KEY POINTS After two years of Covid-related cancellations and the desire of many companies to bring remote workers back together, the office party is staging a comeback. About 42% of companies say they are planning… Read More »Renewing a year-end tradition, companies are throwing holiday parties again to bring employees back together

These moves are good to make at any time of the year, but doing them before 2023 arrives can help you enjoy a fresh, confident start to the new year. The end of the year… Read More »7 Financial Planning Steps to Take at the End of the Year

Slower hiring. Weaker spending. And softer growth. That’s what America’s CEOs are bracing for as the economy heads into 2023 facing a series of obstacles. The Business Roundtable said Monday its CEO Economic Outlook Index tumbled during… Read More »CEO economic outlook tumbles to a two-year low

One of the SPAC industry’s most well-known sponsors and a would-be serial backer have seen deals worth $10.6 billion go up in smoke in less than an hour. Alec Gores, one of the most well-respected… Read More »SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour

Experts suspect the IPO market won’t recover until the second half of 2023, if then 2022 was not a good year for public listings. Initial public offerings (IPOs) on the New York Stock Exchange (NYSE) fell off a… Read More »When it comes to IPOs, 2022 was nothing like 2021

KEY POINTS With the holiday season in full swing, it can be easy to forget about the finer points of financial planning. While your tax return isn’t due until April, several key deadlines are approaching… Read More »You can control your tax-reporting destiny.’ 4 key year-end tax moves

It’s time once again to make a fresh start. That’s the beauty of the New Year. We can all pause and reflect on the past year and figure out what we can improve in the… Read More »37 Money-Saving Resolutions for the New Year

A new $600 reporting threshold for IRS Form 1099-K involves payment networks like Venmo, PayPal, Amazon, Square, and Cash App. Did you get paid more than $600 in 2022 for goods or services through a… Read More »IRS Form 1099-K: Will You Get One From Venmo, PayPal, or Cash App?

Brisk wage growth may lead officials to consider raising the policy rate above 5% in 2023 while approving a 0.5-point increase in December Federal Reserve officials have signaled plans to raise their benchmark interest rate… Read More »Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month

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

U.S. consumer spending increased solidly in October, while inflation moderated, giving the economy a powerful boost at the start of the fourth quarter as it faces rising headwinds from the Federal Reserve’s aggressive monetary policy… Read More »U.S. consumer spending powers ahead in October; inflation cooling

Central bank’s business contacts saw greater economic uncertainty amid inflation and higher interest rates U.S. economic growth eased this fall with business activity in some parts of the country stalling or declining, the Federal Reserve… Read More »U.S. Economic Growth Slowed This Fall, Fed’s Beige Book Says

Federal Reserve Chair Jerome Powell signaled that the central bank will slow its pace of rate hikes(opens in new tab) next month, but stressed that borrowing costs will remain high for the foreseeable future in a bid… Read More »Fed Chief Jerome Powell Signals Slowdown in Rate Hikes: What the Experts Are Saying

KEY POINTS You’ve got about a month left to make sure you get it right when it comes to mandatory withdrawals from retirement accounts. Required minimum distributions, or RMDs as they’re called, are annual amounts… Read More »How to avoid mistakes with required minimum distributions from your retirement accounts

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up… Read More »Interest rates increase for the first quarter of 2023

There is growing support for going cashless in the United States. Would you like cash back? When the choice comes up while you’re paying digitally, you probably decline most of the time; hard currency is… Read More »The Way We Pay: Cash Isn’t King in These States

Nine Straight Months In January of this year, the number of single-family homes sold rose month-over-month, according to the National Association of Realtors®. Since then, the metric has fallen each month, coinciding with a rise… Read More »Watching Rates and Inventory as Home Sales Keep Falling

Markdowns of up to 80% help drum up interest in the secondary market for shares in unlisted companies Tech startups are plunging in value in private trades, mirroring the big markdowns of their publicly listed brethren over… Read More »Tech Selloff Catches Up With Private Startups

Careful tax planning can mean fewer surprises when it comes time to file. Here are a few tips to consider before the year winds down. With the holidays right around the corner, taxes might be… Read More »5 Tax Moves to Consider Before Year-End

The job market — although still hot — is slowing, and many Americans who had been working from home are being called back into the office Lori Black has been firing off dozens of applications… Read More »The great mismatch: Remote jobs are in demand, but positions are drying up

Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation, with one key official saying that he sees interest rates heading somewhat higher than he had forecast just a… Read More »Fed Officials Say More Rate Hikes Coming; Williams Flags Path to Cuts

Inflation cast a long shadow over Black Friday 2022. Consumer prices rose 7.7% year over year in October, leaving millions of consumers wary as they entered the holiday shopping season. In total, 56 million United States consumers plan… Read More »More Consumers Shopped With Apps Than at Malls on Black Friday

Are you bullish about the stock markets in 2023? If so, you may be looking at year-end strategies to prepare for brighter investing horizons. For example, after the stock market declines of 2022, you may… Read More »7 Wash Sale Facts To Know Before Selling Stock For Tax Loss Harvesting

New York Gov. Kathy Hochul (D) on Tuesday signed a law temporarily restricting cryptocurrency mining in the state over environmental concerns, making it the first state nationwide to implement such a move. The bill was delivered to the governor… Read More »New York becomes the first state to restrict cryptocurrency mining

Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have a recession prediction. But lately, shouts of recession have become a bit quieter, and a… Read More »Recession fears receded this earnings season

More than a third of employees are staying, however, due to positive relationships with their companies and co-workers. Despite unpredictable markets and rising interest rates, executives have shown they are still mindful of devoting effort and money… Read More »36% of U.S. Workers Plan to Leave Their Job in 2023: Weekly Stat

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

Investors flocked back into equities at the fastest pace in about eight months on signs of cooling inflation, but Bank of America Corp. strategists warn the rally will fizzle out due to earnings risks and… Read More »Bank of America sees bear rally fizzling out even as equity inflows surge

JPMorgan Chase & Co. economists projected the US will enter a “mild” recession next year thanks to interest-rate hikes that could cost more than 1 million Americans their jobs, and the Federal Reserve will pivot… Read More »JPMorgan Sees ‘Mild’ US Recession in 2023 on Fed’s Rate Hikes

The number of organizations hit with cyberattacks is rising, according to a new report focused on US and UK businesses. About 75% of organizations have experienced a serious cyberattack in the past three years —… Read More »Serious cyberattacks on the rise, report shows

Americans stepped up their spending at retailers, restaurants, and auto dealers last month, a sign of consumer resilience as the holiday shopping season begins amid painfully high inflation and rising interest rates. The government said Wednesday that retail… Read More »US retail sales rose 1.3% last month, a sign of resilience

Establishing eligibility for the employee retention credit (ERC) by satisfying the business operations suspension test (suspension test) is similar to venturing into remote parts of the world: The payoff from a successful journey can be… Read More »Employee retention credit: Navigating the suspension test

Retirees often need to take cash out of retirement accounts to handle basic household expenses on a regular basis. If you have to make withdrawals in a declining market, there are strategies you can use to minimize… Read More »Taking Retirement Withdrawals in a Declining Market

Last week’s market rally was an across-the-board move higher in asset prices. Not only did the S&P 500 post a nearly 6% gain on the week, small-caps, Treasuries, and even gold (yes, gold!) delivered huge… Read More »New Bull Market or Another Bear Market Fakeout?

Economists see US inflation running hotter through next year than they did a month ago and recession odds continue to mount against a backdrop of rising borrowing costs. Projections for the personal consumption expenditures price… Read More »Economists See US Inflation Running Even Hotter Through Next Year

Federal Reserve Vice Chair Lael Brainard said the central bank should soon moderate the size of its interest-rate increases, signaling she favors slowing to a half-point hike as early as next month. “It will probably… Read More »Brainard says U.S. Fed should probably ‘soon’ slow pace of rate hikes

Michael Barr, the Federal Reserve’s top regulatory official, said Monday the U.S. central bank is watching for any stresses to the financial system amid a weakening economy and signaled that stiffer oversight of cryptocurrency is… Read More »Fed boosts focus on liquidity, other risks as the economy weakens: Barr

KEY POINTS The consumer price index rose less than expected in October, an indication that while inflation is still a threat to the U.S. economy, pressures could be starting to cool. The index, a broad-based… Read More »Consumer prices rose 0.4% in October, less than expected, as inflation eases

The Internal Revenue Service had 4.4 million unprocessed individual returns received this year as of Oct. 28, including the tax year 2021 returns and late-filed returns from the prior year, as IRS funding has become… Read More »IRS still coping with millions of unprocessed tax returns

The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or 90% of the index’s total membership. Results were mostly solid, with companies from Goldman Sachs… Read More »The 5 biggest takeaways from earnings season

WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached… Read More »US consumer inflation eased to 7.7% over the past 12 months

KEY POINTS The end of the year is one of the most important times for investors because there are so many decisions to make that impact their overall financial planning. This time around, the year’s… Read More »Op-ed: Here’s a year-end checklist to help you navigate some complicated financial issues

It’s been a painful year for investors, but focusing on the long term and implementing constructive actions can help weather the turbulence. Investors are understandably frustrated by a miserable year in which stocks are in… Read More »5 Survival Tips for the Bear Market

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

The stock market’s short-term fate is riding on something that’s been a major boon for equities for more than 70 years: US midterm elections.  Rising interest rates, mounting recession risks, and the steepest inflation in… Read More »Wall Street Hopes History Repeats With a Post-Election Comeback

Though employers and regulators remain cautious, some plans are beginning to offer the option A small group of workers is finding something new in their 401(k) plan: the option to invest in cryptocurrency. Momentum has… Read More »401(k) Plans Now Let Workers Put Retirement Money Into Cryptocurrency

A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a long slump in crypto markets may lie ahead. That’s the view of JPMorgan Chase & Co. strategists including Nikolaos… Read More »Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

IRS-CI carried out more than 2,550 criminal investigations during its most recent fiscal year, according to a report. IRS Criminal Investigation initiated more than 2,550 criminal investigations, identified more than $31 billion from tax and… Read More »IRS Criminal Investigation Had a 90% Conviction Rate in FY 2022

Along with frustrating backlogs, declining audit rates have been the topic of many accountant discussions regarding how IRS budget constraints have affected taxpayers. The latest IRS statistics confirm the declining audit numbers. On May 26,… Read More »Newly released IRS Data Book numbers confirm the decline in audit rates

As high inflation persists, so does worry among retirees and workers who are within a few years of retirement. One survey found that inflation is America’s biggest issue, and worry about it is acute among those… Read More »5 Ways to Fight Inflation’s Impact on Your Retirement Plan

KEY POINTS The Federal Reserve raised interest rates for the sixth time this year, citing persistent inflation. It’s also the fourth consecutive 0.75 percentage point increase, which means financing costs will jump for many types of consumer… Read More »Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

A financial planner who has seen a lot and reflected on what brings his clients happiness and fulfillment shares some secrets to success. Welcome back to the five lessons that I learned about money and… Read More »3 More Money Lessons I Learned by Age 40

The bold, hype-laden pronouncements around AI and machine learning were hard to miss five or six years ago. Headlines about robo-accountants stealing jobs, algorithms that will cure disease, and autonomous vehicles were everywhere. Then, reality quickly caught up… Read More »How AI And Machine Learning Quietly Went Mainstream

U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid by businesses for inputs slid for a seventh straight month, as the Federal Reserve’s aggressive… Read More »U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

Here’s how to decide if you are better off renting in retirement or owning a home. When you’re planning to retire, owning a home gives you the most control over your living environment and monthly expenses.… Read More »Pros and Cons of Renting Versus Owning in Retirement

The annual tax gap averaged $496 billion for tax years 2014 through 2016, and that figure is likely to grow, the IRS said Friday in its latest set of tax gap estimates. The gross tax gap… Read More »Growing tax gap shows need for better service, compliance, IRS says

The decline comes as entrepreneurs and investors increasingly set up shop outside the tech mecca Silicon Valley accounted for less than 20% of deal-making nationally in the third quarter, marking the steady erosion of the… Read More »Silicon Valley’s Share of Startup Deals Drops Below 20% for First Time

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

Accountants are truly living in the age of data, where sophisticated gathering techniques combine with computer-guided analytics to produce business insights for clients that translate into more revenue for the firm. It has transformed every… Read More »The Frontier: Accountants are drowning in data

The IRS has hired 4,000 new customer service representatives and plans to hire another 1,000 to be trained to field taxpayers’ questions on the phone and provide other services during the 2023 tax season. Many… Read More »IRS hires 4,000 customer service reps, plans to hire 1,000 more

Bad news we received from some mega caps is necessary: Hogan Almost 25% of firms reporting are coming up short this season Was it good or bad this week when Alphabet Inc. told investors that… Read More »Bad S&P 500 Earnings Are Playing Right Into the Fed’s Hands

One CPA said the employee retention tax credit is overlooked by many organizations that might be eligible to take advantage of the credit.   “This can be a complicated piece of legislation to discern whether an… Read More »Myths about the ERC

KEY POINTS Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month. This represents the highest-ever monthly reading since the euro zone’s formation. The 19-member bloc… Read More »Euro zone inflation hits record high of 10.7% as growth slows sharply

Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy was resilient in the face of global challenges. A government report outlining a 2.6% annualized… Read More »Yellen Lauds GDP Report as Evidence of ‘Resilient’ Economy

KEY POINTS The core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago. Including food and energy, PCE inflation rose 0.3% for the month and… Read More »Key inflation gauge for the Fed rose 0.5% in September, in line with expectations

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to provide investors and other allocators of capital with more “decision-useful information” in a joint venture’s separate financial statements and to reduce… Read More »FASB seeks input on proposed changes to accounting for joint ventures

Retirement Daily’s Robert Powell sits down with Dana Anspach from Sensible Money to tackle the ten most common questions in retirement. In today’s episode, Anspach discusses the next most common retirement question: When should I… Read More »Common Retirement Questions: When Should I Begin Taking Social Security?

As people live longer and costs keep climbing, we offer some tips on how to navigate the changing retirement landscape. Preparing for retirement has changed dramatically throughout the last several decades. Not only are people… Read More »7 Big Retirement Risks to Avoid

KEY POINTS With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report. Almost half of those earning more than $100,000 say… Read More »63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

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

The Securities and Exchange Commission on Wednesday adopted two final rule packages. The first rule, approved in a 5-0 vote, requires mutual funds and exchange-traded funds to provide investors with concise, tailored shareholder reports that highlight… Read More »SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

Lukewarm SPAC market’s fate is intertwined with IPOs It’s clear now that modern reverse mergers between SPACs and low-revenue, high-growth companies are faring about the same as the IPO market: not well. That’s largely due… Read More »SPAC Market Update

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

KEY POINTS As everyday costs increase, Americans now say it will cost more to retire. Adults now say it will take $1.25 million to retire comfortably, a 20% increase from last year. The average expected… Read More »Americans now say they will need $1.25 million to retire comfortably, survey finds

The IRS has begun a pilot program that is meant to thwart line-jumping services that let those practitioners who pay a fee to a private company move ahead in the phone line so they can… Read More »IRS initiates pilot program to thwart line-jumping on PPS calls

Summary Consumer confidence index falls 5.3 points to 102.5 Labor market differential drops to 32.5 from 38.1 House price gains slow further in August U.S. consumer confidence ebbed in October after two straight monthly increases… Read More »Inflation worries hurt U.S. consumer confidence; house prices decelerating

JPMorgan Chase CEO Jamie Dimon said on Tuesday that he is more concerned about today’s geopolitics than a looming recession, following remarks warning that an economic downturn is likely in the next year. “There’s a lot of… Read More »JPMorgan chief says geopolitics more concerning than a recession

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

The hottest tax move right now doesn’t involve a fancy trust or gift to charity. Instead, it centers on a BMW X5 hybrid. Or a Cadillac Escalade. Or any luxury car that weighs as much… Read More »Want a big tax break for a Porsche? Better move fast

This article focuses on some of the considerations that investors should assess when determining whether to convert a traditional IRA to a Roth IRA. These include not only expected future income tax rates but also… Read More »When is a Roth conversion beneficial?

Fresh economic data pointed to a slowdown in U.S. and global growth, as higher prices and interest rates weigh on consumer demand, Europe enters a critical phase of its economic conflict with Russia, and China faces headwinds. U.S.… Read More »Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

Inflation won’t be cooling off until 2023, and there is likely going to be a recession next year, according to economic experts from Bank of America and Wells Fargo, who spoke at the Securities Industry… Read More »BofA Economist: ‘I Don’t See How We Avoid a Recession’

Hopeful economic signs compete with challenges to profits including inflation, rising rates, and a strong dollar Early results from the third-quarter earnings season haven’t provided much comfort to jittery investors. While some corporate leaders noted glimmers… Read More »Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Here are five ways leaders may be hindering their own success without even realizing it. Most of us think leaders are these smart people who can’t make any mistakes and are automatically going to be… Read More »5 Ways Leaders Unconsciously Sabotage Their Own Success

KEY POINTS I’ve made many money mistakes that I’m not proud of but that may serve as an object lesson for others looking to better manage their personal finances. I have no idea how much… Read More »Confessions of a personal finance reporter (Part Two): 3 more of my worst money mistakes

The IRS on Friday announced the 2023 inflation-adjusted dollar-amount ceilings and thresholds for a wide range of qualified retirement plans and accounts, including traditional individual retirement arrangements (IRAs) and Roth IRAs (Notice 2022-55). The notice… Read More »Retirement account inflation adjustments issued for 2023

These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that … The Internal Revenue Service is warning employers to… Read More »IRS Warns of Third-Party Employee Retention Credit Claims

Sales of existing U.S. homes slid for an eighth straight month in September and will likely fall further in the months ahead as the housing market continues to stand out as the economic sector absorbs… Read More »U.S. existing home sales slide again in September; jobless claims fall

More than 40 years after Dolly Parton sang about it, the “9 to 5” job is on life support. Gone are the days when workers stayed in the same profession — and often at the… Read More »The 9-to-5 workday doesn’t work anymore

Federal Reserve Bank of Philadelphia President Patrick Harker said officials are likely to raise interest rates to “well above” 4% this year and hold them at restrictive levels to combat inflation while leaving the door… Read More »Fed’s Harker Expects Rates to Be ‘Well Above’ 4% by Year End

The Internal Revenue Service’s Criminal Investigation unit has been working with the Justice Department to uncover billions of dollars in fraud related to pandemic relief programs. The division, also known as IRS-CI, said Thursday it… Read More »IRS criminal investigators probe COVID fraud

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

Other trends including the metaverse, adaptive AI, and wireless value realization will be coming into vogue in 2023. Because financial concerns are once again top of mind for most companies today, Gartner’s Top 10 Strategic Technology… Read More »Sustainability and super apps top Gartner’s Top 10 2023 Trends List

KEY POINTS Retail and food services sales in total were little changed in September against the estimate for a 0.3% gain. Excluding autos, sales rose 0.1%, vs. the estimate for spending to be unchanged. The… Read More »Consumer spending was flat in September and below expectations as inflation takes its toll

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits for 2023, and—no surprise—today’s four-decade-high inflation has translated into some big hikes. Consider the standard deduction, now… Read More »IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

A U.S. recession is effectively certain in the next 12 months in new Bloomberg Economics model projections, a blow to President Joe Biden’s economic messaging ahead of the November midterms. The latest recession probability models… Read More »Forecast for U.S. recession within year hits 100%

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

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

After almost two months since President Joe Biden signed an executive order to forgive some student loans for many Americans, the U.S. Department of Education has officially launched a website accepting applications for student loan… Read More »Student Loan Forgiveness Website Opens

Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. Brent crude futures settled down $1.59, or 1.7%, to $90.03 per barrel, while… Read More »Oil prices settle lower on U.S. supply, lower China demand

The US will enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently high inflation, the economy contracts, and employers cut jobs in response, according to The Wall… Read More »Economists Now Expect a Recession, Job Losses by Next Year

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

KEY POINTS After two years of port congestions and container shortages, disruptions are now easing as Chinese exports slow in light of waning demand from Western economies and softer global economic conditions, logistics data shows.… Read More »After two years of shipping snarls, things are starting to turn around

While many recent changes in state nexus rules are associated with sales and use tax, a movement to reframe the Interstate Income Act of 1959, P.L. 86-272, which limits the reach of state income taxes… Read More »Developments in state income tax nexus for remote sellers

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

Americans nearing retirement know the advice all too well: When it comes to Social Security, good things come to those who wait. And those who can’t wait? Their benefits get slashed. Those reduced benefits can… Read More »Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

The Federal Reserve’s rapid interest rate increases have contributed to the strength of the dollar against other currencies, but that may ease once the U.S. central bank reaches the point of pausing the hikes, St.… Read More »Fed’s Bullard says boost to dollar from interest rate hikes may ease

‘Retirement risks faced by workers are greater than ever before’ Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at… Read More »The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

Everybody’s unhappy with the latest inflation report, which shows that the annual change in price increases dropped by just one-tenth of a percentage point, from 8.3% in August to 8.2% in September. The Federal Reserve has… Read More »Where inflation is getting better, and worse

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively.… Read More »Worsening inflation will pressure Fed to keep raising rates

JPMorgan Chase & Co (JPM.N) Chief Executive Officer Jamie Dimon on Thursday warned that persistent and elevated inflation could spur interest rates to rise higher than 4.5%, as he cautioned about the possibility of a looming recession.… Read More »JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%

KEY POINTS Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced. The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest… Read More »Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

KEY POINTS JPMorgan Chase CEO Jamie Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely to be in better shape compared to the 2008 global financial crisis when the world… Read More »‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the brakes on dealmaking. Four of the nation’s largest lenders – JPMorgan Chase & Co (JPM.N), Wells… Read More »PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

Two Federal Reserve officials began laying out a case for exercising caution in raising interest rates after policymakers last month telegraphed plans to continue lifting rates at their fastest pace in decades to reduce inflation that… Read More »Two Fed Officials Make Case for Caution With Future Interest Rate Raises

U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out later in the week that will give the Federal Reserve updated information on the state… Read More »S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report

Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world’s biggest hedge funds, said a “perfect storm” is forming that will spread economic pain as the U.S. Federal Reserve raises interest… Read More »Bridgewater’s Dalio warns of a ‘perfect storm’ for economy

One of the biggest issues being discussed by the IRS, Congress, and the AICPA is the millions of businesses that are being targeted by tax credit companies looking to help them claim the employee retention… Read More »IRS to target abusive ERTC claims

Despite the drop, there is “a lot more job shedding that needs to occur before the Fed feels like its job is done,” said one executive. The number of job openings in the United States fell… Read More »U.S. Job Openings Fall by 1.1M, a 10% Drop From July

Giving your money to charity doesn’t have to be a totally selfless act. It can also be a way to keep the tax collector’s hands out of your pocket or away from your heirs. Charitable… Read More »The Six Best Ways to Give to Charity (And Cut Your Tax Bill)

Our latest Marcum-Hofstra CEO survey shows that 93.6% of CEOs are concerned that the economy will experience a recession in the coming year. Some are already putting the brakes on hiring. 13% have already laid off workers,… Read More »Recession Approaching?

Americans’ wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank’s super-charged campaign… Read More »Dallas Fed says inflation surge badly eroding many American’s wage gains

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to improve disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for more detailed… Read More »FASB proposes improvements to segment reporting

With new laws from Colorado to Rhode Island, employers are under growing pressure to publicly share how much a job pays. Last week, California became the largest state to join the push for salary transparency when Gov. Gavin Newsom signed… Read More »Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

American workers quit 4.2 million jobs in August, but one type of employee appears to be getting cold feet about switching employers or quitting to take a career timeout: office workers. People with jobs classified… Read More »People Still Quit Jobs, but More Office Workers Are Staying Put

KEY POINTS Nonfarm payrolls increased by 263,000 for the month, short of the Dow Jones estimate of 275,000. The unemployment rate was 3.5%, down 0.2 percentage points as the labor force participation rate edged lower.… Read More »Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

The big global venture capital pullback we were all expecting is truly here.  Venture and growth investors in private companies scaled back their investment pace significantly as the slump in the public markets stretched into… Read More »Global VC Pullback Is Dramatic In Q3 2022

The World Trade Organization is predicting global trade volumes will grow a lackluster 1% next year as crises and challenges weigh on markets, including high energy prices, rising interest rates, and uncertainties about Chinese manufacturing output amid the… Read More »WTO predicts trade growth to slow next year amid crises

OPEC+ agreed to make a large production cut to keep oil prices high, drawing an immediate rebuke from the U.S.  The move was defended by ministers from the producer’s group as necessary to protect the… Read More »OPEC+ was rebuked by the U.S. after cutting output to keep prices high

Federal Reserve Bank of Atlanta President Raphael Bostic said he favors lifting interest rates to between 4% and 4.5% by the end of this year and then keeping the tightening in place to reduce inflation… Read More »Fed’s Bostic Favors Raising Rates as High as 4.5% by Year-End

KEY POINTS Job openings in August totaled 10.05 million, a 10% drop from the 11.17 million reported in July and more than a million less than expected. The Job Openings and Labor Turnover numbers are… Read More »Job openings plunged by more than 1.1 million in August

Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation. According to a survey of 400 leaders… Read More »CEOs are preparing for a recession, and they don’t think it will be short

U.S. employers pulled back sharply on job openings, while layoffs rose in August, adding to signs the labor market and overall economy are cooling. Employers’ total job openings fell 10% in August to a seasonally… Read More »U.S. Job Openings Fell in August, Layoffs Up Slightly

Governments around the world are determined to bring down inflation whatever the cost, but a growing chorus of voices is pointing out that aggressive monetary policies could have some serious and long-lasting consequences on the world economy.… Read More »‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

The KPMG 2022 CEO Outlook asked more than 1,300 CEOs of the world’s largest businesses about their strategies and outlook. The survey included leaders from eleven key markets Australia, Canada, China, France, Germany, India, Italy,… Read More »Nearly 50% of CEOs Looking at Job Cuts, and 39% have Frozen Hiring: KPMG Survey

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

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

THE COST OF shipping containers is in retreat around the world, as the shortages and bottlenecks that plagued maritime trade throughout much of the pandemic subside rapidly (see chart). The drop could help to reduce stubbornly high inflation and offer… Read More »Global shipping costs are plunging as the world economy slows

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

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the… Read More »US economy drops at a 0.6% annual rate from April through June

Millions of companies in the U.S. will have to report primary ownership, in an effort to close anti-money-laundering loopholes Millions of companies in the U.S. will have to disclose their ownership to the federal government… Read More »New U.S. National Security Rule Requires Firms to Disclose Key Owners

A recent analysis has found that the United States suffers more ransomware attacks than any other country. The United States suffers more ransomware attacks than any other country in the world. This is according to… Read More »U.S. No. 1 target for ransomware

Tax collections this year in the U.S. are up 23% compared to last year, according to a new study by the Tax Foundation citing Congressional Budget Office data. Inflation seems to be everywhere. The Tax Foundation’s… Read More »Tax Collections Are Up 23% As Inflation, Wages, And Profits Rise

Financial decision-makers lowered their expectations for real growth in gross domestic product during the third quarter amid concerns over inflation and trouble finding skilled labor, according to the results of The CFO Survey, a collaboration… Read More »CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

Minneapolis Fed chief says need to hike until inflation falls Get to policy that restraining economy and then be ‘patient’ Federal Reserve Bank of Minneapolis President Neel Kashkari said the US central bank is committed… Read More »Fed’s Kashkari Says Rate-Hike Pace ‘Appropriate’ to Cool Prices

Inconsistent lead times and shipping delays force companies to maintain inventory buffers. Efficient handling of working capital frees up cash that can be used to replace the forms of capital getting more expensive as interest… Read More »Supply Chain Pressures Keep Inventories High in Q2

The special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel away from home will be slightly higher starting Oct. 1, the IRS provided Monday in Notice 2022-44. Generally, in… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In

When the United Nations (UN) first laid out principles for environmental, social, and corporate governance (ESG) investing in 2006, then-Secretary General Kofi Annan hailed the considerations as critical to underpinning “responsible investing” in the financial markets. Amid growing scrutiny… Read More »ESG funds are ‘definitely at a crossroads’: EY executive

An IRS Form W-9 verifies your taxpayer ID number, typically your Social Security Number, or for a company, your employer identification number. Before paying you, many companies will ask for this form so they can… Read More »This IRS Tax Form Can Cost You 24%

Some investors are growing concerned the dollar’s meteoric rise is setting the stage for a rapid reversal, which would bruise those who have sought refuge in the U.S. currency in recent months. Soaring U.S. interest… Read More »Analysis: A crowd of dollar bulls raises the risk of a violent pullback

The state has become the first in the U.S. to accept cryptocurrency for tax payments. Colorado has become the first state in the nation to accept cryptocurrency for tax payments. Governor Jared Polis made the… Read More »Colorado now accepts crypto for taxes

KEY POINTS The UNC Tax Center used 2021 financials to predict the effect of the Inflation Reduction Act’s minimum corporate tax. The 15% minimum tax would impact around 78 companies, with Berkshire Hathaway and Amazon… Read More »The new minimum tax could hit Berkshire Hathaway and Amazon hardest, a study shows

Currency’s plunge sparks talk of emergency central bank action UK 10-year yield rises above 4% for the first time since 2010 The sell-off in UK assets went into overdrive on Monday, sending the pound to… Read More »UK Market Selloff Slams Gilts, Pound, Piling Pressure on BOE

From the best of times to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. Investors faced with high inflation and rising interest rates have ditched high-flying… Read More »The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

After a fast start to the year, M&A deal-making in crypto has hit its own type of “winter.” Earlier this month, one-click checkout company Bolt dropped plans to buy crypto and payment infrastructure company, Wyre, for $1.5 billion. The… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In

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

Less than one-third of HR professionals are preparing for an economic slowdown, according to a new study. While CFOs are tightening budgets in preparation for a likely economic downturn, their counterparts in human resources are… Read More »85% of Companies Still Actively Hiring Despite Recession Fears: Weekly Stat

While Fed officials predict rates going higher than had been expected, we still see rates coming down by the end of 2023. Even as the Federal Reserve notched another aggressive interest-rate increase Wednesday, officials are… Read More »Fed Signals No Letup in Inflation-Fighting Rate Increases

KEY POINTS The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation. Everything from mortgages and credit cards to student and car loans will be impacted by another major rate hike. Here’s… Read More »Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

Your 401(k) can be a bridge from retirement to a higher monthly income. Although you can start collecting Social Security at age 62, you can get much higher monthly payments if you wait as long… Read More »Using Your 401(k) to Delay Getting Social Security and Increase Payments

If CFOs had a Magic 8 Ball, it would read: “Outlook not so good.” There is a severe decline in optimism about the economy among CFOs across the country — thanks to increasing costs of… Read More »CFO optimism is declining as cost concerns rise

Even companies that have claimed the ERC may want to review their documentation of qualification for the credit. The Employee Retention Credit (ERC) started out as something of a secret. Originally part of the CARES… Read More »Who Actually Qualifies for the Employee Retention Credit?

The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points and signaled additional large increases were likely even though they are raising the risk of recession. Fed officials voted unanimously to lift their benchmark federal-funds rate… Read More »Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

As part of the survey, employees also shared which incentives they value most that keep them engaged and loyal to their organization.  A majority of employed adults (52%) are content in their roles and not… Read More »52% of Workers are Content with Their Jobs

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.25% from 6.01%. Applications to refinance a home loan, which are usually very sensitive to… Read More »Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

There’s big money in waiting to collect Social Security, but most U.S. seniors leave that cash on the table. The U.S. government is not hiding the fact that the longer you wait to collect Social… Read More »U.S. Retirees Aren’t Waiting Till Age 70 to Collect Social Security

One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job.… Read More »Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

Delta Air Lines and JetBlue Airways each have seen business travel ramp up again in September, with no discernible “cracks” in total demand, according to executives from each carrier, who spoke last week at a… Read More »Delta, JetBlue: Corp. Travel Ramping Up, No Cracks in Demand

Stocks fell and government bond yields rose to multiyear highs Tuesday ahead of the next decision by the Fed’s rate-setting committee  Stocks fell Tuesday ahead of the Federal Reserve’s next policy decision as investors grappled… Read More »Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Higher rates and shrinking margins are among key concerns Goldman likes companies with the highest returns on capital After a hotter-than-expected inflation print and FedEx Corp.’s shocking profit warning, top Wall Street strategists see mounting risks for US… Read More »Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

US central bank to publish first ‘dot plot’ since June after months of persistently high inflation Federal Reserve officials are under pressure to prove they are serious about stamping out elevated inflation by backing up… Read More »Federal Reserve under pressure to back up hawkishness with rate projections

The buck isn’t stopping. The value of the U.S. dollar has been on a tear for more than a year against everything from the British pound across the Atlantic to the South Korean won across… Read More »EXPLAINER: How the strong U.S. dollar can affect everyone

Markets are increasingly betting on policymakers raising borrowing costs higher and faster Investors are pricing in a sharper surge in interest rates over the coming months after the world’s major central banks strengthened their resolve… Read More »Central banks set to hit peak rates at a faster pace

Treasury yields climbed on Monday as traders anticipated the Federal Reserve’s next moves in the face of persistently high inflation. The benchmark 10-year Treasury yield gained 6 basis points to 3.518%, hitting its highest level since April… Read More »10-year Treasury yield jumps to 3.51%, the highest level since 2011

Investors who were lucky enough to hop on the cryptocurrency bandwagon ahead of its sharp rise in popularity were also fortunate enough to avoid taxation for a time. Cryptocurrency, an alternative payment system started in… Read More »The ‘taxing’ complication of cryptocurrency

Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. Wednesday’s report… Read More »US wholesale inflation declined in August to still-high 8.7%

Taxpayers are concerned the extra $80 billion will lead to more tax audits The additional $80 billion in funding over the next decade for the Internal Revenue Service from the Inflation Reduction Act is supposed… Read More »IRS’s extra enforcement funding brings audit worries

The premium of the two-year Treasury yield over the comparable 30-year benchmark increased to a level unseen this century after short-end rates extended their climb in the wake of this week’s hotter-than-anticipated US consumer-price inflation… Read More »US 2- to 30-Year Curve Reaches Most Inverted Level This Century

From Bartleby, the Scrivener telling his 18th-century employer “I would prefer not to” to George Costanza setting up a nap station beneath his desk in the 1990s, “quiet quitting”—broadly understood as a retreat from workplace ambition—is not a new… Read More »WHAT IS ‘QUIET QUITTING’?

KEY POINTS The Social Security cost-of-living adjustment for 2023 could be 8.7%, according to a new estimate from The Senior Citizens League. An increase that high would be the biggest cost-of-living adjustment in four decades,… Read More »There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

The Internal Revenue Service’s backlog is having an impact in many areas, including the handling of noncorporate applications for refund claims on net operating losses. The Internal Revenue Service’s continuing backlog is having an impact… Read More »IRS delays in processing NOL refund claims cost taxpayers millions in interest

Stocks are riding a tentative recovery, with the S&P 500 up 1.1% on Monday, but whether they can keep their momentum hinges in part on how earnings season plays out next month. Analysts have cut… Read More »Sliding Earnings Forecasts Pose Next Test for Markets

Summary The consumer price index rises 0.1% in August Rents, food, and healthcare account for the increase in CPI Core CPI surges 0.6%; increases 6.3% year-on-year U.S. consumer prices unexpectedly rose in August and underlying… Read More »Stubbornly high rents and food prices boost U.S. inflation in August

The Federal Reserve will deliver another 75-basis-point interest rate hike next week and likely hold its policy rate steady for an extended period once it eventually peaks, according to a Reuters poll of economists released… Read More »Fed set for another 75-basis-point rate hike; early pivot unlikely: Reuters poll

Finance chiefs are finding it harder to peg yearly guidance as they struggle for visibility on the direction of the economy, leading them to broaden their annual revenue ranges and revise spending plans more frequently. Finance… Read More »Finance Chiefs Struggle to Set Guidance as Economy Flashes Mixed Signals

The Employee Retention Credit (ERC) remains one of the best tax benefits out there for small and medium businesses – as well as tax-exempt entities – to keep doors open and employees on payroll during… Read More »Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the life sciences sector, the agency said on Friday. The “Office of Crypto Assets” and the… Read More »U.S. SEC to set up a new office for crypto filings

When it comes to retirement, you can’t save enough money — until you do. Saving for a post-work world is now a near-universal ideal: The 50-something workers who fret over their nest eggs have been… Read More »Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

US inflation likely slowed for a second month in August as gas prices continued to drop, but that probably won’t be enough to stop the Federal Reserve from delivering another jumbo rate hike later this… Read More »Slower Inflation Unlikely to Sway Fed From Another Jumbo Hike

Whatever structure your clients launched with, at some point, for various reasons, changing structures may become a valid consideration. Many factors determine what kind of business structure your clients choose when starting their businesses. But… Read More »Converting an S Corp to a C Corp

The European Central Bank has announced a record rise in eurozone interest rates as it seeks to fight inflation. Prices in the bloc are rising at the highest pace for half a century as energy… Read More »Eurozone interest rates in record rise to fight inflation

With up to 87,000 new IRS agents on the way now that the Inflation Reduction Act is unleashing a Tougher IRS, there’s lots of tax about tax audits. The widely published 87,000 figure appears to come from… Read More »IRS Audits With No Time Limit And No Statute Of Limitations

It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the U.S. economy to a soft landing. That’s the view of Jan Hatzius, the chief economist of Goldman… Read More »The U.S. is on track for a soft landing, Goldman Sachs chief economist says

The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to receive. The Internal Revenue Service has been slow in processing employer tax credits and tax… Read More »IRS continued to delay business tax refunds from pandemic

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week from 5.80% the previous week, according to the Mortgage Bankers Association. Mortgage applications to refinance… Read More »Mortgage demand drops further as interest rates shoot back to June high

Gen Z and younger millennials under 35 are one cohort that has seen a large drop in employee engagement. About half of U.S. workers could be described as “quiet quitters,” according to new research by… Read More »Gallup Poll: ‘Quiet Quitters’ Make Up Half of the U.S. Workforce

OPEC+ agreed to make a token oil supply cut for October, a surprise moves that shows the alliance is seeking to stabilize global markets after a faltering economic backdrop triggered the longest price rout in… Read More »OPEC+ agrees to make a token supply cut to steady the oil market

A shift is underway at the Federal Reserve in how to describe neutral — the interest-rate level that neither stimulates nor restrains growth — as it debates how much higher to hike. For an abstract… Read More »Fed’s Long-Sought Neutral Goal Proves Elusive and Moving Target

Inflation is high, but U.S. consumers’ relative purchasing power has never been higher. An index that considers inflation when measuring the dollar’s strength relative to currencies of major U.S. trading partners in July topped its… Read More »U.S. Dollar Strength Lifts Americans’ Relative Spending Power

KEY POINTS If you’re feeling unsteady amid stock market volatility, high inflation, and rising interest rates, you may wonder how much cash you really need to have handy. Experts may suggest three months, six months,… Read More »Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

KEY POINTS Nonfarm payrolls rose by 315,000 jobs in August, just below the Dow Jones estimate of 318,000. The unemployment rate climbed to 3.7%, two-tenths of a percentage point higher than expectations. Wages also rose,… Read More »Payrolls rose 315,000 in August as companies keep hiring

The yen tumbled to its weakest level since 1998 against the US currency Greenback supported after jobless claims, manufacturing data A gauge of the dollar’s strength rallied to a record high Thursday as Treasury yields… Read More »Dollar Gauge Rallies to Record High as Yen Cracks Key 140 Mark

There was some rain on the parade of celebration of the student loan debt forgiveness. The Tax Foundation, perhaps with a touch of schadenfreude, announced that the forgiveness, while not federally taxable due to recent… Read More »How To Avoid State Tax On Student Debt Forgiveness

Summary Snap jumps as it restructures ad business, lays off staff Bed Bath & Beyond sinks on a corporate overhaul Biggest August pct drop for Dow, S&P 500, and Nasdaq since 2015 Dow down 0.88%,… Read More »Wall Street ends August with a whimper on Fed worry

The number of people who applied for unemployment benefits at the end of August fell to a nine-week low of 232,000, showing no sign that the slowing U.S… The numbers: The number of people who applied… Read More »Jobless claims tumble to a nine-week low of 232,000. U.S. layoffs are still historically low.

The budget reconciliation bill, P.L. 117-169, known as the Inflation Reduction Act, was signed into law on Aug. 16. It includes numerous tax provisions, including new corporate taxes. It also contains numerous clean-energy-related tax incentives… Read More »A deeper dive into the Inflation Reduction Act’s tax provisions

KEY POINTS Euro zone inflation hit a new record high in August at 9.1%. The rate was above expectations, with a Reuters poll of economists anticipating a rate of 9%. Euro zone inflation hit a… Read More »Euro zone inflation hits another record of 9.1% as food and energy prices soar

There were nearly 1 million more job openings than expected in July, an inflationary sign that the U.S. labor market is still extremely tight, the Bureau of Labor Statistics reported Tuesday. Available positions totaled 11.24… Read More »Job openings top 11.2 million in July, well above estimate and nearly double the available workers

Workers of U.S. small businesses continue to benefit from higher wages, according to the latest Paychex | IHS Markit Small Business Employment Watch. Average hourly earnings growth increased to 5.18 percent, matching a record set… Read More »Hourly Wage Growth Increases

The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank’s clearest timeline yet for a new system enabling the settlement of U.S. payments… Read More »Fed’s instant payment service ‘FedNow’ is set to launch by July 2023

The FedNow system is supposed to be a cheaper option than wire transfers or debit card transaction fees. A Federal Reserve official said the agency’s new real-time payments system FedNow is slated to launch as early as… Read More »Federal Reserve says a real-time payment system could begin as early as May 2023

With the pandemic-fueled demand for more workplace flexibility, could the four-day workweek become the norm in American business? Three Wharton experts don’t hold out hope for change. When Wharton management professor Matthew Bidwell first came to the… Read More »Can the U.S. Embrace a Four-day Workweek?

Federal Reserve chair says central bank ‘must keep at it until the job is done on inflation US stocks tumbled after Federal Reserve chair Jay Powell emphasized his resolve to hoist interest rates to curb… Read More »US stocks tumble more than 3% after Powell stands firm on rate rises

The pace of consumer price gains slowed, though it stayed near a four-decade high Inflation decelerated in July, measured by the Federal Reserve’s preferred gauge, though it remained close to its fastest pace since 1982.… Read More »Inflation Eased in July, According to the Fed’s Preferred Measure

Second quarter GDP contracted 0.6%, better than the prior estimate Gross domestic income rose at a 1.4% pace, and spending revised up The government’s main measures of US growth pointed in different directions in the… Read More »Key US Growth Measures Diverge, Complicating Recession Debate

A measure of US profit margins has reached its widest since 1950, suggesting that the prices charged by businesses are outpacing their increased costs for production and labor. After-tax profits as a share of gross… Read More »US Corporate Profits Soar, Taking Margins to Widest Since 1950

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… Read More »Employers Project 5.6% Jump in Health Benefit Costs

The SEC on Thursday adopted amendments that require specific disclosures about the relationship between a public company’s executive compensation and its financial performance. Registrants must begin to comply in proxy and information statements that are required to… Read More »SEC adopts ‘pay versus performance’ disclosure rules

KEY POINTS Borrowers who will benefit from student loan forgiveness won’t need to worry about getting hit with a federal tax bill. But they may owe state taxes on the forgiven debt. Here’s what you… Read More »Here’s what President Biden’s student loan forgiveness means for your taxes

A broad range of tax and information returns for the 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS Wednesday. The estimated 1.6 million taxpayers who have… Read More »IRS relieves penalties for 2019 and 2020

Pass-through effects have increased during the pandemic Imported input prices have a larger effect on US inflation US consumer inflation, which is running near the fastest pace in 40 years, has been increasingly affected by… Read More »Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

US business activity contracted for a second straight month in August, reflecting softer demand at both manufacturers and service providers and adding to concerns about the health of the overall economy. The S&P Global flash… Read More »US Business Activity Contracts Again, Weakest Since May 2020

The Inflation Reduction Act only offers tax credits on electric vehicles assembled in North America. Those looking to purchase an electric vehicle could be eligible for a $7,500 tax credit from the federal government, but because… Read More »Which Vehicles Qualify for New $7,500 Electric Vehicle Tax Credit?

KEY POINTS Sales of existing homes were down last month by 20.2% to 4.8 million properties from 6 million a year earlier. However, the median price last month was $403,800, up 10.8% from July 2021,… Read More »We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

Inflation, rising interest rates, and Russia’s invasion of Ukraine sent shock waves through the stock market, putting a freeze on the IPO pipeline The IPO market is on pace for its worst year in decades,… Read More »IPO Market Faces Worst Year in Two Decades. ‘Really Hard Pill to Swallow.’

Workers are less satisfied with their wages as inflation erodes buying power The number of Americans quitting their jobs for a different one declined in July, according to a Federal Reserve Bank of New York… Read More »Fewer Americans are switching to new jobs, NY Fed survey shows

As the prices of many goods and services continue to skyrocket, there’s been a ton of media coverage on the subject of inflation. In July, the year-over-year inflation rate was a whopping 8.5%, as measured by… Read More »Inflation is through the roof: How the Consumer Price Index measures the cost of living

Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month raise. The steady drop in gas prices over the last few months has turned into an unexpected… Read More »America just got a $100-a-month raise

Federal Reserve Chairman Jerome Powell will use his closely-watched Jackson Hole speech this week to stress that the central bank is going to bring down the high U.S. inflation rate even if it means a… Read More »Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

The U.S. Supply Chain Index in July was back above neutral for the first time in nearly three years on the back of the continuing strong rebounds in inventories and capacity utilization. With most of… Read More »RSM U.S. Supply Chain Index: Back to normal for the first time since the pandemic hit

Dive Brief: The U.S. economy probably will not grow this quarter and, after more weakening, may fall into a brief recession by early next year, the Conference Board said Thursday, citing its Leading Economic Index (LEI).… Read More »The U.S. may fall into recession by early 2023: Conference Board

Dive Brief: Federal Reserve officials last month affirmed their goal of curbing inflation to 2% and favored further increases in borrowing costs while noting the risks of overdoing their most aggressive withdrawal of stimulus since… Read More »Fed planned more tightening while noting the risk of going too far

The Inflation Reduction Act that President Biden signed into law this week has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount they can claim on the… Read More »Inflation Reduction Act potentially doubles R&D tax credit

That jump may lead to an increase in tax reporting requirements for companies, according to a recent analysis by tax solutions provider Sovos. A surge in gig work over the past few years can be… Read More »A surge in gig work is evident from 1099 filings

If your organization isn’t letting people go, the one next door probably is. That’s a key finding from a survey released Thursday by consultant PwC, which last month polled more than 700 US executives and… Read More »Layoffs Are Planned at Half of US Companies, PwC Survey Shows

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