treasury Inspector General for TaxAdministration, noted that $79.8 million in Recovery Rebate Creditsactually should… Read More »IRS sent over $800M in potentially improper recovery rebate payments

Stephanie Pomboy digs around to find risks and opportunities whereothers fail to tread. Right now, the founder and president of the economic research firmMacroMavens are forecasting a profits recession, marked by a “hugemargin squeeze for… Read More »The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy

KEY POINTS Bank of America’s account holders saw strong growth in their balancesduring Covid, CEO Brian Moynihan told CNBC.Moynihan said predicted that people “probably” won’t start spendingtheir stimulus check-boosted balances right now. Bank of America’s… Read More »Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says

The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per gallon The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per… Read More »Average US gasoline price jumps 33 cents to $4.71 per gallon

Under the Tax Code, the rate of interest is determined on a quarterlybasis. For taxpayers other than corporations, the overpayment andunderpayment rate is the federal short-term rate plus three percentagepoints. Generally, in the case of… Read More »IRS increases interest rates for Q3

Corporate tax rates in major economies around the world have fallen toan average of just 25.1% this year, according to a study releasedFriday by the UHY international accounting firm network. With the COVID-19 pandemic leaving… Read More »Corporate taxes plunged to a new low worldwide

The national median rent was $1,827 a month in April, up 16.7% from ayear ago, according to a report from Realtor.com. Rent has beensteadily increasing since early last year. If recent trends continue,the report projects… Read More »Rents in the US just hit another record high

‘It’s going to be hard to avoid some kind of recession,’ ChiefExecutive Charlie Scharf says Wells Fargo and company CEO Charlie Scharf said Tuesday there was noquestion that the US is headed for an economic… Read More »U.S. Economy Is Headed for a Downturn, Wells Fargo CEO Says

The Internal Revenue Service has been auditing fewer taxpayers since2010, according to a new report, but audit rates have been plungingthe most for higher-income taxpayers. A report released Tuesday by the Government Accountability Officefound that… Read More »IRS audit rates plummet, especially for wealthy

Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the consumer price index, which measures the prices of goods andservices, notched an 8.3% increase from… Read More »Does inflation have you worried about retirement? Here’s what experts say to do

Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely slow economic activity — until there is “clear and convincingevidence” that inflation is coming down.… Read More »Powell: ‘Some pain’ may be required to slow inflation

WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear evidence inflation is steadily falling — a high-stakeseffort that carries the risk of causing an… Read More »Powell: Fed to keep hiking rates until it controls inflation

The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a move thatcould bring Moscow closer to the brink of default. The Treasury Department’s Office of… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default

Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions. In a tumultuous time, many adults under 35 have stopped playing itsafe. Instead of banking… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.

The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model. The best-laid plans for a full-time return to the office remain bedeviled by Covid-19 case rates… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.

Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped 8.3% year over year in April, the U.S. Bureau of Labor Statistics reported Wednesday. While the… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending

KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Core CPI, which excludes food and energy, also was higher… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released… Read More »IRS destroyed 30M paper information returns due to the backlog

With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs surge for oil and other supplies and interest ratesrise. Sky-high oil has boosted forecasts for… Read More »U.S. profit forecasts weaken as companies assess inflation risks

Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc. and Citigroup Inc.from blank-check firms over concern about potential liability risksassociated with the vehicles. The… Read More »BofA scales back on SPAC work as bank retreat accelerates

Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices by U.S. citizens. The sanctions announced Sunday “prohibit U.S. persons from providingaccounting, trust, and corporate… Read More »US sanctions ban the provision of accounting and consulting services to Russia

To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance on how to submit1040-X, how the IRS might respond, and other considerations, such asfiling a… Read More »How to Amend Form 1040 and Submit Form 1040-X

Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season that ended last month, the Treasury Inspector Generalfor Tax Administration (TIGTA) reported in a preliminary… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says

A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday decidingthat the central bank will struggle to fight high inflation amid thelingering threat of a… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff

The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary pressuresweighing on Americans. The central bank suggested that it will further raise borrowing coststhroughout this… Read More »Fed raises interest rates by 0.50%, the largest move since 2000

Among numerous other changes, the Tax Cuts and Jobs Act (TCJA) chippedaway at several tax breaks for individuals, including the deductionfor mortgage interest. But the fall-out isn’t as bad as it firstseems. Most taxpayers can… Read More »Key Tax Rules for Deducting Mortgage Interest

It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t we just say it was a really badstart to the year? “Bad” might not do… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse

The pandemic-era trend known as the “Great Resignation” is stillred-hot, as workers enjoy the perks of record-high demand for theirlabor. However, economic headwinds mean those benefits may not last muchlonger, according to economists. A record… Read More »The Great Resignation is still red hot — but may not last

Jerome Powell doesn’t like to bless banks and financial markets, buthe could shift the needle this week on how high investors expect theFederal Reserve to raise interest rates to cool overheated prices. The Fed chair… Read More »Powell’s Fed Set to Go Big and Keep Going Until Inflation Tamed

Many of the concerns small business owners have now are about how theycan stay afloat after the COVID-19 pandemic. Here, Bryce Sandersexplains how changes to the market might affect these clients and whatyou can do… Read More »How Running a Small Business Might Change in 2022

Now that this year’s tax filing season is over, it’s time to startthinking about next year’s return. After all, the more tax planningyou do, the more money you may be able to save. But proper… Read More »Tax Changes and Key Amounts for the 2022 Tax Year

In mid-April, months into an increasingly frustrating house hunt,Harsh Grewal and his wife settled on a place in a San Francisco suburband were prepping a bid, above the listed price so they’d have achance of… Read More »The Fed wants to cool the U.S. housing market. Here’s what that feels like

People are worn out. They are trying to make it through the stress ofthe pandemic, a continually volatile market, and record inflation.And, for many who are years from retirement, they have decades of workahead of… Read More »How People with Pandemic-Induced Financial Fatigue Can Get Back on Track

Cryptocurrency is prevalent topic news these days, falling in and outof favor depending on whom you ask. Institutions are decrying it inone instance and then taking large amounts of it onto their books inanother. Goldman… Read More »Crypto Cares: The Rise of Virtual Currencies and You

Many filers discover after having mailed in their Form 1040 that theymade a mistake, such as missed deductions or understated income. Notto worry, says tax guru Julian Block. Here, he explains what a filermust do… Read More »How to Fix Errors on Form 1040

A year ago, startup founders often found themselves fought over byventure investors eager to grab a piece of any promising young companywith fast growth potential. Investors competed in an increasinglyheated environment in which they were… Read More »‘Cash Is King’ As VC Spigot Slows

Consumer prices rose more than 6 percent annually in March, showingconsumer spending taking a bigger bite out of household incomes,according to data released Friday. The personal consumption expenditures (PCE) price index — the FederalReserve’s preferred… Read More »Fed’s inflation gauge rose 6.6 percent annually in March

The U.S. dollar touched a two-decade high against rivals on Thursday,as Wall Street rallied and European shares rose from six-week lowswith strong earnings reports offsetting gloomy U.S. economic data. The yen dropped to a 20-year… Read More »Global shares rise as earnings boost, U.S. dollar hits 20-year high

Vanesa Sojor Apr 29, 2022, 7:27 PM (4 hours ago) to me The US economy shrank in the first quarter America’s economy unexpectedly shrank in the first quarter of 2022,data from the Bureau of Economic Analysis… Read More »The US economy shrank in the first quarter

Think of it like playing chess. Making sense of the strategicinterplay between investments, taxes and retirement income canposition you for a winning retirement. When I was 12, I attended a weekend church camp for young… Read More »Up Your Retirement Planning Game

KEY POINTS Fed Chairman Jerome Powell on Thursday said the central bank iscommitted to raising rates “expeditiously” to bring down inflation.That could mean an interest rate hike of 50 basis points in May asprices rise… Read More »Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May

Internal Revenue Service Commissioner Charles Rettig told lawmakersthe IRS has been working hard this past filing season during acongressional hearing Thursday as he heard first-hand testimony fromtheir constituents about the problems they encountered. “IRS employees… Read More »IRS pledges to overcome challenges from overburdened tax season

Companies that used a buzzy strategy for going public throughout thepandemic have had a dismal track record for investors. Out of 199 companies that used a so-called SPAC to go public in 2021,only 11% now… Read More »SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out

As the global startup market digests a changing valuation environmentand climate for venture investment, not every sector is taking thesame amount of damage. One is indeed faring better than the rest. It’s not the flashiest… Read More »Why SaaS is bucking the venture slowdown

Makers of chocolate bars and coffee to lawnmowers and industrialrobots succeeded in passing on soaring costs to consumers,first-quarter earnings showed on Thursday, allaying fears higherprices could dent demand for their products. Some of Europe’s biggest… Read More »Big companies manage to pass on soaring costs to cash-strapped consumers

JPMorgan Chase & Co. strategists expect Corporate America to easilytrounce Wall Street’s earnings forecasts. Consensus earnings estimates for the S&P 500 are “overly pessimistic”for the first quarter and companies in the index are poised to… Read More »JPMorgan Expects S&P 500 Earnings to Blow Past Gloomy Estimates

If you’re ready to retire but don’t want to leave the workforceentirely, semi-retirement might be a good option for you. Before youtake the leap, there are strategies that can help you navigate thislifestyle. For decades,… Read More »3 Strategies to Help You Plan a Successful Semi-Retirement

The dollar is reaching fresh nearly two year highs lifted by loominginterest rate increases from the Federal Reserve, strong US growth,and geopolitical jitters overseas. The Wall Street Journal Dollar Index, which measures the US currencyagainst… Read More »Dollar’s Upward March Reaches a Nearly Two-Year High

Low-rated US companies borrowed record amounts in the loan market lastyear taking advantage of low-interest rates and generous credit. Now,all that debt is starting to get more expensive. So-called leveraged loans typically have borrowing costs… Read More »Rising Rates Threaten Companies Acquired in the LBO Boom

When it comes to investing, you’ve likely heard the arguments forputting your hard-earned money into exchange-traded funds (ETFs) ormutual funds to diversify your portfolio or to allocate more of yourportfolio toward conservative investments like bonds… Read More »What are expense ratios? These fees could be eating away at your investment earnings

There are two universal principles regarding the reasonableness ofemployee compensation: (i) most people feel they are under-compensatedand (ii) those same people feel their friends and neighbors areovercompensated. There are many reasons for this phenomenon, but… Read More »Is Your Compensation Reasonable? For Tax Purposes, That Is

A bull market is developing in recession expectations. This week, investors will have the chance to hear if dozens ofcompanies share that fear. Even armchair investors have heard thewarnings from the bond market and its… Read More »Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder

Gas prices jumped 48 percent year over year, the Bureau of LaborStatistics said. U.S. inflation data hit a multidecade high last month as gas pricesand rents skyrocketed, climbing to 8.5 percent, the Bureau of LaborStatistics… Read More »Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes

Knowing which of the financial phases of life you are in can help youbetter plan to build, protect and enjoy your assets, no matter whatyour age. Every year we see the same months, holidays, and… Read More »Which of the 3 Financial Phases Are You In?

Economists see a growing risk of recession as the relentlessly strongUS economy whips up inflation, likely bringing a heavy-handed responsefrom the Federal Reserve, economists surveyed by The Wall StreetJournal this month, on average put the… Read More »Recession Risk Is Rising, Economists Say

The new pilot program will benefit the IRS through more efficientaccess to digitized records and related metadata and improve securityand data privacy. Ripcord, a robotic intelligent digitization company, has advanced tothe second phase of the… Read More »IRS to Digitize Archived Tax Filings in Tech Pilot Program

Do you ever wake up thinking your day will turn out one way, and itends up being completely different? Did you ever ask yourself why? Isit because you become blindsided by events or because other… Read More »Why Is Everything An Emergency?

Tax returns are piling up at the Internal Revenue Service, andmillions of taxpayers are experiencing refund delays beyond thetypical 21 days or fewer for e-filed returns electing a direct depositrefund. The IRS even issued a… Read More »IRS: We Apologize, Your Tax Refund Is Delayed

KEY POINTS Excessive write-offs compared with income, unreported earnings andrefundable tax credits are among the most common IRS red flags.However, you may avoid trouble by keeping detailed receipts and othertax paperwork readily available, experts say.… Read More »Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS

Owning a home is part of the American Dream. Whether you fancy a logcabin in the middle of nowhere, a suburban Cape Cod with a whitepicket fence, or a downtown condo in the sky, there’s… Read More »13 Tax Breaks for Homeowners and Home Buyers

The U.S. jobs market has never been tighter than it is today,increasing the risks to the economy as Federal Reserve policymakersmove to rein in inflation, according to Goldman Sachs Group Inc. The Wall Street bank’s… Read More »U.S. Labor Market Is Tightest of Postwar Era, Goldman Gauge Shows

Oil prices jumped over 3% on Monday, with investors worried abouttighter supply as mounting civilian deaths in Ukraine increasedpressure on European countries to impose sanctions on Russia’s energysector. Global benchmark Brent crude jumped$3.14, or 3%,… Read More »Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions

National Taxpayer Advocate (NTA) Erin Collins formally directed theIRS to take immediate steps toward implementing existing scanningtechnology to process tax returns filed on paper. Collins issued the directive, which is dated March 29, under herauthority… Read More »National taxpayer advocate directs IRS to implement scanning technology

KEY POINTS You may have a wildly different tax bill depending on where you live.That’s because your tax burden — individual income, property, sales,and excise taxes as a share of total personal income — varies… Read More »These states have the highest and lowest tax burdens

US bond’s worst quarter in more than 40 years has come to a close. Thequestion for many investors now is whether it is time to buy thebiggest dip in recent memory. The Bloomberg US aggregate… Read More »Bond Market Suffers Worst Quarter in Decades

The question, which on Form 1040 is just below the address block,asks, “At any time during 2021, did you receive, sell, exchange, orotherwise dispose of any financial interest in any virtual currency?”Taxpayers must check either… Read More »Individual taxpayers must answer crypto-asset questions, IRS notes

For retirees who turned 72 during the last half of 2021, in mostcases, Friday, April 1, 2022, is the last day to begin receivingpayments from Individual Retirement Arrangements (IRAs), 401(k)s, andsimilar workplace retirement plans. For… Read More »April 1 is the Last Day for New Retirees to Take RMDs

KEY POINTS The Federal Trade Commission on Monday sued TurboTax owner Intuit infederal court and filed a parallel administrative complaint. Bothrelate to alleged deceptive marketing practices related to TurboTax.Intuit offers a free version of TurboTax.… Read More »FTC sues TurboTax owner Intuit for advertising tax software as ‘free’

Deloitte’s latest quarterly survey of Fortune 500 chief financialofficers found the executives have a gloomier outlook on the economythan last quarter, with respondents citing inflation, geopoliticalrisks, and the regulatory environment as their top external concerns.… Read More »Inflation, geopolitical risks, and regulation top CFO worries, survey says

First-quarter listings plunged to the lowest level since 2016Several big companies on file are yet to move ahead with plans Some of the big-name startups expected to go public early this yearhave slowed their rush… Read More »U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window

Analysts and investors of major Wall Street banks are eagerlyanticipating any insight from executives on the outlook for consumerspending and borrowing, a key source of revenue when first-quarterearnings are unveiled next month. U.S. consumer spending… Read More »Bank analysts, investors are antsy for spending outlook as inflation risks grow

The trust fund penalty sometimes called the 100% penalty, is one ofthe most onerous federal tax law provisions on the books. Even worse,the IRS and the courts typically don’t grant much leniency totaxpayers. In a… Read More »Bookkeeper Hit Hard by Trust Fund Penalty

President Joe Biden unveiled a budget plan Monday that includes aminimum tax for ultra-wealthy households, raises the corporate taxrate, and backs restrictions on stock buybacks. The president’s fiscal year 2023 budget would create a 20%… Read More »Biden releases budget plan with tax hikes, stock buyback restrictions

President Joe Biden’s administration released its $6 trillion budgetMonday for the federal government’s 2023 fiscal year, which beginsOctober 2022. Also on Monday, Treasury released its general explanations of thebudget’s revenue proposals, known as the Greenbook.… Read More »Biden proposes a higher corporate tax rate, 20% billionaire minimum tax

Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by the war in Ukraine and soaring inflation set investors on edge and scuppers deals. About… Read More »IPO Market Plunges 70% as Higher Rates, War Curb Risk Appetite

This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to “related parties” (Internal Revenue Code Section 267). In most cases, the tax code allows an… Read More »Rules for Selling Investments to Related Parties

Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of the respondents currently working from home (50%) would look for a new job that offers… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office

The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the employer.  What constitutes “reasonable” compensation for this purpose? It depends on the particular circumstances. Traditionally, the… Read More »Tax Court Weighs in on Reasonable Compensation

The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Taxpayers… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes

When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from a vendor, requesting a change to their ACH or Direct Deposit bank account. As a professional bookkeeper,… Read More »Spotting ACH Fraud and What Bookkeepers Can Do

Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During… Read More »Congress presses IRS on ERTC processing and tax penalty relief

For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax season in the United States. Truecaller’s Clayton LiaBraaten shares tips on how tax professionals can… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season

It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you be able to say that? Your exposure is at least three years after when you… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form

KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to inflation, according to a Nationwide survey. However, these shifts may reflect a lack of understanding… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows

IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022.… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end

U.S. stock indexes rallied for a third straight day, putting the S&P 500 on pace for its biggest weekly gain since late 2020. Stocks started Thursday nearly unchanged, but pushed into the green late in… Read More »S&P 500 Extends Rally, Up Nearly 5% for the Week

Summary Russia was due to pay $117 mln by Wednesday’s deadline Creditors see this week’s deadline as a test for Moscow Russia says it has cash, any default ‘artificial’ Some creditors have received payment, in… Read More »Some Russia creditors have received dollar bond payment -sources

Summary Fed lifts policy rate by a quarter of a percentage point U.S. central bank sees more rate hikes in 2022, 2023 Powell says Fed needs to limit inflation hit for families The Federal Reserve… Read More »Fed hikes interest rates, signals aggressive fight to curb inflation

The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past year. These limits are updated annually for inflation according to the automobile component of the… Read More »Auto depreciation limits leap with inflation

As many of you know, the deadline for submitting IRS Form 2553 was March 15. The clients that did so may now be asking, “so, now what?” CorpNet’s Nellie Akalp helps you answer that question… Read More »What to Do When Clients File for S Corp Election

The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. In a news release, the SBA said that small businesses… Read More »SBA again extends the deferment period for EIDL payments

KEY POINTS “Under reasonable circumstances,” savers can earn the same amount investing in either traditional or Roth retirement savings accounts, says Steve Rosenthal of the Urban-Brookings Tax Policy Center. Owning both types of accounts can… Read More »Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?

The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult to attain as a new report reveals that the IRS met only 67% of its… Read More »IRS plans to hire thousands likely to fall short

On Wednesday the Federal Reserve will likely take the first steps in paring back its stimulus — by raising interest rates for the first time since the global pandemic began. High inflation makes it a… Read More »FOMC preview: The tightening begins this week

Available positions include temporary, term, and permanent jobs. Many are entry-level clerk and tax examiner positions in the Wage and Investment Division. No prior tax experience is required. The Internal Revenue Service says it is… Read More »IRS to Hire 5,000 New Staff in Austin, Ogden, and Kansas City

A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual required minimum distributions for most folks who’ve recently inherited Individual Retirement Accounts, according to proposed regulations released… Read More »IRS Nixes 10-Year Stretch For Most Inherited IRAs

Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much as 35% as they cut their forecasts for growth due to the hit from soaring… Read More »Goldman Sees U.S. Recession Risk as Much as 35% as Cuts Forecast

Most Americans carry some debt, be it from student loans, a mortgage, a credit card, or a car loan. But what happens to debt management when you’re in or near retirement? While many Americans were… Read More »Here’s what to know about managing your debt in retirement

KEY POINTS The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982. Excluding food and energy, both of which moved sharply higher during the month, core inflation… Read More »Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years

Inflation is at a 40-year high. For those nearing or in retirement, it could pack a painful punch, but there are things you can do now to address inflation and make sure you don’t run… Read More »Inflation Continues to Rising: How to Navigate the Uncertainty

When it’s just the yield curve narrowing, oil jumping, or stocks falling into a correction, maybe you can hold off on panicking over a recession.  When all three happen at once, the argument gets stronger… Read More »Traders surrender to recession paranoia in U.S. market rout

Russian financial conditions at tightest since 2008 Global financial conditions at tightest since the pandemic height Conditions could tighten further if inflation rises further Global financial conditions, perceived as strongly correlated with future growth, are… Read More »Tightening financial conditions sound alarm for world economy

The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers’ accounts, according to a union that represents employees in the Service and other federal… Read More »IRS to fast-track 10,000 hirings to address the backlog

Another version of your “retirement number,” a simple wealth gap calculation could be eye-opening for retirement savers – especially business owners. Whether they admit it or not, many business owners wrestle with anxiety surrounding their… Read More »How to Calculate Your Retirement Wealth Gap

Oil prices gave up most of their big overnight gains in a wild session, briefly dipping into negative territory after surging above $130 earlier in the session. On Sunday evening, prices jumped as trading began… Read More »U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain

The departure of corporations from investments in Russia has been swift following the country’s invasion of Ukraine, and individual investors may be examining their portfolios with similar divestment goals. It’s unlikely that most investors have… Read More »What to do if you want to eliminate Russian securities from your investment portfolio

The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of COVID-19 disrupted businesses and held back consumer spending, the Federal Reserve said Wednesday. The Feds… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says

Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves

“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It is kind of like credit card payments, with the bonus that there are no returned payments.” Story… Read More »Colorado will start accepting cryptocurrency for tax payments

Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about inflation — which they knew about when the survey was open — and the uncertainty… Read More »Positive for now, CPA executives wary of inflation and other headwinds

What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k) commenced prior to age 59 ½. There are very strict rules for SOSEPPs that can… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware

Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator of the health of the housing market declined for the third straight month. The National Association… Read More »Pending home sales fall for a third consecutive month

In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is opening correspondence within the normal time frames, the processing is taking longer than usual. Practitioners… Read More »A guide to dealing with today’s IRS

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched… Read More »Oil tops $105/bbl after Russia attacks Ukraine

KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year, the Federal Trade Commission said Tuesday. Almost 2.8 million people filed a fraud complaint, an… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020

“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse losses seen in Europe and Japan, according to Goldman Sachs Group Inc. With geopolitical upheaval… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens

US companies and financial institutions are starting to settle on a new interest rate benchmark to replace the troubled London Interbank Offered Rate, which underpins trillions of dollars of financial contracts. Sales of corporate loans and… Read More »SOFR Leads Race to Replace Libor as Interest-Rate Benchmark

When Ben Snyder started his first business, he felt like he was being suffocated. He was stuck in the weeds didn’t know how to stay focused. “That’s true for a lot of new CEOs,” said Synder, now… Read More »How to stay focused as a new CEO

KEY POINTS Wages are rising but it’s not enough to keep up with the increased cost of living. Nearly two-thirds of Americans are still living paycheck to paycheck, according to one recent report. The economy… Read More »Despite rising wages, 61% of Americans are still living paycheck to paycheck, report finds

There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts recommended taxpayer relief measures, Jan F. Lewis, CPA, the chair of the AICPA’s Tax Executive… Read More »AICPA testifies to Congress on IRS service problems

Prices appear likely to continue rising in a pandemic-altered environment that continues to see high inflation in many countries, according to Tim Mahedy, a senior economist and senior director at KPMG. The pandemic has led… Read More »Pricing pressures continue as labor, supplies remain scarce

Federal Reserve officials said last month the bank may need to raise interest rates and reduce its bond holdings faster than they currently anticipate if inflation continues to rise above their target, according to minutes… Read More »Fed officials floated faster rate hikes in January meeting

If you’ve been feeling depleted while running your business, you could be dealing with more than just a rough patch. Burnout, which the World Health Organization officially recognized in its 2019 International Classification of Diseases, is… Read More »How to Recover From Burnout as an Entrepreneur

The pace of blank-check mergers failing to cross the finish line is accelerating as the industry grapples with waning investor interest. At least six mergers with special-purpose acquisition companies have been canceled this year, on… Read More »SPAC Mergers Are Falling Apart at a Rapid Pace

KEY POINTS The producer price index, which measures wholesale prices, rose 1% in January and 9.7% for the 12-month period, the latter just off the record high. Core PPI rose 0.9%. Both increases were at… Read More »Wholesale prices rise 1% in January, up near-record 9.7% over the past year

Nearly 24 million taxpayers are still waiting for the Internal Revenue Service to process their tax returns from last year — a number far larger than previously reported by the agency — with many refunds… Read More »IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season

The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns. In a Jan. 27 announcement, the Service said it was suspending… Read More »IRS identifies paused taxpayer notices

Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative stocks. Almost 600 special-purpose acquisition companies holding nearly $160 billion in trust are searching for… Read More »SPACs With $160 Billion Scrounge for Targets as Clock Ticks Down

A big year for car and home shopping helped push Americans to take on a lot more debt last year. Household debt increased by $1 trillion in 2021, the biggest annual increase since 2007, according… Read More »Household debt jumped by $1 trillion in 2021, the most since 2007