KEY POINTS Inflation stayed stubbornly high in April, potentially reinforcing the chances that interest rates could stay higher for longer, according to a gauge released Friday that the Federal Reserve follows closely. The personal consumption… Read More »Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed

The government’s two main measures of US economic activity diverged in the first quarter, with one gauge painting a picture of weakness.  Gross domestic product rose at a revised 1.3% annualized pace in the first… Read More »Two Key Gauges of US Economic Activity Diverged in First Quarter

Federal Reserve officials were divided at their last meeting over where to go with interest rates, with some members seeing the need for more increases while others expected a slowdown in growth to remove the… Read More »Fed officials less confident on the need for more rate hikes, minutes show

KEY POINTS Even as inflation cools, consumers still show signs of strain. As of April, the share of adults feeling stretched too thin held nearly steady at 61%, according to a new LendingClub report. However, high-income earners are… Read More »Share of six-figure earners living paycheck to paycheck jumps, report finds. Advisor offers ways to break the cycle

Investors are boosting their bullish bets on US equities, making positioning increasingly “one-sided,” according to Citigroup Inc. strategists. Market participants have added $21 billion in new long positions on S&P 500 futures, Citi’s data showed,… Read More »Citi Says Buyers Plow $21 Billion Into US Stocks

KEY POINTS When it comes to managing money, women face unique challenges. Women tend to live longer than men, which means they need their money to last for a longer period of time, according to Kamila Elliott, a… Read More »Women need financial freedom to ‘live on their terms,’ advisor says. These 3 strategies can help

Imagine boarding a plane for a long-awaited retirement vacation in Hawaii. Before takeoff, the captain announces the crew is fairly certain they have enough fuel to make it to Hawaii safely, but if not, the… Read More »Saving for Retirement Isn’t Enough: You Need a Wealth Plan

Preparing for retirement is something most adults will do their entire working lives, but ensuring a successful post-retirement life has many different phases. The last five years before you retire are particularly important, as you’ll… Read More »How to Retire in 5 Years

WASHINGTON, D.C. — Americans remain guarded about their personal finances, with the majority (55%) saying their financial situation is “only fair” or “poor” rather than “excellent” or “good” (45%). More also report that their financial… Read More »Americans Remain Discouraged About Personal Finances

Eighteen months since the start of a near year-long selloff, the Nasdaq 100 Index has recovered half the losses that pushed it into a bear market. The question now: can the tech-heavy gauge extend its… Read More »Nasdaq 100’s Big Recovery Faces a Key Tipping Point

KEY POINTS The IRS flagged more than 1 million tax returns for potential identity theft during the 2023 tax season, according to the U.S. Department of the Treasury, signaling that such fraud continues to be a pervasive problem for… Read More »IRS flagged more than 1 million tax returns for identity fraud in 2023

Work isn’t necessarily supposed to be fun, but should it be causing employees so much emotional distress?  According to a new report by mental health platform Headspace, 87% of employees feel a sense of dread at work at… Read More »The ‘Sunday scaries’ every day? Why 87% of employees dread work

Economists and policymakers are bracing for a long and rocky road back to the US Federal Reserve’s target of 2 per cent inflation, even as early signs of relief emerge following the worst shock in… Read More »Fed faces a long battle to trim inflation to its 2% target

ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and… Read More »Repelled by high car prices, Americans are holding on to their vehicles longer than ever

Minneapolis (CNN) — Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable. Household debt balances set a fresh record high of $17.05 trillion during the first quarter,… Read More »Americans’ debt surpasses $17 trillion for the first time

KEY POINTS An emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash depends on your household and occupation, according to financial experts. Most Americans aren’t prepared for… Read More »Here’s how much emergency savings you need amid economic uncertainty, according to financial advisors

Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all its bills as soon as June 1. That crunch came months sooner than expected, raising… Read More »Plunging Tax Revenue Accelerates Debt-Ceiling Deadline

Just like spring and summer always lead to fall and winter, we know winter is coming and another recession is on the horizon, we just don’t know when. If you have a leak in your roof, when’s… Read More »Preparing for the Next Recession: Six Considerations for Retirees

The IRS, which spent the pandemic years mired in backlogs of mail, said this week that it has processed all paper and electronic individual returns received before January of this year. This means all returns… Read More »IRS backlog lessens; agency plans to resume collection notices

Job satisfaction hit a 36-year high in 2022, reflecting two effects of the tight pandemic labor market: The quality of jobs improved as wages and work flexibility increased, and workers moved into positions that were a better fit.… Read More »Workers Are Happier Than They’ve Been in Decades

KEY POINTS Wholesale prices rose less than expected in April, according to a Labor Department report Thursday that provides more hope that inflation is at least trending lower. The producer price index, a measure of prices… Read More »Wholesale prices rose just 0.2% in April, less than estimate as inflation pressures ease

KEY POINTS A widely followed measure of inflation rose in April, though the pace of the annual increase provided some hope that the cost of living will head lower later this year. The consumer price… Read More »Inflation rate eases to 4.9% in April, less than expectations

(Reuters) – U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several filing for bankruptcy protection as the era of easy money draws to a close. The tally of U.S.… Read More »Factbox: U.S. corporate bankruptcies at highest level since 2010

Corporate results this quarter have mostly outpaced expectations, but accusations of so-called ‘sandbagging’ remind one strategist of an early 2000s comedy. “It’s a little like in Meet the Parents” says JJ Kinahan, IG North America CEO,… Read More »Earnings season: Low expectations make it like getting ‘9th place ribbon’ says analyst

Federal Reserve Chair Jerome Powell reckons the US economy can skirt recession. But the odds are stacked against him — thanks to banking, politics, and even the weather. In Powell’s view, the gravity-defying strength of… Read More »Powell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC Standoff

The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. In its post-meeting statement, the central bank appeared to soften its language on… Read More »Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike

Federal Reserve officials are on track to increase interest rates again at their meeting this week while deliberating whether that will be enough to then pause the fastest rate-raising cycle in 40 years. “We are… Read More »Fed Set to Raise Interest Rates to 16-Year High and Debate a Pause

WASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then… Read More »Treasury’s Yellen says US could default as soon as June 1

With COVID-19 no longer considered a national emergency, the IRS will return to in-person public hearings for proposed regulations with a telephone option available. The IRS said Friday in Announcement 2023-16 that the change applies to public… Read More »IRS returns to in-person public hearings; telephone still an option

(Reuters) – U.S. consumer spending was unchanged in March as an increase in outlays on services was offset by a decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve… Read More »US consumer spending flattens; core inflation still hot

(Bloomberg) — Chair Jerome Powell has achieved a near-perfect consensus as the Federal Reserve raised interest rates aggressively. Now, with the hiking campaign drawing to a close, that agreement is going to be a lot… Read More »Jerome Powell Could Face More Opposition as Fed Choices Get Tougher

KEY POINTS The U.S. personal savings rate remains below its historical average, according to the U.S. Bureau of Economic Analysis. The seasonally adjusted annual rate of personal saving was 4.6% in February. That’s well below the average annual rate… Read More »Americans are saving far less than normal in 2023. Here’s why

If you’re looking to buy a home, new federal rules may impact how much you pay for a mortgage. Beginning May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be… Read More »Why having good credit could cost you more on a home mortgage

KEY POINTS Growth in the U.S. slowed considerably during the first three months of the year as interest rate increases and inflation took hold of an economy largely expected to decelerate even further ahead. Gross… Read More »U.S. GDP rose at a 1.1% pace in the first quarter as signs build that the economy is slowing

Tech giant Apple last week announced a buzzy product release — but it wasn’t a new version of its iPhone or virtual reality headset. Rather, the company offered its first ever high-yield savings account. The move reflects growing demand… Read More »High-yield savings accounts surge amid shaky stock market, experts say

The IRS will use audit rates from 2018 to determine what percentage of individual taxpayers reporting income under $400,000 a year will be audited, IRS Commissioner Danny Werfel told the Senate Finance Committee on Wednesday.… Read More »Werfel: IRS will audit individuals under $400K at 2018 rates

Buzzfeed isn’t the only company that merged with a SPAC that’s hurting. Of the 365 companies that listed publicly through a SPAC merger between 2020 and 2022, 100—or 27%—were penny stocks trading below $1 as of… Read More »More Than 25% of the Companies That Merged With SPACs During the Boom Are Penny Stocks Now

More evidence continues to show just how challenging today’s venture funding environment is compared to the pandemic-era boom. Nationally, tech firms raised a collective $37 billion across 2,856 deals last quarter. It was the lowest… Read More »VC deals continue to fall across US startup hubs

Stocks were muted Wednesday as another heavy day of corporate earnings got under way, with companies broadly posting results that have beaten analysts’ expectations. The S&P 500 and the tech-heavy Nasdaq Composite ended the day… Read More »Stocks Muted Amid Rush of Earnings

WASHINGTON (AP) — Taxpayers who called the IRS had an average wait time of four minutes this tax season compared to 27 minutes a year earlier, the agency said Monday. Ahead of the tax filing… Read More »Calling the IRS? Hold times are way down this tax season

KEY POINTS Negative headlines about Social Security’s future may be affecting how prepared people feel when it comes to their own retirement. Almost three-quarters, 74%, of people say they cannot count on Social Security benefits when it comes to… Read More »74% say they can’t count on Social Security when planning for retirement. Here’s what not to do

Some CFOs are choosing to look on the bright side. Despite a potential recession, more than half of finance leaders in a recent survey expressed optimism about the economy. Grant Thornton’s 2023 Q1 CFO Survey found that… Read More »CFO optimism is up, but cost concerns remain

Parents are stepping in to help their adult children when they’re in a financial pinch, but many are sacrificing their own savings in the process. Over two-thirds (68 percent) of parents of adult children have… Read More »Survey: 68% have made a financial sacrifice to help their adult children with money

KEY POINTS New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year. The Consumer Price Index for all Urban Consumers, or… Read More »As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon

KEY POINTS The International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years. The Washington, D.C.-based institution said that five years from now, global growth… Read More »IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990

KEY POINTS Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday. The consumer price index, a widely followed measure of the costs for goods and services… Read More »Inflation rises just 0.1% in March and 5% from a year ago as Fed rate hikes take hold

(Reuters) – The U.S. economy is at risk of shrinking in the second quarter, BofA Global Research wrote in a client note, following recent economic data that hinted that the Federal Reserve’s aggressive interest rate… Read More »BofA sees ‘meaningful risks’ of Q2 U.S. economic contraction

Corporate America is facing its sharpest drop in profits since the early stages of the coronavirus pandemic, according to Wall Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back… Read More »US companies face biggest decline in profits since Covid shutdowns

(Bloomberg) — US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging… Read More »US Bank Lending Slumps by Most on Record in Final Weeks of March

For engineers and other tech workers, landing a job with one of the industry’s best-known companies was long the ultimate professional achievement. Now, many Silicon Valley veterans are being driven to new paths far from… Read More »As Tech Jobs Disappear, Silicon Valley Veterans Reset Their Careers

Thinking of starting a side hustle? According to the latest New Business Insights survey commissioned by Intuit Quickbooks, millions of Americans are planning to start businesses in 2023 – the majority of whom say inflation is driving their… Read More »7 Things to Know Before Starting Your Side Hustle

The red-hot labor market cooled some in March, with hiring gains moderating and wage growth easing as more workers sought jobs. Employers added 236,000 workers last month, a historically strong gain but the smallest in more than… Read More »March Jobs Report Shows Hiring Gradually Cooling

Corporate bankruptcy petitions in the U.S. surged last month and first-quarter filings this year reached the highest level since 2010, according to new data. S&P Global Market Intelligence reported Thursday that it recorded 71 corporate bankruptcies in… Read More »US corporate bankruptcy filings spiked in March: S&P Global

KEY POINTS Companies announced nearly 90,000 layoffs in March, a sharp step up from the previous month and a giant acceleration from a year ago, outplacement firm Challenger, Gray & Christmas reported Thursday. Planned layoffs… Read More »Layoffs are up nearly fivefold so far this year with tech companies leading the way

The IMF’s managing director has warned that the global economy is facing years of slow growth, with medium-term prospects their weakest in more than 30 years. Speaking in Washington ahead of the World Bank and… Read More »Global economy set for years of weak growth, IMF chief Kristalina Georgieva warns

Stocks ended the quarter on a positive note, after a stormy three months in which markets were whipsawed by strains in the banking system as well as shifting outlooks for inflation and interest rates. Government data early… Read More »Stocks Close Higher in Last Session of Turbulent Quarter

(Bloomberg) — Women created about half of new US businesses for the third year in a row in 2022, largely driven by a desire for flexibility and financial stability.  That compares to just 29% before… Read More »Women Are Still the Driving Force of US Post-Covid Entrepreneurs

KEY POINTS The Social Security trust funds that about 67 million Americans rely on for benefits are scheduled to be depleted in 2034, one year earlier than was projected last year, according to the annual trustees’ report released… Read More »Social Security trust funds depletion date moves one year earlier to 2034, Treasury says

The numbers: The cost of U.S. goods and services rose by a milder 0.3% in February, perhaps a sign the Federal Reserve’s fight against high inflation is showing grudging progress. Prices had risen by a sharp… Read More »Inflation softens in February, PCE finds and takes some pressure off Fed

The Nasdaq 100 Index surged into a new bull market Wednesday for the first time in nearly three years as traders pile into technology stocks and angst around the recent bank turbulence eases. The tech-heavy… Read More »Nasdaq 100 Enters Bull Market as Bank Jitters Ease, Tech Rallies

Reconciling previously contradictory results, researchers from Penn and Princeton find a steady association between larger incomes and greater happiness for most people but a rise and plateau for an unhappy minority. Are people who earn… Read More »Does more money correlate with greater happiness?

Sometimes individuals submit applications for Social Security retirement benefits but then have a change of heart. Perhaps they retired or perhaps they were laid off, but now a new opportunity has presented itself and they… Read More »How to reverse course on collecting Social Security

KEY POINTS It’s getting harder to keep up with higher prices. As of February, 62% of all U.S. adults were living paycheck to paycheck, up from 60% a month earlier, according to a new LendingClub report.… Read More »With 62% of Americans living paycheck to paycheck amid inflation, more people have a side job

FASB on Monday released an amendment to an Accounting Standards Update designed to improve leases guidance on related party arrangements between entities under common control. The amended ASU No. 2016-02, Leases (Topic 842) was released after a post-implementation… Read More »FASB issues update to leases guidance

KEY POINTS With the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. In January, the IRS warned filers that refunds could be… Read More »The IRS has issued nearly 54 million tax refunds. Here’s the average payment

Global financial markets are poised for another week of volatility, as traders close out a dizzying month in which worries about US and European lenders dominated sentiment and complicated central banks’ fight against inflation. The Japanese yen… Read More »Investors Brace for Another Week of Volatility as Mad March Ends

First Citizens has agreed to buy a $72 billion chunk of Silicon Valley Bridge Bank, the California lender formerly known as Silicon Valley Bank that was taken over by the FDIC two weeks ago after depositors, in a crisis… Read More »First Citizens is acquiring $72B in deposits and loans from Silicon Valley Bridge Bank

KEY POINTS When you’re on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. And the banking crisis has… Read More »Retirement vs. emergency savings: How to prioritize in a shaky economy

(Reuters) – Bank of America and UBS trimmed their terminal rate expectations on Thursday after the U.S. Federal Reserve hinted that it might pause its rate-hike campaign due to the turmoil in the banking sector.… Read More »BofA, UBS trim forecast for Fed funds rate amid banking crisis

Federal Reserve Chair Jerome Powell and his colleagues are expecting a sharp dropoff in economic activity through the rest of 2023 — at least, that’s the implication from new economic projections they published this week. … Read More »New Fed Forecasts Suggest Central Bank Is Bracing for Recession

The Internal Revenue Service’s Criminal Investigation unit investigated nearly 1,000 tax and money laundering cases related to COVID-19 relief, with the alleged fraud totaling $3.2 billion.  The 975 cases include a broad range of criminal… Read More »IRS investigators uncover billions in COVID tax fraud

62, 65, 67, 70. All these ages are important when it comes to Social Security and Medicare. And these ages are also targets in the contentious debate over how to shore up the shaky finances… Read More »Here’s why retirement age matters for Social Security and Medicare

KEY POINTS The Federal Reserve raised the target federal funds rate by a modest 0.25 percentage points on Wednesday, after nearly two weeks of turmoil in the financial industry. Still, this marks the ninth consecutive increase in one… Read More »Here’s what the Federal Reserve’s 25 basis point interest rate hike means for your money

WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped… Read More »Fed raises key rate by quarter-point despite bank turmoil

Despite last year’s upheaval, many investors are sticking with long-term plans and tightening their budgets instead of moving money out of stocks and bonds. Heightened geopolitical tensions, soaring inflation, and the subsequent tightening of monetary… Read More »Investors Nearing Retirement Show Patience With Markets

(Reuters) – Goldman Sachs is expecting a pause this week from the U.S. Federal Reserve after a year-long rate increase campaign as Wall Street banks scale back their hawkish expectations in the aftermath of the… Read More »Global banking turbulence prompts Wall Street banks to trim hawkish Fed bets

New York (CNN) — It’s difficult to overstate the influence that Silicon Valley Bank had over the startup world and the ripple effect its collapse this month had on the global tech sector and banking system. While SVB was… Read More »Silicon Valley Bank left a void that won’t easily be filled

Treasury secretary defends ‘decisive and forceful actions’ by regulators to avert broader crisis Shares of First Republic and other regional US banks rallied on Tuesday after Janet Yellen said the government stood ready to provide… Read More »First Republic rallies as Yellen says US prepared to give more support

The IRS should spend more of its $80 billion appropriation over 10 years on taxpayer services and business systems modernization and less on enforcement and operations, National Taxpayer Advocate Erin Collins said Thursday in a blog… Read More »Taxpayer services should get more of that $80 billion, advocate says

When does doing a little work on vacation turn into a stay that piques the interest of local tax authorities? And does a U.K. company, for example, face tax complications abroad if they have staff… Read More »Logging into Zoom at the beach could land you a tax bill

The collapses of Silicon Valley Bank and Signature Bank over the weekend continue to dominate headlines and send ripples through markets. But even before the pair of bank failures, 2023 was on track for a nasty year for… Read More »More Companies Are Going Bust This Year—and It’s Not Just Banks

Before the pandemic, Logikcull had an office in downtown San Francisco and, like most tech companies, it had a lot of meetings. After the pandemic, the company bought out the office lease and 110 employees scattered across 40… Read More »Could this meeting have been an email? Employees are over meetings. Now companies are too

KEY POINTS Wholesale prices posted an unexpected decline in February, providing some encouraging news on inflation as the Federal Reserve weighs its next move on interest rates. The producer price index fell 0.1% for the… Read More »Wholesale prices post an unexpected decline of 0.1% in February; retail sales fall

KEY POINTS The pace of wage growth seems to be decelerating, according to the February jobs report issued Friday — but workers still have bargaining power in a cooling but strong job market, economists said. “Workers have a… Read More »Wage growth is cooling — but workers still have bargaining power, economists say

NEW YORK (AP) — Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears… Read More »Government races to reassure US that banking system is safe

Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to slow the economy with higher interest rates at the same time it moves to stem… Read More »U.S. Inflation Cooled in February as Fed Confronts Bank Failures

A US court has ruled that “gig” economy giants including Uber and Lyft can continue treating their workers as independent contractors in the state of California. The California appeals court found that a labour measure, known… Read More »US court rules Uber and Lyft workers are contractors

If you sometimes feel like your days are being taken up by meeting after meeting, leaving you little time to get your actual work done, you’re not alone. According to research, 70% of meetings are keeping employees… Read More »This is how a no meeting week boosts employee productivity and wellbeing

73% of workers with a side hustle are actively thinking about quitting their job. 60% of workers said that they would rather quit their job than return to the office five days a week. A… Read More »Up to 45 Percent of Americans Have a Side Hustle

Overall, positivity about the U.S. economy remains muted, with just 23% of respondents to a recent survey saying they are optimistic about the domestic outlook for the next 12 months. That’s an improvement from the fourth quarter,… Read More »Inflation, talent, labor costs: 3 challenges amid slightly rising optimism

(Bloomberg) — President Joe Biden unveiled a $6.9 trillion budget proposal on Thursday, a defiant opening salvo in high-stakes negotiations with congressional Republicans over the debt ceiling and government funding. The proposal, certain to be… Read More »Biden Fires $6.9 Trillion Salvo to Open Budget Showdown With GOP

Should you buy long-term care insurance or save up to self-insure? There are many trade-offs to consider. And, surprise: It doesn’t have to be one or the other. The decision on whether to buy long-term… Read More »Long-Term Care Insurance: To Buy or Not to Buy?

After hitting a historic low at the end of 2022, the outlook on the U.S. economy rebounded somewhat in February 2023, but concern about inflation remains high, according to the first-quarter Business and Industry Economic Outlook… Read More »Economic optimism is still low but improving; concerns about inflation remain

US companies added more jobs than expected in February, underscoring persistent demand for labor that’s keeping wage growth elevated. Private payrolls rose 242,000 last month after an upwardly revised 119,000 increase in January, according to… Read More »US Companies Added More Jobs Than Expected as Demand for Workers Remained Elevated

Although the most significant advantage is the limited liability protection it provides its shareholders, the S Corp election also avoids the double taxation incurred by C Corps. There are many reasons for your clients to… Read More »Milestones for S Corporation Election

ChatGPT can write essays, poetry, letters, and more, so we posed the question—can it do our taxes? Our company, TaxBuzz, decided to take the technology for a test drive, asking, “What status I should use… Read More »ChatGPT’s Tax Advice Was Wrong 100% Of The Time

KEY POINTS Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected. Citing data earlier this year showing that inflation has reversed the deceleration it showed in… Read More »Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated

As ChatGPT’s trendiness questions the value of some parts of the workforce, the value of human intuition is also up for debate. As industries and executives explore how to use AI-powered chatbots like ChatGPT best, the value… Read More »ChatGPT’s Impact on CFOs: What is AI’s Limit in Replacing Humans?

Household debt rose to new levels in 20 years — jumping $394 billion in the fourth quarter of the year alone — driven by credit card balances and auto loans. A February 16 report from… Read More »U.S. Household Debt Hit a Record $16.90 Trillion in 2022

Cumberland, Rhode Island — Maryann O’Connor is juggling two jobs, sometimes working up to 11 hours per day, not what she expected to be doing at age 66. “I would hope to be retired, playing the… Read More »Millions of Americans nearing retirement age with no savings

I predict 2023 is going to be a year of reordering as the true breakthrough companies separate themselves from the rest of the pack while many others are acquired or fade away. It’s been a… Read More »Predictions for 2023: A make-or-break year for startups

This week, the Federal Deposit Insurance Corp. released its latest quarterly banking profile. That’s a survey of thousands of large and small banks that asks about profits, interest rates, and whether they’re lending more money (or… Read More »Businesses and consumers are borrowing more, despite rising interest rates

The first quarter of this year finds businesses confronting plenty of tax and business challenges. Rising interest rates and inflation continue to plague the economy, and many companies are already girding for a potential recession.… Read More »Top 10 tax-planning considerations for 2023

Performance metrics are evolving. It’s time for financial leaders to do the same. In the digital economy, businesses are finding new paths to success. That means the metrics used to measure and steer performance need… Read More »4 Ways to Turn Your KPIs Into Strategic Assets

The numbers: A key barometer of American factories was negative for the fourth month in a row at 47.7%, as manufacturers cut back on production to cope with a slower U.S. economy. The change in the… Read More »U.S. factories contract for a fourth straight month, ISM shows, but there might be a silver lining

It’s a tough pill to swallow, but the entire VC ecosystem is slowly accepting that it will be a long slog to return to the peak of pandemic-era valuations. In 2021, it was not unusual… Read More »Calculate it: How long will it take to grow into old valuations?

New York Times, I.R.S. Decision Not to Tax Certain Payments Carries Fiscal Cost: More than 20 state governments, flush with cash from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending… Read More »NY Times: IRS Decision Not To Tax State Stimulus Payments Carries Fiscal Cost

The U.S. Supreme Court held Tuesday in a 5-4 decision that the $10,000 penalty for a non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrues per report, not per… Read More »Supreme Court holds FBAR penalty is imposed per report, not per account

(Reuters) – U.S. consumer confidence unexpectedly fell in February, with the decrease concentrated among lower-middle-income households, though Americans grew more upbeat about the labor market. The survey from the Conference Board on Tuesday also showed… Read More »US consumer confidence retreats, house price inflation cools further

(Reuters) – Collapsing ocean shipping rates would seem to be good news for U.S. retailers, but they are now bracing for delays as some carriers try to prop up prices by canceling voyages. Retailers had… Read More »U.S. retailers’ ocean shipping price woes ending, but new delays threaten

This decision isn’t easy, thanks to investment, tax, and other considerations. Let’s explore the implications of each. After 40 years of sitting in traffic and punching the clock, you will sit and punch no more.… Read More »Should I Sell or Rent My House When I Relocate for Retirement?

KEY POINTS Getting into college is hard enough, but figuring out how to pay for it is another hurdle altogether. Higher education already costs more than most families can afford, and college costs are still rising. Tuition and fees plus room… Read More »3 strategies can get you more financial aid for college

WASHINGTON (AP) — A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast after a series of reports have pointed to a surprisingly resilient economy despite… Read More »The 2023 US recession now expected to start later than predicted

KEY POINTS For some retirees, heading back to work has emerged as an aspiration. Roughly 1 in 6 retired Americans say they are mulling over whether to get a job, according to a recent study from Paychex. On… Read More »1 in 6 retirees are mulling a return to work. What to consider before ‘unretiring’

Inflation that is proving increasingly stubborn will prompt the Federal Reserve to raise interest rates to an even higher peak level and hold them there through the year, according to economists surveyed by Bloomberg this… Read More »Faster Inflation Portends Higher Fed Peak Rate in Latest Economists’ Survey

Average retirement account balances dropped nearly 25 percent last year, according to a new report by Fidelity. Although retirement balances increased in the fourth quarter of 2022, the average balance of individual retirement accounts (IRA)… Read More »Retirement account balances lost almost 25 percent last year: Fidelity

Many people use their primary email to sign in to practically everything. That’s a privacy nightmare, and you might be shocked to see how easily someone can use it to effectively stalk you and violate… Read More »Using Your Real Email to Sign In? Your Privacy Is at Risk

KEY POINTS The Supreme Court ruled Wednesday that an offshore oil rig worker who earned more than $200,000 annually — and whose company classified him as a “bona fide executive” — is entitled to overtime pay for having worked more than… Read More »Supreme Court rules Helix Energy oil rig worker who makes $200,000 is entitled to overtime

Business owners can apply for their Employer Identification Number in minutes and use it to hire employees, borrow, pay taxes, and more. As a business owner, it is critical that you keep your business and personal… Read More »8 reasons why you need an EIN for your business and how to apply for one

The final regulations reflect changes made by the Taxpayer First Act that strengthen e-filing requirements. The IRS and the Treasury Department on Tuesday issued final regulations pertaining to companies filing returns and other documents electronically starting in… Read More »IRS and Treasury Finalize E-Filing Rules for Businesses

(Reuters) – Is the IPO winter finally easing? A year after Russia’s invasion of Ukraine and an inflation rally fueled a bout of market volatility that prevented most initial public offerings in 2022, last week… Read More »U.S. IPO pick-up offers hope of market re-open

Taxpayers and tax practitioners can now submit information online in response to nine notices rather than mailing the information, in a change that could potentially help over 500,000 filers annually, the IRS announced. In IR-2023-29, a… Read More »Taxpayers can now submit information online in response to 9 IRS notices

Sometimes you just can’t avoid dipping into a retirement fund, but you might be able to qualify for an exception to the 10% tax penalty. Pulling money from your pre-tax retirement accounts before age 59½… Read More »Ways to Avoid the Penalty on Early Retirement Withdrawals

The IRS will not meet the Friday deadline imposed by Treasury Secretary Janet Yellen to turn over its spending plan for approximately $80 billion that Congress budgeted for it to spend over 10 years as… Read More »IRS misses Friday deadline to turn over $80 billion spending plan

(Bloomberg) — Two of the Federal Reserve’s most hawkish policymakers signaled they may favor returning to bigger interest-rate hikes in the future, and said they saw the case for raising rates by a half-point at… Read More »Fed Officials Support More Rate Hikes to Ensure Lower Inflation

When the stock market reeled last year, the Dow Jones Industrial Average became a place where many found shelter. As risk appetite returns in 2023, they can’t exit fast enough.  The 30-member gauge is up… Read More »Dow Lags Market by Most Since 1934 as Stock Rotation Continues

Three types of people could benefit from taking advantage of the after-tax 401(k) contributions option in their company’s retirement plan. The 401(k) has evolved over the past few decades, offering flexibility in the way American… Read More »After-Tax 401(k) Contributions: Pros and Cons

KEY POINTS Sales at retailers rose far more than expected in January as consumers persevered despite rising inflation pressures. Advance retail sales for the month increased by 3%, compared with expectations for a rise of 1.9%,… Read More »Retail sales jump 3% in January, smashing expectations despite an inflation increase

Consumer prices rose at a more rapid monthly pace in January, the Labor Department said on Tuesday — interrupting a monthslong streak of cooler inflation readings. By the numbers: The Consumer Price Index rose 0.5% last month, as… Read More »Consumer prices rise at a faster pace in January

If you ask John Chambers, the startup world is about to be hit with a cataclysm: Within the next two years, at least a third of all startups will die. That’s a natural consequence of… Read More »Ex-Cisco chief John Chambers says more than 1/3 of all startups will fail in the next two years

Many workers who quit last year in the so-called Great Resignation are now reporting Great Regret as Big Tech layoffs reduce coveted work-from-home positions. According to a survey of 825 employees and 354 employers that… Read More »‘Great Resignation’ becomes ‘Great Regret’ for job-hoppers

A new study co-authored by Wharton’s Daniel G. Garrett shows that giving businesses tax breaks for investment in new equipment doesn’t lead them to replace workers with machines. A new paper by experts at Wharton… Read More »Why Capital Investment in Equipment Doesn’t Hurt Employment

Jim Detert just wants to set the record straight. The University of Virginia professor, who holds a joint appointment in the Darden School of Business and the Batten School of Leadership and Public Policy, has… Read More »How Changing the Connotation of ‘Quiet Quitting’ can Benefit the Workplace

KEY POINTS Inflation turned higher to start 2023, as rising shelter, gas, and fuel prices took their toll on consumers, the Labor Department reported Tuesday. The consumer price index, which measures a broad basket of common… Read More »Inflation rose 0.5% in January, more than expected and up 6.4% from a year ago

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. After several days of… Read More »IRS Says State-Issued Stimulus Payments are Not Taxable

KEY POINTS Moving money from a 401(k) plan to an individual retirement account — an action commonly known as a “rollover” — may sound straightforward. But the seemingly easy task has many pros and cons to consider… Read More »Rollovers from a 401(k) plan to an IRA: Weigh these 7 factors first

The IRS has asked a tax group for information from 21 states as it works to determine whether special tax refunds or payments that states made in 2022 as part of state pandemic relief measures… Read More »IRS seeks information on 21 states regarding special payments, refunds

The Federal Reserve has raised rates rapidly. But instead of cracking, some data point to an economy that’s thriving. Many economists and investors had a clear narrative coming into 2023: The Federal Reserve had spent… Read More »What Recession? Some Economists See Chances of a Growth Rebound.

US government bond investors pushed two-year yields above 10-year yields by the widest margin since the early 1980s Thursday, a sign of flagging confidence in the economy’s ability to withstand additional Federal Reserve interest-rate hikes.… Read More »Treasury Yield-Curve Inversion Reaches Deepest Level Since the 1980s

A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate on the agency’s funding. Black taxpayers are at least three times as likely to be… Read More »NY Times: Black Americans Are Much More Likely To Face Tax Audits, Study Finds

WASHINGTON — In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select… Read More »New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed up refunds

WASHINGTON, D.C. — Reflecting on their personal financial situations, 35% of Americans say they are better off now than they were a year ago, while 50% are worse off. Since Gallup first asked this question… Read More »Half in U.S. Say They Are Worse Off, Highest Since 2009

Federal taxability of state-issued stimulus payments is causing frustration for taxpayers and tax professionals. Indeed, whether or not state-issued stimulus payments are federally taxable may be the most asked question of this filing season. For… Read More »Are State Tax Refunds And Rebates Federally Taxable? It Depends.

(Reuters) – U.S. stocks rallied to a convincingly higher close on Tuesday, but trade was choppy as investors digested comments from Federal Reserve Chair Jerome Powell about how long the central bank may need to… Read More »Wall Street rallies but trade choppy as investors digest Powell’s comments

Data last week showed that the unemployment rate stands at a 53-year low. Treasury Secretary Janet Yellen rejected recession fears in an interview with “Good Morning America” on Monday, saying the economy remains “strong and resilient.” A blockbuster jobs… Read More »Treasury Secretary Janet Yellen rejects recession fears, says the economy is ‘strong’

Economists at Goldman Sachs Group Inc. said the risk of a US recession is receding amid a persistently strong jobs market and signs of improving business sentiment.  The Goldman team led by Jan Hatzius cut… Read More »Goldman Cuts US Recession Odds to 25% on Jobs, Business Outlook

Wall Street regulator is revisiting how proposals would affect financial reporting The Securities and Exchange Commission is considering a softening of planned rules requiring companies to disclose the effects of extreme weather and other costs… Read More »SEC Considers Easing Climate-Disclosure Rules After Investor Pushback

After a strong jobs report, traders are betting the Fed might raise interest rates two more times this year The U.S. labor market remains incredibly strong. Investors can’t decide if that is a good or bad… Read More »Upbeat Economic Data Keep Investors on Edge About Fed

The federal research and development (R&D) Tax Credit is a useful credit for businesses of all sizes. The credit is designed to help organizations that engage in a range of activities, such as developing new… Read More »R&D Tax Credit Misconceptions and Guidelines

Starting in January, the IRS has answered calls to its Practitioner Priority Service telephone line in under 10 minutes, thanks to new hires and the blocking of line-jumping services, the man who leads much of… Read More »Wait times for practitioner phone line reduced, IRS official says

Financial Accounting Standards Board proposes that U.S. companies use fair-value accounting to measure certain cryptocurrency assets The Financial Accounting Standards Board voted to propose a new rule on cryptocurrency accounting and disclosure, creating new guidance… Read More »Standards Setter Floats New Rule on Crypto Accounting

President Joe Biden dislikes them. The taxman is coming after them. And Wall Street strategists warn the boom won’t last. Yet against all odds, Corporate America continues to splurge on its own shares — a… Read More »Stock Buybacks Race to Record $132 Billion Start as Companies Snub All Warnings

KEY POINTS Economists expect slightly slower, but still strong job growth in January, while the impact of corporate layoff announcements is unclear. According to Dow Jones, the consensus forecast calls for 187,000 new nonfarm jobs… Read More »January job growth is forecast to slow slightly, but the impact of big corporate layoffs is uncertain

Strategies around talent recruitment and retainment are a principal focus for CFOs, according to a new study by CFO. Competition for talent, primarily financial, has never been more intense. Alongside industries like private equity reporting fierce battles… Read More »78% of CFOs Say Quiet Quitting is a Problem: Weekly Stat

The law known as the Tax Cuts and Jobs Act (TCJA),1 enacted in 2017, made significant changes to the corporate and individual tax structures. Corporate tax rates were reduced from a maximum rate of 35% to… Read More »Taxpayer marital status and the QBI deduction

The Fed has raised interest rates to cut prices but the move risks a recession. The Federal Reserve said Wednesday it was raising its short-term borrowing rate another 0.25%, the central bank’s second consecutive decision… Read More »Fed approves 0.25% hike, softening rate increases again

WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the labor market remains resilient despite higher borrowing costs and mounting fears… Read More »U.S. weekly jobless claims drop to nine-month low; productivity gains speed

CHICAGO/DETROIT, Jan 31 (Reuters) – The companies that produce goods at the heart of the U.S. consumer economy – SUVs, washing machines, heavy equipment, and hamburgers – kept rolling along at the end of 2022.… Read More »U.S. execs sound a note of caution even as earnings outstrip estimates

(Bloomberg) — The share of Americans who say they live paycheck-to-paycheck climbed last year, and most of the new arrivals in that category were among the country’s higher earners, a new study shows. Some 64%… Read More »Even on $100k Plus, More Americans Are Living Paycheck-to-Paycheck

Stocks rose on Tuesday as strong earnings and encouraging inflation data pushed the S&P 500 to its best January since 2019. The Dow Jones Industrial Average rose 368.95 points, or 1.09%, to 34,086.04. The S&P… Read More »Dow closes more than 350 points higher, S&P 500 caps best January in four years

Wall Street Journal, Who Goes First on Your Joint Tax Return? Probably Not the Woman. The IRS doesn’t care, so why do most people put the man first on 1040? Even Kamala Harris goes second to… Read More »WSJ: Whose Name Goes First On Your Joint Tax Return? Probably Not The Woman.

US Treasury Secretary Janet Yellen said persistently weak inflation is likely to return as a long-term challenge for the economy and policymakers once pandemic-era distortions behind the recent surge subside and prices cool. “We’re just… Read More »Yellen Sees Low Inflation as More Likely Long-Term Challenge

If something’s going to be painful, it’s easier to bear if it’s of short duration, at least in some contexts.  Economic recessions generally follow that rule, but not always. A short, deep recession can leave… Read More »2023 Recession Could Last 3 Quarters

The business interest expense deductibility limitation provisions of Sec. 163(j) have taken on a broader scope since the passage of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Under the… Read More »Sec. 163(j) business interest limitation: New rules for 2022

“It’s safe to assume your Social Security number is in the hands of someone you don’t want to have it,” one expert said. If you’ve been debating whether to file your taxes early this year,… Read More »With fraud on the rise, experts urge taxpayers to file their tax returns early

(Reuters) – U.S. central bankers have unambiguously telegraphed this week’s policy decision: a quarter-of-a-percentage-point increase in their benchmark interest rate, the smallest since they kicked off their tightening cycle 10 months ago with one the… Read More »Fed’s words in focus as markets bet rate hikes will soon end

SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes. SECURE Act 20 is finally here. The long-awaited upgrade to the initial legislation known as… Read More »Highlights of SECURE Act 2.0 for Individuals

Dow, IBM, and SAP say they will lay off thousands of workers as belt-tightening becomes the new business priority Dow Inc., DOW 1.46%increase; green up pointing triangle International Business Machines Corp. IBM -0.04%decrease; red down-pointing triangle and SAP SAP -0.78%decrease; red down-pointing triangle SE joined the string… Read More »Corporate Layoffs Spread Beyond High-Growth Tech Giants

The U.S. economy grew at a seemingly snappy pace in the waning months of 2022, but it appears to have gotten off to a tepid start in the new year. The first batch of reports on… Read More »The U.S. economy doesn’t look as good as GDP suggests

Many people resolve in the new year to get healthier. Taking charge of your financial wellness can help improve your physical health by lowering your anxiety about money issues. New Year’s resolutions about taking better… Read More »Financial Wellness Is Self-Care: 3 Steps to Help Improve Yours

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

The average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes.  The average rate on… Read More »Mortgage rates continue a downward trend

A majority of Americans say they would struggle to pay for a $1,000 emergency expense, with a record share saying they would have to turn to credit cards to cover the cost, according to a… Read More »Faced with a $1,000 emergency, most Americans say they wouldn’t have the money

Financial literacy and greater longevity awareness will help fix retirement planning gaps, according to a study that delved into multiple dimensions of undersaving. Many Americans head into their retirement years with little rigor in their… Read More »Why Older Americans Regret Not Saving Early and Enough

Being considered rich isn’t just about how much money you make, it’s where you live, too. State by state, the incomes the top 1% of earners in the U.S. bring in vary by over a… Read More »Here’s how much money you need to earn to be in the top 1% in every U.S. state

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Consecutive down years are rare for US stocks, so after this year’s drop, there’s only a low probability they will decline again in 2023. Yet if they do, history shows that investors will have to… Read More »After This Year’s Slump, S&P 500 Faces a Historical Warning Sign

There’s still time. You’ve got two weeks left to take capital losses, using them to cut your 2022 tax bill. This is a use-it-or-lose-it proposition. It’s not just that a tax year deadline is approaching.… Read More »The Loss Harvesting Tax Dodge: Use It Or Lose It

BlackRock Inc. thinks markets are too complacent about inflation staying high for longer and is maximizing assets by hedging that risk. While its strategists acknowledge that a decline in US prices is playing out faster… Read More »BlackRock Bucks Bets on Plunging Inflation

KEY POINTS The end of the year is a time to give thanks and celebrate the holidays with our families. It’s also an opportunity to reevaluate the previous 12 months and ask your financial advisor… Read More »Op-ed: Here are 5 questions to ask your financial advisor before the end of the year

FASB made several tentative board decisions Wednesday related to its project on the disclosure of crypto assets, and the board agreed to create an exposure draft for a related Accounting Standards Update. At the AICPA & CIMA Conference… Read More »FASB set to draft crypto asset disclosure standard

KEY POINTS The ranks of employers offering a Roth savings option to 401(k) investors continue to grow, giving more workers access to its unique financial benefits. About 88% of 401(k) plans allowed employees to save… Read More »88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit

Tax experts sound off on the funding the IRS will get from Congress and what it could mean for the 2023 tax season. The IRS has about 80 billion reasons to be thankful this holiday… Read More »What’s Next for the IRS?

Taxpayers claim that IRS penalties are not warranted for many reasons. One of the biggest and most misunderstood is the defense that a tax position was based on reasonable cause and that you acted in… Read More »Pay IRS Penalties Or Show Reasonable Cause

Inflation in the United States hit a record high in June 2022. Consumer prices soared by 9.1% compared with a year prior — the largest annual increase since 1981. While wages are rising, they’re not keeping up… Read More »Here’s why salaries in the U.S. don’t keep up with inflation

In 2021, I published a piece about the top myths regarding the Employee Retention Credit (ERC) that was preventing business owners, charity managers, and Indian tribes from claiming this important tax incentive. Now, the misinformation has gone… Read More »5 Top ERC Myths Businesses Need To Beware Of

The Federal Reserve is going slower but aiming higher. The Fed raised its key short-term interest rate by half a percentage point Wednesday, dialing back from recent outsize hikes as it draws up an end game in… Read More »Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak

US credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with lenders cutting back on originations as a potential recession looms. Serious card delinquencies are expected… Read More »US Credit-Card Delinquencies to Rise Next Year, TransUnion Says

Tax withholding rules mean that a portion of your announced bonus pay won’t make it into your bank account. For some fortunate workers, December means that a year-end bonus is on the way. That can… Read More »How Your Year-End Bonus Will Be Taxed for 2022

KEY POINTS SEATTLE — If you’re living together before marriage or committed long-term without plans to tie the knot, you’ll need to prepare for the future — or you may face challenges later, experts say.… Read More »‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know

KEY POINTS Prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up. The consumer price index, which measures a wide… Read More »Consumer prices rose less than expected in November, up 7.1% from a year ago

Talent, technology, and ESG remain top concerns against a backdrop of economic pessimism. During the past two years, we’ve witnessed Russia’s attacks on Ukraine, a clogged global supply chain, rising prices at the gas pump… Read More »The trends that will affect CPAs in 2023

Morningstar researchers say higher interest rates and lower equity evaluations will make starting with a 3.8% withdrawal rate safe for a balanced saver over a 30-year time horizon. Morningstar’s annual model of how much a… Read More »Morningstar Raises “Safe” Retirement Withdrawal Rate to 3.8%

KEY POINTS As inflation has kept prices high in 2022, Social Security beneficiaries may look forward to a record-high cost-of-living adjustment in 2023. “Your Social Security benefits will increase by 8.7% in 2023 because of a rise… Read More »As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

2023 is set to be a tough year economically. Here’s how to get your financial and life plans in the best possible shape. There’s no escaping the fact 2023 is going to be challenging, but… Read More »10 Key Things to Think About in Your New Year Financial Planning

’Tis the season to be spending. Holiday retail sales are predicted to soar as high as $960 billion, according to the National Retail Federation. In 2021, overall holiday spending reached a record $889 billion.  Americans are… Read More »The average American may spend nearly $1,500 on the holidays

The percentage of audits found to have deficiencies during PCAOB inspections is expected to increase approximately 25% year-over-year, according to a board staff report released Thursday. The report said the PCAOB expects about 55% of 690 engagements… Read More »PCAOB report: Audit deficiencies increase in 2021

Whether you are considered rich depends on how you measure it – and the bar for that is changing. Have a look at the numbers that define who’s wealthy today. This is a question that… Read More »Are You Rich? The Answer May Surprise You

KEY POINTS The deadline is fast approaching for mandatory retirement plan withdrawals, which may force some retirees to sell assets in a down market. But experts say there may be ways to reduce the negative… Read More »Taking required minimum distributions? How to reduce the sting of selling in a down market

Back in January, 109 container ships waited off the California coast to unload cargo in Los Angeles and Long Beach, the nation’s two largest ports. Consumers, stuck at home amid the pandemic, had unleashed an… Read More »As supply chains unclog, consumers enjoy (tentative) relief

KEY POINTS American consumers are tapping the brakes on spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according to the CEOs of two of the largest American banks. After two years of pandemic-fueled,… Read More »‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

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

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