‘It’s going to be hard to avoid some kind of recession,’ ChiefExecutive Charlie Scharf says Wells Fargo and company CEO Charlie Scharf said Tuesday there was noquestion that the US is headed for an economic… Read More »U.S. Economy Is Headed for a Downturn, Wells Fargo CEO Says
The Internal Revenue Service has been auditing fewer taxpayers since2010, according to a new report, but audit rates have been plungingthe most for higher-income taxpayers. A report released Tuesday by the Government Accountability Officefound that… Read More »IRS audit rates plummet, especially for wealthy
Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the consumer price index, which measures the prices of goods andservices, notched an 8.3% increase from… Read More »Does inflation have you worried about retirement? Here’s what experts say to do
Federal Reserve Chairman Jerome Powell said Tuesday that the centralbank will continue to raise short-term interest rates — which willlikely slow economic activity — until there is “clear and convincingevidence” that inflation is coming down.… Read More »Powell: ‘Some pain’ may be required to slow inflation
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored theFederal Reserve’s determination to keep raising interest rates untilthere is clear evidence inflation is steadily falling — a high-stakeseffort that carries the risk of causing an… Read More »Powell: Fed to keep hiking rates until it controls inflation
The Biden administration is poised to fully block Russia’s ability topay U.S. bondholders after a deadline expires next week, a move thatcould bring Moscow closer to the brink of default. The Treasury Department’s Office of… Read More »The US Set to Block Russian Debt Payments, Raising Odds of Default
Many adults under 35 are throwing financial caution to the wind. It’sall about saving less, spending more, and pursuing passions. In a tumultuous time, many adults under 35 have stopped playing itsafe. Instead of banking… Read More »The World’s a Mess. So They’ve Stopped Saving for Tomorrow.
The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model. The best-laid plans for a full-time return to the office remain bedeviled by Covid-19 case rates… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.
Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped 8.3% year over year in April, the U.S. Bureau of Labor Statistics reported Wednesday. While the… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending
KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Core CPI, which excludes food and energy, also was higher… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released… Read More »IRS destroyed 30M paper information returns due to the backlog
With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs surge for oil and other supplies and interest ratesrise. Sky-high oil has boosted forecasts for… Read More »U.S. profit forecasts weaken as companies assess inflation risks
Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc. and Citigroup Inc.from blank-check firms over concern about potential liability risksassociated with the vehicles. The… Read More »BofA scales back on SPAC work as bank retreat accelerates
Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices by U.S. citizens. The sanctions announced Sunday “prohibit U.S. persons from providingaccounting, trust, and corporate… Read More »US sanctions ban the provision of accounting and consulting services to Russia
To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance on how to submit1040-X, how the IRS might respond, and other considerations, such asfiling a… Read More »How to Amend Form 1040 and Submit Form 1040-X
Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season that ended last month, the Treasury Inspector Generalfor Tax Administration (TIGTA) reported in a preliminary… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says
A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday decidingthat the central bank will struggle to fight high inflation amid thelingering threat of a… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff
The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary pressuresweighing on Americans. The central bank suggested that it will further raise borrowing coststhroughout this… Read More »Fed raises interest rates by 0.50%, the largest move since 2000
Among numerous other changes, the Tax Cuts and Jobs Act (TCJA) chippedaway at several tax breaks for individuals, including the deductionfor mortgage interest. But the fall-out isn’t as bad as it firstseems. Most taxpayers can… Read More »Key Tax Rules for Deducting Mortgage Interest
It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t we just say it was a really badstart to the year? “Bad” might not do… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse
The pandemic-era trend known as the “Great Resignation” is stillred-hot, as workers enjoy the perks of record-high demand for theirlabor. However, economic headwinds mean those benefits may not last muchlonger, according to economists. A record… Read More »The Great Resignation is still red hot — but may not last
Jerome Powell doesn’t like to bless banks and financial markets, buthe could shift the needle this week on how high investors expect theFederal Reserve to raise interest rates to cool overheated prices. The Fed chair… Read More »Powell’s Fed Set to Go Big and Keep Going Until Inflation Tamed
Many of the concerns small business owners have now are about how theycan stay afloat after the COVID-19 pandemic. Here, Bryce Sandersexplains how changes to the market might affect these clients and whatyou can do… Read More »How Running a Small Business Might Change in 2022
Now that this year’s tax filing season is over, it’s time to startthinking about next year’s return. After all, the more tax planningyou do, the more money you may be able to save. But proper… Read More »Tax Changes and Key Amounts for the 2022 Tax Year
In mid-April, months into an increasingly frustrating house hunt,Harsh Grewal and his wife settled on a place in a San Francisco suburband were prepping a bid, above the listed price so they’d have achance of… Read More »The Fed wants to cool the U.S. housing market. Here’s what that feels like
People are worn out. They are trying to make it through the stress ofthe pandemic, a continually volatile market, and record inflation.And, for many who are years from retirement, they have decades of workahead of… Read More »How People with Pandemic-Induced Financial Fatigue Can Get Back on Track
Cryptocurrency is prevalent topic news these days, falling in and outof favor depending on whom you ask. Institutions are decrying it inone instance and then taking large amounts of it onto their books inanother. Goldman… Read More »Crypto Cares: The Rise of Virtual Currencies and You
Many filers discover after having mailed in their Form 1040 that theymade a mistake, such as missed deductions or understated income. Notto worry, says tax guru Julian Block. Here, he explains what a filermust do… Read More »How to Fix Errors on Form 1040
A year ago, startup founders often found themselves fought over byventure investors eager to grab a piece of any promising young companywith fast growth potential. Investors competed in an increasinglyheated environment in which they were… Read More »‘Cash Is King’ As VC Spigot Slows
Consumer prices rose more than 6 percent annually in March, showingconsumer spending taking a bigger bite out of household incomes,according to data released Friday. The personal consumption expenditures (PCE) price index — the FederalReserve’s preferred… Read More »Fed’s inflation gauge rose 6.6 percent annually in March
The U.S. dollar touched a two-decade high against rivals on Thursday,as Wall Street rallied and European shares rose from six-week lowswith strong earnings reports offsetting gloomy U.S. economic data. The yen dropped to a 20-year… Read More »Global shares rise as earnings boost, U.S. dollar hits 20-year high
Vanesa Sojor Apr 29, 2022, 7:27 PM (4 hours ago) to me The US economy shrank in the first quarter America’s economy unexpectedly shrank in the first quarter of 2022,data from the Bureau of Economic Analysis… Read More »The US economy shrank in the first quarter
Think of it like playing chess. Making sense of the strategicinterplay between investments, taxes and retirement income canposition you for a winning retirement. When I was 12, I attended a weekend church camp for young… Read More »Up Your Retirement Planning Game
KEY POINTS Fed Chairman Jerome Powell on Thursday said the central bank iscommitted to raising rates “expeditiously” to bring down inflation.That could mean an interest rate hike of 50 basis points in May asprices rise… Read More »Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May
Internal Revenue Service Commissioner Charles Rettig told lawmakersthe IRS has been working hard this past filing season during acongressional hearing Thursday as he heard first-hand testimony fromtheir constituents about the problems they encountered. “IRS employees… Read More »IRS pledges to overcome challenges from overburdened tax season
Companies that used a buzzy strategy for going public throughout thepandemic have had a dismal track record for investors. Out of 199 companies that used a so-called SPAC to go public in 2021,only 11% now… Read More »SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out
As the global startup market digests a changing valuation environmentand climate for venture investment, not every sector is taking thesame amount of damage. One is indeed faring better than the rest. It’s not the flashiest… Read More »Why SaaS is bucking the venture slowdown
Makers of chocolate bars and coffee to lawnmowers and industrialrobots succeeded in passing on soaring costs to consumers,first-quarter earnings showed on Thursday, allaying fears higherprices could dent demand for their products. Some of Europe’s biggest… Read More »Big companies manage to pass on soaring costs to cash-strapped consumers
JPMorgan Chase & Co. strategists expect Corporate America to easilytrounce Wall Street’s earnings forecasts. Consensus earnings estimates for the S&P 500 are “overly pessimistic”for the first quarter and companies in the index are poised to… Read More »JPMorgan Expects S&P 500 Earnings to Blow Past Gloomy Estimates
If you’re ready to retire but don’t want to leave the workforceentirely, semi-retirement might be a good option for you. Before youtake the leap, there are strategies that can help you navigate thislifestyle. For decades,… Read More »3 Strategies to Help You Plan a Successful Semi-Retirement
The dollar is reaching fresh nearly two year highs lifted by loominginterest rate increases from the Federal Reserve, strong US growth,and geopolitical jitters overseas. The Wall Street Journal Dollar Index, which measures the US currencyagainst… Read More »Dollar’s Upward March Reaches a Nearly Two-Year High
Low-rated US companies borrowed record amounts in the loan market lastyear taking advantage of low-interest rates and generous credit. Now,all that debt is starting to get more expensive. So-called leveraged loans typically have borrowing costs… Read More »Rising Rates Threaten Companies Acquired in the LBO Boom
When it comes to investing, you’ve likely heard the arguments forputting your hard-earned money into exchange-traded funds (ETFs) ormutual funds to diversify your portfolio or to allocate more of yourportfolio toward conservative investments like bonds… Read More »What are expense ratios? These fees could be eating away at your investment earnings
There are two universal principles regarding the reasonableness ofemployee compensation: (i) most people feel they are under-compensatedand (ii) those same people feel their friends and neighbors areovercompensated. There are many reasons for this phenomenon, but… Read More »Is Your Compensation Reasonable? For Tax Purposes, That Is
A bull market is developing in recession expectations. This week, investors will have the chance to hear if dozens ofcompanies share that fear. Even armchair investors have heard thewarnings from the bond market and its… Read More »Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder
Gas prices jumped 48 percent year over year, the Bureau of LaborStatistics said. U.S. inflation data hit a multidecade high last month as gas pricesand rents skyrocketed, climbing to 8.5 percent, the Bureau of LaborStatistics… Read More »Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes
Knowing which of the financial phases of life you are in can help youbetter plan to build, protect and enjoy your assets, no matter whatyour age. Every year we see the same months, holidays, and… Read More »Which of the 3 Financial Phases Are You In?
Economists see a growing risk of recession as the relentlessly strongUS economy whips up inflation, likely bringing a heavy-handed responsefrom the Federal Reserve, economists surveyed by The Wall StreetJournal this month, on average put the… Read More »Recession Risk Is Rising, Economists Say
The new pilot program will benefit the IRS through more efficientaccess to digitized records and related metadata and improve securityand data privacy. Ripcord, a robotic intelligent digitization company, has advanced tothe second phase of the… Read More »IRS to Digitize Archived Tax Filings in Tech Pilot Program
Do you ever wake up thinking your day will turn out one way, and itends up being completely different? Did you ever ask yourself why? Isit because you become blindsided by events or because other… Read More »Why Is Everything An Emergency?
Tax returns are piling up at the Internal Revenue Service, andmillions of taxpayers are experiencing refund delays beyond thetypical 21 days or fewer for e-filed returns electing a direct depositrefund. The IRS even issued a… Read More »IRS: We Apologize, Your Tax Refund Is Delayed
KEY POINTS Excessive write-offs compared with income, unreported earnings andrefundable tax credits are among the most common IRS red flags.However, you may avoid trouble by keeping detailed receipts and othertax paperwork readily available, experts say.… Read More »Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS
Owning a home is part of the American Dream. Whether you fancy a logcabin in the middle of nowhere, a suburban Cape Cod with a whitepicket fence, or a downtown condo in the sky, there’s… Read More »13 Tax Breaks for Homeowners and Home Buyers
The U.S. jobs market has never been tighter than it is today,increasing the risks to the economy as Federal Reserve policymakersmove to rein in inflation, according to Goldman Sachs Group Inc. The Wall Street bank’s… Read More »U.S. Labor Market Is Tightest of Postwar Era, Goldman Gauge Shows
Oil prices jumped over 3% on Monday, with investors worried abouttighter supply as mounting civilian deaths in Ukraine increasedpressure on European countries to impose sanctions on Russia’s energysector. Global benchmark Brent crude jumped$3.14, or 3%,… Read More »Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions
National Taxpayer Advocate (NTA) Erin Collins formally directed theIRS to take immediate steps toward implementing existing scanningtechnology to process tax returns filed on paper. Collins issued the directive, which is dated March 29, under herauthority… Read More »National taxpayer advocate directs IRS to implement scanning technology
KEY POINTS You may have a wildly different tax bill depending on where you live.That’s because your tax burden — individual income, property, sales,and excise taxes as a share of total personal income — varies… Read More »These states have the highest and lowest tax burdens
US bond’s worst quarter in more than 40 years has come to a close. Thequestion for many investors now is whether it is time to buy thebiggest dip in recent memory. The Bloomberg US aggregate… Read More »Bond Market Suffers Worst Quarter in Decades
The question, which on Form 1040 is just below the address block,asks, “At any time during 2021, did you receive, sell, exchange, orotherwise dispose of any financial interest in any virtual currency?”Taxpayers must check either… Read More »Individual taxpayers must answer crypto-asset questions, IRS notes
For retirees who turned 72 during the last half of 2021, in mostcases, Friday, April 1, 2022, is the last day to begin receivingpayments from Individual Retirement Arrangements (IRAs), 401(k)s, andsimilar workplace retirement plans. For… Read More »April 1 is the Last Day for New Retirees to Take RMDs
KEY POINTS The Federal Trade Commission on Monday sued TurboTax owner Intuit infederal court and filed a parallel administrative complaint. Bothrelate to alleged deceptive marketing practices related to TurboTax.Intuit offers a free version of TurboTax.… Read More »FTC sues TurboTax owner Intuit for advertising tax software as ‘free’
Deloitte’s latest quarterly survey of Fortune 500 chief financialofficers found the executives have a gloomier outlook on the economythan last quarter, with respondents citing inflation, geopoliticalrisks, and the regulatory environment as their top external concerns.… Read More »Inflation, geopolitical risks, and regulation top CFO worries, survey says
First-quarter listings plunged to the lowest level since 2016Several big companies on file are yet to move ahead with plans Some of the big-name startups expected to go public early this yearhave slowed their rush… Read More »U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window
Analysts and investors of major Wall Street banks are eagerlyanticipating any insight from executives on the outlook for consumerspending and borrowing, a key source of revenue when first-quarterearnings are unveiled next month. U.S. consumer spending… Read More »Bank analysts, investors are antsy for spending outlook as inflation risks grow
The trust fund penalty sometimes called the 100% penalty, is one ofthe most onerous federal tax law provisions on the books. Even worse,the IRS and the courts typically don’t grant much leniency totaxpayers. In a… Read More »Bookkeeper Hit Hard by Trust Fund Penalty
President Joe Biden unveiled a budget plan Monday that includes aminimum tax for ultra-wealthy households, raises the corporate taxrate, and backs restrictions on stock buybacks. The president’s fiscal year 2023 budget would create a 20%… Read More »Biden releases budget plan with tax hikes, stock buyback restrictions
President Joe Biden’s administration released its $6 trillion budgetMonday for the federal government’s 2023 fiscal year, which beginsOctober 2022. Also on Monday, Treasury released its general explanations of thebudget’s revenue proposals, known as the Greenbook.… Read More »Biden proposes a higher corporate tax rate, 20% billionaire minimum tax
Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by the war in Ukraine and soaring inflation set investors on edge and scuppers deals. About… Read More »IPO Market Plunges 70% as Higher Rates, War Curb Risk Appetite
This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to “related parties” (Internal Revenue Code Section 267). In most cases, the tax code allows an… Read More »Rules for Selling Investments to Related Parties
Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of the respondents currently working from home (50%) would look for a new job that offers… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office
The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the employer. What constitutes “reasonable” compensation for this purpose? It depends on the particular circumstances. Traditionally, the… Read More »Tax Court Weighs in on Reasonable Compensation
The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Taxpayers… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes
When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from a vendor, requesting a change to their ACH or Direct Deposit bank account. As a professional bookkeeper,… Read More »Spotting ACH Fraud and What Bookkeepers Can Do
Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During… Read More »Congress presses IRS on ERTC processing and tax penalty relief
For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax season in the United States. Truecaller’s Clayton LiaBraaten shares tips on how tax professionals can… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season
It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you be able to say that? Your exposure is at least three years after when you… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form
KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to inflation, according to a Nationwide survey. However, these shifts may reflect a lack of understanding… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows
IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022.… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end
U.S. stock indexes rallied for a third straight day, putting the S&P 500 on pace for its biggest weekly gain since late 2020. Stocks started Thursday nearly unchanged, but pushed into the green late in… Read More »S&P 500 Extends Rally, Up Nearly 5% for the Week
Summary Russia was due to pay $117 mln by Wednesday’s deadline Creditors see this week’s deadline as a test for Moscow Russia says it has cash, any default ‘artificial’ Some creditors have received payment, in… Read More »Some Russia creditors have received dollar bond payment -sources
Summary Fed lifts policy rate by a quarter of a percentage point U.S. central bank sees more rate hikes in 2022, 2023 Powell says Fed needs to limit inflation hit for families The Federal Reserve… Read More »Fed hikes interest rates, signals aggressive fight to curb inflation
The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past year. These limits are updated annually for inflation according to the automobile component of the… Read More »Auto depreciation limits leap with inflation
As many of you know, the deadline for submitting IRS Form 2553 was March 15. The clients that did so may now be asking, “so, now what?” CorpNet’s Nellie Akalp helps you answer that question… Read More »What to Do When Clients File for S Corp Election
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. In a news release, the SBA said that small businesses… Read More »SBA again extends the deferment period for EIDL payments
KEY POINTS “Under reasonable circumstances,” savers can earn the same amount investing in either traditional or Roth retirement savings accounts, says Steve Rosenthal of the Urban-Brookings Tax Policy Center. Owning both types of accounts can… Read More »Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?
The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult to attain as a new report reveals that the IRS met only 67% of its… Read More »IRS plans to hire thousands likely to fall short
On Wednesday the Federal Reserve will likely take the first steps in paring back its stimulus — by raising interest rates for the first time since the global pandemic began. High inflation makes it a… Read More »FOMC preview: The tightening begins this week
Available positions include temporary, term, and permanent jobs. Many are entry-level clerk and tax examiner positions in the Wage and Investment Division. No prior tax experience is required. The Internal Revenue Service says it is… Read More »IRS to Hire 5,000 New Staff in Austin, Ogden, and Kansas City
A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual required minimum distributions for most folks who’ve recently inherited Individual Retirement Accounts, according to proposed regulations released… Read More »IRS Nixes 10-Year Stretch For Most Inherited IRAs
Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much as 35% as they cut their forecasts for growth due to the hit from soaring… Read More »Goldman Sees U.S. Recession Risk as Much as 35% as Cuts Forecast
Most Americans carry some debt, be it from student loans, a mortgage, a credit card, or a car loan. But what happens to debt management when you’re in or near retirement? While many Americans were… Read More »Here’s what to know about managing your debt in retirement
KEY POINTS The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982. Excluding food and energy, both of which moved sharply higher during the month, core inflation… Read More »Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years
Inflation is at a 40-year high. For those nearing or in retirement, it could pack a painful punch, but there are things you can do now to address inflation and make sure you don’t run… Read More »Inflation Continues to Rising: How to Navigate the Uncertainty
When it’s just the yield curve narrowing, oil jumping, or stocks falling into a correction, maybe you can hold off on panicking over a recession. When all three happen at once, the argument gets stronger… Read More »Traders surrender to recession paranoia in U.S. market rout
Russian financial conditions at tightest since 2008 Global financial conditions at tightest since the pandemic height Conditions could tighten further if inflation rises further Global financial conditions, perceived as strongly correlated with future growth, are… Read More »Tightening financial conditions sound alarm for world economy
The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers’ accounts, according to a union that represents employees in the Service and other federal… Read More »IRS to fast-track 10,000 hirings to address the backlog
Another version of your “retirement number,” a simple wealth gap calculation could be eye-opening for retirement savers – especially business owners. Whether they admit it or not, many business owners wrestle with anxiety surrounding their… Read More »How to Calculate Your Retirement Wealth Gap
Oil prices gave up most of their big overnight gains in a wild session, briefly dipping into negative territory after surging above $130 earlier in the session. On Sunday evening, prices jumped as trading began… Read More »U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain
The departure of corporations from investments in Russia has been swift following the country’s invasion of Ukraine, and individual investors may be examining their portfolios with similar divestment goals. It’s unlikely that most investors have… Read More »What to do if you want to eliminate Russian securities from your investment portfolio
The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of COVID-19 disrupted businesses and held back consumer spending, the Federal Reserve said Wednesday. The Feds… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says
Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves
“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It is kind of like credit card payments, with the bonus that there are no returned payments.” Story… Read More »Colorado will start accepting cryptocurrency for tax payments
Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about inflation — which they knew about when the survey was open — and the uncertainty… Read More »Positive for now, CPA executives wary of inflation and other headwinds
What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k) commenced prior to age 59 ½. There are very strict rules for SOSEPPs that can… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware
Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator of the health of the housing market declined for the third straight month. The National Association… Read More »Pending home sales fall for a third consecutive month
In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is opening correspondence within the normal time frames, the processing is taking longer than usual. Practitioners… Read More »A guide to dealing with today’s IRS
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched… Read More »Oil tops $105/bbl after Russia attacks Ukraine
KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year, the Federal Trade Commission said Tuesday. Almost 2.8 million people filed a fraud complaint, an… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020
“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse losses seen in Europe and Japan, according to Goldman Sachs Group Inc. With geopolitical upheaval… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens
US companies and financial institutions are starting to settle on a new interest rate benchmark to replace the troubled London Interbank Offered Rate, which underpins trillions of dollars of financial contracts. Sales of corporate loans and… Read More »SOFR Leads Race to Replace Libor as Interest-Rate Benchmark
When Ben Snyder started his first business, he felt like he was being suffocated. He was stuck in the weeds didn’t know how to stay focused. “That’s true for a lot of new CEOs,” said Synder, now… Read More »How to stay focused as a new CEO
KEY POINTS Wages are rising but it’s not enough to keep up with the increased cost of living. Nearly two-thirds of Americans are still living paycheck to paycheck, according to one recent report. The economy… Read More »Despite rising wages, 61% of Americans are still living paycheck to paycheck, report finds
There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts recommended taxpayer relief measures, Jan F. Lewis, CPA, the chair of the AICPA’s Tax Executive… Read More »AICPA testifies to Congress on IRS service problems
Prices appear likely to continue rising in a pandemic-altered environment that continues to see high inflation in many countries, according to Tim Mahedy, a senior economist and senior director at KPMG. The pandemic has led… Read More »Pricing pressures continue as labor, supplies remain scarce
Federal Reserve officials said last month the bank may need to raise interest rates and reduce its bond holdings faster than they currently anticipate if inflation continues to rise above their target, according to minutes… Read More »Fed officials floated faster rate hikes in January meeting
If you’ve been feeling depleted while running your business, you could be dealing with more than just a rough patch. Burnout, which the World Health Organization officially recognized in its 2019 International Classification of Diseases, is… Read More »How to Recover From Burnout as an Entrepreneur
The pace of blank-check mergers failing to cross the finish line is accelerating as the industry grapples with waning investor interest. At least six mergers with special-purpose acquisition companies have been canceled this year, on… Read More »SPAC Mergers Are Falling Apart at a Rapid Pace
KEY POINTS The producer price index, which measures wholesale prices, rose 1% in January and 9.7% for the 12-month period, the latter just off the record high. Core PPI rose 0.9%. Both increases were at… Read More »Wholesale prices rise 1% in January, up near-record 9.7% over the past year
Nearly 24 million taxpayers are still waiting for the Internal Revenue Service to process their tax returns from last year — a number far larger than previously reported by the agency — with many refunds… Read More »IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season
The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns. In a Jan. 27 announcement, the Service said it was suspending… Read More »IRS identifies paused taxpayer notices
Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative stocks. Almost 600 special-purpose acquisition companies holding nearly $160 billion in trust are searching for… Read More »SPACs With $160 Billion Scrounge for Targets as Clock Ticks Down
A big year for car and home shopping helped push Americans to take on a lot more debt last year. Household debt increased by $1 trillion in 2021, the biggest annual increase since 2007, according… Read More »Household debt jumped by $1 trillion in 2021, the most since 2007