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Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

KEY POINTS The Federal Reserve is unlikely to pivot from its hawkish interestrate hikes despite positive signs this week that inflation in the U.S.could be easing, according to market strategists.As both CPI and PPI soften, markets have started to moderate theirexpectations for Fed rate hikes.But… Read More »Fed expected to stick with hawkish rate hikes until data show further slowing in inflation

House passes Inflation Reduction Act, sending climate and health bill to Biden

House Democrats on Friday approved a sprawling bill to lowerprescription drug costs, address global warming, raise taxes on somebillion-dollar corporations, and reduce the federal deficit, sendingto President Biden the long-delayed, last component of his economicagenda in time for this year’s elections. The 220-to-207 vote marked… Read More »House passes Inflation Reduction Act, sending climate and health bill to Biden

Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

KEY POINTS The consumer price index rose 8.5% in July from a year ago, belowexpectations, due largely to slumping energy prices.Excluding volatile food and energy prices, so-called core CPI rose5.9% annually and 0.3% monthly, compared with respective estimates of6.1% and 0.5%.The report was good news… Read More »Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

KEY POINTS A new Wells Fargo analysis looked at the best 20 days for the S&P 500between August 1992 and July 2022. Almost half of them occurred amid adownturn.The findings underscore the impossibility of timing the market, withthe dips and upswings being so jumbled together.… Read More »On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

President Joe Biden signed two bills on Friday that give the federalgovernment more time to catch and prosecute fraud related to two ofthe most popular COVID-19 small business relief programs — thePaycheck Protection Program (PPP) and COVID-19 Economic InjuryDisaster Loans (EIDL). The bills are: H.R.… Read More »Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

KEY POINTS Senate Democrats on Sunday passed their climate, health, and taxpackage, including nearly $80 billion in funding for the IRS.The Inflation Reduction Act allocates $79.6 billion to the agency overthe next 10 years, with more than half of the money going toenforcement. Senate Democrats… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

Equifax issued wrong credit scores for “millions” of customers, report says

Equifax this spring sent out incorrect credit scores for millions ofcustomers applying for home and auto loans, the Wall Street Journalreported on Tuesday. As one of three major credit-reporting companies in the US., Equifaxprovides financial information and scores for consumers, affectingwhether people are approved for… Read More »Equifax issued wrong credit scores for “millions” of customers, report says

Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

KEY POINTS Despite seeing real wage gains this year, Americans must contend witha higher cost of living, which is growing at the fastest annual pacein more than four decades.As inflation outpaces wage growth, credit card balances jumped in thesecond quarter of 2022.Americans now say they… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow

KEY POINTS The U.S. economy shrank for a second straight quarter, one definitionof a recession, the Bureau of Economic Analysis reported Thursday.However, fewer than half of Americans feel “financially secure enough”for another prolonged economic downturn, according to a PersonalCapital survey.“People are being very short-term defensive,… Read More »U.S. economy continues to shrink and many aren’t prepared for an economic downturn. Here’s what advisors are telling clients as recession fears grow

Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

KEY POINTS The Federal Reserve on Wednesday enacted its second consecutive 0.75percentage point interest rate increase, taking its benchmark rate toa range of 2.25%-2.5%.Chair Jerome Powell said there will be a point where the Fed starts toslow hikes to assess their impact.“We actually think we… Read More »Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

As the Federal Reserve prepares to meet this week, Wall Streetinvestors are betting that officials will raise interest ratesaggressively through the end of the year and then turn around andstart cutting them in six months. The unusual nature reflects investors growing sense that the Fed… Read More »Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

What to know about the financial risks of becoming your own boss

Amid the “Great Resignation,” many people continue to relish the ideaof being their own boss. While autonomy and flexibility can bealluring, there are also important financial considerations. This is especially important advice given that new businessapplications remain historically strong, albeit down 2.5% in June fromthe… Read More »What to know about the financial risks of becoming your own boss

40% of workers are considering quitting their jobs soon—here’s where they’re going

More than 4 million people have left their jobs each month in the U.S.so far this year — and according to new research, this record-breakingtrend isn’t going to quit anytime soon. About 40% of workers are considering quitting their current jobs inthe next 3-to-6 months,… Read More »40% of workers are considering quitting their jobs soon—here’s where they’re going

Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

Federal Reserve officials have signaled they’re likely to raiseinterest rates by 0.75 percentage points later this month for thesecond straight meeting as part of an aggressive effort to combat highinflation. Policymakers left the door open to a larger full percentage pointincrease at the July 26… Read More »Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

KEY POINTS The consumer price index increased 9.1% from a year ago in June, abovethe 8.8% Dow Jones estimate.Excluding food and energy, core CPI rose 5.9%, compared with the 5.7% estimate.Costs surged for gasoline, groceries, rent, and dental care.Adjusted for inflation, workers’ hourly wages fell… Read More »Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

Remote work is equalizing tech startup pay across the country, withSilicon Valley and San Francisco as the benchmark, and Seattle asExhibit A. That’s one insight from a recent study by financial technology companyCarta: compensation packages at tech startups in the Seattle regionnow match those in… Read More »How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

Monthly consolidated financials need to be prepared within a few daysto be of use to operational leaders. Consolidated financial statements enable organizations with a parentcompany and subordinate reporting units (e.g., subsidiaries, regionaloperations, or multiple locations) to report their finances as asingle enterprise for creditors, investors,… Read More »Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

Commerce Secretary Warns against ‘Talking Ourselves into Recession’

Commerce Secretary Gina Raimondo on Sunday expressed doubt that thenation will head into a significant economic downturn but warnedagainst “talking ourselves into a recession.” She said it’s typical for the Federal Reserve’s hikes in interestrates to slow economic growth. For over two years, the U.S.… Read More »Commerce Secretary Warns against ‘Talking Ourselves into Recession’

As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

KEY POINTS The federal minimum wage has been $7.25 per hour since 2009.Starting this month, workers in Connecticut, Nevada, Oregon, andWashington, D.C., are seeing higher minimum pay rates.Some experts say a higher federal standard for hourly pay is needed. Workers earning minimum wage are getting… Read More »As states and cities raise minimum wage rates, some experts say a higher federal rate is long overdue

Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

Homebuyers are feeling the squeeze of rising mortgage rates. On top ofthat, housing prices remain high. That may lead many to rethink theirbudget. “As mortgage rates go up, it raises the cost of buying a home with amortgage,” explained Danielle Hale, chief economist at Realtor.com.… Read More »Rising mortgage rates are hitting Americans’ wallets. Here’s how to adjust your housing budget

FASB issues standards to improve fair value guidance for equity securities

FASB issued an Accounting Standards Update (ASU) that improvesfinancial reporting for investors and other financial statement usersby increasing the comparability of financial information acrossreporting entities that have investments in equity securities measuredat fair value that are subject to contractual restrictions preventingthe sale of those securities.… Read More »FASB issues standards to improve fair value guidance for equity securities

Fed: Sharply higher rates may be needed to quell inflation

Federal Reserve officials were concerned at their meeting last monththat consumers were increasingly anticipating higher inflation, andthey signaled that much higher interest rates could be needed torestrain it. The policymakers also acknowledged, in minutes from their June 14-15meeting released Wednesday, that their rate hikes could… Read More »Fed: Sharply higher rates may be needed to quell inflation

NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

The tax agency is the gatekeeper for America’s charity system, butreduced vetting has opened the door to scams. The “American Cancer Society of Michigan,” state authorities say, wasa fake charity. And not even a good fake. It was not in Michigan, for one thing. When… Read More »NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

FASB issues standards to improve fair value guidance for equity securities

FASB issued an Accounting Standards Update (ASU) that improves financial reporting for investors and other financial statement users by increasing the comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale… Read More »FASB issues standards to improve fair value guidance for equity securities

Just keep your returns: Stores weigh paying you not to bring back unwanted items

The chaotic mix of record fuel prices and an unending supply chaincrisis have retailers considering the unthinkable: Instead ofreturning your unwanted items, just keep them. In recent weeks, some of the biggest store chains, including Target(TGT), Walmart, (WMT) Gap (GPS), American Eagle Outfitters (AEO), andothers… Read More »Just keep your returns: Stores weigh paying you not to bring back unwanted items

Many US companies move to pay travel costs for employees seeking abortions

Tech firms and banks, including Bank of America, Goldman Sachs,Citigroup, and JPMorgan Chase, add a ‘critical healthcare’ package Many large US corporations have moved swiftly to provide support andfinancial assistance to employees seeking abortions in states thatoutlawed the procedure after the US supreme court’s decision… Read More »Many US companies move to pay travel costs for employees seeking abortions

High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

KEY POINTS The percentage of people who are uncomfortable with the money theyhave set aside is now 58%, up from 44% two years ago, a newBankrate.com survey finds.“Inflation being at four-decade highs will erode your comfort level inthe buying power of your emergency savings,” said… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

NPR’s Leila Fadel talks to Stephen Cecchetti, professor ofinternational finance at Brandeis University, for a preview ofPowell’s testimony which follows the Fed’s biggest rate hike since1994. LEILA FADEL, HOST: Inflation is also the focus of lawmakers today. They’re questioningFederal Reserve chairman Jerome Powell. Last week,… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

NEW YORK, June 16 (Reuters) – Investors’ faith in a soft landing forthe U.S. economy is being heavily tested, as a jumbo-sized interestrate hike from the Federal Reserve stirs worries over the recessionand more volatile trading ahead. Analysts and investors said they believe a recession… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994

KEY POINTS The Federal Reserve raised its benchmark interest rates three-quartersof a percentage point in its most aggressive hike since 1994.According to the “dot plot” of individual members’ expectations, theFed’s benchmark rate will end the year at 3.4%, an upward revision of1.5 percentage points from… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994

The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey

KEY POINTS Amid high inflation that has become the No. 1 business risk, not asingle chief financial officer surveyed by CNBC thinks a recession canbe avoided.The macroeconomic view of CFOs informs a bearish stock market outlook,with most expecting the Dow Jones Industrial Average to fall… Read More »The recession will hit in the first half of 2023 and the Dow is heeded lower: CNBC CFO survey

Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars

Treasury Secretary Janet Yellen said Wednesday that tariff reductionson Chinese goods may be warranted as the White House tries to cool thehottest inflation in four decades, but said that such cuts are not a“panacea” to runaway consumers prices. While testifying before the House Ways and… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars

Inflation Is Poised to Ease According to These Three Key Indicators

Prices for chips and shipping containers have come off peaksCentral bankers are scrambling to snuff out soaring inflation Three of the key supply-side factors driving today’s global inflationlevels have already turned around, meaning relief could be on thehorizon for shoppers worldwide. A bellwether semiconductor price… Read More »Inflation Is Poised to Ease According to These Three Key Indicators

The race toward a new computing technology is heating up — and Asia is jumping on the trend

KEY POINTS Japan has made key advancements in the quantum computer race, Indiahas developed its own strategy for the technology, and debates aresimmering over whether China has surpassed the U.S. on some fronts.Quantum computing will ultimately speed up the computational powerthat drives many industries and… Read More »The race toward a new computing technology is heating up — and Asia is jumping on the trend

Social Security’s funds have a new, later-projected depletion date of 2035. How Congress may shore up the program

KEY POINTS Social Security’s combined trust funds are now projected to be able topay scheduled benefits until 2035, a full year later than wasprojected last year.But if nothing is done to shore up the program, just 80% of benefitswill be payable at that time.Congress may… Read More »Social Security’s funds have a new, later-projected depletion date of 2035. How Congress may shore up the program

The IRS is working to increase its audit rates for higher earners

KEY POINTS The IRS is working to boost audit rates for the wealthiest Americans,according to a statement from the agency.While plummeting audits have drawn congressional scrutiny, the numbersdoubled for higher earners over the past seven months, the IRSreported.Still, “resource constraints” have limited the agency’s ability… Read More »The IRS is working to increase its audit rates for higher earners

Jamie Dimon says ‘brace yourself for an economic hurricane caused by the Fed and Ukraine war

KEY POINTS There are two main factors that have Dimon worried: So-calledquantitative tightening, or QT, is scheduled to begin this month andwill ramp up to $95 billion a month in reduced bond holdings.The other large factor worrying Dimon is the Ukraine war and itsimpact on… Read More »Jamie Dimon says ‘brace yourself for an economic hurricane caused by the Fed and Ukraine war

Private businesses added 128,000 jobs in May, marking the smallest gain of the pandemic recovery

The US private sector added fewer jobs than expected in May as theFederal Reserve ramped up its effort to slow the economy and coolinflation. Private-sector firms added 128,000 payrolls last month, ADP saidThursday in its monthly employment report. The median estimate fromeconomists surveyed by Bloomberg… Read More »Private businesses added 128,000 jobs in May, marking the smallest gain of the pandemic recovery

The rising cost of living hurts U.S. consumer confidence; house prices soar

Summary The consumer confidence index falls to 106.4 in MayLabor market gauge softens; more say jobs hard to findBuying intentions for cars, homes, and major appliances easeHouse prices accelerate year-on-year in March U.S. consumer confidence eased modestly in May as persistently highinflation and rising interest… Read More »The rising cost of living hurts U.S. consumer confidence; house prices soar

First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower

KEY POINTS First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3%Dow Jones estimate and a write-down from the initially reported 1.4%.The pullback in gross domestic product represented the worst quartersince the pandemic-scarred Q2 of 2020.Initial jobless claims totaled 210,000, a decline of… Read More »First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower

The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing

KEY POINTS The core personal consumption expenditures price index, the Fed’spreferred inflation gauge, rose 4.9% from a year ago in April, in linewith estimates and a deceleration from March.Personal income rose slightly less than expected, but spending beatestimates as consumers tapped savings.Headline PCE rose just… Read More »The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing

Fed minutes point to more rate hikes that go further than the market anticipates

KEY POINTS Fed minutes released Wednesday indicated that officials are prepared to move ahead with multiple 50 basis points interest rate increases. In addition, the Federal Open Market Committee said policy may have to move past “neutral” and into “restrictive” territory. The minutes indicate that… Read More »Fed minutes point to more rate hikes that go further than the market anticipates

Fed embraces 50-basis-point rate hikes in June, and July to curb ‘very high’ inflation

All participants at the Federal Reserve’s May 3-4 policy meeting backed a half-percentage-point rate increase to combat inflation they agreed had become a key threat to the economy’s performance and was at risk of racing higher without action by the U.S. central bank, minutes of… Read More »Fed embraces 50-basis-point rate hikes in June, and July to curb ‘very high’ inflation

IRS sent over $800M in potentially improper recovery rebate payments

The Internal Revenue Service issued potentially improper RecoveryRebate Credit payments totaling $898 million, according to a newreport. The report, from the Treasury Inspector General for TaxAdministration, noted that $79.8 million in Recovery Rebate Creditsactually should have been paid to eligible individuals, but $818.5million was paid… Read More »IRS sent over $800M in potentially improper recovery rebate payments

The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy

Stephanie Pomboy digs around to find risks and opportunities whereothers fail to tread. Right now, the founder and president of the economic research firmMacroMavens are forecasting a profits recession, marked by a “hugemargin squeeze for the average corporation.” It will be a significant price squeeze… Read More »The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy

Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says

KEY POINTS Bank of America’s account holders saw strong growth in their balancesduring Covid, CEO Brian Moynihan told CNBC.Moynihan said predicted that people “probably” won’t start spendingtheir stimulus check-boosted balances right now. Bank of America’s account holders saw strong growth in their balancesduring Covid and… Read More »Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says

Does inflation have you worried about retirement? Here’s what experts say to do

Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April,the consumer price index, which measures the prices of goods andservices, notched an 8.3% increase from the year-earlier period. In fact, 70% of Americans are calling… Read More »Does inflation have you worried about retirement? Here’s what experts say to do

Inflation remained near a 40-year high in April. Here’s where consumers plan to cut spending

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

Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs

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

US sanctions ban the provision of accounting and consulting services to Russia

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

Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says

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

Powell says taming inflation is‘ absolutely essential,’ and a 50 basis
point hike is possible for May

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

SPACs are sputtering in 2022, leaving retail investors holding the bag for a Wall Street innovation that just hasn’t panned out

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

Big companies manage to pass on soaring costs to cash-strapped consumers

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

What are expense ratios? These fees could be eating away at your investment earnings

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

Is Your Compensation Reasonable? For Tax Purposes, That Is

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

Corporate profits stay strong at double-digit gains, but the sound of investor fears gets louder

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

Inflation hits a 40-year high of 8.5 percent because of war in Ukraine, rent hikes

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

Don’t play the ‘audit lottery.’ These are the top reasons your taxreturn may be flagged by the IRS

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

Oil jumps over 3% as deaths near Kyiv prompt talk of new sanctions

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 directs IRS to implement scanning technology

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

FTC sues TurboTax owner Intuit for advertising tax software as ‘free’

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’

Inflation, geopolitical risks, and regulation top CFO worries, survey says

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

Bank analysts, investors are antsy for spending outlook as inflation risks grow

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

Biden proposes a higher corporate tax rate, 20% billionaire minimum tax

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

Half of the Remote Professionals Say They Would Quit if Required to Go Back to Office

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

Tax expert: Traditional and Roth retirement accounts are ‘economically identical,’ so how do you choose?

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?

Inflation rose 7.9% in February, as food and energy costs push prices to the highest in more than 40 years

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

U.S. crude oil spikes to a 13-year high of $130 overnight, then give up most of that gain

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

What to do if you want to eliminate Russian securities from your investment portfolio

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