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The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model. The best-laid plans for a full-time return to the office remain bedeviled by Covid-19 case rates and a workforce reluctant to go back to their commutes,… Read More »Just 8% of Manhattan office workers are back full-time, a survey shows.

Inflation is still on the rise, prompting consumers to change their shopping habits to keep up. The Consumer Price Index jumped 8.3% year over year in April, the U.S. Bureau of Labor Statistics reported Wednesday. While the reading was a slight decline from the 8.5% increase seen… Read More »Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending

KEY POINTS The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years. Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%. Shelter costs, which comprise about one-third… Read More »Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released Monday by the Treasury Inspector General for TaxAdministration, noted that… Read More »IRS destroyed 30M paper information returns due to the backlog

With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs surge for oil and other supplies and interest ratesrise. Sky-high oil has boosted forecasts for energy company earnings whilefeeding into concerns about profit margins for… Read More »U.S. profit forecasts weaken as companies assess inflation risks

Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc. and Citigroup Inc.from blank-check firms over concern about potential liability risksassociated with the vehicles. The Charlotte, North Carolina-based lender ended its relationshipswith some of the… Read More »BofA scales back on SPAC work as bank retreat accelerates

Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices by U.S. citizens. The sanctions announced Sunday “prohibit U.S. persons from providingaccounting, trust, and corporate formation, and management consultingservices to any person in the Russian… Read More »US sanctions ban the provision of accounting and consulting services to Russia

To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance on how to submit1040-X, how the IRS might respond, and other considerations, such asfiling a state’s version of the 1040-X and what forms are right… Read More »How to Amend Form 1040 and Submit Form 1040-X

Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season that ended last month, the Treasury Inspector Generalfor Tax Administration (TIGTA) reported in a preliminary audit. The report, Interim Results of the 2022 Filing Season… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says

A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday decidingthat the central bank will struggle to fight high inflation amid thelingering threat of a recession. In a sharp about-face, investors sold stocks, bonds, andcryptocurrencies… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff

The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary pressuresweighing on Americans. The central bank suggested that it will further raise borrowing coststhroughout this year as it attempts to undo its pandemic-era, easymoney policies.… Read More »Fed raises interest rates by 0.50%, the largest move since 2000

It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t we just say it was a really badstart to the year? “Bad” might not do it justice. After dropping 3.3% this past week, theS&P 500… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse

The pandemic-era trend known as the “Great Resignation” is stillred-hot, as workers enjoy the perks of record-high demand for theirlabor. However, economic headwinds mean those benefits may not last muchlonger, according to economists. A record 4.5 million workers quit their jobs in March, edging justabove… Read More »The Great Resignation is still red hot — but may not last

Jerome Powell doesn’t like to bless banks and financial markets, buthe could shift the needle this week on how high investors expect theFederal Reserve to raise interest rates to cool overheated prices. The Fed chair and his colleagues want to lift rates expeditiously to aneutral… Read More »Powell’s Fed Set to Go Big and Keep Going Until Inflation Tamed

Many of the concerns small business owners have now are about how theycan stay afloat after the COVID-19 pandemic. Here, Bryce Sandersexplains how changes to the market might affect these clients and whatyou can do to help them navigate the recovery afterward. “This time it’s… Read More »How Running a Small Business Might Change in 2022

Now that this year’s tax filing season is over, it’s time to startthinking about next year’s return. After all, the more tax planningyou do, the more money you may be able to save. But proper taxplanning requires an awareness of what’s new and changed from… Read More »Tax Changes and Key Amounts for the 2022 Tax Year

In mid-April, months into an increasingly frustrating house hunt,Harsh Grewal and his wife settled on a place in a San Francisco suburband were prepping a bid, above the listed price so they’d have achance of besting other offers in one of the nation’s hottest housingmarkets.… Read More »The Fed wants to cool the U.S. housing market. Here’s what that feels like

People are worn out. They are trying to make it through the stress ofthe pandemic, a continually volatile market, and record inflation.And, for many who are years from retirement, they have decades of workahead of them. These younger Americans are in the middle of their… Read More »How People with Pandemic-Induced Financial Fatigue Can Get Back on Track

Cryptocurrency is prevalent topic news these days, falling in and outof favor depending on whom you ask. Institutions are decrying it inone instance and then taking large amounts of it onto their books inanother. Goldman Sachs, Morgan Stanly, JP Morgan, and bank of America-to name… Read More »Crypto Cares: The Rise of Virtual Currencies and You

Many filers discover after having mailed in their Form 1040 that theymade a mistake, such as missed deductions or understated income. Notto worry, says tax guru Julian Block. Here, he explains what a filermust do to amend 1040 depending on their error and how to… Read More »How to Fix Errors on Form 1040

A year ago, startup founders often found themselves fought over byventure investors eager to grab a piece of any promising young companywith fast growth potential. Investors competed in an increasinglyheated environment in which they were often under pressure to closeoutsized deals in a matter of… Read More »‘Cash Is King’ As VC Spigot Slows

Consumer prices rose more than 6 percent annually in March, showingconsumer spending taking a bigger bite out of household incomes,according to data released Friday. The personal consumption expenditures (PCE) price index — the FederalReserve’s preferred gauge of inflation — rose 6.6 percent over the 12months… Read More »Fed’s inflation gauge rose 6.6 percent annually in March

The U.S. dollar touched a two-decade high against rivals on Thursday,as Wall Street rallied and European shares rose from six-week lowswith strong earnings reports offsetting gloomy U.S. economic data. The yen dropped to a 20-year low after the Bank of Japan vowed to buyunlimited amounts… Read More »Global shares rise as earnings boost, U.S. dollar hits 20-year high

Vanesa Sojor Apr 29, 2022, 7:27 PM (4 hours ago) to me The US economy shrank in the first quarter America’s economy unexpectedly shrank in the first quarter of 2022,data from the Bureau of Economic Analysis showed Thursday. Thenation’s gross domestic product — the broadest measure… Read More »The US economy shrank in the first quarter

Think of it like playing chess. Making sense of the strategicinterplay between investments, taxes and retirement income canposition you for a winning retirement. When I was 12, I attended a weekend church camp for young men. I wasbrand new to the group, and as the… Read More »Up Your Retirement Planning Game

KEY POINTS Fed Chairman Jerome Powell on Thursday said the central bank iscommitted to raising rates “expeditiously” to bring down inflation.That could mean an interest rate hike of 50 basis points in May asprices rise at their fastest pace in more than 40 years.“It’s absolutely… Read More »Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May

Internal Revenue Service Commissioner Charles Rettig told lawmakersthe IRS has been working hard this past filing season during acongressional hearing Thursday as he heard first-hand testimony fromtheir constituents about the problems they encountered. “IRS employees want to do more to help taxpayers,” he said in… Read More »IRS pledges to overcome challenges from overburdened tax season

Companies that used a buzzy strategy for going public throughout thepandemic have had a dismal track record for investors. Out of 199 companies that used a so-called SPAC to go public in 2021,only 11% now trading above their offering price, meaning thatinvestors who have held… Read More »SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out

As the global startup market digests a changing valuation environmentand climate for venture investment, not every sector is taking thesame amount of damage. One is indeed faring better than the rest. It’s not the flashiest sector in startup land. Instead, it’s thetried-and-true software-as-a-service (SaaS) category… Read More »Why SaaS is bucking the venture slowdown

Makers of chocolate bars and coffee to lawnmowers and industrialrobots succeeded in passing on soaring costs to consumers,first-quarter earnings showed on Thursday, allaying fears higherprices could dent demand for their products. Some of Europe’s biggest companies reported first-quarter salesincreases, with KitKat maker Nestle (NESN.S), Evian… Read More »Big companies manage to pass on soaring costs to cash-strapped consumers

JPMorgan Chase & Co. strategists expect Corporate America to easilytrounce Wall Street’s earnings forecasts. Consensus earnings estimates for the S&P 500 are “overly pessimistic”for the first quarter and companies in the index are poised to delivera surprise of 4% to 5% on “better-than-feared margins,” according… Read More »JPMorgan Expects S&P 500 Earnings to Blow Past Gloomy Estimates

If you’re ready to retire but don’t want to leave the workforceentirely, semi-retirement might be a good option for you. Before youtake the leap, there are strategies that can help you navigate thislifestyle. For decades, the goal has been to work hard, earn money and… Read More »3 Strategies to Help You Plan a Successful Semi-Retirement

The dollar is reaching fresh nearly two year highs lifted by loominginterest rate increases from the Federal Reserve, strong US growth,and geopolitical jitters overseas. The Wall Street Journal Dollar Index, which measures the US currencyagainst a group of 16 others has climbed in 13 of… Read More »Dollar’s Upward March Reaches a Nearly Two-Year High

Low-rated US companies borrowed record amounts in the loan market lastyear taking advantage of low-interest rates and generous credit. Now,all that debt is starting to get more expensive. So-called leveraged loans typically have borrowing costs that floatand the Federal Reserve suddenly faster pace of interest… Read More »Rising Rates Threaten Companies Acquired in the LBO Boom

When it comes to investing, you’ve likely heard the arguments forputting your hard-earned money into exchange-traded funds (ETFs) ormutual funds to diversify your portfolio or to allocate more of yourportfolio toward conservative investments like bonds as you age.Before you begin the investing process and siphon… Read More »What are expense ratios? These fees could be eating away at your investment earnings

There are two universal principles regarding the reasonableness ofemployee compensation: (i) most people feel they are under-compensatedand (ii) those same people feel their friends and neighbors areovercompensated. There are many reasons for this phenomenon, but forour unscientific purposes it’s enough to think of reasonableness likebeauty… Read More »Is Your Compensation Reasonable? For Tax Purposes, That Is

A bull market is developing in recession expectations. This week, investors will have the chance to hear if dozens ofcompanies share that fear. Even armchair investors have heard thewarnings from the bond market and its inverted yield. Usually, thelonger the loan, the higher the interest… Read More »Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder

Gas prices jumped 48 percent year over year, the Bureau of LaborStatistics said. U.S. inflation data hit a multidecade high last month as gas pricesand rents skyrocketed, climbing to 8.5 percent, the Bureau of LaborStatistics reported Tuesday. A survey by the financial data group FactSet… Read More »Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes

Knowing which of the financial phases of life you are in can help youbetter plan to build, protect and enjoy your assets, no matter whatyour age. Every year we see the same months, holidays, and seasons – it’s allpretty predictable. While you may not know… Read More »Which of the 3 Financial Phases Are You In?

Economists see a growing risk of recession as the relentlessly strongUS economy whips up inflation, likely bringing a heavy-handed responsefrom the Federal Reserve, economists surveyed by The Wall StreetJournal this month, on average put the probability of the economybeing in a recession sometime in the… Read More »Recession Risk Is Rising, Economists Say

The new pilot program will benefit the IRS through more efficientaccess to digitized records and related metadata and improve securityand data privacy. Ripcord, a robotic intelligent digitization company, has advanced tothe second phase of the new Pilot IRS Solution Challenge. Incollaboration with the Enterprise Digitalization… Read More »IRS to Digitize Archived Tax Filings in Tech Pilot Program

Do you ever wake up thinking your day will turn out one way, and itends up being completely different? Did you ever ask yourself why? Isit because you become blindsided by events or because other peoplehijack your day with their priorities? It’s fine if it… Read More »Why Is Everything An Emergency?

Tax returns are piling up at the Internal Revenue Service, andmillions of taxpayers are experiencing refund delays beyond thetypical 21 days or fewer for e-filed returns electing a direct depositrefund. The IRS even issued a press release cautioning taxpayers notto count on getting a refund… Read More »IRS: We Apologize, Your Tax Refund Is Delayed

KEY POINTS Excessive write-offs compared with income, unreported earnings andrefundable tax credits are among the most common IRS red flags.However, you may avoid trouble by keeping detailed receipts and othertax paperwork readily available, experts say. If you’re among the millions of Americans scrambling to meet… Read More »Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS

Owning a home is part of the American Dream. Whether you fancy a logcabin in the middle of nowhere, a suburban Cape Cod with a whitepicket fence, or a downtown condo in the sky, there’s just somethingspecial about trading in a lease for a deed.… Read More »13 Tax Breaks for Homeowners and Home Buyers

The U.S. jobs market has never been tighter than it is today,increasing the risks to the economy as Federal Reserve policymakersmove to rein in inflation, according to Goldman Sachs Group Inc. The Wall Street bank’s economists have compiled a gauge of U.S. laborthat they say… Read More »U.S. Labor Market Is Tightest of Postwar Era, Goldman Gauge Shows

Oil prices jumped over 3% on Monday, with investors worried abouttighter supply as mounting civilian deaths in Ukraine increasedpressure on European countries to impose sanctions on Russia’s energysector. Global benchmark Brent crude jumped$3.14, or 3%, to settle at $107.53a barrel. U.S. West Texas Intermediate crude… Read More »Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions

National Taxpayer Advocate (NTA) Erin Collins formally directed theIRS to take immediate steps toward implementing existing scanningtechnology to process tax returns filed on paper. Collins issued the directive, which is dated March 29, under herauthority pursuant to a delegation order in the Internal RevenueManual to… Read More »National taxpayer advocate directs IRS to implement scanning technology

KEY POINTS You may have a wildly different tax bill depending on where you live.That’s because your tax burden — individual income, property, sales,and excise taxes as a share of total personal income — varies bystate.You can expect to spend the most in New York,… Read More »These states have the highest and lowest tax burdens

US bond’s worst quarter in more than 40 years has come to a close. Thequestion for many investors now is whether it is time to buy thebiggest dip in recent memory. The Bloomberg US aggregate bond index largely US Treasuries highlyrated corporate bonds and mortgage-backed… Read More »Bond Market Suffers Worst Quarter in Decades

The question, which on Form 1040 is just below the address block,asks, “At any time during 2021, did you receive, sell, exchange, orotherwise dispose of any financial interest in any virtual currency?”Taxpayers must check either the “yes” or “no” box that follows,regardless of whether they… Read More »Individual taxpayers must answer crypto-asset questions, IRS notes

For retirees who turned 72 during the last half of 2021, in mostcases, Friday, April 1, 2022, is the last day to begin receivingpayments from Individual Retirement Arrangements (IRAs), 401(k)s, andsimilar workplace retirement plans. For retirees who turned 72 during the last half of 2021,… Read More »April 1 is the Last Day for New Retirees to Take RMDs

KEY POINTS The Federal Trade Commission on Monday sued TurboTax owner Intuit infederal court and filed a parallel administrative complaint. Bothrelate to alleged deceptive marketing practices related to TurboTax.Intuit offers a free version of TurboTax. The FTC claims it’s a “baitand switch” because most users… Read More »FTC sues TurboTax owner Intuit for advertising tax software as ‘free’

Deloitte’s latest quarterly survey of Fortune 500 chief financialofficers found the executives have a gloomier outlook on the economythan last quarter, with respondents citing inflation, geopoliticalrisks, and the regulatory environment as their top external concerns. In the first quarter survey of 97 CFOs, only 36%… Read More »Inflation, geopolitical risks, and regulation top CFO worries, survey says

First-quarter listings plunged to the lowest level since 2016Several big companies on file are yet to move ahead with plans Some of the big-name startups expected to go public early this yearhave slowed their rush to market as stocks continue to whipsaw. Companies including Reddit… Read More »U.S. IPO Hopefuls Are Hunting for Signs of Elusive Market Window

Analysts and investors of major Wall Street banks are eagerlyanticipating any insight from executives on the outlook for consumerspending and borrowing, a key source of revenue when first-quarterearnings are unveiled next month. U.S. consumer spending has been rising for months as the countryemerges from the… Read More »Bank analysts, investors are antsy for spending outlook as inflation risks grow

The trust fund penalty sometimes called the 100% penalty, is one ofthe most onerous federal tax law provisions on the books. Even worse,the IRS and the courts typically don’t grant much leniency totaxpayers. In a new Tax Court case, Kazmi, TC Memo 2022-13, 3/1/22, a… Read More »Bookkeeper Hit Hard by Trust Fund Penalty

President Joe Biden unveiled a budget plan Monday that includes aminimum tax for ultra-wealthy households, raises the corporate taxrate, and backs restrictions on stock buybacks. The president’s fiscal year 2023 budget would create a 20% minimum taxfor households worth more than $100 million. The minimum… Read More »Biden releases budget plan with tax hikes, stock buyback restrictions

President Joe Biden’s administration released its $6 trillion budgetMonday for the federal government’s 2023 fiscal year, which beginsOctober 2022. Also on Monday, Treasury released its general explanations of thebudget’s revenue proposals, known as the Greenbook. Revenue provisions in the proposed budget prominently include what anadministration… Read More »Biden proposes a higher corporate tax rate, 20% billionaire minimum tax

Initial public offerings worldwide have plummeted in the first quarter after a record showing in 2021, as volatility stoked by the war in Ukraine and soaring inflation set investors on edge and scuppers deals. About $65 billion has been raised via IPOs around the world… Read More »IPO Market Plunges 70% as Higher Rates, War Curb Risk Appetite

This two-part series will be devoted to the twists and turns in the rules that govern sales of investments to “related parties” (Internal Revenue Code Section 267). In most cases, the tax code allows an investor to claim losses on her investments when she sells… Read More »Rules for Selling Investments to Related Parties

Return-to-office plans may lead to more resignations, separate research shows. In a survey of more than 1,000 professionals, half of the respondents currently working from home (50%) would look for a new job that offers remote options if … Professional firms considering returning to pre-pandemic… Read More »Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office

The Tax Court recently found that there’s indeed a limit on the tax-deductibility of wages paid to employees by the employer.  What constitutes “reasonable” compensation for this purpose? It depends on the particular circumstances. Traditionally, the courts have relied on several key factors to make a… Read More »Tax Court Weighs in on Reasonable Compensation

The question, which on Form 1040 is just below the address block, asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Taxpayers must check either the “yes” or “no” box that follows,… Read More »Individual taxpayers must answer the crypto-asset questions, IRS notes

When it comes to ACH Fraud, the fraudster sends what looks like a legitimate email from an employee or from a vendor, requesting a change to their ACH or Direct Deposit bank account. As a professional bookkeeper, Jody Linick personally knows of three businesses that have been… Read More »Spotting ACH Fraud and What Bookkeepers Can Do

Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims. During a hearing, Thursday before the House Ways and Means Oversight… Read More »Congress presses IRS on ERTC processing and tax penalty relief

For almost the past decade, there has been an annual spike in illicit voice, and now text, communications during tax season in the United States. Truecaller’s Clayton LiaBraaten shares tips on how tax professionals can educate clients and protect them from scams. As we go… Read More »How Tax Pros Can Protect Clients Against Scams During Tax Season

It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you be able to say that? Your exposure is at least three years after when you file your return, but many people are surprised that you… Read More »IRS Can Audit Your Taxes Forever If You Miss A Key Form

KEY POINTS Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to inflation, according to a Nationwide survey. However, these shifts may reflect a lack of understanding and confidence in their financial plan, experts say. As inflation… Read More »Inflation is causing some older Americans to delay retirement plans, survey shows

IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022. Rettig appeared before the House Ways and Means Committee’s Subcommittee on Oversight… Read More »Commissioner to Congress: IRS will clear the backlog by year’s end

U.S. stock indexes rallied for a third straight day, putting the S&P 500 on pace for its biggest weekly gain since late 2020. Stocks started Thursday nearly unchanged, but pushed into the green late in the morning, with gains accelerating into the end of the… Read More »S&P 500 Extends Rally, Up Nearly 5% for the Week

Summary Russia was due to pay $117 mln by Wednesday’s deadline Creditors see this week’s deadline as a test for Moscow Russia says it has cash, any default ‘artificial’ Some creditors have received payment, in dollars, of Russian bond coupons which fell due this week,… Read More »Some Russia creditors have received dollar bond payment -sources

Summary Fed lifts policy rate by a quarter of a percentage point U.S. central bank sees more rate hikes in 2022, 2023 Powell says Fed needs to limit inflation hit for families The Federal Reserve on Wednesday raised interest rates for the first time since… Read More »Fed hikes interest rates, signals aggressive fight to curb inflation

The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past year. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers. Rev. Proc. 2022-17 contains… Read More »Auto depreciation limits leap with inflation

As many of you know, the deadline for submitting IRS Form 2553 was March 15. The clients that did so may now be asking, “so, now what?” CorpNet’s Nellie Akalp helps you answer that question in this pointed article. Many of your clients that have… Read More »What to Do When Clients File for S Corp Election

The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. In a news release, the SBA said that small businesses and not-for-profits that received EIDL funds do not have to… Read More »SBA again extends the deferment period for EIDL payments

KEY POINTS “Under reasonable circumstances,” savers can earn the same amount investing in either traditional or Roth retirement savings accounts, says Steve Rosenthal of the Urban-Brookings Tax Policy Center. Owning both types of accounts can give you flexibility when it comes to paying taxes in… Read More »Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?

The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult to attain as a new report reveals that the IRS met only 67% of its hiring goals for last year in a key area. The report,… Read More »IRS plans to hire thousands likely to fall short

On Wednesday the Federal Reserve will likely take the first steps in paring back its stimulus — by raising interest rates for the first time since the global pandemic began. High inflation makes it a near certainty that the central bank will move to “tighten”… Read More »FOMC preview: The tightening begins this week

Available positions include temporary, term, and permanent jobs. Many are entry-level clerk and tax examiner positions in the Wage and Investment Division. No prior tax experience is required. The Internal Revenue Service says it is hiring more than 5,000 positions in its service processing centers… Read More »IRS to Hire 5,000 New Staff in Austin, Ogden and Kansas City

A lot of inherited IRA owners are in for a surprise. In a switcheroo, the Treasury Department has reinstated annual required minimum distributions for most folks who’ve recently inherited Individual Retirement Accounts, according to proposed regulations released late last month that interpret the 2019 retirement law known… Read More »IRS Nixes 10-Year Stretch For Most Inherited IRAs

Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much as 35% as they cut their forecasts for growth due to the hit from soaring oil prices and other fallout from the war in Ukraine.… Read More »Goldman Sees U.S. Recession Risk as Much as 35% as Cuts Forecast

Most Americans carry some debt, be it from student loans, a mortgage, a credit card, or a car loan. But what happens to debt management when you’re in or near retirement? While many Americans were able to pay off some of their debt in the… Read More »Here’s what to know about managing your debt in retirement

KEY POINTS The consumer price index for February rose 7.9% from a year ago, the highest level since January 1982. Excluding food and energy, both of which moved sharply higher during the month, core inflation still rose 6.4%, in line with expectations but the highest… Read More »Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years

Inflation is at a 40-year high. For those nearing or in retirement, it could pack a painful punch, but there are things you can do now to address inflation and make sure you don’t run out of money in your golden years. So many retirees… Read More »Inflation Continues to Rising: How to Navigate the Uncertainty

When it’s just the yield curve narrowing, oil jumping, or stocks falling into a correction, maybe you can hold off on panicking over a recession.  When all three happen at once, the argument gets stronger that it’s time to take the threat seriously.  That’s the… Read More »Traders surrender to recession paranoia in U.S. market rout

Russian financial conditions at tightest since 2008 Global financial conditions at tightest since the pandemic height Conditions could tighten further if inflation rises further Global financial conditions, perceived as strongly correlated with future growth, are at the tightest in two years, driven by soaring energy… Read More »Tightening financial conditions sound alarm for world economy

The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers’ accounts, according to a union that represents employees in the Service and other federal agencies. National Treasury Employees Union (NTEU) National President Tony Reardon… Read More »IRS to fast-track 10,000 hirings to address the backlog

Oil prices gave up most of their big overnight gains in a wild session, briefly dipping into negative territory after surging above $130 earlier in the session. On Sunday evening, prices jumped as trading began with the market reacting to supply disruptions stemming from Russia’s… Read More »U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain

The departure of corporations from investments in Russia has been swift following the country’s invasion of Ukraine, and individual investors may be examining their portfolios with similar divestment goals. It’s unlikely that most investors have substantial holdings in Russia-based bonds or stocks unless they own… Read More »What to do if you want to eliminate Russian securities from your investment portfolio

The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of COVID-19 disrupted businesses and held back consumer spending, the Federal Reserve said Wednesday. The Feds periodic compilation of business anecdotes from around the country known… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says

Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a series of increases and didn’t rule out a larger move… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves

“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It is kind of like credit card payments, with the bonus that there are no returned payments.” Story at a glance Colorado will begin accepting cryptocurrency for tax… Read More »Colorado will start accepting cryptocurrency for tax payments

Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about inflation — which they knew about when the survey was open — and the uncertainty brought about by Russia’s invasion of Ukraine, which had not… Read More »Positive for now, CPA executives wary of inflation and other headwinds

What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k) commenced prior to age 59 ½. There are very strict rules for SOSEPPs that can trigger stiff consequences if violated. New IRS rules will serve… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware

Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator of the health of the housing market declined for the third straight month. The National Association of Realtors (NAR) Pending Home Sales Index, which tracks the… Read More »Pending home sales fall for a third consecutive month

In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is opening correspondence within the normal time frames, the processing is taking longer than usual. Practitioners can obtain assistance with their clients’ tax issues from a… Read More »A guide to dealing with today’s IRS

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out invasion of Ukraine by land, air, and sea… Read More »Oil tops $105/bbl after Russia attacks Ukraine

KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year, the Federal Trade Commission said Tuesday. Almost 2.8 million people filed a fraud complaint, an annual record. Imposter scams were most prevalent, but investment scams… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020

“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse losses seen in Europe and Japan, according to Goldman Sachs Group Inc. With geopolitical upheaval notoriously hard to trade, Goldman strategists are basing their calculations… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens

US companies and financial institutions are starting to settle on a new interest rate benchmark to replace the troubled London Interbank Offered Rate, which underpins trillions of dollars of financial contracts. Sales of corporate loans and derivatives tied to the secured overnight financing rate or SOFR… Read More »SOFR Leads Race to Replace Libor as Interest-Rate Benchmark

When Ben Snyder started his first business, he felt like he was being suffocated. He was stuck in the weeds didn’t know how to stay focused. “That’s true for a lot of new CEOs,” said Synder, now a Vistage speaker and principal at Bizexe. Snyder figured out that… Read More »How to stay focused as a new CEO

KEY POINTS Wages are rising but it’s not enough to keep up with the increased cost of living. Nearly two-thirds of Americans are still living paycheck to paycheck, according to one recent report. The economy is recovering but workers are still having a hard time… Read More »Despite rising wages, 61% of Americans are still living paycheck to paycheck, report finds

There’s still time to salvage this year’s tax filing season, or at least make a difference, if the IRS adopts recommended taxpayer relief measures, Jan F. Lewis, CPA, the chair of the AICPA’s Tax Executive Committee, told the U.S. Senate Committee on Finance in a hearing… Read More »AICPA testifies to Congress on IRS service problems

Prices appear likely to continue rising in a pandemic-altered environment that continues to see high inflation in many countries, according to Tim Mahedy, a senior economist and senior director at KPMG. The pandemic has led to extremely high inflation in some countries. The 7.5% year-over-year… Read More »Pricing pressures continue as labor, supplies remain scarce

Federal Reserve officials said last month the bank may need to raise interest rates and reduce its bond holdings faster than they currently anticipate if inflation continues to rise above their target, according to minutes of the meeting released on Wednesday. Members of the Federal… Read More »Fed officials floated faster rate hikes in January meeting

If you’ve been feeling depleted while running your business, you could be dealing with more than just a rough patch. Burnout, which the World Health Organization officially recognized in its 2019 International Classification of Diseases, is a syndrome that results from chronic workplace stress and requires… Read More »How to Recover From Burnout as an Entrepreneur

The pace of blank-check mergers failing to cross the finish line is accelerating as the industry grapples with waning investor interest. At least six mergers with special-purpose acquisition companies have been canceled this year, on pace for a record number of nixed deals in a… Read More »SPAC Mergers Are Falling Apart at a Rapid Pace

KEY POINTS The producer price index, which measures wholesale prices, rose 1% in January and 9.7% for the 12-month period, the latter just off the record high. Core PPI rose 0.9%. Both increases were at least double the Wall Street estimates. Manufacturing in the New… Read More »Wholesale prices rise 1% in January, up near-record 9.7% over the past year

Nearly 24 million taxpayers are still waiting for the Internal Revenue Service to process their tax returns from last year — a number far larger than previously reported by the agency — with many refunds being held up for 10 months or more. The inventory… Read More »IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season

The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns. In a Jan. 27 announcement, the Service said it was suspending certain automated letters and notices without identifying them specifically, saying… Read More »IRS identifies paused taxpayer notices

Last year saw some fundamental shifts in the startup funding landscape that will have a profound impact by this time next year. Interest rates were at an all-time low, which meant that there were few asset classes providing high returns (venture capital [VC] being one… Read More »4 Reasons 2022 Will Be A Turning Point For Startup Funding

Billions of dollars earmarked for takeovers by blank-check companies have piled up unused as the hot-then-not mania fades for speculative stocks. Almost 600 special-purpose acquisition companies holding nearly $160 billion in trust are searching for something to buy, data compiled by Boardroom Alpha show. That… Read More »SPACs With $160 Billion Scrounge for Targets as Clock Ticks Down

A big year for car and home shopping helped push Americans to take on a lot more debt last year. Household debt increased by $1 trillion in 2021, the biggest annual increase since 2007, according to data from the Federal Reserve Bank of New York.… Read More »Household debt jumped by $1 trillion in 2021, the most since 2007