Share of six-figure earners living paycheck to paycheck jumps, report finds. Advisor offers ways to break the cycle

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

How to Retire in 5 Years

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

As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon

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

New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed up refunds

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

Corporate Layoffs Spread Beyond High-Growth Tech Giants

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

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

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

Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros

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

Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

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

IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

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

When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

KEY POINTS Starting this month, more than 65 million Social Security beneficiaries will receive benefit checks that include a record-breaking 8.7% cost-of-living adjustment. Social Security benefits are slated to increase by more than $140 per month… Read More »When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

The average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most

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

As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

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

‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

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

Myths about the ERC

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

SPAC Market Update

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

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

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

Recession Approaching?

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?

‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

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