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After a historic run-up in inflation, Americans are now starting to see something they haven’t in three years: deflation. To be sure, deflation—that is, falling prices—is largely confined to appliances, furniture, used cars and other goods. Economywide deflation, when prices of most goods and services continuously… Read More »Goods Deflation Is Back. It Could Speed Inflation’s Return to 2%.

Profits have been making a comeback. That makes a comedown for the U.S. economy seem less likely. The Commerce Department on Wednesday reported that before-tax corporate profits rose 1.1% from a year earlier in the third quarter. This compares with a decline of 6% in the… Read More »How Rising Profits Could Prevent the Economy From Faltering

Treasury Secretary Janet Yellen said she sees a good chance of the US economy achieving a soft landing, with the unemployment rate — which has ticked up in recent months — averting a sharp increase. “Signs are very good that we’ll achieve a soft landing,… Read More »Yellen Says Soft Landing Looks Good, Unemployment May Level Off

Global stocks have closed out their biggest monthly rally in three years, as investors pile into risky assets in the growing belief that the Federal Reserve and other big central banks are close to winning their battle with inflation. The MSCI All-Country World index rose… Read More »Global stocks record best month in three years on interest rate cut hopes

The numbers: Initial jobless claims rose 7,000 to 218,000, in the week ending Nov. 25, the Labor Department said Thursday.   Economists polled by The Wall Street Journal had estimated new claims would rise 11,000 to 220,000.  Last week, claims rose a revised 22,000 to 211,000. That… Read More »Jobless claims tick higher in latest week, reaching highest level in 2 years

KEY POINTS Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024, according to a data release Thursday. The personal consumption expenditures price index, excluding… Read More »Fed’s favorite gauge shows inflation rose 0.2% in October and 3.5% from a year ago, as expected

(Bloomberg) — Federal Reserve Governor Michelle Bowman said she expects to support additional tightening of monetary policy to return inflation to the central bank’s goal. “My baseline economic outlook continues to expect that we will need to increase the federal funds rate further to keep… Read More »Fed’s Bowman Favors Hiking Rates If Inflation Progress Stalls

WASHINGTON (AP) — Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. The government had previously estimated that the… Read More »US economic growth for last quarter is revised up to a 5.2% annual rate

The rally that led the S&P 500 to one of its best November gains in a century is now running out of steam, according to Citigroup Inc. strategists. The team led by Chris Montagu said futures flows last week were “mixed,” leaving net positioning in… Read More »Sharp US Stock Rally Is Running Out of Steam, Citi Strategists Say

KEY POINTS Holiday shopping this year is expected to reach record spending levels, according to the National Retail Federation. But as consumers open their wallets, they may also be making themselves vulnerable to potential fraud, particularly when shopping at the last minute. “Procrastination is, quite frankly, one of… Read More »You may be at risk for fraud this holiday season, particularly if you shop at the last minute. Here’s why

OpenAI’s leadership crisis demonstrated the indirect influence wielded by tech giants in the generative AI startup ecosystem. Microsoft’s CEO Satya Nadella helped broker an overhaul of the board to preserve Sam Altman as CEO, resulting in former Salesforce co-CEO and ex-Twitter chairman Bret Taylor’s appointment… Read More »Generative AI mega-deals by tech giants compel VCs to react

Wall Street is gearing up for rate cuts. Twenty months after the Federal Reserve began a historic campaign against inflation, investors now believe there is a much greater chance that the central bank will cut rates in just four months than raise them again in… Read More »Investors See Interest-Rate Cuts Coming Soon, Recession or Not

(CNN) — Whether they jostled through brick-and-mortar stores or toggled between tabs and virtual carts, holiday shoppers were eager to participate in Black Friday this year. Both in-store and online retail sales increased year-over-year unadjusted for inflation, according to Mastercard’s SpendingPulse insights, which noted that apparel, jewelry and… Read More »Energized shoppers break one-day holiday sales record

Stocks and bonds have surged in November. With record investor balances in money-market funds, some analysts are optimistic that they have more room to run. Everything from technology stocks to junk-rated company debt has been rising after an encouraging inflation report reinforced bets that the… Read More »Investors Are Hungry for Risk—and Holding Record Cash Sums

(Reuters) – U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the agency’s long-anticipated climate rules may scale back some of the most demanding greenhouse gas emissions disclosure requirements that it had proposed. At issue are so-called… Read More »Exclusive: US securities regulator signals it may curb climate rule ambitions

The S&P 500 is set for a fresh high in 2024 because US companies have adapted to higher rates and weathered macroeconomic jolts, according to Bank of America Corp. strategists who join a growing chorus of optimistic Wall Street forecasters. The team led by Savita… Read More »Bank of America Sees S&P 500 Hitting Record 5,000 Next Year

Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday.  The summary of the meeting, held Oct. 31-Nov. 1, showed that Federal Open Market Committee members… Read More »Fed gave no indication of possible rate cuts at last meeting, minutes show

The year’s top venture capital story has been The Next Great Platform Shift, as every tech startup is either incorporating, or trying not to get run over by, artificial intelligence. But, but, but There’s also been a second sea change building in 2023: The rise of… Read More »Weight-loss drugs are the next startup platform shift

(Reuters) – U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the agency’s long-anticipated climate rules may scale back some of the most demanding greenhouse gas emissions disclosure requirements that it had proposed. At issue are so-called… Read More »Exclusive: US securities regulator signals it may curb climate rule ambitions

Wall Street believes its soft-landing dream is on the verge of coming true. That is prompting a fresh wave of demand for stocks. Markets have rallied since last week’s consumer-inflation report came in softer than expected. Many analysts and portfolio managers said they expect the… Read More »Wall Street Has a Plan for a Soft Landing: Buy More Stocks

KEY POINTS Families preparing for Thanksgiving will find that turkeys are cheaper this year. The U.S. bird population recovered from last year’s avian flu, boosting supply and helping push down prices. This year, a 16-pound frozen whole turkey costs $27.35 on average, a 5.6% decrease from… Read More »Turkeys are cheaper, but inflation is ‘clearly impacting’ Thanksgiving food costs, economist says. Here’s how to save

(Reuters) – The U.S. central bank must steer between the risk of doing too little and taking the fight against inflation too far, Federal Reserve Governor Lisa Cook said on Thursday, a task made particularly delicate because other global central banks have also tightened monetary… Read More »Fed’s Cook says economic risks two-sided, ‘soft landing’ possible

(Reuters) – Some of the major banks in the world expect global economic growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world’s two largest economies. The global economy is forecast to grow 2.9% this… Read More »Global economy to slow down but likely avoid recession in 2024

(Reuters) – Goldman Sachs investment strategists said on Wednesday that they now expect the S&P 500 to end 2024 at 4700, implying a roughly 6% gain including dividends. The estimate, from a research note led by chief equity strategist David Kostin, is based on modest… Read More »Goldman sees S&P 500 rising to 4700 by year-end 2024

Investors have been dumping cash and piling into bonds and equities as conviction grows that big central banks have finished their cycle of interest rate rises, according to a closely watched survey of fund managers.  Bank of America’s monthly poll, published on Tuesday, showed that… Read More »Investors snap up bonds and stocks in bet interest rates have peaked

WASHINGTON (AP) — U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease after a year and a half of higher interest rates. The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers —… Read More »US producer prices slide 0.5% in October, biggest drop since 2020

There’s a lot of quiet action taking place under the radar in today’s business world. Quiet culture workplace trends—such as quiet firing, quiet quitting and quiet hiring—were intended to assuage the immediate and acute needs of businesses. Instead, they have backfired—creating suspicion, mistrust and low morale. Now, another controversial… Read More »The ‘Quiet Cutting’ Trend Is A Controversial Leadership Strategy, New Study Shows

KEY POINTS People who find it easiest to financially prepare for retirement have four behavioral traits, a new survey shows. Yet just 10% of workers have all of these “optimal” characteristics, according to the survey findings, from Goldman Sachs Asset Management in collaboration with Syntoniq, a behavioral… Read More »These behavioral traits lead to greater retirement savings, research finds. Yet only 10% of workers have them

The IRS received billions of dollars in funding to spend over 10 years, but high expectations for improvement mean that the agency has much less time to get the job done, Commissioner Danny Werfel said Tuesday at the AICPA National Tax & Sophisticated Tax Conference… Read More »Werfel: IRS must move quickly to show what a well-funded agency can do

The reopening of the IPO market is, once again, delayed. For a moment this fall, it looked like the window for initial public offerings would be pushed open. Four big companies, three of them in the technology sector, moved forward with their plans to sell… Read More »The Charts That Could Predict the IPO Market’s Comeback

The taxpayer’s road to a claim for refund of income tax is littered with various requirements that may produce sinkholes that can swallow and destroy the claim’s successful outcome. Moreover, an adverse outcome for a client may result in a claim for damages against the… Read More »Claim for refund: Beware of sinkholes

By the time a person approaches retirement age, they have enough life experience to know that change and the unexpected are, well, expected. On the other hand, human beings also tend to focus on what’s right in front of them, and retirees and those approaching… Read More »What’s the Key to a Secure Retirement?

Consumer prices were unchanged from the prior month in October as a drop in oil prices dragged down headline inflation while “core” inflation rose at the slowest annual pace since September 2021, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. The… Read More »Inflation: Consumer prices were unchanged in October, core inflation rises at slowest pace since September 2021

FOMO in the stock market is back.  A lightning-fast rebound has driven the S&P 500 up in nine of the past 10 sessions and 7.2% over the past two weeks, the best such stretch of the year. Now, many investors are betting the rally has… Read More »Is the Stock Market Rally About to Rev Up?

2023 has proven to be a formidable period for the US venture ecosystem. Dealmaking and valuation metrics have either plateaued or declined across nearly all stages, while the current investing climate remains the most investor-friendly it’s been in nearly a decade. The IPO landscape remains relatively frozen,… Read More »US VC valuations stay on a downward trend

Moody’s Investors Service on Friday said it was revising the outlook on the U.S. government’s ratings to negative, while affirming the long-term issuer and senior unsecured ratings at Aaa. Moody’s said a key driver to the outlook change was its assessment that downside risks to… Read More »Moody’s Changes Outlook on U.S. Ratings to Negative

(Bloomberg) — There’s a stark divide among Wall Street banks over how aggressive they think the Federal Reserve will be in cutting interest rates next year. On one side are UBS Group AG and Morgan Stanley, each of which anticipate deep interest-rate cuts in 2024… Read More »Goldman Sachs, Morgan Stanley Diverge on Fed Rate-Cut Forecasts

Jerome H. Powell, the chair of the Federal Reserve, on Thursday expressed little urgency to make another interest rate increase imminently — but he reiterated that officials would adjust policy further if doing so proved necessary to cool the economy and fully restrain inflation. Mr.… Read More »Fed Chair Recalls Inflation ‘Head Fakes’ and Pledges to Do More if Needed

Company leaders have learned a lot over the past year returning to offices, like the fact that they don’t need nearly as much physical office space as they did pre-pandemic.  Some 75% of businesses plan to reduce office square footage next year, according to a… Read More »Why 75% of companies plan to downsize office space next year

This week on 60 Minutes, correspondent Anderson Cooper reports on what happens when Social Security overpays people who receive benefits. Beneficiaries may find out years later that they owe tens of thousands of dollars—even if it was not their fault.  During the 2021 fiscal year alone, the… Read More »Social Security overpayments: Tips to prevent them

China’s deflation pressures worsened in October as consumer prices dipped back below zero and producer cost declines deepened, adding to expectations the economy needs more stimulus to shore up growth. Consumer prices fell 0.2% last month after hovering near zero in the previous two months,… Read More »China’s Consumer Deflation Returns as Recovery Remains Fragile

Citadel founder Ken Griffin said the world is facing unrest and structural changes that are pushing it toward de-globalization and causing higher baseline inflation that may last “for decades.” “The peace dividend is clearly at the end of the road,” Griffin said at the Bloomberg… Read More »Griffin Says Peace Dividend Over, High Inflation to Last Decades

What distinguishes true leaders from managers is their commitment to innovation. Indeed, managing any business is challenging and complex work. It includes facilitating transactions, meeting quality standards, ensuring team productivity and setting and achieving goals — all of which are a manager’s responsibility. But leadership… Read More »Embracing authentic demand: The core of innovation leadership

One common concern among folks in their 60s is determining a prudent time to retire. After decades in the workforce, many people are understandably uncomfortable with the idea of no longer receiving a paycheck. While the top concerns are usually related to finances, there are… Read More »Are You Ready to Retire? Find Out With This 10-Item Checklist

Come 2024, the Social Security system will be in its 89th year of operation, and in many ways, the key federal retirement income insurance program is showing both its age and its continuing importance to the U.S. retirement landscape. On the one hand, there is… Read More »The Real State of the Social Security Program

Federal Reserve Governor Christopher Waller said the US labor market is cooling this year without there being a big spike in unemployment as the economy has returned to a better balance between the supply and demand for workers. “It’s slowing down,” Waller said in a… Read More »US Labor Market Is Cooling Without Big Losses, Fed’s Waller Says

Minneapolis (CNN) — The resilient consumer has kept the US economic engine running, but it’s coming at a big cost: Americans are piling up record credit card balances, and more and more are falling behind on those payments. During the third quarter, credit card balances hit a fresh high… Read More »US credit card balances see largest yearly leap on record

New York (CNN) — Wall Street gained Tuesday as the continued slide in Treasury yields helped propel stocks higher. The S&P 500 index climbed for the seventh day in a row, its longest streak of gains since November 2021, when the benchmark index rose for eight straight… Read More »S&P 500 and Nasdaq Composite notch longest streak of gains in two years

While the US banking sector is stable, growing vulnerabilities leave at least some institutions under a near-term threat of funding pressure and capital shortfalls, according to Federal Reserve Bank of New York staff. The risks to the system are rising, albeit modestly, and those weaknesses… Read More »The US Banking System Is Still Vulnerable, NY Fed Blog Says

The US economy may be growing much faster than pessimists had predicted, but business is still brisk for bankruptcy lawyers. “Things have really accelerated,” says Thomas Lauria, global head of restructuring at White & Case. His team is on track for record-breaking revenues this year. Meanwhile,… Read More »Can corporate America cope with its vast debt pile?

Most investors understand that they need diversification in their portfolios. As a result, they are fairly good about settling on a mix of aggressive, moderate-risk and low-risk investments. But one area people often fail to account for — especially when saving for retirement — is… Read More »Weighing a Roth Conversion? Don’t Overlook These Five Factors

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the option to currently deduct research and experimental (R&E) expenditures. For tax years beginning after Dec. 31, 2021, taxpayers are required to capitalize and amortize all R&E expenditures paid or incurred… Read More »Defining software development costs

(Reuters) – The dollar fell to a six-week low on Friday after data showed the world’s largest economy created fewer jobs than expected last month, reinforcing expectations the Federal Reserve is likely to hold interest rates steady again at its December meeting. The dollar index,… Read More »US dollar tumbles to six-week low after soft jobs data

US stocks recorded their best day in six months as bond yields tumbled after the Federal Reserve and other central banks signalled a possible end to the interest rate rise cycle that has hammered financial markets for more than a year. Thursday’s rally for stocks… Read More »Stocks rally and bond yields tumble as investors trim interest rate outlook

Thanks for joining us. Here are five key takeaways from the US employment report for October:

KEY POINTS Working longer is among the best ways to ensure you don’t outlive your retirement savings. The problem is, you can’t count on it as a strategy. When it comes to retirement age, there’s a big gap in expectations versus reality. Americans generally retire earlier than… Read More »Why working longer is a bad retirement plan

KEY POINTS Private sector payroll growth increased modestly in October but missed expectations, in a potential sign that the employment picture could be darkening, ADP reported Wednesday. The payrolls processing firm said that companies added 113,000 workers for the month, higher than the unrevised 89,000 in… Read More »Private sector payrolls rose 113,000 in October, less than expected, ADP says

The IRS announced the 2024 benefit and contribution limits for qualified retirement plans, including contributions limits for Sec. 401(k) plans and individual retirement arrangements (IRAs), Wednesday, increasing the limits on both by $500. Notice 2023-75 includes updates to dollar limits for a range of qualified retirement… Read More »Inflation adjustments to retirement account limits issued for 2024

There’s a bright side for investors reeling from a rare three-month slide in US stocks: The gloom is setting the stage for gains ahead, if history is any guide. A contrarian indicator from Bank of America Corp. that compiles Wall Street strategists’ recommended allocation to… Read More »Wall Street Sentiment Indicator Shows S&P 500 Gaining 16% Over Next Year

(Reuters) – U.S. job openings increased in September, pointing to persistent labor market tightness that is underpinning the economy and likely to see interest rates staying high for some time. Job openings, a measure of labor demand, were up 56,000 to 9.553 million on the… Read More »US job openings remain elevated in September

WASHINGTON (AP) — The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead. The Fed said in a statement after its latest meeting… Read More »Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike

A measure of pay and benefits that officials at the Federal Reserve have been watching closely as they try to gauge the heat of the labor market grew at a moderate pace over the summer. The Employment Cost Index, a quarterly measure from the Labor Department… Read More »A Key Measure of Wages Grew at a Moderate Pace This Summer

WASHINGTON (AP) — The Federal Reserve is poised to leave its key interest rate unchanged Wednesday at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure from surging interest rates, overseas turmoil, and anxious investors. U.S. economic… Read More »Surge in interest rates and a cloudier economic picture to keep Federal Reserve on sidelines

(Bloomberg) — Despite roaring growth and a resilient job market, more middle-class Americans are worried about the state of the economy than a year ago, a Harris Poll for Bloomberg News has found. One big reason: The rapid increase in interest rates deployed by the… Read More »Middle-Class Americans Are Rattled by Fed’s Fight Against Inflation

(Reuters) – The tentative agreements reached between the United Auto Workers and the Detroit Three automakers mark another major victory for labor unions that have turned up the pressure on big corporations to put better deals on the table. Unions have taken an aggressive approach… Read More »UAW’s record deal could boost others’ wages as labor notches another victory

A phantom stock plan is a tool that may be used to transfer equity to key employees or valued team members while maintaining complete dictatorial control over your company. Virtually absolute protection is available from claims against the issuing corporation or company for claims related… Read More »This Halloween, Consider a Phantom Stock Plan

Retirement can be ruthlessly final for some. And while ageism remains alive and well within workplaces, losing the most experienced workers can be a loss to the company that’s employed them too. But the goalposts around what retirement looks like, are shifting. Roughly 1 in… Read More »Is ‘flextirement’ the new retirement?

Investors hoping for a boost to stocks by the end of the year will be disappointed, according to Morgan Stanley’s Michael Wilson. “Chances of a fourth-quarter rally have fallen considerably,” said Wilson, who was once again named as the best portfolio strategist by the latest… Read More »Morgan Stanley’s Wilson Sees Year-End Stock Rally as Unlikely

Since Federal Reserve officials last raised interest rates in July, the economy is doing two things that central bankers don’t think it can sustain much longer: revving up activity and at the same time slowing inflation. It has set off a debate within the central bank… Read More »Does Strong Growth Fuel Inflation? Fed Debates Whether Old Model Still Applies

President Biden signed a sweeping artificial intelligence executive order Monday, wielding the force of agencies across the federal government and invoking broad emergency powers to harness the potential and tackle the risks of what he called the “most consequential technology of our time.” The sprawling effort marks the… Read More »Biden signs AI executive order, the most expansive regulatory attempt yet

KEY POINTS The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds. Gross domestic product, a measure of all goods… Read More »U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected

WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth. Friday’s report from the Commerce Department showed that prices rose 0.4% from August to September, the same as the… Read More »US consumers keep spending briskly even in the face of persistent inflation and high interest rates

KEY POINTS The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds. Gross domestic product, a measure of all goods… Read More »U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected

Dealmakers are suddenly busy again, as consolidation in the energy patch helped make this one of the busiest months in years for US mergers and acquisitions.  Corporate chieftains are pushing ahead with major deals even as geopolitical uncertainty worsens and the market digests the escalating… Read More »Dealmaking Surge Turns October into Busiest M&A Month in Years

Budgets for employee salary increases have grown by an average of 4.4% in 2023, the highest increase in more than two decades, according to a long-running survey. US Salary Increase Budgets, a survey conducted annually since 1985 by The Conference Board, also found that the… Read More »Budgets for salary increases rise at historic rates

The IRS will continue its pursuit of money owed to the U.S. government by sending letters to about 150 U.S. subsidiaries of foreign corporations, reminding them of their tax obligations; initiating audits of 60 large corporations; and proceeding with its investigations of high-wealth individuals who… Read More »IRS emphasizes strides as it presses to keep funding

Earnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks. This quarter, however, is turning out to be anything but typical. Individual shares have, of course, reacted to earnings announcements in the week or so… Read More »Stock Pickers Sidelined With World Events Overshadowing Earnings

A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, marking a milestone that has rattled stocks, lifted mortgage rates, and fueled persistent fears of an economic slowdown.  A… Read More »Bond Rout Drives 10-Year Treasury Yield to 5%

Certain employers concerned about the accuracy of an employee retention credit (ERC) claim they filed now have a way to withdraw their claim and avoid future repayment, interest, and penalties. The IRS on Thursday released details of a special process for eligible employers to withdraw ERC claims… Read More »‘As if they were never filed’: IRS outlines steps to withdraw ERC claims

Economists raised their US growth projections through early 2024 and trimmed recession odds to a one-year low as consumers continue to spend. The economy probably expanded at an annualized 3.5% rate in the third quarter, the fastest in nearly two years, as forecasters marked up their household… Read More »Economists Boost US Growth Projections, Reduce Recession Odds

In a few short months, the IRS will pilot a tax prep and filing service where taxpayers can bypass accountants and popular software and file their federal tax returns directly with the agency — for free. The IRS Direct File limited program pilot will be… Read More »Will an IRS Tax Prep Service Replace H&R Block or TurboTax?

The projected gross tax gap jumped to $601 billion in tax year 2020 and $688 billion in tax year 2021, the IRS said in Publication 5869, released last week, adding that the figures do not cover areas such as corporate income tax and noncompliance with pandemic… Read More »Projected tax gap jumps to $688 billion for tax year 2021

An IRS pilot program will let eligible individuals in 13 states electronically file their federal tax returns directly with the IRS for free next year. The IRS Direct File pilot for the 2024 filing season will have strict limits on eligibility, but the IRS anticipates… Read More »13 states will participate in IRS Direct File pilot

Any potential equity market rally is at risk if geopolitical uncertainty escalates further, according to Goldman Sachs Group Inc. Their outlook comes as an extension in the Israel-Hamas conflict threatens to hit the supply of oil and crimp appetite for risky assets. At the same… Read More »Goldman Strategists Warn Geopolitics Pose Risk to Stock Market

Applications for U.S. unemployment benefits fell to their lowest level in eight months last week as businesses continue to retain workers despite elevated interest rates meant to cool the economy and labor market. Jobless claim applications fell by 13,000 to 198,000 for the week ending… Read More »Applications for US jobless benefits fall to lowest level in more than 8 months

The SEC recently adopted a series of rules and amendments aimed at strengthening transparency around securities in the capital market. PCAOB provides perspective on engagement quality reviews The PCAOB, appointed by the SEC to regulate audits of public companies and SEC-registered brokers and dealers, recently… Read More »SEC addresses securities transparency; PCAOB addresses audit concerns

The complexities of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit. The best place to begin is understanding your eligibility. Like most government programs, Social Security has many layers, and it is not always clear when and how… Read More »Three Factors to Consider Before Taking Social Security

(Reuters) – A rally in the S&P 500 in the fourth quarter of 2023 “is more likely than not”, Morgan Stanley’s Michael Wilson said in a note. Wilson and other strategists said a majority of investors believed in a potential rally if current levels hold… Read More »S&P 500 rally in Q4 “more likely than not” despite headwinds – Morgan Stanley

The outlook for earnings is weakening and could remain subdued, according to strategists from Morgan Stanley to JPMorgan Chase & Co. As the reporting season kicks off, Morgan Stanley’s Michael Wilson said the earnings revisions breadth — referring to the number of stocks seeing upgrades… Read More »Wall Street Strategists Sound Alarm on Dimmer Profit Outlook

Hitting a six-figure salary used to be a career milestone for many. Making $100,000 or more was something to celebrate over dinner and drinks.  Today that celebration isn’t quite as big. Minimum salary requirements are changing for a lot of people as they deal with… Read More »A six-figure salary was once celebrated, now it’s expected

KEY POINTS As Generation X knows all too well, “reality bites,” to quote the iconic 1994 film of the same name. Most Gen Xers — roughly defined as those born between 1965 and 1980 — are failing to meet retirement savings targets. The typical Gen X household… Read More »Reality does bite: Why Generation X is falling behind on retirement savings

If you have successfully transitioned into retirement, congratulations! While it’s an exciting new chapter, it’s important to avoid taking shortcuts and to set yourself up for success through scenario planning to ensure that your monthly income and overall savings will cover you through all possible… Read More »How Is Your Post-Retirement Stacking Up? Three Key Questions

Economists are turning optimistic on the U.S. economy. They now think it will skirt a recession, the Federal Reserve is done raising interest rates and inflation will continue to ease. In the latest quarterly survey by The Wall Street Journal, business and academic economists lowered the probability… Read More »A Recession Is No Longer the Consensus

Individual taxable earnings of up to $168,600 annually will be subject to Social Security tax in 2024, the Social Security Administration (SSA) announced Thursday. The amount, an increase from $160,200 in 2023, is the wage base limit that applies to earnings subject to the 6.2% OASDI tax… Read More »Social Security wage base, COLA set for 2024

Most of us seem to know that the average American lives between 70 and 80 years: 73.5 years for men, and 79.3 for women, to be exact. Fewer of us understand that life expectancy rises with age. An American man who turns 70 today will live to 85,… Read More »How long does retirement last? Most American men don’t seem to know

Americans didn’t pay an estimated $688 billion in taxes due on their 2021 returns—the largest shortfall ever. Audits and other enforcement will be stepped up to reduce the gap, the Internal Revenue Service said Thursday. The number includes $542 billion due to underreported income, with… Read More »Americans Failed to Pay a Record $688 Billion in Taxes. The IRS Says That Will Change.

We are bombarded with financial advice from various corners, be it the internet, family, or friends. While some tidbits may seem sound, they often lack depth and long-term vision, focusing more on immediate gains rather than comprehensive wealth building. Conventional wisdom such as paying off… Read More »How Do You Build Wealth? Seven Critical Steps

Federal Reserve officials at their September meeting differed on whether any additional interest rate increases would be needed, though the balance indicated that one more hike would be likely, minutes released Wednesday showed. While there were conflicting opinions on the need for more policy tightening,… Read More »Fed officials see ‘restrictive’ policy staying in place until inflation eases, minutes show

Wall Street analysts are boosting US earnings forecasts even before results start rolling in, signaling that the worst of the profit slump is likely over as ebbing inflation eases the pressure on a broad swath of industries. That’s pushed an indicator known as earnings-revision momentum… Read More »Wall Street Is Marking Up Forecasts in Sign Profit Slump Is Likely Over

US inflation was higher than forecast in September, raising the prospect that the Federal Reserve may raise interest rates following similarly robust recent data on the strength of the jobs market. The consumer price index rose 3.7 per cent year on year, according to the… Read More »US inflation higher than expected in September

(Reuters) – Wall Street’s top regulator on Tuesday said it has tightened the timeline for investors to disclose 5% ownership stakes in companies they intend to control, shortening the allowed window from 10 calendar days to five business days. The five-member U.S. Securities and Exchange… Read More »US SEC shortens deadline to disclose 5% stock ownership to 5 days

(Reuters) – U.S. producer prices increased more than expected in September amid higher costs for energy products and food, but underlying inflation pressures at the factory gate continued to abate. The mixed report from the Labor Department on Wednesday was published ahead of the release… Read More »Gasoline, food drive US producer prices higher; core inflation cools

Friday’s sizzling jobs report is bolstering the probability of another Federal Reserve rate increase this year, adding to pain in credit markets that are already getting hurt by a year-long jump in yields. The strength of the US labor market increases the likelihood that the… Read More »Fading Optimism on Rates Signals Trouble Ahead for $425 Billion Debt Wall

The accounting and finance talent shortage has prompted many CFOs to reevaluate their approach to staffing. The search for quality talent, something that nearly every industry has had issues with over the last few years, continues to hinder finance leaders and their teams. As younger… Read More »84% of CFOs Continue to Face Significant Talent Shortages

US stocks reeling from the impact of high bond yields are facing a new threat from an expected slew of profit warnings, triggered by fading US consumer spending trends. Concerned that Americans might be pulling back, 80% of 567 respondents in the Bloomberg Markets Live… Read More »Profit Warnings to Hit S&P 500 as High Rates Pinch Consumers

For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., in February. It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. The fourth quarter, on the other hand, is fun.… Read More »Five Tax Moves Retirees Should Consider Before Dec. 31

Minneapolis (CNN)— Fall is here, pumpkin spice lattes are flowing, and in some states, there’s a bite in the air from the first cold snap of the season. But not for the US jobs market: September was a scorcher. The US economy added an estimated 336,000 jobs… Read More »US economy added 336,000 jobs last month, almost twice what was expected

As global financial markets grapple with the possibility of 5% benchmark Treasury yields, the question on investors’ minds: how much worse could it get? Ten-year US yields, the reference rate for the global cost of capital, are fast closing in on the 5% milestone, a… Read More »Here’s Why a 5% US Yield Would Stress Out Global Markets

Stock bulls reeling from the worst month of 2023 have at least one reason for optimism: Corporate profits are set to rebound sharply in the fourth quarter. Net income at S&P 500 companies is projected to grow about 7.6 per cent year over year in… Read More »Investors Eye Profit Rebound After Yearlong Earnings Recession

No one needs to tell you why you should have life insurance: If you die and your family or anyone who depends on you for support could no longer count on your income, life insurance would replace that income — assuming you choose a policy with… Read More »How to Shop for Life Insurance in 3 Easy Steps

Over the past several years, health savings accounts (HSAs) have grown in both interest and popularity — so much so that there were $104 billion in HSA assets held among 35.5 million accounts at the end of 2022, according to Devenir Research. It’s easy to understand… Read More »Do You Really Know What Your HSA Can Do for You?

Most financial advisors recommend that clients wait to claim Social Security retirement benefits until full retirement age or up to age 70. That is sound advice. But since the COVID-19 pandemic, more baby boomers are electing to start benefits earlier.  When claiming before age 65, they inadvertently turn… Read More »When Clients Claim Social Security Early, Take These Steps to Avoid Surprises

Minneapolis (CNN ) — The number of job openings at US employers unexpectedly jumped in August, a testament to the continued resilience of the labor market, according to new data released Tuesday by the Bureau of Labor Statistics. There were an estimated 9.61 million open jobs in August,… Read More »US job openings unexpectedly grew in August

KEY POINTS Social Security retirement benefits provide guaranteed monthly income for the duration of your retirement. But when you die, your checks stop coming. “You only get Social Security while you’re alive,” said Bruce Tannahill, a director of estate and business planning with MassMutual. Surveys show retirees are… Read More »‘You only get Social Security while you’re alive,’ expert says. What happens to benefits after you die

It has always struck me as ironic that planning for retirement takes so much work. And the closer you get to leaving your reliable paycheck behind, the more intimidating the prospect becomes. As someone who works with retirees and soon-to-be retirees every day, I was… Read More »Nervously Nearing Retirement? Four Do’s, Four Don’ts, and One Never

The PCAOB adopted a new standard relating to the auditor’s requirements for the use of confirmation. Effective for financial statement audits for fiscal years ending on or after June 15, 2025, the standard will replace a 1991 AICPA standard adopted by the PCAOB on an interim basis… Read More »New PCAOB standard addresses confirmation in the audit

Investors have shown few signs of panic during a stock market slump that’s pushed the S&P 500 Index into its first losing quarter in a year. But beneath the surface, signs of stress are emerging that go far beyond the just averted US government shutdown.… Read More »Market Stress Rises Over Wild Week Ahead Even Without a Shutdown

US stocks registered their first negative quarter of 2023 on Friday, ruling off on a bumpy three months for equities and bonds as investors shifted to the likelihood that although inflationary pressures may be easing, interest rates will probably remain higher for longer. Wall Street’s… Read More »US stocks notch quarterly drop against backdrop of Treasury sell-off

WASHINGTON (AP) — The threat of a federal government shutdown suddenly lifted late Saturday as President Joe Biden signed a temporary funding bill to keep agencies open with little time to spare after Congress rushed to approve the bipartisan deal. The package drops aid to Ukraine, a White… Read More »Government shutdown averted with little time to spare as Biden signs funding before midnight

1. GOP candidates fight for spotlight in 2nd debate Seven Republican candidates clashed in their second 2024 presidential primary debate Wednesday, battling for attention as they trail far behind front-runner Donald Trump. Trump skipped the forum and tried to upstage it with an event in Michigan.… Read More »10 things you need to know today: September 28, 2023

Calls will go unanswered and mail will get no response under the IRS contingency plan for the first five days of a federal government shutdown. The plan, released Thursday, calls for furloughs of two-thirds of IRS staff if the government shuts down, resulting in “significant… Read More »Unanswered calls, backlog of mail: IRS plan for government shutdown

The Federal Reserve’s preferred inflation gauge increased by 0.1 percent in August and fell to a 3.9 percent annual increase, continuing a steady fall since April, the Commerce Department reported Friday. The “core” personal consumption expenditures (PCE) price index is down from a 4.3 percent… Read More »Fed’s preferred inflation gauge rises 0.1 percent in August

A thorough financial analysis and risk assessment of debt security assets and bank equity values shows the threat of bank failures was in plain sight. Interest rate increases result in unrealized losses for held-to-maturity debt security investments, but these losses do not appear in the… Read More »Identifying and analyzing the risks of ‘risk-free’ securities

Conventional wisdom about putting money in qualified accounts (401(k), 403(b) and IRA are examples) for decades has been to defer your tax liability on those assets for as long as possible and get growth in those accounts unhindered by taxes. If you can wait and… Read More »Deferring Taxes Until Retirement? You May Want to Rethink That

The government is threatening a shutdown this week, leaving many to wonder how Social Security would be affected, one of the many questions of how a government shutdown could affect you.  One answer is simple: You will continue to receive your Social Security checks even if… Read More »How Social Security Would Be Affected By A Government Shutdown

The special per diem rates that a taxpayer uses in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home under the per diem substantiation method (set out in Rev. Proc. 2019-48) will be higher starting Oct. 1, as provided by… Read More »Special per diem rate for business travel rises

Credit rating firm Moody’s warned that a shutdown of the U.S. federal government would be “credit negative” for the U.S. Why it matters: Moody’s is the last of the big three credit rating firms that still bestows the cherished “triple-A” rating on the U.S., which indicates… Read More »Government shutdown could hurt U.S. credit rating, Moody’s warns

Last year, we witnessed a significant year-over-year increase in CPI inflation, reaching a high of 9.1% in June — the highest in four decades. Since then, we have observed a consistent decline in inflation for the past 12 months. Although it’s improving, inflation remains a… Read More »Inflation and Retirement: Five Ways to Soothe Your Worries

The IRS is developing a contingency plan for a probable government shutdown, the union that represents the Service’s workers said in a statement Friday. One potential concern of a partial or full IRS shutdown is how taxpayers who received an extension in April would file… Read More »IRS developing contingency plan as government shutdown looms

In today’s rapidly changing business environment, marked by technological advancements and global market shifts, many companies seek innovative ways to remain agile and cost-effective. One of the surprising answers to this call is the emergence of the fractional executive. As companies big and small grapple… Read More »Why smart businesses are embracing fractional executives

About the Leading Economic Index and the Coincident Economic Index: The Leading Economic Index provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index provides an indication of the current… Read More »LEI for the U.S. Fell Again in August

The US Federal Reserve left its benchmark interest rate unchanged while signalling borrowing costs will likely stay higher for longer after one more hike this year. The US central bank’s policy-setting Federal Open Market Committee (FOMC), in a post-meeting statement published Wednesday in Washington, repeated… Read More »Fed Leaves Rates Unchanged, Signals Another Hike This Year

U.S. applications for unemployment benefits fell to their lowest level in eight months last week as the labor market continues to show strength in the face of elevated interest rates. U.S. applications for jobless claims fell by 20,000 to 201,000 for the week ending Sept.… Read More »US applications for jobless benefits fall to lowest level in nearly 8 months

As the popularity of short-term rentals through services such as Airbnb and Vrbo continues, CPAs more often face questions from their tax clients of how rental income and expenses are treated for tax purposes. Those with losses from the activity may expect it will offset… Read More »Passive loss limitations on rental real estate

The IRS will set up a new unit to focus on large or complex passthrough entities as it continues to pay closer attention to high-income compliance issues, the Service said Wednesday in a news release. The unit will be housed in the IRS Large Business and… Read More »IRS to set up new work unit to focus on complex passthrough entities

“You could receive up to $26,000 per employee.” “Did your CPA say you’re not eligible? You should get a second opinion from us because we’re the experts.” “Act before it’s too late. Don’t miss out.” This is the type of language used on websites and… Read More »‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say

Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a guide to help small businesses navigate the new rules for reporting beneficial ownership information (BOI), which will begin on Jan. 1, 2024. The Small Entity Compliance Guide, which FinCEN posted Monday, describes each of the BOI reporting… Read More »FinCEN posts guide to help small businesses with BOI reporting

The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s pandemic rebound disappoints. Growth will ease to 2.7 per cent in 2024 after an already “sub-par” expansion of 3 per cent this year, according to the  Organisation for Economic… Read More »Global Economy Poised to Slow as Rate Hikes Bite, OECD Says

The US Federal Reserve is set to conclude the year with two high-stakes meetings as it prepares to hold rates on Wednesday and defer any further tightening amid mixed signals from the world’s largest economy. The Federal Open Market Committee is widely expected on Wednesday… Read More »US Federal Reserve set to hold interest rates but leave tightening in play

The world economy’s debt pile hit a fresh high in the first half of this year, while borrowing as a share of gross domestic product is rising again after nearly two years of declines, according to the Institute of International Finance. Total debt — spanning… Read More »Global debt pile hits record high of $307tn

KEY POINTS Almost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey from Natixis Investment Managers. That is up “quite a bit” from about 40% of respondents who said the same two years ago, according to Dave… Read More »47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame

The IRS will take several aggressive steps against fraudulent claims for the employee retention credit (ERC), including an immediate moratorium on the processing of new ERC claims; allowing taxpayers to withdraw unpaid claims; and the offer of a settlement program for those who have received… Read More »Moratorium imposed on new ERC claim processing to curb abuse

(Reuters) – The number of new corporate defaults globally reached 16 in August, the highest August monthly number since 2009, S&P said in a report released on Wednesday, the latest sign that corporate stress is building. While defaults tend to slow down during the summer,… Read More »Corporate defaults jump, highest August monthly tally since 2009, S&P says

KEY POINTS Almost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey from Natixis Investment Managers. That is up “quite a bit” from about 40% of respondents who said the same two years ago, according to Dave… Read More »47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame

Producer price index climbs 0.7% in August The numbers: Fueled by higher energy costs, U.S. wholesale prices jumped 0.7% in August to mark the largest increase in 14 months and signal that inflation is likely to persist for a while. Economists polled by the Wall Street… Read More »Wholesale inflation posts largest increase in 14 months, U.S. PPI shows

CFOs haven’t felt this good about the economy in more than a year. Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to Deloitte’s 2023 Q3 CFO Signals survey. That’s the highest mark since… Read More »Optimism on the rise among large-company CFOs, according to survey

The IRS intends to issue proposed regulations governing the capitalization and amortization of specified research and experimental (SRE) expenditures under amendments to Sec. 174 made by the law known as the Tax Cuts and Job Act (TCJA), P.L. 115-97, the treatment of SRE expenditures under… Read More »Long-awaited guidance provided for amortization of R&E expenditures

KEY POINTS Inflation posted its biggest monthly increase this year in August as consumers faced higher prices on energy and a variety of other items. The consumer price index, which measures costs across a broad array of goods and services, rose a seasonally adjusted 0.6%… Read More »August core inflation, excluding food and energy, rose 0.3%, hotter than expected

FASB voted Wednesday to issue a cryptoassets standard that will require entities to report on fungible crypto holdings using the fair value measurement standard. After reviewing shareholder feedback received on the exposure draft of Accounting for and disclosure of crypto assets during Wednesday’s meeting, the board voted to… Read More »FASB approves cryptoassets standard

The Federal Reserve’s 5.25 percentage points of interest-rate increases over the past 18 months may be enough to bring inflation down to the US central bank’s 2% target and avoid a recession, according to an analysis from two Chicago Fed economists. “According to the model’s… Read More »One Fed Model Suggests Central Bank Has Already Beaten Inflation

The US economy has been looking so solid lately that Federal Reserve officials will probably need to double their projection for growth in 2023 when they publish an updated outlook later this month. Following a string of stronger-than-expected reports on everything from consumer spending to… Read More »Fed Set to Double Its Economic Growth Forecast After Strong US Data

Many of us are walking around much of the time in a mild state of anxiety, frustration, or negativity, and it colors almost everything we think and do. Our thought-streams are heavy with negative self-talk, worrying, rumination, and harsh self-judgment from our unhealthy propensity to engage in… Read More »The Power of Reframing to Change Our Outlook

With each cohort that graduates from Y Combinator, the same debate emerges: How can such early-stage startups justify such high valuations? According to YC President Garry Tan, 75% of the current summer cohort is pre-revenue and 81% are looking at raising their first external capital. Many of the founders… Read More »Are YC Valuations Really Too High?

For expert advice on identity theft risks, Kiplinger interviewed Raj Ananthanpillai, founder and CEO of Trua, an identity verification and screening company. He has over 30 years of experience as a tech entrepreneur, and one of his companies helped develop TSA-Precheck for air traveler security.  Why is… Read More »Expert Tips To Avoid Identity Theft

US stock investors have gotten so confident that it’s concerning strategists at JPMorgan Chase & Co. “There is complacency in sentiment evident, VIX is near record low and positioning has increased” to above-average levels, a team led by Mislav Matejka wrote in a note. “There… Read More »US Stock Investors’ Complacency is Worrying, JPMorgan Strategists Warn

Persistently higher interest rates in major economies mean global growth is likely to slow next year after outperforming expectations so far in 2023, economists say. Output will expand 2.1 per cent in 2024, according to an aggregation of forecasts by the consultancy Consensus Economics, down… Read More »Economists grow gloomier on 2024 as central banks delay rate cuts

A new docuseries debuts today (Aug. 30) on Netflix that examines the formula for longevity. Live to 100: Secrets of the Blue Zones features the work of bestselling author Dan Buettner, a man who has traveled across the globe investigating the diets and lifestyles of those living… Read More »Financial Planning in an Age of Increasing Longevity

CPA decision-makers’ optimism about their own organizations and the U.S. economy has been unsteady the last three years — cruising up and down and hitting a historic low in the fourth quarter of 2022. After high inflation and other factors caused optimism to drop last… Read More »Inflation no longer the top challenge for CPA decision-makers, survey shows

US corporate profits are on the rise again following four straight quarters of declines, according to government data out Wednesday. After-tax profits for nonfinancial firms rose 4.5% in the second quarter, a Bureau of Economic Analysis report on gross domestic product showed. Measured as a share of gross value… Read More »US Corporate Profits Rise Again With Recession Fear Fading

Minneapolis (CNN) — US inflation may have remained elevated in July, but consumers just wanted to have some fun. New Commerce Department data released Thursday showed that consumer spending jumped 0.8% last month as shoppers shelled out for restaurants, live shows, toys, games and recreational equipment. It’s the… Read More »The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend

The chances of the dollar adding to its nearly 3.5% advance since mid-July depend more on the fate of economic growth in China rather than changes to interest rates from the Federal Reserve, according to macro strategists at Bank of America. In a note published… Read More »Dollar Stamina Hinges More on China Than Fed, Bank of America Says

U.S. stocks rose for a third consecutive session, cutting into major indexes’ August losses as shares from technology to industrials and financials advanced. The S&P 500 notched its largest three-day gain since March, paring its decline this month to 2%. A drop in government bond yields, which… Read More »Broad Rally Pushes Stock Indexes Higher

Long-awaited proposed regulations for digital asset reporting under Sec. 6045 would require brokers to report sales and exchanges of digital assets to the IRS and customers as part of Treasury’s broader effort to close the tax gap and crack down on tax evasion. In the… Read More »Prop. regs. require brokers to report digital asset sales and exchanges

Major U.S. stock indexes kicked off the week with gains, rising for a second consecutive session and recouping some losses from the summer stock-market slide.  The gains were broad-based, with 10 of the S&P 500’s 11 sectors closing in positive territory. The S&P 500 notched… Read More »U.S. Stocks Advance for Second Consecutive Session

Index Erases Early Summer Gains, as Hot Labor Market Cools and High Interest Rates Bite The Conference Board Consumer Confidence Index® declined in August to 106.1 (1985=100), from a downwardly revised 114.0 in July. The Present Situation Index—based on consumers’ assessment of current business and labor market… Read More »US Consumer Confidence Pulled Back in August

Stocks blasted higher in afternoon trading Friday, even after Federal Reserve Chair Powell warned in comments in Jackson Hole, Wyoming, that central bank officials were “prepared to raise rates further.” Traders appeared to shake off fears of future rate hikes, and instead focused on the… Read More »Markets soar higher as investors digest Powell’s message

KEY POINTS Earning a good salary is one thing, feeling “rich” is another. Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and a well-padded retirement savings account said they don’t feel well off at… Read More »Even millionaires are feeling financially insecure, report finds

Included within the numerous provisions of P.L. 115-97, commonly referred to as the Tax Cuts and Jobs Act (TCJA), were amendments to the federal income tax expensing rules for research and experimentation (R&E) costs. Although the TCJA was enacted in 2017, these changes did not… Read More »State conformity to federal treatment of Sec. 174 R&E costs

Some of the traits that separate affluent households from those that struggle might surprise you. It’s not necessarily a high-paying job, an Ivy League college degree or even the best Wall Street advice that distinguishes financial haves from have-nots. It’s often more about getting the basics right and… Read More »These 5 things can make or break your ability to build wealth

Getting to retirement is only half the goal. That’s why having a cash cushion, minimizing taxes and more are so important to having a successful retirement. Investing during retirement isn’t the same as when you’re working. In retirement, the time horizon is different: Without a… Read More »Four Tips to Help You Conquer the Retirement Mountain

Code development, content creation and analytics are the top generative AI use cases. However, many enterprise users don’t trust gen AI to be private. Forty percent of data analysis leaders currently use generative artificial intelligence in their work, including to write code, analytics platform company Alteryx found… Read More »31% of Organizations Using Generative AI Ask It To Write Code

Chair Erica Williams has tried to set the troubled PCAOB on a new course. The ambitious shift has been marked by policy divisions and onerous work demands, but also a bounce in morale. When Erica Williams took over the Public Company Accounting Oversight Board, she had her… Read More »U.S. Auditing Watchdog Tries to Remake Itself, But It Isn’t Easy

This week has been marked by a raft of good economic news: Retailers are selling a whole lot of stuff to consumers, builders are starting a whole bunch of new houses and unemployment claims are falling.  But on Thursday, we got a data point — actually, it’s… Read More »Leading economic indicators stubbornly point to a recession. It still hasn’t arrived.

Since even before the global coronavirus pandemic, hundreds of thousands of employees have shifted from the traditional nine to five job structure, instead embracing the flexibility and adaptability of the gig economy. Since the coronavirus pandemic led to record numbers of people working remotely from… Read More »The Future of Financial Management in the Gig Economy: A New Era of Freelancer-Friendly Financial Management

As Social Security commemorates its 88th year, here are a few things to keep in mind when you start thinking about claiming benefits. As today (Aug. 14) marks the 88th anniversary of our national Social Security system, we can revel in the fact that millions of… Read More »Happy Birthday, Social Security: Celebrate by Avoiding These Three Mistakes

(Reuters) – Pessimists watching the Federal Reserve battle inflation have focused on the so-called “last-mile” problem, convinced a full return to the U.S. central bank’s 2% inflation target will require a recession and significant job losses to cool ongoing price rises. History is on their… Read More »A smooth ‘last mile’ to 2% inflation may not be a stretch for Fed

The IRS is uncertain about what happened to millions of tax records with sensitive information that could be used “to commit tax refund fraud identity theft,” the Treasury Inspector General for Tax Administration (TIGTA) said in a report posted Tuesday. At least 8,500 microfilm cartridges that… Read More »Location of millions of tax records uncertain, TIGTA says in IRS critique

Actually retiring may be the hardest part about retirement. If you’ve got cold feet, here are some ideas to make retirement the next step in a journey, not a final destination. I am seeing an interesting pattern in discussions with my clients about retirement —… Read More »Are You Afraid to Retire Even Though You Can Afford To?

(Reuters) – Barring any abrupt change in the direction of recent economic data, the U.S. Federal Reserve may be at the stage where it can leave interest rates where they are, Philadelphia Fed President Patrick Harker said on Tuesday. “Absent any alarming new data between… Read More »Fed may be at point to ‘hold rates steady,’ Harker says

KEY POINTS Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday. Total credit card indebtedness rose by $45 billion in the… Read More »Credit card balances jumped in the second quarter and are above $1 trillion for the first time

KEY POINTS The consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy. Prices accelerated a seasonally adjusted 0.2% for the month, in line with the Dow Jones… Read More »July CPI report shows inflation gauge rose 3.2%, less than expected

Learning to ask the right questions in the right way is a key technique for surfacing blindspots that can easily be overlooked. The best leaders know that the questions they ask are as important as the answers they provide. Leaders are faced with two conflicting… Read More »8 Tips for Avoiding Your Leadership Blindspots

Navigating economic downturns can be as crucial as riding the waves of prosperity. In a slow economy, where revenue streams may shrink, savvy entrepreneurs look inwards, seeking ways to unearth hidden profits through cost-cutting and efficiency-boosting strategies. Reducing expenses without hampering the quality of goods or services is an… Read More »12 Cost-Cutting Strategies to Help You Thrive in a Slow Economy

With Corporate America’s earnings season nearing an end, the takeaway is clear: Challenges remain, but for a broad swath of companies the worst of the profit pain is likely over as margin-shredding inflation pressures ease. The bad news: S&P 500 Index companies are on track… Read More »Wall Street Forecasts Project Profit Recession Ends Next Quarter

For tax years beginning after Dec. 31, 2021, taxpayers must charge specified research or experimental (R&E) expenditures to a capital account. An amortization deduction is allowed ratably over a five-year period (a 15-year period in the case of such expenditures attributable to research conducted outside… Read More »Defining software development costs

It can be frustrating when your children complain about having nothing to do — especially during the summer. So, why not hire your child or your children to work for your business? Doing so can keep them productive and teach valuable skills while potentially lowering your tax… Read More »Tax Benefits of Hiring Your Kids Plus IRS Rules to Follow

When you’re a financial adviser, you soon realize that half of the job is math; the rest is loopholes and therapy. These words ring truest when deciding on when to activate Social Security, which can be a tough decision. You may decide to delay starting… Read More »Three Reasons to Claim Social Security as Soon as You Retire: Why Wait?

Former IRS Commissioner Mark Everson compares the efforts of the IRS to go paperless to the interstate highway system of the 1960s, when he was a child. “You would drive from New York, where we lived, and I-95 ended in Providence,” he said in an… Read More »2024 filing season could be paperless, IRS says

FASB is seeking comments on a proposed Accounting Standards Update (ASU) that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses. The ASU proposes changes to Subtopic 220-40, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures, which would require public… Read More »FASB proposes improvements to income statement expenses

There’s a shift in tone happening across Wall Street. Oppenheimer Asset Management’s chief investment strategist John Stoltzfus lifted his target on the S&P 500 index to a Street high, a day after Morgan Stanley’s Michael Wilson, one of the market’s leading doomsayers, sounded less bearish… Read More »Strategists Scramble to Catch Up as S&P 500 Rally Rumbles On

US stocks have recorded their longest monthly winning streak in two years, as optimism about falling inflation and resilient growth encourages increasingly broad market gains. The S&P 500 rose 3.1 per cent in July, including a 0.2 per cent gain during the final session of… Read More »US stocks notch longest monthly winning streak in two years

KEY POINTS Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden. “The repeated debt-limit political standoffs and… Read More »Fitch downgrades U.S. long-term rating to AA+ from AAA

(Bloomberg) — The Federal Reserve said that banks reported tighter standards and continued weak demand for loans in the second quarter, extending a trend that began before recent stresses in the banking sector emerged. The proportion of US banks tightening terms on commercial and industrial… Read More »Fed Says US Banks Tightened Credit Further in Wake of Failures

The inflation outlook in the US is “quite positive,” Federal Reserve Bank of Minneapolis President Neel Kashkari said, though the central bank’s aggressive monetary tightening campaign to tamp down price surges will likely result in some job losses and slower growth. Kashkari’s comments Sunday come… Read More »Kashkari Calls Inflation Outlook ‘Positive,’ Expects Job Losses

All the chatter back in December was that 2023 was to be the “year of the bond.” And for a brief moment or two in the winter, that call — and the economic doom-and-gloom that underpinned it — looked right. It is now being overrun,… Read More »Stocks Crush ‘Year of Bond’ in Biggest Sentiment Shift Since ‘99

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday to the highest level in 22 years as it left the door open to further increases this year. The Federal Open Market Committee lifted the federal funds rate… Read More »Federal Reserve raises US interest rates to highest level in 22 years

KEY POINTS The U.S. economy showed few signs of recession in the second quarter, as gross domestic product grew at a faster-than-expected pace during the period, the Commerce Department reported Thursday. GDP, the sum of all goods and services activity, increased at a 2.4% annualized rate for… Read More »GDP grew at a 2.4% pace in the second quarter, topping expectations despite recession calls

A strong majority of business economists now say the odds of the United States entering a recession in the next 12 months are 50% or less, according to a National Association for Business Economics survey. Some 71% of respondents reported such an outlook in results… Read More »Economists See US Recession Odds at 50% or Less in New Survey

Summertime, and the scamming is surging. That is according to the IRS, which issued a warning Friday for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems. Many of these offers center on promises of a third round of economic impact payments.… Read More »Scams are surging in the summer, the IRS says

WASHINGTON (AP) — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates. The Conference Board, a business research group, said its… Read More »U.S. consumer confidence jumps to a two-year high as inflation eases

Wall Street is so convinced that the Federal Reserve’s restrictive policies are nearing an end that money managers are already trading as if rate hikes were a thing of the past.  JPMorgan Asset Management is plowing into equities and at least one Invesco fund has… Read More »Wall Street Already Positioning for a Post-Rate-Hike World

Rising hopes of a soft landing for the US economy likely hinge on the Federal Reserve’s willingness to tolerate inflation markedly higher than it would prefer.  After taking a break from tightening credit last month, Fed Chairman Jerome Powell and his colleagues look locked in… Read More »US Economic Soft Landing Hinges on Fed’s Tolerance of Inflation

Summer vacation season is in full swing. As you relax on your favorite beach, lake or mountain trail, you might think, “This is such a great place to visit. What if we lived here?” Ian Katz, a real estate agent in New York City, sees… Read More »10 Things For Retirees To Know About Buying A Second Home

Almost 50 percent of U.S. adults report being able to save some for retirement, according to a new Axios/Ipsos poll.   The poll asked 1,238 people if they felt they were “just getting by right now” and unable to save for retirement and the future.   And 49… Read More »Roughly half in new poll say they’re able to save for retirement

KEY POINTS Summer can be an ideal time to slow down, reflect and reset your money mindset. You also may find more time to review your financial goals and decide whether you need a reboot. “When it comes to those who want to ‘clean’ their financial… Read More »Midyear check-in: Take these 3 actions now to start cleaning your financial house

(Bloomberg) — Most economists expect the Federal Reserve to lift interest rates one more time next week as it ends a 16-month hiking cycle that has been the most aggressive fight against US inflation in 40 years. The Federal Open Market Committee will raise rates… Read More »Fed Seen Hiking Final Time to a 22-Year Peak in Economist Survey

The Federal Reserve launched its much-anticipated real-time payments system on Thursday. The FedNow Service will settle payments between banks and other financial institutions 24 hours a day, seven days a week, with transactions clearing in seconds. The system went live with 35 banks and credit unions set up to… Read More »FedNow, the Fed’s instant payments system, is live

You’ve probably heard a lot about the benefits of ChatGPT lately. There is no doubt that it’s everywhere now. Individuals use it regularly to streamline daily tasks in their personal and professional lives. And more and more companies across industries are finding new applications for the technology every day.… Read More »The Top 3 Do’s and Don’ts of Integrating ChatGPT into Your Business

New York (CNN)— A recession could be miles away — or it could be just around the corner. It’s the storm that just keeps getting delayed further, but someday in the near future a mild recession will hit, economists predict. If that “someday” were today, how… Read More »Americans aren’t rebuilding their savings fast enough

The Big Four accounting firms are trimming their consulting ranks—sometimes months after a promotion—after forecasting slower growth as more businesses scale back on third-party help in certain areas.  The firms—Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers—are facing the consequences of aggressive hiring over the past… Read More »Big Four Accounting Firms Pare Their Consultant Ranks in Postpandemic Reversal

Big investment banks are turning more bearish on the dollar as expectations grow that a “soft” economic landing will reduce the need for the US Federal Reserve to raise interest rates much further. Morgan Stanley, JPMorgan Chase, Goldman Sachs, and HSBC are among the lenders… Read More »Wall Street banks ditch bullish dollar bets over ‘soft landing’ hopes

(Bloomberg) — Americans are increasingly likely to get turned down when they apply for credit, according to a new Federal Reserve survey that shows the combined impact of high interest rates and a cautious turn among the country’s lenders.  The rejection rate for loan applicants… Read More »More Americans Are Getting Turned Down for Loans, Fed Data Shows

Washington, DC (CNN) — Some Federal Reserve officials are already advocating for two consecutive rate hikes starting this month to ensure inflation’s defeat, but will their sway hold amid a shakeup at the Fed committee that decides interest rates? Probably. St. Louis Fed President James Bullard, the… Read More »The Fed is debating getting rate hikes out of the way sooner

The US economy has a better chance of avoiding a recession in the next 12 months following recent positive data on economic activity and inflation, according to Jan Hatzius, the chief economist at Goldman Sachs Group Inc.  “We are cutting our probability that a US… Read More »Goldman’s Hatzius Cuts Odds of US Recession in Next Year to 20%

The numbers: The University of Michigan’s gauge of consumer sentiment rose to a preliminary July reading of 72.6 from a June reading of 64.4. It is the largest gain since December 2005. Sentiment is at its highest level since September 2021. Economists polled by the Wall… Read More »U.S. consumer sentiment soars in July to highest level since September 2021

Wall Street is more convinced than ever that inflation is subsiding. That’s giving investors hope that the Federal Reserve might be able to pull off what once seemed impossible: containing pricing pressures without tipping the economy into recession. The economic data that came out this… Read More »Markets Appear Convinced the Fed Can Pull Off a Soft Landing

Dive Brief: Dive Insight: The forecast of anemic growth aligns with what the National Federation of Independent Business calls a “dismal” outlook among monthly survey respondents toward business conditions and the prospects for sales. The economy has so far dodged a recession even as optimism among small… Read More »Economy struggling in ‘slowcession’: Moody’s

Dive Brief: Dive Insight: The rise in bankruptcies follows a shift seen late last year as total commercial filings ticked up in December by 1% to 1,712 after commercial filings declined in the full calendar year 2022 by 5% to 21,396.   In a January release, Quackenboss explained… Read More »Business bankruptcies pick up again

With the S&P 500 up 25% in nine months and sitting at its best level since April 2022, people want to know: is an all-time high next? John Flood, a partner at Goldman Sachs Group Inc., thinks so. “For first time in 2023 we are currently… Read More »S&P 500 on Track to Hit Record High Before Year-End, Goldman’s Flood Says

WASHINGTON (AP) — Wholesale prices in the United States decelerated again last month, the latest sign that inflationary pressures are easing in the face of the Federal Reserve’s streak of interest rate hikes. The government’s producer price index — which measures inflation before it reaches… Read More »US wholesale prices for June point to further easing of inflation pressures

KEY POINTS Inflation fell to its lowest annual rate in more than two years during June, the product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high. The consumer price index,… Read More »Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases

(Reuters) – The Federal Reserve will likely need to raise interest rates further to bring down inflation that is still too high, but the end to its current monetary policy tightening cycle is getting close, several U.S. central bank officials said on Monday. The Fed… Read More »Fed closing in on end of rate hiking cycle, central bank officials say

‘Better than feared’ — a theme that fueled stock gains for the past two earnings seasons — is not going to be enough this time around. That’s according to a growing chorus of strategists, who say the bar is now much higher for US stocks… Read More »Pricey Stocks Mean Typical Earnings Season Boost Is Unlikely

Americans are not feeling very confident about their money these days. In fact, fewer than 1 in 3 adults in the U.S. say they are completely financially secure, according to a new Bankrate survey of more than 2,500 adults. To feel comfortable or financially secure, Americans need… Read More »Here’s the salary Americans say they need to feel financially secure

When a person retires with a company retirement plan, it’s important to know the pros and cons of rolling over to an IRA vs. leaving your money in the plan. And you won’t come up with the same answer for everyone. For example, if you… Read More »Should You Roll Over Your Retirement Plan When You Retire?

The surge in Americans quitting their jobs has abated since peaking during the pandemic, another sign that the labor market is cooling from ultrahot levels as the Federal Reserve raises interest rates. Americans voluntarily left four million jobs in May, the Labor Department said Thursday.… Read More »Americans Have Quit Quitting Their Jobs

The COVID-19 pandemic, along with turbulent markets in the past years, have heavily shaped consumer sentiment on financial wellness and have vastly shifted how investors envision future retirement. So much so that new research by the Transamerica Center for Retirement Studies, in collaboration with Transamerica… Read More »How Each Workforce Sees Their Retirement in a Post-Pandemic World

Going back to work after retiring isn’t something many retirees think about when they enter their golden years, but given the current state of our economy, leaving retirement is becoming more common. Due to high inflation and rising interest rates, many retirees are withdrawing more from their retirement… Read More »Leaving Retirement? Three Things to Consider Before You Unretire

Deandrea Rahming was eager to go back to work when her youngest child started school, but after more than a decade of being out of the workforce, she wasn’t certain employers would want her. “I was very apprehensive,” Rahming says. “With a woman, it’s always,… Read More »Women are returning to the job market in droves, just when the U.S. needs them most

The Nasdaq Composite recorded its best first half of the year since 1983, after investors flocked to companies in the tech-heavy index that they expect will benefit from the growth of artificial intelligence. The index gained 32 per cent for the first six months of… Read More »Nasdaq records best start to year in four decades

The nation’s biggest banks are healthy enough to keep lending in the face of a severe economic shock, the Federal Reserve said on Wednesday as the central bank and other regulators prepare to propose harsher regulations for the financial sector. Why it matters: The results of the… Read More »Fed says nation’s largest banks can withstand severe economic shock

Federal Reserve Chair Jerome Powell signaled policymakers could potentially raise interest rates in July and September to curb persistent price pressures and cool a surprisingly resilient US labor market. Asked whether Fed officials now anticipate they will raise rates every other meeting after skipping an… Read More »Powell Signals Fed Open to Two Straight Hikes at Coming Meetings

KEY POINTS The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. Gross domestic product increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of… Read More »First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision

KPMG is cutting 5 per cent of its workforce in the US, its second round of job cuts this year, as it struggles with the slowdown in demand for consulting and other services. The firm, which was the first of the Big Four to axe… Read More »KPMG to axe 5% of US workforce as demand for services slows

The world’s central banks raced at an extraordinary pace over the past year to cool inflation, but it hasn’t proved enough—yet. Economic growth remains mostly solid and price pressures strong across affluent countries despite sharply higher interest rates. Why haven’t growth and inflation slowed more? Much of the… Read More »Why Economies Haven’t Slowed More Since Central Banks Hit the Brakes

KEY POINTS Having ample cash set aside can help prevent an unexpected emergency from turning into a financial catastrophe. But when it comes to emergency savings, more than half of Americans — 57% — are uncomfortable with the level of money they have set aside, according to… Read More »57% of people are uncomfortable with their level of emergency savings. Here’s how much they think they need

In a milestone moment for the creation of a global common language for sustainability reporting, the International Sustainability Standards Board (ISSB) on Monday issued its first two standards. IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures have an effective date of Jan. 1… Read More »Historic global standards for sustainability reporting released

Smaller, speculative stocks have endured a historically weak stretch. Investors are betting that a turnaround is finally in the works. Investors poured $1.6 billion into exchange-traded funds focused on small-cap stocks last week, according to data compiled by Jefferies. About $3.5 billion has flowed into… Read More »Hopes Rise for Rally in Small Stocks After Historic Underperformance

(Reuters) – U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank would move interest rates at a “careful pace” from here as policymakers edge towards a stopping point for their historic round of monetary policy tightening. “We’re at least close to where… Read More »Fed’s Powell says rate hikes will come at a “careful pace” from here

A major trouble sign when it comes to America’s sagging retirement system: The gulf between what many people say they need to put away for their later years and how much money they actually have saved. The typical employee believes they’ll need $1.27 million to… Read More »Here’s how much money Americans think they need to retire comfortably

Short sellers are ramping up bets against US stocks even as paper losses on the positions surpass $100 billion.  Total US short interest, or the amount traders have spent betting against US equities, exceeded $1 trillion this month as the S&P 500 Index extended its… Read More »Short Bets on US Stocks Hit $1 Trillion, Most Since April 2022

KEY POINTS Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest rate increases are likely ahead until additional progress is made on bringing down inflation. Speaking a week after Federal Open Market Committee officials decided for the first time in more than a year not to push… Read More »Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go’

(Reuters) – The number of people filing for state unemployment benefits for the first time held steady at a 20-month high last week, remaining elevated for a third straight week in what may be an early indication of a softening labor market in the face… Read More »U.S. jobless claims hold steady at 20-month high, current account gap widens

The IRS reduced its backlog of unprocessed original tax returns by 80% from the 2022 to the 2023 tax filing season and improved its phone service, but real and permanent change requires significant IT upgrades, the national taxpayer advocate said Wednesday in her midyear report… Read More »Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative

“Flat” is the new relief for retirees, according to a report from Fidelity Investments. The annual Retiree Health Care Cost Estimate Fidelity released Wednesday shows a 65-year-old retiring in 2023 can expect to spend an average of $157,500 for health care and medical expenses during retirement. The… Read More »Retiree health care cost estimate ‘flat,’ Fidelity says

After going from boom to bust in one short year, the environment for initial public offerings in the US is on the upswing again, according to Goldman Sachs. It’s just going to take some time for companies to notice. A gauge that measures the overall… Read More »Goldman Says IPO Bust Looks Like It’s Ready to Boom Once Again

NEW YORK (AP) — Charitable giving in the United States declined in 2022 — only the fourth time in four decades that donations did not increase year over year — according to the Giving USA report released Tuesday. Total giving fell 3.4% in 2022 to… Read More »Charitable giving in 2022 drops for only the fourth time in 40 years: Giving USA report

KEY POINTS Over the three-year-long pause on student loan payments, the U.S. Department of Education has repeatedly told borrowers their bills were set to resume, only to take it back and provide them more time. This time, however, the agency really means it. The Education Department posted… Read More »It’s official: Student loan payments will restart in October, Education Department says

 Inflation in the US won’t come down as quickly as markets are currently pricing, according to strategists at Goldman Sachs Group Inc. Investors could be assuming that a sharp deceleration in growth will lead to a more rapid easing of price pressures, and tending to… Read More »Goldman Says Markets Too Optimistic on Pace of US Inflation Drop

(Reuters) – Goldman Sachs (GS.N) analysts have cut forecasts for China’s economic growth, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds. The U.S. investment bank lowered its full-year real gross domestic product growth forecast for the world’s second biggest economy from… Read More »Goldman Sachs cuts China growth forecast as property slowdown bites

(Reuters) – A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19% last year, as they are increasingly left cash-strapped in a cooling economy while dealing with inflationary pressures. Even as the ‘Great Resignation’ continues, around… Read More »‘Great Resignation’ continues as quarter of workers look to change jobs, PwC says

Automatic enrollment in 401(k) plans is helping Americans save for retirement in record numbers, a new study shows. According to a Vanguard survey released Thursday, participation rates in 401(k) plans for which the asset management firm serves as record keeper have reached an all-time high of 83%.… Read More »Retirement saving at new high thanks to automatic enrollment

As organizations fret over the potential risks of remote work, new research suggests the real dangers lurk within the office itself. That’s the finding from a groundbreaking study from the Farmer School of Business at Miami University. Imagine a home filled with sophisticated locks, CCTV… Read More »Why In-Office Work Is The Real Threat to Cybersecurity

(Reuters) – BofA Global Research now expects two more quarter percentage point interest rate hikes from the U.S. Federal Reserve this year, while JP Morgan sees one more hike in July, after the central bank signaled further raises may be needed. BofA’s new terminal rate… Read More »Bank of America expects Fed to deliver two more rate hikes, JP Morgan adds July hike expectation

Service-industry jobs will likely need to weaken further for the Federal Reserve to bring inflation back to its 2% target, Chair Jerome Powell said. The main drivers of inflation after the pandemic have shown signs of easing in recent months, as supply chains for goods have… Read More »Services Key to Bringing Inflation Down, Powell Says

WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve. Chair Jerome Powell offered a nuanced view Wednesday of how the Fed intends to address its core challenge at a time when inflation is both way below its peak but… Read More »Fed Chair Powell sees progress on inflation, though not quickly enough

KEY POINTS Nearly all Americans are cutting back on their spending in some way, according to a new CNBC and Morning Consult survey. The survey found 92% of Americans are pulling back, further evidence of what retailers like Walmart, Target, Home Depot, and Best Buy called out as cautious consumer spending… Read More »Nearly all Americans cut back on spending due to inflation, CNBC survey finds

KEY POINTS Many Americans feel wealthy — but don’t necessarily measure it in dollars and cents. Well-being, not money, has become the leading measure of wealth for most adults today, according to the new Charles Schwab Modern Wealth Survey. It takes an average net worth of $2.2 million to… Read More »What does it take to be wealthy? Well-being is a more important measure than money or assets, survey finds

Slowing inflation is cheered by most people, but for Social Security recipients, it’s a double-edged sword.  Annual inflation cooled in May to 4%, the smallest rise since March 2021 and well off the peak of 9.1% in June last year. Energy prices fell 11.7% over that time frame, helping… Read More »What is the projected COLA for 2024? Social Security recipients may see it shrink more.

U.S. inflation slowed in May, supporting the case for Federal Reserve officials to pause their run of interest-rate hikes this week. Both the consumer price index and the core CPI — which excludes food and energy — decelerated on an annual basis, highlighting inflation’s descent… Read More »U.S. inflation slows, giving room for Federal Reserve to pause rate hikes

WASHINGTON (AP) — Wholesale prices in the United States dropped 0.3% from April to May, another sign that inflationary pressures continue to ease in the face of repeated interest rate hikes by the Federal Reserve. The Labor Department’s producer price index — which measures inflation… Read More »Inflationary pressures continue to ease, producer prices drop 0.3% from April to May

NEW YORK (AP) — Check fraud is back in a big way, fueled by a rise in organized crime that is forcing small businesses and individuals to take additional safety measures or to avoid sending checks through the mail altogether. Banks issued roughly 680,000 reports… Read More »Cases of check fraud escalate dramatically, with Americans warned not to mail checks if possible

Goldman Sachs boosted its year-end price target for the S&P 500 to 4500 from 4000, implying a roughly 5% upside from the broad stock index’s closing level on Friday. Though market breadth has been narrow and the recent stock rally has been led by a handful of megacap… Read More »Goldman Sachs Raises S&P 500 Price Target

KEY POINTS The inflation rate cooled in May to its lowest annual rate in more than two years, likely taking pressure off the Federal Reserve to continue raising interest rates, the Labor Department reported Tuesday. The consumer price index, which measures changes in a multitude of… Read More »Inflation rose at a 4% annual rate in May, the lowest in 2 years

New York (CNN) — The S&P 500 officially entered a bull market on Thursday, gaining 20% off of its lows in October. But those big gains came from just a few tech and AI companies with mega-cap stocks that are soaring higher. Cyclical and smaller companies are still largely struggling.… Read More »America has lost half its public companies since the 1990s. Here’s why

Federal Reserve policymakers are about to take their first break from an interest-rate hiking campaign that started 15 months ago, even as they confront a resilient US economy and persistent inflation. The Federal Open Market Committee on Wednesday is expected to maintain its benchmark lending… Read More »Fed Is Set to Pause and Assess the Effect of Rate Hikes

Bank of America Corp.’s Savita Subramanian is not only calling a formal finale to the bear market that has plagued US stocks, she’s also saying equities have room to keep rallying. “The bear market is officially over,” the BofA strategist wrote in a note Friday.… Read More »BofA Says Stock Bull-Market Means More Gains 92% of the Time

I bonds are no longer the darling of investors now that the Federal Reserve has raised interest rates 10 times in a row to cool inflation.  Interest rates on I bonds, which are set twice a year on May 1 and Nov. 1, are based on a fixed rate… Read More »Inflation’s easing. Do Americans still need their I bond protection? Experts weigh in

To Roth or not to Roth? For more than two decades, retirement savers have pondered that question. Should they get the upfront benefits of contributing to a tax-deferred retirement plan (a 401(k) or traditional IRA, for example) and settle up with the IRS in retirement? Or should they… Read More »Are You Ready to ‘Rothify’ Your Retirement?

(Reuters) – Goldman Sachs Group Inc. (GS.N) is planning for a period of sluggish growth and higher inflation, the bank’s president John Waldron said on Thursday, calling it “a mini-stagflation scenario.” There will be a tougher environment for capital markets and financing as CEOs remain cautious, Waldron… Read More »Goldman Sachs planning for sluggish growth, higher inflation

A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker of a bull market. A jump in jobless claims to the highest since October 2021 delivered a boost to the tech sector, which had been… Read More »S&P 500 Enters Bull Market as Tech Rally Resumes: Markets Wrap

You can’t survive in a fast-paced environment without financial management — there is no argument with that. Bookkeeping is the key to surviving that environment. Historically, bookkeeping has been a labor-intensive and time-consuming process. We are going to see a sweeping shift in how our early adopters… Read More »How AI Is Transforming the Accounting Industry — and What the Future Will Look Like

CFOs have always served as mission-critical liaisons between different units within a business, conduits to sponsors of private equity-backed businesses, and overseers of efforts to scale business growth. They plan for and measure success while holding people accountable for achieving that success and must use… Read More »How CFOs Can Optimize Cash Flow: 4 Steps

The S&P 500, the index obsessed over by investors, executives, and government officials, on Monday came close to finishing 20 percent above its lowest level of 2022, a gain that some on Wall Street see as the start of a bull market and a new… Read More »Is the Bear Market Over? It Depends.

(Reuters) – Morgan Stanley warns of a 16% drop in profit for S&P 500 companies this year, followed by a sharp rebound in 2024 when analysts say the Federal Reserve’s policy will become more accommodative. Strategists led by Michael Wilson said in a note on… Read More »Morgan Stanley sees slump in US earnings in 2023, sharp rebound next year

For those wondering when AI will start replacing human jobs, the answer is it already has. Artificial intelligence contributed to nearly 4,000 job losses last month, according to data from Challenger, Gray & Christmas, as interest in the rapidly evolving technology’s ability to perform advanced organizational tasks and… Read More »AI eliminated nearly 4,000 jobs in May, report says

Unexpectedly strong hiring across the US economy has piled pressure onto the Federal Reserve to raise interest rates later this summer if it skips an increase at its forthcoming policy meeting this month. Payrolls growth once again boomed in May, with nearly 340,000 positions added… Read More »Hot jobs market piles pressure on Federal Reserve to raise rates later this summer

(Reuters) – The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default. The Senate voted 63-36 to approve the bill that had been passed on Wednesday by… Read More »US Congress averts historic default, approves debt-limit suspension

When we look at recent declines in tech valuations, it’s tempting to turn to prior down markets for guidance on how a recovery might play out. Over the past 25 years, two historic downturns stand out as possible comps. One is the financial crisis of… Read More »Downturns Recover In Years. Popped Bubbles Take Decades

Three years ago, at the onset of the COVID-19 pandemic, CPA decision-makers in business and industry were historically pessimistic about their own organizations. A year later, they were mostly optimistic, with 76% in the second quarter of 2021 expressing optimism about the year ahead. Today,… Read More »Pessimism, contraction plans rise for CPA decision-makers, survey shows

A phenomenon that defined the pandemic-era labor market is over: the Great Resignation — workers furiously quitting for new, likely higher paying jobs — is a thing of the past. Why it matters: The historic surge of quitters was a symptom of an on-fire labor… Read More »The Great Resignation is over, quit rates return to pre-pandemic levels

Bond traders look set to pivot from worrying the US wouldn’t raise its debt limit to fretting about what the increase means for money markets. The concern is that with a tentative deal pending, the Treasury will soon replenish its cash balance by selling more… Read More »Debt-Ceiling Relief May Be Short as Focus Turns to T-Bill Deluge

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 expenditures price index, which measures a variety of goods and… 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 quarter, up slightly from the government’s previous estimate. However, a… 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 need to tighten further, minutes released Wednesday showed. Though 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 increasingly under pressure, LendingClub found. Of those earning more than… 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, even as talks in Washington to resolve the debt-ceiling impasse… 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 certified financial planner and co-founder and CEO of Collective Wealth Partners in… 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 plane will land in a desert instead. Not only that,… 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 start putting your lifelong plans into motion. Why the Last… 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 situation is worsening (50%) than improving (37%). Consumers’ perspectives on… 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 rally? Much of the answer likely lies within its seven… 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 taxpayers. Tax-related identity theft occurs when criminals use a taxpayer’s… 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 least once a month, and 49% feel dread at least… 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 decades. Recent economic data suggests price pressures are finally beginning… 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 his overall debt is a bigger priority for him than… 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, growing $148 billion or 0.9% from the fourth quarter of… 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 a financial emergency, according to a recent CNBC/Momentive survey of more than… 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 the specter of a default on federal obligations unless Congress increases… 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 the best time to fix that leak? Before it rains,… 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 received for tax year 2021 or earlier have been processed… 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. Last year 62.3% of U.S. workers said they were satisfied with… 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 for final demand goods and services, increased 0.2%, against the… 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 index, which measures the cost of a broad swath of… 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. companies that have gone bankrupt so far in 2023 is… 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, reminding us how Ben Stiller’s character won “the 9th place… 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 American labor markets — on display again in jobs data published Friday, which… 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 future rate increases, removing a line on “additional policy firming.”… 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 much closer to the end of the tightening journey than… 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 and avert what could potentially become a global financial crisis.… 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 hearings for proposed regulations published in the Federal Register after May 11. Announcement… 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 raising interest rates again next week. Stubbornly high inflation was… 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 tougher to maintain. With inflation as high as 9% in… 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 of more than 8%, according to the data, which traces back… 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 adjusted because of changes in the Loan Level Price Adjustments… 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 domestic product, a measure of all goods and services produced… 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 for returns on savings as a topsy-turvy stock market, looming recession fears, and… 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. Werfel’s answer to a question from Sen. James Lankford, R-Okla.,… 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 Thursday’s close, according to data firm SPAC Research. Among the… 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 quarterly deal amount since the fourth quarter of 2017, according… 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 flat while the Dow Jones Industrial Average ticked down 0.2%,… 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 deadline on Tuesday, the IRS is promoting its improved customer… 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 the money they will have in retirement, according to a… 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 54% of CFOs are optimistic or very optimistic regarding the… 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 made or are currently making a financial sacrifice to help… 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 CPI-U, rose 5% from a year ago and 0.1% in March, according… 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 is expected to be around 3% — the lowest medium-term… 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 in the U.S. economy, rose 0.1% for the month against… 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 hikes were cooling the economy. “This week’s data flow is… 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 demand. Companies on the S&P 500 index are expected to… 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 the economy. Commercial bank lending dropped nearly $105 billion in… 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 the tech giants, prizing stability and personal values over prestige.… 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 decision. While building a new revenue stream can increase your… 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 two years, the Labor Department said Friday. The unemployment rate… 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 March, marking the fourth straight month of increases and the… 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 totaled 89,703 for the period, an increase of 15% from… 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 IMF spring meetings next week, Kristalina Georgieva said the world… 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 Friday showed the Federal Reserve’s preferred measure of inflation, known… 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 the pandemic, according to a survey by small business payroll… 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 by the Treasury Department on Friday. Unless Congress takes action, at… 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 0.6% in January, based on the so-called PCE index. The… 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 gauge finished trading up more than 20% from its Dec.… 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 more money happier in daily life? Though it seems like… 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 want to rejoin the workforce. Or perhaps they find retirement… 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. To make ends meet, more people have picked up a… 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 review of the ASU revealed concerns from stakeholders related to… 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 “somewhat lower,” and, so far, that prediction has been accurate for… 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 and Swiss franc edged higher against the dollar as the… 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 of confidence, made a run on it. SVB served as… 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 added to fears of a recession, with further stock market volatility… 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. The Fed’s benchmark rate stood in the range of 4.75-5%… 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.  The figures show policymakers now expect the US to eke… 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 activity, including fraudulently obtained loans, credits, and payments meant for… 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 of the massive entitlement programs. Republican presidential candidate Nikki Haley recently… 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 year since the central bank began the current rate-raising cycle… 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 the banking system. At a news conference, Fed Chair Jerome… 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 conditions recently decimated the longest-running bull market in history and… 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 ongoing global banking turmoil. Bets of a 50 basis points… 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 largely known as a regional bank to those outside of… 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 further support for smaller lenders if needed. In an intervention… 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 post. The Inflation Reduction Act of 2022, P.L. 117-169, which… Read More »Taxpayer services should get more of that $80 billion, advocate says