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