At the end of May 2022, the agency had a backlog of 21.3 millionunprocessed paper tax returns, an increase of 1.3 million over thesame time last year. On June 22, National Taxpayer Advocate Erin M. Collins released herstatutorily mandated mid-year report to Congress. The report… Read More »IRS Still Has Backlog of 21.3 Million Tax Returns
Equities have yet to fully price in the risk of a recession and mayhave further fall, according to Morgan Stanley and Goldman Sachs GroupInc. strategists. Although this year’s slump in US stocks has left them more fairlypriced, the S&P 500 Index needs to drop another… Read More »Morgan Stanley and Goldman see more stock market losses
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
And 40% of those surveyed have less than $50,000 saved for their old age Many older Americans are willing to work during their retirement years— and they may have to be — because they aren’t financially preparedfor their old age. Almost three in 10 people… Read More »Nearly one-third of older Americans have less than $10,000 saved for retirement
Goldman Sachs Group Inc. economists warned the risk of a US recessionhas grown more likely, and have downgraded their gross domesticproduct growth forecasts for the economy. The Goldman economists now see a 30% probability of entering arecession over the next year, compared to 15% previously,… Read More »Goldman Warns US Recession Risk Now Higher and More Front-Loaded
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
The market route has been painful for investors. But the sting may beespecially sharp for anyone who has recently retired or is planning toin the next year or two. It’s worth remembering that bear markets are not unusual or permanent.Since 1928 there has been roughly… Read More »Retiring into a bear market: What to do, what to avoid
Microsoft’s spreadsheet still dominates corporate finance for plentyof good reasons, but is it holding you back from growth? Why Does Excel Survive in Finance Departments? Microsoft’s spreadsheet still dominates corporate finance, for plentyof good reasons. Growing Pains: Stuck on Excel As a company scales, the… Read More »The Excel Equation: When Is It Time to Move Away?
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 Federal Reserve’s plan to raise its benchmark rate to a neutrallevel, around 2.5%, by the end of the year is under pressure aftersurprisingly strong May consumer inflation data on Friday. “The May CPI was a stunning blow to the Fed’s hopes that inflationwould cool… Read More »A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.