7 Wash Sale Facts To Know Before Selling Stock For Tax Loss Harvesting

Are you bullish about the stock markets in 2023? If so, you may be looking at year-end strategies to prepare for brighter investing horizons. For example, after the stock market declines of 2022, you may now hold securities—whether stocks, ETFs or mutual funds—that would generate capital losses if sold. Those losses could then be used… Read More »7 Wash Sale Facts To Know Before Selling Stock For Tax Loss Harvesting

New York becomes the first state to restrict cryptocurrency mining

New York Gov. Kathy Hochul (D) on Tuesday signed a law temporarily restricting cryptocurrency mining in the state over environmental concerns, making it the first state nationwide to implement such a move. The bill was delivered to the governor on Tuesday after the state legislature passed the measure in June, and The Associated Press reported that Hochul signed the measure. The… Read More »New York becomes the first state to restrict cryptocurrency mining

36% of U.S. Workers Plan to Leave Their Job in 2023: Weekly Stat

More than a third of employees are staying, however, due to positive relationships with their companies and co-workers. Despite unpredictable markets and rising interest rates, executives have shown they are still mindful of devoting effort and money toward employee retention. Organizations giving employees flexible work environments and salary raises to keep them from jumping ship in a… Read More »36% of U.S. Workers Plan to Leave Their Job in 2023: Weekly Stat

U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls

Audit firms would have to report once a year to the Public Company Accounting Oversight Board and their clients’ audit committees on how effective their systems are. The Public Company Accounting Oversight Board on Friday proposed tightening the rules that govern the controls audit firms use to assess the quality of their audits, a move… Read More »U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls

Bank of America sees bear rally fizzling out even as equity inflows surge

Investors flocked back into equities at the fastest pace in about eight months on signs of cooling inflation, but Bank of America Corp. strategists warn the rally will fizzle out due to earnings risks and staunchly hawkish central banks. Global stock funds saw inflows of US$22.9 billion in the week through Nov. 16, according to… Read More »Bank of America sees bear rally fizzling out even as equity inflows surge

JPMorgan Sees ‘Mild’ US Recession in 2023 on Fed’s Rate Hikes

JPMorgan Chase & Co. economists projected the US will enter a “mild” recession next year thanks to interest-rate hikes that could cost more than 1 million Americans their jobs, and the Federal Reserve will pivot to cutting borrowing costs in 2024. The Fed will probably raise its benchmark rate by 50 basis points in December… Read More »JPMorgan Sees ‘Mild’ US Recession in 2023 on Fed’s Rate Hikes

Serious cyberattacks on the rise, report shows

The number of organizations hit with cyberattacks is rising, according to a new report focused on US and UK businesses. About 75% of organizations have experienced a serious cyberattack in the past three years — up from 60% last year — according to the 2022 Cyber Security Insights Report conducted by S-RM, a global intelligence and cybersecurity consultancy. The report,… Read More »Serious cyberattacks on the rise, report shows

US retail sales rose 1.3% last month, a sign of resilience

Americans stepped up their spending at retailers, restaurants, and auto dealers last month, a sign of consumer resilience as the holiday shopping season begins amid painfully high inflation and rising interest rates. The government said Wednesday that retail sales rose 1.3% in October from September, up from a flat reading in September from August. The increase was led… Read More »US retail sales rose 1.3% last month, a sign of resilience

Employee retention credit: Navigating the suspension test

Establishing eligibility for the employee retention credit (ERC) by satisfying the business operations suspension test (suspension test) is similar to venturing into remote parts of the world: The payoff from a successful journey can be tremendous, but the road is arduous. Complexity adds uncertainty, guidance is lacking, and what appears to be an easy path… Read More »Employee retention credit: Navigating the suspension test

Taking Retirement Withdrawals in a Declining Market

Retirees often need to take cash out of retirement accounts to handle basic household expenses on a regular basis. If you have to make withdrawals in a declining market, there are strategies you can use to minimize the damage to your long-term financial plan. Consider these retirement withdrawal strategies for a down market: Should You Take Retirement… Read More »Taking Retirement Withdrawals in a Declining Market

Economists See US Inflation Running Even Hotter Through Next Year

Economists see US inflation running hotter through next year than they did a month ago and recession odds continue to mount against a backdrop of rising borrowing costs. Projections for the personal consumption expenditures price index — the Federal Reserve’s preferred inflation metric — were raised for each quarter of 2023. Still, price pressures are… Read More »Economists See US Inflation Running Even Hotter Through Next Year

Brainard says U.S. Fed should probably ‘soon’ slow pace of rate hikes

Federal Reserve Vice Chair Lael Brainard said the central bank should soon moderate the size of its interest-rate increases, signaling she favors slowing to a half-point hike as early as next month. “It will probably be appropriate soon to move to a slower pace of increases,” Brainard said Monday in a fireside-chat event at Bloomberg’s… Read More »Brainard says U.S. Fed should probably ‘soon’ slow pace of rate hikes

Fed boosts focus on liquidity, other risks as the economy weakens: Barr

Michael Barr, the Federal Reserve’s top regulatory official, said Monday the U.S. central bank is watching for any stresses to the financial system amid a weakening economy and signaled that stiffer oversight of cryptocurrency is in the offing. The Fed “will be heightening its focus on liquidity, credit, and interest-rate risks as supervised institutions manage… Read More »Fed boosts focus on liquidity, other risks as the economy weakens: Barr

Consumer prices rose 0.4% in October, less than expected, as inflation eases

KEY POINTS The consumer price index rose less than expected in October, an indication that while inflation is still a threat to the U.S. economy, pressures could be starting to cool. The index, a broad-based measure of goods and services costs, increased 0.4% for the month and 7.7% from a year ago, according to a Bureau… Read More »Consumer prices rose 0.4% in October, less than expected, as inflation eases

IRS still coping with millions of unprocessed tax returns

The Internal Revenue Service had 4.4 million unprocessed individual returns received this year as of Oct. 28, including the tax year 2021 returns and late-filed returns from the prior year, as IRS funding has become more of an issue during election season. The IRS reported in the latest update this week on the status of its mission-critical… Read More »IRS still coping with millions of unprocessed tax returns

US consumer inflation eased to 7.7% over the past 12 months

WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows. Consumer inflation reached 7.7% in October from a year earlier and 0.4% in September, the government said Thursday. The year-over-year increase, down from… Read More »US consumer inflation eased to 7.7% over the past 12 months

Op-ed: Here’s a year-end checklist to help you navigate some complicated financial issues

KEY POINTS The end of the year is one of the most important times for investors because there are so many decisions to make that impact their overall financial planning. This time around, the year’s end is marked with a lot of financial challenges, including inflation, market volatility, domestic political uncertainties, and global geopolitical risks… Read More »Op-ed: Here’s a year-end checklist to help you navigate some complicated financial issues

Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

The Federal Reserve on Friday confirmed what many investors were saying for some time: the $24 trillion Treasury market has been experiencing low levels of market liquidity in recent months. The central bank has been rapidly increasing interest rates since March as part of a fight to bring inflation down from a 40-year high. The… Read More »Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

Wall Street Hopes History Repeats With a Post-Election Comeback

The stock market’s short-term fate is riding on something that’s been a major boon for equities for more than 70 years: US midterm elections.  Rising interest rates, mounting recession risks, and the steepest inflation in four decades may cause a break with past trends. But the fourth quarter and year after mid-term elections have historically… Read More »Wall Street Hopes History Repeats With a Post-Election Comeback

401(k) Plans Now Let Workers Put Retirement Money Into Cryptocurrency

Though employers and regulators remain cautious, some plans are beginning to offer the option A small group of workers is finding something new in their 401(k) plan: the option to invest in cryptocurrency. Momentum has been built to allow workers to invest retirement savings in bitcoin, ether, and other cryptocurrencies, despite crypto’s sharp dives and warnings from regulators.… Read More »401(k) Plans Now Let Workers Put Retirement Money Into Cryptocurrency

Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a long slump in crypto markets may lie ahead. That’s the view of JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou, who said Thursday such funding is running at the equivalent of about $10 billion a year, less than a… Read More »Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

IRS Criminal Investigation Had a 90% Conviction Rate in FY 2022

IRS-CI carried out more than 2,550 criminal investigations during its most recent fiscal year, according to a report. IRS Criminal Investigation initiated more than 2,550 criminal investigations, identified more than $31 billion from tax and financial crimes, and obtained a 90.6% conviction rate on cases accepted for the prosecution during the fiscal year 2022, according… Read More »IRS Criminal Investigation Had a 90% Conviction Rate in FY 2022

Newly released IRS Data Book numbers confirm the decline in audit rates

Along with frustrating backlogs, declining audit rates have been the topic of many accountant discussions regarding how IRS budget constraints have affected taxpayers. The latest IRS statistics confirm the declining audit numbers. On May 26, 2022, the IRS released its Data Book, 2021 (Publication 55-B). The Data Book, published annually since 1863, contains statistical tables describing a… Read More »Newly released IRS Data Book numbers confirm the decline in audit rates

5 Ways to Fight Inflation’s Impact on Your Retirement Plan

As high inflation persists, so does worry among retirees and workers who are within a few years of retirement. One survey found that inflation is America’s biggest issue, and worry about it is acute among those 50 and older. Another survey found four out of five Americans in that age bracket express unease about inflation in retirement, with… Read More »5 Ways to Fight Inflation’s Impact on Your Retirement Plan

Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

KEY POINTS The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the fourth time in a row on Wednesday, marking an unprecedented pace of rate hikes. The U.S. central bank has raised the benchmark short-term borrowing rate a total of six times this year, including 75 basis point increases in June, July, and September,… Read More »Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

How AI And Machine Learning Quietly Went Mainstream

The bold, hype-laden pronouncements around AI and machine learning were hard to miss five or six years ago. Headlines about robo-accountants stealing jobs, algorithms that will cure disease, and autonomous vehicles were everywhere. Then, reality quickly caught up with the hype, and those promises eventually proved overly ambitious and many people lost the plot. Then, a plot twist. Seemingly all at… Read More »How AI And Machine Learning Quietly Went Mainstream

U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October while a measure of prices paid by businesses for inputs slid for a seventh straight month, as the Federal Reserve’s aggressive push to raise interest rates in order to quash inflation cools demand for goods. The Institute for Supply Management (ISM)… Read More »U.S. manufacturing activity slowest in nearly 2-1/2 years in October -ISM

Silicon Valley’s Share of Startup Deals Drops Below 20% for First Time

The decline comes as entrepreneurs and investors increasingly set up shop outside the tech mecca Silicon Valley accounted for less than 20% of deal-making nationally in the third quarter, marking the steady erosion of the region’s grip on startups and venture capital as companies increasingly spring up throughout the country. As recently as the mid-2000s,… Read More »Silicon Valley’s Share of Startup Deals Drops Below 20% for First Time

When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

This chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on information we have now, and using projections based on previous years- and depending on when a person files their return. I know it’s way too” early to think about it, but in case you do, here’s our… Read More »When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

The Frontier: Accountants are drowning in data

Accountants are truly living in the age of data, where sophisticated gathering techniques combine with computer-guided analytics to produce business insights for clients that translate into more revenue for the firm. It has transformed every level of the profession to the point where even sole practitioners operating from a storefront can nonetheless leverage massive amounts… Read More »The Frontier: Accountants are drowning in data

Myths about the ERC

One CPA said the employee retention tax credit is overlooked by many organizations that might be eligible to take advantage of the credit.   “This can be a complicated piece of legislation to discern whether an organization is eligible,” said David Cepek, CPA, client recovery agent at ERC Application.   Cepek will present a session in the… Read More »Myths about the ERC

Euro zone inflation hits record high of 10.7% as growth slows sharply

KEY POINTS Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month. This represents the highest-ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated… Read More »Euro zone inflation hits record high of 10.7% as growth slows sharply

Yellen Lauds GDP Report as Evidence of ‘Resilient’ Economy

Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy was resilient in the face of global challenges. A government report outlining a 2.6% annualized pace for expansion in the third quarter “clearly shows solid growth in the US, Yellen told reporters in Cleveland, where… Read More »Yellen Lauds GDP Report as Evidence of ‘Resilient’ Economy

Key inflation gauge for the Fed rose 0.5% in September, in line with expectations

KEY POINTS The core personal consumption expenditures price index in September increased 0.5% from the previous month and 5.1% from a year ago. Including food and energy, PCE inflation rose 0.3% for the month and 6.2% on a yearly basis. Personal spending rose 0.6%, more than expected amid the rise in prices. Compensation costs increased… Read More »Key inflation gauge for the Fed rose 0.5% in September, in line with expectations

FASB seeks input on proposed changes to accounting for joint ventures

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to provide investors and other allocators of capital with more “decision-useful information” in a joint venture’s separate financial statements and to reduce diversity in practice in this area of financial reporting. The proposed ASU would apply to the formation of entities that meet the… Read More »FASB seeks input on proposed changes to accounting for joint ventures

Common Retirement Questions: When Should I Begin Taking Social Security?

Retirement Daily’s Robert Powell sits down with Dana Anspach from Sensible Money to tackle the ten most common questions in retirement. In today’s episode, Anspach discusses the next most common retirement question: When should I begin taking Social Security? Anspach says that people are more open to the idea of delaying Social Security benefits now… Read More »Common Retirement Questions: When Should I Begin Taking Social Security?

63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

KEY POINTS With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report. Almost half of those earning more than $100,000 say they are just getting by. As rising prices continue to outpace wage gains, families are finding less cushion in their… Read More »63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

KEY POINTS Gross domestic product rose 2.6% in the third quarter versus the estimate of 2.3%. A narrowing trade deficit and increases in consumer spending and government outlays boosted the number. A sharp pullback in housing subtracted from the number, part of a broader decline in private investment. Consumer spending decelerated, increasing at just a… Read More »U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

The Securities and Exchange Commission on Wednesday adopted two final rule packages. The first rule, approved in a 5-0 vote, requires mutual funds and exchange-traded funds to provide investors with concise, tailored shareholder reports that highlight key information, such as fund expenses, performance, and portfolio holdings. Aimed at modernizing such shareholder reports, the final rules also… Read More »SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

SPAC Market Update

Lukewarm SPAC market’s fate is intertwined with IPOs It’s clear now that modern reverse mergers between SPACs and low-revenue, high-growth companies are faring about the same as the IPO market: not well. That’s largely due to the volatile public markets. PitchBook’s VC-backed IPO and deSPAC indexes have each posted losses of more than 45% YTD.… Read More »SPAC Market Update

Falling Medicare Costs and a Big Social Security COLA? Don’t Get Too Excited

What You Need to Know The 2023 COLA is 8.7%, and Medicare Part B premiums will fall by 3.1%. Long-term projections show Part B premiums will likely rise faster than that. Typical COLAs will probably be much smaller. The 2023 Social Security cost-of-living adjustment (COLA) announcement was welcome news for clients and advisors in the midst of… Read More »Falling Medicare Costs and a Big Social Security COLA? Don’t Get Too Excited

Americans now say they will need $1.25 million to retire comfortably, survey finds

KEY POINTS As everyday costs increase, Americans now say it will cost more to retire. Adults now say it will take $1.25 million to retire comfortably, a 20% increase from last year. The average expected retirement age has also increased to 64, up from 62.6 last year. Americans now expect they will need $1.25 million… Read More »Americans now say they will need $1.25 million to retire comfortably, survey finds

Inflation worries hurt U.S. consumer confidence; house prices decelerating

Summary Consumer confidence index falls 5.3 points to 102.5 Labor market differential drops to 32.5 from 38.1 House price gains slow further in August U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to purchase big-ticket items like… Read More »Inflation worries hurt U.S. consumer confidence; house prices decelerating

JPMorgan chief says geopolitics more concerning than a recession

JPMorgan Chase CEO Jamie Dimon said on Tuesday that he is more concerned about today’s geopolitics than a looming recession, following remarks warning that an economic downturn is likely in the next year. “There’s a lot of stuff on the horizon which is bad and could … put the United States in a recession,” Dimon said on… Read More »JPMorgan chief says geopolitics more concerning than a recession

Fed’s Bullard, and Evans, shows two paths to the same policy rate

Charles Evans and James Bullard are the U.S. Federal Reserve’s longest-serving monetary policymakers, a pair of PhD economists who’ve been at the center of central bank debates through two acute crises and often approached the job from markedly different perspectives. Where Evans, president of the Chicago Fed, calls himself a “hopeless romantic” about the longstanding… Read More »Fed’s Bullard, and Evans, shows two paths to the same policy rate

When is a Roth conversion beneficial?

This article focuses on some of the considerations that investors should assess when determining whether to convert a traditional IRA to a Roth IRA. These include not only expected future income tax rates but also the account owner’s particular tax situation in the year in question, anticipated required minimum distributions (RMDs), charitable contribution intentions, and… Read More »When is a Roth conversion beneficial?

Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

Fresh economic data pointed to a slowdown in U.S. and global growth, as higher prices and interest rates weigh on consumer demand, Europe enters a critical phase of its economic conflict with Russia, and China faces headwinds. U.S. and European business activity fell in October, according to new surveys released Monday. A sharp slowdown in services activity, the… Read More »Global Economic Growth Is Weighed Down by Inflation, Rising Interest Rates

BofA Economist: ‘I Don’t See How We Avoid a Recession’

Inflation won’t be cooling off until 2023, and there is likely going to be a recession next year, according to economic experts from Bank of America and Wells Fargo, who spoke at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting in New York on Monday. “We’ve had a recession in our forecast for… Read More »BofA Economist: ‘I Don’t See How We Avoid a Recession’

Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Hopeful economic signs compete with challenges to profits including inflation, rising rates, and a strong dollar Early results from the third-quarter earnings season haven’t provided much comfort to jittery investors. While some corporate leaders noted glimmers of hope for consumers and the economy, many have reported a host of challenges to profits, including persistent inflation, rising interest rates, and… Read More »Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Confessions of a personal finance reporter (Part Two): 3 more of my worst money mistakes

KEY POINTS I’ve made many money mistakes that I’m not proud of but that may serve as an object lesson for others looking to better manage their personal finances. I have no idea how much my less-than-ideal decisions have cost me, but I’m sure I’d have more money by now if I’d not made those… Read More »Confessions of a personal finance reporter (Part Two): 3 more of my worst money mistakes

Retirement account inflation adjustments issued for 2023

The IRS on Friday announced the 2023 inflation-adjusted dollar-amount ceilings and thresholds for a wide range of qualified retirement plans and accounts, including traditional individual retirement arrangements (IRAs) and Roth IRAs (Notice 2022-55). The notice also provides the 2023 limits on elective deferrals for plans under Sec. 401(k) and Sec. 403(b) and most plans under… Read More »Retirement account inflation adjustments issued for 2023

U.S. existing home sales slide again in September; jobless claims fall

Sales of existing U.S. homes slid for an eighth straight month in September and will likely fall further in the months ahead as the housing market continues to stand out as the economic sector absorbs the hardest hit from the Federal Reserve’s aggressive interest rate hikes. The broadly weak report from the National Association of… Read More »U.S. existing home sales slide again in September; jobless claims fall

Fed’s Harker Expects Rates to Be ‘Well Above’ 4% by Year End

Federal Reserve Bank of Philadelphia President Patrick Harker said officials are likely to raise interest rates to “well above” 4% this year and hold them at restrictive levels to combat inflation while leaving the door open to doing more if needed.  “We are going to keep raising rates for a while,” Harker said Thursday in… Read More »Fed’s Harker Expects Rates to Be ‘Well Above’ 4% by Year End

IRS criminal investigators probe COVID fraud

The Internal Revenue Service’s Criminal Investigation unit has been working with the Justice Department to uncover billions of dollars in fraud related to pandemic relief programs. The division, also known as IRS-CI, said Thursday it has conducted 840 tax and money-laundering investigations tied to COVID-19 fraud, totaling more than $3.1 billion, through Sept. 30. The… Read More »IRS criminal investigators probe COVID fraud

Sustainability and super apps top Gartner’s Top 10 2023 Trends List

Other trends including the metaverse, adaptive AI, and wireless value realization will be coming into vogue in 2023. Because financial concerns are once again top of mind for most companies today, Gartner’s Top 10 Strategic Technology Trends for 2023 are focused on the technologies that help them increase resilience, optimize operations, scale, and engineer new forms of… Read More »Sustainability and super apps top Gartner’s Top 10 2023 Trends List

Consumer spending was flat in September and below expectations as inflation takes its toll

KEY POINTS Retail and food services sales in total were little changed in September against the estimate for a 0.3% gain. Excluding autos, sales rose 0.1%, vs. the estimate for spending to be unchanged. The numbers are not adjusted for inflation, indicating that consumer spending slowed. Consumer spending was flat in September as prices moved… Read More »Consumer spending was flat in September and below expectations as inflation takes its toll

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits for 2023, and—no surprise—today’s four-decade-high inflation has translated into some big hikes. Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers. For a married couple filing a joint tax return, that… Read More »IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

Forecast for U.S. recession within year hits 100%

A U.S. recession is effectively certain in the next 12 months in new Bloomberg Economics model projections, a blow to President Joe Biden’s economic messaging ahead of the November midterms. The latest recession probability models by Bloomberg economists Anna Wong and Eliza Winger forecast a higher recession probability across all timeframes, with the 12-month estimate… Read More »Forecast for U.S. recession within year hits 100%

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements to have sufficient emergency savings, experts say. A majority of… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Economists Now Expect a Recession, Job Losses by Next Year

The US will enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently high inflation, the economy contracts, and employers cut jobs in response, according to The Wall Street Journal’s latest survey of economists. On average, economists put the probability of a recession in the next 12 months… Read More »Economists Now Expect a Recession, Job Losses by Next Year

The global economy is in chaos. Nobody’s coming to the rescue.

The global turmoil provides the latest test of U.S. influence over international affairs after the Biden administration sought to re-engage with the world in the post-Trump era. America is driving the West’s response to the war in Ukraine. But U.S. officials are struggling to project a global response to a worldwide economic slowdown. A sense… Read More »The global economy is in chaos. Nobody’s coming to the rescue.

After two years of shipping snarls, things are starting to turn around

KEY POINTS After two years of port congestions and container shortages, disruptions are now easing as Chinese exports slow in light of waning demand from Western economies and softer global economic conditions, logistics data shows. “The retailers and the bigger buyers or shippers are more cautious about the outlook on demand and are ordering less,”… Read More »After two years of shipping snarls, things are starting to turn around

You Can Apply Now for Biden’s Student Loan Debt Forgiveness

The Biden administration officially launched the 2022 student loan debt forgiveness application and millions have already applied for relief. President Biden on Monday announced the official launch of the online student loan debt relief application after millions of borrowers applied for Biden’s student loan forgiveness through a beta version of the site that was released… Read More »You Can Apply Now for Biden’s Student Loan Debt Forgiveness

Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Americans nearing retirement know the advice all too well: When it comes to Social Security, good things come to those who wait. And those who can’t wait? Their benefits get slashed. Those reduced benefits can add up. If you take Social Security before full retirement age, you should expect a 30% reduction in monthly benefits,… Read More »Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Fed’s Bullard says boost to dollar from interest rate hikes may ease

The Federal Reserve’s rapid interest rate increases have contributed to the strength of the dollar against other currencies, but that may ease once the U.S. central bank reaches the point of pausing the hikes, St. Louis Fed President James Bullard said on Saturday. Fed policy “has produced a stronger currency,” Bullard said at a monetary… Read More »Fed’s Bullard says boost to dollar from interest rate hikes may ease

The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

‘Retirement risks faced by workers are greater than ever before’ Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s unexpected events get in the way of such goals. According… Read More »The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements to have sufficient emergency savings, experts say. A majority of… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Worsening inflation will pressure Fed to keep raising rates

Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively. Consumer prices, excluding volatile food and energy costs, jumped 6.6% in September from a year ago — the fastest such… Read More »Worsening inflation will pressure Fed to keep raising rates

JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%

JPMorgan Chase & Co (JPM.N) Chief Executive Officer Jamie Dimon on Thursday warned that persistent and elevated inflation could spur interest rates to rise higher than 4.5%, as he cautioned about the possibility of a looming recession. Consumers are in strong financial health, and are still spending robustly, he told attendees at the Institute of International Finance… Read More »JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%

Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

KEY POINTS Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced. The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades. Amid record-high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the… Read More »Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

KEY POINTS JPMorgan Chase CEO Jamie Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely to be in better shape compared to the 2008 global financial crisis when the world tips into recession. “But you can’t talk about the economy without talking about stuff in the future — and this… Read More »‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the brakes on dealmaking. Four of the nation’s largest lenders – JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N), and Morgan Stanley (MS.N) – will report third-quarter earnings on Friday of next week. The results are expected… Read More »PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

Two Fed Officials Make Case for Caution With Future Interest Rate Raises

Two Federal Reserve officials began laying out a case for exercising caution in raising interest rates after policymakers last month telegraphed plans to continue lifting rates at their fastest pace in decades to reduce inflation that has reached 40-year highs. Fed Vice Chairwoman Lael Brainard noted how previous rate increases, together with anticipated further rate increases,… Read More »Two Fed Officials Make Case for Caution With Future Interest Rate Raises

S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report

U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out later in the week that will give the Federal Reserve updated information on the state of the U.S. economy. The S&P 500 slipped 0.65% to close at 3,588.84 after rebounding from a multiyear low earlier… Read More »S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report

Bridgewater’s Dalio warns of a ‘perfect storm’ for economy

Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world’s biggest hedge funds, said a “perfect storm” is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Dalio, who handed over control of the $150 billion firm to a new generation of investors this month, said… Read More »Bridgewater’s Dalio warns of a ‘perfect storm’ for economy

Dallas Fed says inflation surge badly eroding many American’s wage gains

Americans’ wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank’s super-charged campaign to lower price pressures. “Despite the stronger wage growth due to the tightness of the labor market, a majority of… Read More »Dallas Fed says inflation surge badly eroding many American’s wage gains

FASB proposes improvements to segment reporting

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to improve disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. FASB Chair Richard R. Jones said the proposed ASU, Segment Reporting (Topic 280): Improvements to… Read More »FASB proposes improvements to segment reporting

Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

With new laws from Colorado to Rhode Island, employers are under growing pressure to publicly share how much a job pays. Last week, California became the largest state to join the push for salary transparency when Gov. Gavin Newsom signed the measure, which takes effect next year. Though it was not the first to require employers to post pay ranges for open… Read More »Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

People Still Quit Jobs, but More Office Workers Are Staying Put

American workers quit 4.2 million jobs in August, but one type of employee appears to be getting cold feet about switching employers or quitting to take a career timeout: office workers. People with jobs classified as professional and business services, including those who work in occupations such as accounting, engineering, office administration, legal services, and… Read More »People Still Quit Jobs, but More Office Workers Are Staying Put

Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

KEY POINTS Nonfarm payrolls increased by 263,000 for the month, short of the Dow Jones estimate of 275,000. The unemployment rate was 3.5%, down 0.2 percentage points as the labor force participation rate edged lower. Average hourly earnings rose 5% from a year ago, slightly below the estimate. Leisure and hospitality, health care, and business… Read More »Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

WTO predicts trade growth to slow next year amid crises

The World Trade Organization is predicting global trade volumes will grow a lackluster 1% next year as crises and challenges weigh on markets, including high energy prices, rising interest rates, and uncertainties about Chinese manufacturing output amid the lingering COVID-19 pandemic. The Geneva-based trade body said Wednesday that the amount of goods shipped between countries is expected to… Read More »WTO predicts trade growth to slow next year amid crises

OPEC+ was rebuked by the U.S. after cutting output to keep prices high

OPEC+ agreed to make a large production cut to keep oil prices high, drawing an immediate rebuke from the U.S.  The move was defended by ministers from the producer’s group as necessary to protect the oil industry and their own economies from the risk of a global slowdown. The White House slammed the decision and… Read More »OPEC+ was rebuked by the U.S. after cutting output to keep prices high

Fed’s Bostic Favors Raising Rates as High as 4.5% by Year-End

Federal Reserve Bank of Atlanta President Raphael Bostic said he favors lifting interest rates to between 4% and 4.5% by the end of this year and then keeping the tightening in place to reduce inflation that remains near a four-decade high. “I would like to reach a point where policy is moderately restrictive –between 4… Read More »Fed’s Bostic Favors Raising Rates as High as 4.5% by Year-End

CEOs are preparing for a recession, and they don’t think it will be short

Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation. According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping 91% are predicting a recession in the next 12 months. What’s more,… Read More »CEOs are preparing for a recession, and they don’t think it will be short

‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Governments around the world are determined to bring down inflation whatever the cost, but a growing chorus of voices is pointing out that aggressive monetary policies could have some serious and long-lasting consequences on the world economy. Central banks in the U.S., Europe and the U.K. have pursued relentless monetary tightening policies this year to reduce domestic inflation, but transnational institutions including… Read More »‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Nearly 50% of CEOs Looking at Job Cuts, and 39% have Frozen Hiring: KPMG Survey

The KPMG 2022 CEO Outlook asked more than 1,300 CEOs of the world’s largest businesses about their strategies and outlook. The survey included leaders from eleven key markets Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, the UK, and the US. A report by KPMG has shown that 39 percent of CEOs have already… Read More »Nearly 50% of CEOs Looking at Job Cuts, and 39% have Frozen Hiring: KPMG Survey

Hurricane Ian Victims Granted Tax Extensions

Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments. Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced. The IRS… Read More »Hurricane Ian Victims Granted Tax Extensions

Global shipping costs are plunging as the world economy slows

THE COST OF shipping containers is in retreat around the world, as the shortages and bottlenecks that plagued maritime trade throughout much of the pandemic subside rapidly (see chart). The drop could help to reduce stubbornly high inflation and offer a signal of slowing demand in the global economy. The Drewry World Container Index, which measures the price of a… Read More »Global shipping costs are plunging as the world economy slows

US economy drops at a 0.6% annual rate from April through June

Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession. Most economists, citing a strong and… Read More »US economy drops at a 0.6% annual rate from April through June

New U.S. National Security Rule Requires Firms to Disclose Key Owners

Millions of companies in the U.S. will have to report primary ownership, in an effort to close anti-money-laundering loopholes Millions of companies in the U.S. will have to disclose their ownership to the federal government under a new anti-money-laundering rule issued by the Biden administration on Thursday. The Treasury Department’s action is aimed at closing… Read More »New U.S. National Security Rule Requires Firms to Disclose Key Owners

Tax Collections Are Up 23% As Inflation, Wages, And Profits Rise

Tax collections this year in the U.S. are up 23% compared to last year, according to a new study by the Tax Foundation citing Congressional Budget Office data. Inflation seems to be everywhere. The Tax Foundation’s report on surging IRS collections might make you scratch your head and wonder what could happen with even more resources devoted… Read More »Tax Collections Are Up 23% As Inflation, Wages, And Profits Rise

CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

Financial decision-makers lowered their expectations for real growth in gross domestic product during the third quarter amid concerns over inflation and trouble finding skilled labor, according to the results of The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. At the same time,… Read More »CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

Fed’s Kashkari Says Rate-Hike Pace ‘Appropriate’ to Cool Prices

Minneapolis Fed chief says need to hike until inflation falls Get to policy that restraining economy and then be ‘patient’ Federal Reserve Bank of Minneapolis President Neel Kashkari said the US central bank is committed to restoring price stability and its current pace of interest-rate increases is appropriate. “We are moving very aggressively,” he said… Read More »Fed’s Kashkari Says Rate-Hike Pace ‘Appropriate’ to Cool Prices

Supply Chain Pressures Keep Inventories High in Q2

Inconsistent lead times and shipping delays force companies to maintain inventory buffers. Efficient handling of working capital frees up cash that can be used to replace the forms of capital getting more expensive as interest rates climb. The Hackett Group’s Working Capital Survey, updated for the second quarter of 2022, showed the 1,000 companies studied… Read More »Supply Chain Pressures Keep Inventories High in Q2

Crypto M&A Slows As Its Own Type Of Winter Sets In

The special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel away from home will be slightly higher starting Oct. 1, the IRS provided Monday in Notice 2022-44. Generally, in lieu of actual lodging, meal, and incidental expenses incurred, a payer may consider substantiated for federal tax purposes an employee’s… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In

ESG funds are ‘definitely at a crossroads’: EY executive

When the United Nations (UN) first laid out principles for environmental, social, and corporate governance (ESG) investing in 2006, then-Secretary General Kofi Annan hailed the considerations as critical to underpinning “responsible investing” in the financial markets. Amid growing scrutiny from conservative lawmakers and accusations of greenwashing at some of the world’s largest funds, these so-called green funds stand at… Read More »ESG funds are ‘definitely at a crossroads’: EY executive

Analysis: A crowd of dollar bulls raises the risk of a violent pullback

Some investors are growing concerned the dollar’s meteoric rise is setting the stage for a rapid reversal, which would bruise those who have sought refuge in the U.S. currency in recent months. Soaring U.S. interest rates, a comparatively strong American economy, and demand for a haven from wild gyrations in asset prices have lured investors… Read More »Analysis: A crowd of dollar bulls raises the risk of a violent pullback

The new minimum tax could hit Berkshire Hathaway and Amazon hardest, a study shows

KEY POINTS The UNC Tax Center used 2021 financials to predict the effect of the Inflation Reduction Act’s minimum corporate tax. The 15% minimum tax would impact around 78 companies, with Berkshire Hathaway and Amazon paying the most. President Joe Biden signed the tax into law, along with the rest of the Inflation Reduction Act,… Read More »The new minimum tax could hit Berkshire Hathaway and Amazon hardest, a study shows

The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

From the best of times to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. Investors faced with high inflation and rising interest rates have ditched high-flying growth stocks and turned to safer, more profitable alternatives. The decline has been striking given the record level of proceeds… Read More »The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

Crypto M&A Slows As Its Own Type Of Winter Sets In

After a fast start to the year, M&A deal-making in crypto has hit its own type of “winter.” Earlier this month, one-click checkout company Bolt dropped plans to buy crypto and payment infrastructure company, Wyre, for $1.5 billion. The news came just more than three weeks after digital asset investment firm Galaxy Digital called off its proposed $1.2 billion acquisition of Palo… Read More »Crypto M&A Slows As Its Own Type Of Winter Sets In

The Independent Contractor Dilemma

Gig economy companies classifying their workers as independent contractors continue to face lawsuits, state action, and federal agency enforcement For much of the last decade, a legal and regulatory storm at the state and federal levels has surrounded the classification of workers as “independent contractors” or “employees.” The dramatic growth of the gig economy, especially… Read More »The Independent Contractor Dilemma

85% of Companies Still Actively Hiring Despite Recession Fears: Weekly Stat

Less than one-third of HR professionals are preparing for an economic slowdown, according to a new study. While CFOs are tightening budgets in preparation for a likely economic downturn, their counterparts in human resources are still focused on putting the best quality employees in an ideal work environment, according to a recent survey from Challenger, Gray &… Read More »85% of Companies Still Actively Hiring Despite Recession Fears: Weekly Stat

Fed Signals No Letup in Inflation-Fighting Rate Increases

While Fed officials predict rates going higher than had been expected, we still see rates coming down by the end of 2023. Even as the Federal Reserve notched another aggressive interest-rate increase Wednesday, officials are once again letting investors, businesses, and consumers know there will be more where that came from in the months ahead.… Read More »Fed Signals No Letup in Inflation-Fighting Rate Increases

Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

KEY POINTS The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation. Everything from mortgages and credit cards to student and car loans will be impacted by another major rate hike. Here’s what it could mean for your monthly expenses. The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the third… Read More »Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

Who Actually Qualifies for the Employee Retention Credit?

Even companies that have claimed the ERC may want to review their documentation of qualification for the credit. The Employee Retention Credit (ERC) started out as something of a secret. Originally part of the CARES Act, the ERC was limited in 2020 and only available to organizations that did not receive Paycheck Protection Program (PPP)… Read More »Who Actually Qualifies for the Employee Retention Credit?

Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points and signaled additional large increases were likely even though they are raising the risk of recession. Fed officials voted unanimously to lift their benchmark federal-funds rate to a range between 3% and 3.25%, a level last seen in early 2008. Nearly all of them expect to… Read More »Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.25% from 6.01%. Applications to refinance a home loan, which are usually very sensitive to big rate swings, actually rose 10% for the week, although they were still 83% lower than the same week one… Read More »Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

U.S. Retirees Aren’t Waiting Till Age 70 to Collect Social Security

There’s big money in waiting to collect Social Security, but most U.S. seniors leave that cash on the table. The U.S. government is not hiding the fact that the longer you wait to collect Social Security, the more money you collect. In fact, the concept is fairly straightforward. Here’s the deal, straight from the U.S. Social… Read More »U.S. Retirees Aren’t Waiting Till Age 70 to Collect Social Security

Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job. Don’t miss Mitt Romney says a billionaire tax will trigger demand for these two physical assets — get in now before the… Read More »Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

Delta, JetBlue: Corp. Travel Ramping Up, No Cracks in Demand

Delta Air Lines and JetBlue Airways each have seen business travel ramp up again in September, with no discernible “cracks” in total demand, according to executives from each carrier, who spoke last week at a Morgan Stanley conference.  “I think everybody is looking for cracks, and what I’d say is that we haven’t seen any… Read More »Delta, JetBlue: Corp. Travel Ramping Up, No Cracks in Demand

Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Stocks fell and government bond yields rose to multiyear highs Tuesday ahead of the next decision by the Fed’s rate-setting committee  Stocks fell Tuesday ahead of the Federal Reserve’s next policy decision as investors grappled with the impact of rising rates on corporate earnings and valuations. The central bank is expected to sharply raise interest rates again… Read More »Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

Higher rates and shrinking margins are among key concerns Goldman likes companies with the highest returns on capital After a hotter-than-expected inflation print and FedEx Corp.’s shocking profit warning, top Wall Street strategists see mounting risks for US earnings and equity valuations. Both Morgan Stanley’s Michael J. Wilson and Goldman Sachs Group Inc.’s David J. Kostin said headwinds… Read More »Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

Federal Reserve under pressure to back up hawkishness with rate projections

US central bank to publish first ‘dot plot’ since June after months of persistently high inflation Federal Reserve officials are under pressure to prove they are serious about stamping out elevated inflation by backing up their hawkish rhetoric with a new set of interest rate projections set to be published this week. Following its two-day… Read More »Federal Reserve under pressure to back up hawkishness with rate projections

Central banks set to hit peak rates at a faster pace

Markets are increasingly betting on policymakers raising borrowing costs higher and faster Investors are pricing in a sharper surge in interest rates over the coming months after the world’s major central banks strengthened their resolve to tackle soaring prices, signaling they would prioritize inflation over growth. A Financial Times analysis of interest rate derivatives, tracking… Read More »Central banks set to hit peak rates at a faster pace

10-year Treasury yield jumps to 3.51%, the highest level since 2011

Treasury yields climbed on Monday as traders anticipated the Federal Reserve’s next moves in the face of persistently high inflation. The benchmark 10-year Treasury yield gained 6 basis points to 3.518%, hitting its highest level since April 2011, and was last up 4 basis points to 3.49%. The yield on the 2-year Treasury bond rose 9 basis points to… Read More »10-year Treasury yield jumps to 3.51%, the highest level since 2011

US wholesale inflation declined in August to still-high 8.7%

Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. Wednesday’s report from the Labor Department also showed that on a month-to-month basis, the producer price index — which measures inflation before… Read More »US wholesale inflation declined in August to still-high 8.7%

IRS’s extra enforcement funding brings audit worries

Taxpayers are concerned the extra $80 billion will lead to more tax audits The additional $80 billion in funding over the next decade for the Internal Revenue Service from the Inflation Reduction Act is supposed to go toward improving taxpayer service, modernizing the IRS’s outdated technology, increasing enforcement efforts, and hiring more staff to process… Read More »IRS’s extra enforcement funding brings audit worries

US 2- to 30-Year Curve Reaches Most Inverted Level This Century

The premium of the two-year Treasury yield over the comparable 30-year benchmark increased to a level unseen this century after short-end rates extended their climb in the wake of this week’s hotter-than-anticipated US consumer-price inflation data. The two-year yield was as much as 35 basis points above the 30-year rate on Thursday, sending the inversion… Read More »US 2- to 30-Year Curve Reaches Most Inverted Level This Century

There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

KEY POINTS The Social Security cost-of-living adjustment for 2023 could be 8.7%, according to a new estimate from The Senior Citizens League. An increase that high would be the biggest cost-of-living adjustment in four decades, surpassing this year’s 5.9% cost-of-living adjustment. There is still one more month before the official adjustment is announced. Here are… Read More »There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

IRS delays in processing NOL refund claims cost taxpayers millions in interest

The Internal Revenue Service’s backlog is having an impact in many areas, including the handling of noncorporate applications for refund claims on net operating losses. The Internal Revenue Service’s continuing backlog is having an impact in many areas, including the processing of noncorporate applications for refund claims on net operating losses by pass-through businesses, leading… Read More »IRS delays in processing NOL refund claims cost taxpayers millions in interest

Stubbornly high rents and food prices boost U.S. inflation in August

Summary The consumer price index rises 0.1% in August Rents, food, and healthcare account for the increase in CPI Core CPI surges 0.6%; increases 6.3% year-on-year U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis… Read More »Stubbornly high rents and food prices boost U.S. inflation in August

Fed set for another 75-basis-point rate hike; early pivot unlikely: Reuters poll

The Federal Reserve will deliver another 75-basis-point interest rate hike next week and likely hold its policy rate steady for an extended period once it eventually peaks, according to a Reuters poll of economists released on Tuesday. Policymakers have done little to push back on market pricing for a third consecutive rate hike of three-quarters… Read More »Fed set for another 75-basis-point rate hike; early pivot unlikely: Reuters poll

Finance Chiefs Struggle to Set Guidance as Economy Flashes Mixed Signals

Finance chiefs are finding it harder to peg yearly guidance as they struggle for visibility on the direction of the economy, leading them to broaden their annual revenue ranges and revise spending plans more frequently. Finance chiefs, through their annual guidance, offer clues on the health of the business. But given the mixed signals in the… Read More »Finance Chiefs Struggle to Set Guidance as Economy Flashes Mixed Signals

Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

The Employee Retention Credit (ERC) remains one of the best tax benefits out there for small and medium businesses – as well as tax-exempt entities – to keep doors open and employees on payroll during this difficult economy. As I’ve previously written in detail, the ERC provides eligible employers up to $7,000 per employee per quarter in… Read More »Congress And IRS Need To Focus On Those Backlogged Employee Retention Credit Claims

U.S. SEC to set up a new office for crypto filings

The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the life sciences sector, the agency said on Friday. The “Office of Crypto Assets” and the “Office of Industrial Applications and Services” will join seven existing offices under the Securities and Exchange Commission (SEC) department which… Read More »U.S. SEC to set up a new office for crypto filings

Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

When it comes to retirement, you can’t save enough money — until you do. Saving for a post-work world is now a near-universal ideal: The 50-something workers who fret over their nest eggs have been joined by younger workers, who during the pandemic tasted new working arrangements and the promise of life outside the office.… Read More »Is it possible to save too much for retirement? Here are the top 3 signs you’re going way overboard

Slower Inflation Unlikely to Sway Fed From Another Jumbo Hike

US inflation likely slowed for a second month in August as gas prices continued to drop, but that probably won’t be enough to stop the Federal Reserve from delivering another jumbo rate hike later this month. Tuesday’s consumer price index, landing during the central bank’s pre-meeting quiet period, is the last major report they’ll receive… Read More »Slower Inflation Unlikely to Sway Fed From Another Jumbo Hike

Converting an S Corp to a C Corp

Whatever structure your clients launched with, at some point, for various reasons, changing structures may become a valid consideration. Many factors determine what kind of business structure your clients choose when starting their businesses. But whatever structure your clients launched with, at some point, for various reasons, changing structures may become a valid consideration. Although… Read More »Converting an S Corp to a C Corp

The U.S. is on track for a soft landing, Goldman Sachs chief economist says

It’s too soon to declare victory, but Federal Reserve Chair Jerome Powell is on track to navigate the U.S. economy to a soft landing. That’s the view of Jan Hatzius, the chief economist of Goldman Sachs, in a new note to clients. “Since the FOMC started hiking the fund’s rate early this year, we have… Read More »The U.S. is on track for a soft landing, Goldman Sachs chief economist says

Fed’s Brainard: Rates to rise higher, stay elevated longer

The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday. In her remarks to a banking industry conference, Fed Vice Chair Lael Brainard echoed similarly tough comments about inflation delivered by Chair Jerome… Read More »Fed’s Brainard: Rates to rise higher, stay elevated longer

IRS continued to delay business tax refunds from pandemic

The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to receive. The Internal Revenue Service has been slow in processing employer tax credits and tax refunds that businesses were supposed to receive to cope with the pandemic, according to a new report. The report, released Tuesday… Read More »IRS continued to delay business tax refunds from pandemic

Mortgage demand drops further as interest rates shoot back to June high

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week from 5.80% the previous week, according to the Mortgage Bankers Association. Mortgage applications to refinance a home loan fell another 1% for the week and were 83% lower than the same week one year ago.… Read More »Mortgage demand drops further as interest rates shoot back to June high

Gallup Poll: ‘Quiet Quitters’ Make Up Half of the U.S. Workforce

Gen Z and younger millennials under 35 are one cohort that has seen a large drop in employee engagement. About half of U.S. workers could be described as “quiet quitters,” according to new research by survey firm Gallup, meaning they fulfill their job description but are psychologically detached from their work. According to Gallup’s survey… Read More »Gallup Poll: ‘Quiet Quitters’ Make Up Half of the U.S. Workforce

OPEC+ agrees to make a token supply cut to steady the oil market

OPEC+ agreed to make a token oil supply cut for October, a surprise moves that shows the alliance is seeking to stabilize global markets after a faltering economic backdrop triggered the longest price rout in two years. The group will reduce production by 100,000 barrels a day next month, taking output back to August levels.… Read More »OPEC+ agrees to make a token supply cut to steady the oil market

U.S. Dollar Strength Lifts Americans’ Relative Spending Power

Inflation is high, but U.S. consumers’ relative purchasing power has never been higher. An index that considers inflation when measuring the dollar’s strength relative to currencies of major U.S. trading partners in July topped its previous peak in 2002, showing how the dollar’s surge has helped mitigate rising domestic prices. The Real Effective Exchange Rate… Read More »U.S. Dollar Strength Lifts Americans’ Relative Spending Power

Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

KEY POINTS If you’re feeling unsteady amid stock market volatility, high inflation, and rising interest rates, you may wonder how much cash you really need to have handy. Experts may suggest three months, six months, or one year of expenses, depending on your situation. If you’re feeling unsteady amid stock market volatility, high inflation, and… Read More »Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors

Payrolls rose 315,000 in August as companies keep hiring

KEY POINTS Nonfarm payrolls rose by 315,000 jobs in August, just below the Dow Jones estimate of 318,000. The unemployment rate climbed to 3.7%, two-tenths of a percentage point higher than expectations. Wages also rose, with average hourly earnings up 5.2% from a year ago, slightly lower than the estimate. The biggest sector gainers were… Read More »Payrolls rose 315,000 in August as companies keep hiring

Jobless claims tumble to a nine-week low of 232,000. U.S. layoffs are still historically low.

The number of people who applied for unemployment benefits at the end of August fell to a nine-week low of 232,000, showing no sign that the slowing U.S… The numbers: The number of people who applied for unemployment benefits at the end of August fell to a nine-week low of 232,000, showing no sign that a… Read More »Jobless claims tumble to a nine-week low of 232,000. U.S. layoffs are still historically low.

A deeper dive into the Inflation Reduction Act’s tax provisions

The budget reconciliation bill, P.L. 117-169, known as the Inflation Reduction Act, was signed into law on Aug. 16. It includes numerous tax provisions, including new corporate taxes. It also contains numerous clean-energy-related tax incentives and money for IRS enforcement and other initiatives. Earlier budget reconciliation bill proposals were known as the Build Back Better… Read More »A deeper dive into the Inflation Reduction Act’s tax provisions

Euro zone inflation hits another record of 9.1% as food and energy prices soar

KEY POINTS Euro zone inflation hit a new record high in August at 9.1%. The rate was above expectations, with a Reuters poll of economists anticipating a rate of 9%. Euro zone inflation hit a new record high in August of 9.1%, according to flash figures from Europe’s statistics office Eurostat, with high energy prices… Read More »Euro zone inflation hits another record of 9.1% as food and energy prices soar

Job openings top 11.2 million in July, well above estimate and nearly double the available workers

There were nearly 1 million more job openings than expected in July, an inflationary sign that the U.S. labor market is still extremely tight, the Bureau of Labor Statistics reported Tuesday. Available positions totaled 11.24 million for the month, well in excess of the 10.3 million FactSet estimate, according to the Job Openings and Labor Turnover… Read More »Job openings top 11.2 million in July, well above estimate and nearly double the available workers

Fed’s instant payment service ‘FedNow’ is set to launch by July 2023

The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank’s clearest timeline yet for a new system enabling the settlement of U.S. payments in seconds. The FedNow service also potentially negates the need for the creation of a central bank digital currency, or… Read More »Fed’s instant payment service ‘FedNow’ is set to launch by July 2023

Federal Reserve says a real-time payment system could begin as early as May 2023

The FedNow system is supposed to be a cheaper option than wire transfers or debit card transaction fees. A Federal Reserve official said the agency’s new real-time payments system FedNow is slated to launch as early as May 2023. FedNow has been in development for around a decade and is supposed to allow banks to send payments… Read More »Federal Reserve says a real-time payment system could begin as early as May 2023

US stocks tumble more than 3% after Powell stands firm on rate rises

Federal Reserve chair says central bank ‘must keep at it until the job is done on inflation US stocks tumbled after Federal Reserve chair Jay Powell emphasized his resolve to hoist interest rates to curb inflation in a hawkish address on Friday at the annual Jackson Hole central banking summit. Wall Street’s S&P 500 index… Read More »US stocks tumble more than 3% after Powell stands firm on rate rises

Inflation Eased in July, According to the Fed’s Preferred Measure

The pace of consumer price gains slowed, though it stayed near a four-decade high Inflation decelerated in July, measured by the Federal Reserve’s preferred gauge, though it remained close to its fastest pace since 1982. Consumer prices rose 6.3% in July from a year earlier, down from 6.8% in June, as measured by the Commerce… Read More »Inflation Eased in July, According to the Fed’s Preferred Measure

Key US Growth Measures Diverge, Complicating Recession Debate

Second quarter GDP contracted 0.6%, better than the prior estimate Gross domestic income rose at a 1.4% pace, and spending revised up The government’s main measures of US growth pointed in different directions in the first half of 2022, adding to the ongoing debate on the health of the economy. Inflation-adjusted gross domestic product, or… Read More »Key US Growth Measures Diverge, Complicating Recession Debate

US Corporate Profits Soar, Taking Margins to Widest Since 1950

A measure of US profit margins has reached its widest since 1950, suggesting that the prices charged by businesses are outpacing their increased costs for production and labor. After-tax profits as a share of gross value added for non-financial corporations, a measure of aggregate profit margins, improved in the second quarter to 15.5% — the… Read More »US Corporate Profits Soar, Taking Margins to Widest Since 1950

SEC adopts ‘pay versus performance’ disclosure rules

The SEC on Thursday adopted amendments that require specific disclosures about the relationship between a public company’s executive compensation and its financial performance. Registrants must begin to comply in proxy and information statements that are required to include Item 402 executive compensation disclosure for fiscal years ending on or after Dec. 16, 2022. The “pay versus performance”… Read More »SEC adopts ‘pay versus performance’ disclosure rules

Here’s what President Biden’s student loan forgiveness means for your taxes

KEY POINTS Borrowers who will benefit from student loan forgiveness won’t need to worry about getting hit with a federal tax bill. But they may owe state taxes on the forgiven debt. Here’s what you need to know. If you’re poised to benefit from President Joe Biden’s up to $20,000 in student loan forgiveness, you may… Read More »Here’s what President Biden’s student loan forgiveness means for your taxes

Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

Pass-through effects have increased during the pandemic Imported input prices have a larger effect on US inflation US consumer inflation, which is running near the fastest pace in 40 years, has been increasingly affected by higher wages and import prices, according to a new study from the Federal Reserve Bank of New York. “We find that the… Read More »Inflation Gets a Boost From Higher Wages and Import Prices, New York Fed Study Says

US Business Activity Contracts Again, Weakest Since May 2020

US business activity contracted for a second straight month in August, reflecting softer demand at both manufacturers and service providers and adding to concerns about the health of the overall economy. The S&P Global flash composite purchasing managers output index slid 2.7 points to 45, the weakest reading since May 2020, the group reported Tuesday.… Read More »US Business Activity Contracts Again, Weakest Since May 2020

Which Vehicles Qualify for New $7,500 Electric Vehicle Tax Credit?

The Inflation Reduction Act only offers tax credits on electric vehicles assembled in North America. Those looking to purchase an electric vehicle could be eligible for a $7,500 tax credit from the federal government, but because of language in the recently signed Inflation Reduction Act, only certain vehicles qualify. The new law hopes to encourage electric… Read More »Which Vehicles Qualify for New $7,500 Electric Vehicle Tax Credit?

We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

KEY POINTS Sales of existing homes were down last month by 20.2% to 4.8 million properties from 6 million a year earlier. However, the median price last month was $403,800, up 10.8% from July 2021, and homes are still selling quickly. There are implications for buyers and sellers, who may already be seeing shifts in… Read More »We’re in a ‘housing recession,’ experts say. Here’s what that means for homeowners, sellers, and buyers

IPO Market Faces Worst Year in Two Decades. ‘Really Hard Pill to Swallow.’

Inflation, rising interest rates, and Russia’s invasion of Ukraine sent shock waves through the stock market, putting a freeze on the IPO pipeline The IPO market is on pace for its worst year in decades, leaving fledgling companies with few options but to burn through cash while they wait for the stock market to calm.… Read More »IPO Market Faces Worst Year in Two Decades. ‘Really Hard Pill to Swallow.’

Fewer Americans are switching to new jobs, NY Fed survey shows

Workers are less satisfied with their wages as inflation erodes buying power The number of Americans quitting their jobs for a different one declined in July, according to a Federal Reserve Bank of New York survey published Monday, a sign the so-called Great Resignation is slowing down.  The rate of transitioning to a different employer… Read More »Fewer Americans are switching to new jobs, NY Fed survey shows

Inflation is through the roof: How the Consumer Price Index measures the cost of living

As the prices of many goods and services continue to skyrocket, there’s been a ton of media coverage on the subject of inflation. In July, the year-over-year inflation rate was a whopping 8.5%, as measured by the Consumer Price Index, or CPI. Most news coverage references CPI as the main indicator of how bad inflation is… Read More »Inflation is through the roof: How the Consumer Price Index measures the cost of living

Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

Federal Reserve Chairman Jerome Powell will use his closely-watched Jackson Hole speech this week to stress that the central bank is going to bring down the high U.S. inflation rate even if it means a recession, economists said. “The core message will be the Fed’s dogged determination to bring inflation down even though they know… Read More »Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation

RSM U.S. Supply Chain Index: Back to normal for the first time since the pandemic hit

The U.S. Supply Chain Index in July was back above neutral for the first time in nearly three years on the back of the continuing strong rebounds in inventories and capacity utilization. With most of the COVID-19 concerns behind us and the renormalization of supply-chain linkages around the world, we should expect substantial relief coming… Read More »RSM U.S. Supply Chain Index: Back to normal for the first time since the pandemic hit

The U.S. may fall into recession by early 2023: Conference Board

Dive Brief: The U.S. economy probably will not grow this quarter and, after more weakening, may fall into a brief recession by early next year, the Conference Board said Thursday, citing its Leading Economic Index (LEI). “Consumer pessimism and equity market volatility — as well as slowing labor markets, housing construction, and manufacturing new orders — suggest… Read More »The U.S. may fall into recession by early 2023: Conference Board

Fed planned more tightening while noting the risk of going too far

Dive Brief: Federal Reserve officials last month affirmed their goal of curbing inflation to 2% and favored further increases in borrowing costs while noting the risks of overdoing their most aggressive withdrawal of stimulus since the 1980s. Fed officials “continued to anticipate that ongoing increases in the target range for the federal funds rate would… Read More »Fed planned more tightening while noting the risk of going too far

Inflation Reduction Act potentially doubles R&D tax credit

The Inflation Reduction Act that President Biden signed into law this week has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount they can claim on the research and development tax credit from $250,000 to $500,000 per year against payroll taxes. Under current law, small businesses that… Read More »Inflation Reduction Act potentially doubles R&D tax credit

Layoffs Are Planned at Half of US Companies, PwC Survey Shows

If your organization isn’t letting people go, the one next door probably is. That’s a key finding from a survey released Thursday by consultant PwC, which last month polled more than 700 US executives and board members across a range of industries. Half of the respondents said they’re reducing headcount or plan to, and 52%… Read More »Layoffs Are Planned at Half of US Companies, PwC Survey Shows

Stock Market Plunge Punished 401(k) Millionaires

Data from Fidelity found the number of seven-figure retirement accounts down sharply after stocks cratered in the first half of 2022. The number of people with at least $1 million in their Fidelity 401(k) accounts plunged 29% in the second quarter to 294,000, data from the company shows. The S&P 500 posted its lowest closing price so far this year on… Read More »Stock Market Plunge Punished 401(k) Millionaires

Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

Federal Reserve officials at their July meeting indicated they likely would not consider pulling back on interest rate hikes until inflation came down substantially, according to minutes from the session released Wednesday. During a meeting in which the central bank approved a 0.75 percentage point rate hike, policymakers expressed resolve to bring down inflation that is running… Read More »Fed sees interest rate hikes continuing until inflation eases substantially, minutes show

IRS pledges not to use the extra funding to audit lower-income taxpayers

Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn less than $400,000. The Inflation Reduction Act, which President Biden signed into law Tuesday, allocates $79.6 billion to the IRS… Read More »IRS pledges not to use the extra funding to audit lower-income taxpayers

People aren’t cutting back on tips even as inflation surges

KEY POINTS Tips for wait staff and cashiers haven’t taken a hit despite inflation, according to new data. Aggregated sales data from Toast showed people tipped an average of 19.6% at full-service eateries and 16.9% at quick-service restaurants during the second quarter. The cost of food away from home rose 7.6% over the 12 months… Read More »People aren’t cutting back on tips even as inflation surges

Retail sales little changed in July amid a fall in gas prices and a drop in auto sales

KEY POINTS Retail sales for July were flat, compared with the estimate for a 0.1% gain. Excluding autos, sales increased 0.4% against expectations for no gain. Falling fuel prices held back receipts at gas stations, while consumers took those savings and spent them at other retailers. Retail activity was flat in July as falling fuel… Read More »Retail sales little changed in July amid a fall in gas prices and a drop in auto sales

Biden signs the Inflation Reduction Act into law, setting 15% minimum corporate tax rate

KEY POINTS President Joe Biden signed the Inflation Reduction Act into law The new law passed with majority Democratic support in the Senate and the House. The more than $430 billion package is expected to reduce the deficit by more than $300 billion over a decade. After more than a year of debate over costs,… Read More »Biden signs the Inflation Reduction Act into law, setting 15% minimum corporate tax rate

SPAC Activity in July Reached the Lowest Levels in Five Years

Once-hot blank-check firms have fallen out of favor alongside cryptocurrencies and other speculative investments SPACs were one of the hottest investments on Wall Street early last year, booming alongside cryptocurrencies, meme stocks, and other speculative trades as an easy way for buzzy startups to raise money and go public. Fast forward 18 months and much of the… Read More »SPAC Activity in July Reached the Lowest Levels in Five Years

Employers Project 5.6% Jump in Health Benefit Costs

The increase for 2023 may rise even higher as insurance carriers price record inflation into employers’ renewal rates, per a Mercer survey. With inflation-eating wage gains, most workers would rather not see more money drained from their paychecks to cover healthcare insurance. At the same time, healthcare plans are the most expensive part of benefits… Read More »Employers Project 5.6% Jump in Health Benefit Costs

New Electric Car Tax Credits Are About to Radically Change Buying EVs

A number of EVs should become more affordable, but only after a “subsidy winter” when far fewer cars will qualify. Big changes are coming to the federal electric car tax credit with congressional passage of the Inflation Reduction Act, changes that may make it eventually easier to own an EV, but initially harder to afford one.… Read More »New Electric Car Tax Credits Are About to Radically Change Buying EVs

Fed Minutes May Reveal Inclinations on Size of Next Rate Hike

An account of the debate at the Federal Reserve’s July policy meeting,set to be published after two weeks of whiplash on Wall Street, willprobably offer clues as to what would push the central bank to go bigwith tightening yet again in September. Fed officials’ decision at their July 26-27 gathering to raise theirbenchmark interest rate… Read More »Fed Minutes May Reveal Inclinations on Size of Next Rate Hike

Jamie Dimon sounds off on… almost everything: Morning Brief

People want to hear from JPMorgan (JPM) CEO Jamie Dimon. He’sinsightful, provocative, and never boring. So it’s little wonder that the company puts him on calls with wealthyclients to give his take on, well, just about everything, which iswhat Dimon did this past Tuesday. Here are some curated highlights of Dimon’s comments, which, believeme, could’ve… Read More »Jamie Dimon sounds off on… almost everything: Morning Brief

Stock Market Recovery Faces a New Hurdle as Record Buybacks Slow

An end to corporate America’s record stock-buying spree is givingequity bulls one more thing to worry about. JPMorgan Chase & Co., Citigroup Inc., and Best Buy Co Inc. all pausedbuyback plans when reporting their second-quarter results, deciding tohold on to cash instead as the Federal Reserve’s interest-rate hikesrisk driving the economy into a recession. They’re… Read More »Stock Market Recovery Faces a New Hurdle as Record Buybacks Slow

Venture Capital’s Cash Stockpile Swells Amid Slowdown

Venture-capital firms are sitting on a record cash pile. Theirso-called dry powder—money raised but not deployed—has increased bymore than $100 billion worldwide since the end of last year, reachingalmost $539 billion in July, according to data firm Preqin Ltd. The buildup comes as many venture firms have slowed deal-making amidthe market pullback, a signal that… Read More »Venture Capital’s Cash Stockpile Swells Amid Slowdown

Most Americans: ‘I’ve Got 99 Problems, But an IRS Audit Ain’t One

A new poll found that a majority of voters (76%) weren’t worried aboutthe prospect of being audited by the IRS. As we await the House of Representatives’ vote on legislation thatwould provide the IRS with $80 billion in additional funding over thenext decade, a new Morning Consult/Politico poll found that a majorityof Americans are not… Read More »Most Americans: ‘I’ve Got 99 Problems, But an IRS Audit Ain’t One

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 that doesn’t mean it is “mission complete” for the Fed,… 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 the culmination of roughly a year and ahalf of debate… Read More »House passes Inflation Reduction Act, sending climate and health bill to Biden

Factbox: U.S. IPO activity plunges as Ukraine war triggers volatility

Market volatility triggered by Russia’s invasion of Ukraine andsoaring global interest rates have forced investors to pull back frombacking initial public offerings, resulting in a dramatic decline instock market listings in the United States. According to data from Refinitiv, 2022 is on track to be the worstyear for U.S. listings since 2009, with IPOs having… Read More »Factbox: U.S. IPO activity plunges as Ukraine war triggers volatility

Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb

Summary Fed now seen delivering 50 bps hike in SeptemberU.S. consumer price growth slows in JulyMusk sells Tesla shares worth $6.9 blnThe volatility index closes at a four-month low Wall Street surged on Wednesday, putting the Nasdaq more than 20%above its June low after U.S. inflation slowed more than expected inJuly and raised hopes the… Read More »Wall Street rally lifts Nasdaq 20% from low as inflation fears ebb

EXPLAINER: Mixed US inflation signs. Where are prices going?

Consumers struggling with skyrocketing prices for food, gas, autos,and rent got a tantalizing hint of relief last month when pricesdidn’t budge at all from June after 25 straight months of increases.With gas prices continuing to fall, inflation is probably slowingfurther this month. So has the worst bout of inflation in four decades possibly peaked?Economists say… Read More »EXPLAINER: Mixed US inflation signs. Where are prices going?

Rapid Wage Growth Keeps Pressure on U.S. Inflation

Workers’ wages are rising briskly, a factor contributing tofour-decade high U.S. inflation. Average hourly earnings grew 5.2% in July from a year earlier, andannual wage gains have exceeded 5% each month this year, the LaborDepartment said Friday. The rapid earnings growth adds to otherevidence that employers are continuing to increase pay as they try tofind… Read More »Rapid Wage Growth Keeps Pressure on U.S. Inflation

4 Ways SMBs Can Recession-Proof Their Businesses

Small and medium-sized businesses (SMBs) are known as the backbone ofthe U.S. economy and play a major role in most economies, withtremendous contributions to job creation. They represent about 90% ofbusinesses, and more than 50% of employment worldwide. Although some continue to thrive, many SMBs were hit severely by theeconomic impact of the COVID-19 pandemic.… Read More »4 Ways SMBs Can Recession-Proof Their Businesses

IRS expands crypto question on a draft version of 1040

The Internal Revenue Service has released a draft version of Form 1040for next tax season, with an expanded question about virtualcurrencies, now referred to as digital assets, along with otherchanges on drafts of that form and related forms and schedules. Last tax season, the question was: “At any time during 2021, did youreceive, sell, exchange,… Read More »IRS expands crypto question on a draft version of 1040

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 for workers, who saw a 0.5% monthly increasein real wages.… 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. “It was the best of times, it was the worst… 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. 7352, the “PPP and Bank Fraud Enforcement Harmonization Act of2022,”… Read More »Bills extend the statute of limitation for prosecuting PPP, and EIDL fraud

Key tax provisions in the Senate reconciliation bill

By a vote of 51 to 50, the U.S. Senate on Sunday passed a budgetreconciliation bill, H.R. 5376, now known as the Inflation ReductionAct of 2022. The bill contains numerous tax provisions, including a15% corporate minimum tax, expanded eligibility for premium taxcredits, and numerous clean energy credits. The Senate vote, in which no Republicans joined… Read More »Key tax provisions in the Senate reconciliation bill

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 on Sunday passed their climate, health, and taxpackage, including nearly… Read More »Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers

Solo 401(k) Plans: Looking Out for Number One

One doesn’t have to be the loneliest number anymore. For years, soleproprietors weren’t able to choose from as wide a range of retirementplan options as bigger operations could. Or, in the case of a 401(k)plan, the administrative costs would outweigh the potential benefitsin the business owner’s eyes. But the landscape has changed dramatically over time.… Read More »Solo 401(k) Plans: Looking Out for Number One

Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

When we think of penalties we naturally think of punishment.  I mean,to channel Steven Wright, if a penalty is not punishment when why doesthe word start with “penal”?  Both this week and next week’s lessonteach us how penalties serve other purposes as well.  Today, in LionelE. Larochelle and Molly B. Larochelle v. Commissioner, T.C. Summ.… Read More »Lesson From The Tax Court: Non-Receipt of 1099 Does Not Get You Out of Penalties

Companies From Google to Pepsi Are Boosting Capital Spending

The biggest US companies keep stepping up their spending on capitalprojects and encouraging signals to investors in an uncertain economicclimate. Companies from Google parent alphabet incorporated to General MotorsCompany to Pepsi Cola incorporated are among those that have increasedspending on big-ticket items such as real estate, equipment, ortechnology to fuel growth. The investments are generally… Read More »Companies From Google to Pepsi Are Boosting Capital Spending

Intuit Issues Phishing Warnings to QuickBooks Users

The recent scam appears to cut across Intuit’s cloud and desktopproducts. In a worrying development pointing to the increasingsophistication of such scams, Intuit also stated that hackers appearto now be able to link emails to existing email chains, boosting theperceived authenticity of such communications. QuickBooks owner Intuit recently warned users that they risk beingtargeted by… Read More »Intuit Issues Phishing Warnings to QuickBooks Users

Global supply chain stress at 18-month low in July, NY Fed’s index shows

Stress on global supply chains eased in July to the lowest level sinceJanuary 2021 as port congestion and other snags eased, the New YorkFederal Reserve reported on Thursday, in its latest update to aworldwide index of supply problems. It was the third straight month of declines an encouraging sign forU.S. Federal Reserve policymakers who are… Read More »Global supply chain stress at 18-month low in July, NY Fed’s index shows

Taxpayer advocate appeals IRS decision to delay scanning tech

National Taxpayer Advocate Erin Collins is protesting a decision byInternal Revenue Service officials to postpone the implementation ofscanning technology by the next tax season to deal with a backlog ofmillions of paper tax returns. Collins called on the IRS during tax season to implement the kind ofcommonly used scanning technology already in use by many… Read More »Taxpayer advocate appeals IRS decision to delay scanning tech

The Independent Contractor Dilemma

Gig economy companies classifying their workers as independentcontractors continue to face lawsuits, state action, and federalagency enforcement  For much of the last decade, a legal and regulatory storm at the stateand federal levels has surrounded the classification of workers as“independent contractors” or “employees.” The dramatic growth of thegig economy, especially app-based services such as… Read More »The Independent Contractor Dilemma

IRS adding more filters trying to catch business tax fraud

The IRS is continuing to hone its filters to catch business identitytheft and tax fraud, using 84 selection filters last year to identifybusiness tax returns claiming refunds for potential fraud but notalways succeeding, according to a new report. The report, released Monday by the Treasury Inspector General for TaxAdministration, found the filters identified and selected… Read More »IRS adding more filters trying to catch business tax fraud

US Household Debt Surpasses $16 Trillion on Higher Mortgages

US household debt increased by 2% to $16.2 trillion in the secondquarter, with mortgages, auto loans, and credit-card balances allseeing sizable increases, according to a report by the New YorkFederal Reserve Bank. The increase in borrowing, which equals $312 billion over threemonths, is reflected in part in higher prices for homes and cars.Americans also are… Read More »US Household Debt Surpasses $16 Trillion on Higher Mortgages

Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says

The Federal Reserve is “nowhere near” being almost done in fightingthe hottest inflation in four decades, and officials are fullycommitted to achieving price stability, San Francisco Fed PresidentMary Daly said. “We have made a good start, and I feel really pleased with where we’vegotten to by this point,” but inflation is “far too high,” Daly… Read More »Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly Says

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 products including mortgages, creditcards, and car loans, and what interest… 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 need to be making about $107,800 a year to feelfinancially… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth

JPMorgan’s Kolanovic stands apart in saying stocks will rebound

JPMorgan Chase & Co.’s Marko Kolanovic is quickly emerging as one ofthe very few bulls among Wall Street’s top strategists, who says USstocks will rally in the second half. Kolanovic, voted the No. 1 equity-linked strategist in last year’sInstitutional Investor survey, has stuck to his calls for risky assetsthis year despite the sharp rout in… Read More »JPMorgan’s Kolanovic stands apart in saying stocks will rebound

Home prices cooled at a record pace in June, according to housing data firm

KEY POINTS Home price gains are cooling fast, as demand wanes and supply builds.The annual rate of price appreciation fell two percentage points from19.3% to 17.3%.Price gains are still otherwise strong because of an imbalance betweensupply and demand. The housing market has had a severe shortage foryears. Rising mortgage rates and inflation in the wider… Read More »Home prices cooled at a record pace in June, according to housing data firm

Workers’ wages continue to climb, but not as fast as inflation

Employers continued hiking workers’ pay at a brisker-than-expectedpace, but the increases still weren’t enough to compensate for theeven faster rise in inflation. Wages and salaries for civilian workers increased 1.4% in the secondquarter and 5.3% over the year ending in June, according to the Bureauof Labor Statistics Employment Cost Index, released Friday. Bothmeasures show swifter… Read More »Workers’ wages continue to climb, but not as fast as inflation

Goldman’s Kostin Says US Results Season Better Than Feared

With the busiest week of the second-quarter earnings season over,investors are relieved that results are holding up better than feared,according to Goldman Sachs Group Inc. strategists. Of the 56% of S&P 500 companies that have reported earnings so far,more than half have beaten analyst estimates — above the long-termaverage of 47%, strategists led by David… Read More »Goldman’s Kostin Says US Results Season Better Than Feared

Stock Market Has No Fear of a Recession That’s Almost Priced In

The stock market is wrestling with a “bad news is actually good news” scenario. US gross domestic product shrank in the second quarter after slowingin the first quarter as well. Two consecutive quarters of contractionis the technical definition of a recession, although the real-worlddefinition is more nuanced. In addition, personal consumption fell inthe second quarter.… Read More »Stock Market Has No Fear of a Recession That’s Almost Priced In

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, regardless of what theirlong-term goals are,” said Bill Parrott, president,… 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

Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike

One of the Treasury markets more widely watched yield-curve indicatorsextended its inversion after the Federal Reserve’s decision to liftits benchmark rate in line with expectations. The yield on the two-year Treasury moved to be as much as 32 basispoints higher than the 10-year yield, which slid in the wake of theFed’s announcement that it was… Read More »Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike

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 need a period of growth below potential in orderto create… Read More »Fed hikes interest rates by 0.75 percentage points for the second consecutive time to fight inflation

GDP fell 0.9% in the second quarter, the second straight decline, and a strong recession signal

KEY POINTS Gross domestic product fell 0.9% at an annualized pace for the period,according to the advance estimate.That follows a 1.6% decline in the first quarter and was worse thanthe Dow Jones estimate for a gain of 0.3%.The drop came from a broad swath of factors, including decreases ininventories, residential and nonresidential investment, and governmentspending… Read More »GDP fell 0.9% in the second quarter, the second straight decline, and a strong recession signal

Fed jacks rates again, Powell vows no surrender in inflation battle

Summary Fed raises policy rate to 2.25%-2.50% rangeU.S. central bank flags weakening economic dataFed’s Powell says failure to tame inflation is not an option The Federal Reserve said on Wednesday it would not flinch in itsbattle against the most intense breakout of inflation in the UnitedStates since the 1980s even if that means a “sustained… Read More »Fed jacks rates again, Powell vows no surrender in inflation battle

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 isdriving the economy into a recession as it tries to… Read More »Investors Bet Fed Will Need to Cut Interest Rates Next Year to Bolster the Economy

Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared

The US corporate earnings season is turning out to be better thanfeared as consumer spending remains resilient, while stocks havealready priced in much of the bad news according to Citigroupincorporated and UBS Global Wealth Management strategists. Of the US companies that have reported so far 60% have beaten salesestimates while 75% have topped profit expectations.… Read More »Citi, UBS Wealth Say US Earnings Holding Up Better Than Feared

Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks

Disappointing earnings reports from several big companies don’t seemto be fazing investors, with the S&P 500 up nearly 5% this month, and2.5% last week, after a punishing start to the year. Even some companies that have posted sharply lower quarterly resultshave seen their shares rally in the following days. Bank of AmericaCorp BAC -0.44%▼. posted… Read More »Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks

5 Inspirational ‘Grit in Leadership’ Skills for Overcoming Adversity

What inspires us to follow a CEO, founder, or thought leader?Certainly, there is a toughness, particularly in the face ofadversity, that can encourage us to do the same and elevate ourefforts. In other words, toughness or grit can be inspirational. In this shortarticle, I want to share how grit is essential and that it can… Read More »5 Inspirational ‘Grit in Leadership’ Skills for Overcoming Adversity

The Problem With Traditional Business Benchmarks

Benchmark: “Something that serves as a standard by which others may bemeasured or judged,” according to Merriam-Webster. As necessary as benchmarks are, in my opinion, the modern businessworld has become entirely too fascinated with them. Don’t get mewrong—all businesses need to monitor success, failures, and progress.Benchmarks can absolutely help you do that. But where you’ll… Read More »The Problem With Traditional Business Benchmarks

Is A Recession Looming? Why History Says We Shouldn’t Panic

From rising interest rates to battling growing inflation and supplychain issues that don’t show any hint of resolving, warning signs of arecession are becoming hard to ignore. Despite the state of ourcurrent economy, there are many reasons not to panic about a possiblerecession.  we all began to emerge from the pandemic in 2021, and Americansstarted… Read More »Is A Recession Looming? Why History Says We Shouldn’t Panic

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 prior month, according to U.S. Census Bureau data adjusted forseasonal… Read More »What to know about the financial risks of becoming your own boss

U.S. economy slowing, but recession not inevitable, Yellen says

U.S. Treasury Secretary Janet Yellen said on Sunday that U.S. economicgrowth is slowing and she acknowledged the risk of a recession, butshe said a downturn was not inevitable. Yellen, speaking on NBC’s “Meet the Press,” said strong hiring numbersand consumer spending showed the U.S. economy is not currently inrecession. U.S. hiring remained robust in June,… Read More »U.S. economy slowing, but recession not inevitable, Yellen says

Bond Traders Regaining Faith That Fed Can Slay Inflation Dragon

The bond market wants to believe that Federal Reserve boss JeromePowell will succeed in getting inflation under control. It’s unclear just when the economy might witness an actual slowdown inconsumer-price gains, which are presently running at the fastest pacein four decades. But as investors brace for the Fed’s next hike on Wednesday,bond-market measures suggest the… Read More »Bond Traders Regaining Faith That Fed Can Slay Inflation Dragon

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, a report from McKinsey and Co. published lastweek, which surveyed… Read More »40% of workers are considering quitting their jobs soon—here’s where they’re going

On-Demand Pay: 60 Percent of U.S. Workers Want Daily Access to Earned Wages

New research that analyzed the impact of same-day pay showed that 60%of working Americans want employers to offer workers immediate accessto daily earned wages. A new national research study that analyzed the impact of same-day payshowed that, among other things, more than 60% of working Americansthink that all employers should offer their employees immediate accessto… Read More »On-Demand Pay: 60 Percent of U.S. Workers Want Daily Access to Earned Wages

Here are 6 strategies to recession-proof your finances at any age

KEY POINTS A CNBC poll found more than 6 out of 10 Americans think there will bea recession next year.Although Americans age 50 and older feel better prepared for recessionthan younger people, 68% of U.S. adults overall don’t feel ready for adownturn at all, according to a MagnifyMoney report.Here are some strategies for coping with… Read More »Here are 6 strategies to recession-proof your finances at any age

Tech Downturn Slows Early-Stage Startup Funding

The slowdown in venture-capital funding has spread to early-stagestartups, with that part of the market suffering one of the biggestinvestment drops in more than a decade. In the second quarter, venture capitalists invested around $16 billionin U.S. early-stage deals—known as Series A and B rounds—a 22%decrease from the year-earlier period, according to PitchBook DataInc. That… Read More »Tech Downturn Slows Early-Stage Startup Funding

IRS seeks transformation in a new 5-year plan

Improving the taxpayer experience while surmounting operationaldifficulties that include a shrinking workforce are among the goalsthe IRS has set for itself in the next five fiscal years. The 26-page IRS Strategic Plan FY 2022–2026 (Publication 3744) wasreleased Wednesday, outlining strategic goals broadly for service,enforcement, people, and transformation. IRS Commissioner Chuck Rettig wrote in a prefatory… Read More »IRS seeks transformation in a new 5-year plan

Citi economists call global recession a present danger

Citigroup Inc. economists have labeled a global recession a “clear andpresent danger,” while repeating they estimate a 50 percentprobability of such a slump. In a report to clients, economists led by Nathan Sheets said they nowexpect the world economy to grow 2.9 percent this year and 2.6 percentin 2023, slightly lower than previously. That means… Read More »Citi economists call global recession a present danger

Private Credit Giants Curb Buyout Lending Spree in Big Shift

The giants of private credit — the only game in town lately forbig-ticket leveraged buyouts — are dialing back on risk, in a turningpoint that threatens to reduce crucial financing for mega deals. Blackstone Inc., Apollo Global Management Inc., Ares Management Corp.,KKR & Co., Antares Capital LP, and the asset management arm of GoldmanSachs Group… Read More »Private Credit Giants Curb Buyout Lending Spree in Big Shift

Wall Street braces for economic ‘hurricane’

Talk about recession and inflation has been a dominant topic onsecond-quarter corporate earnings calls that are starting to flood in. Recession fear is already dominating Washington. Now it’s grippingcorporate America. CEOs across industries are increasingly grappling with the threat ofan economic slump — possibly in a matter of months — sparked byrampant inflation and the… Read More »Wall Street braces for economic ‘hurricane’

75% of middle-class households say their income is falling behind the cost of living

KEY POINTS A high rate of inflation — 9.1% in June from a year earlier — hastaken a toll on household budgets.In addition to dealing with earnings not keeping up with the cost ofliving, most middle-class households (77%) expect the U.S. to be in arecession by the end of 2022.Experts say it’s important to set… Read More »75% of middle-class households say their income is falling behind the cost of living

Dow rallies more than 750 points as traders bet that the bottom is in

Stocks rallied Tuesday, with the market resuming a bounce from lastmonth’s lows, as traders bet on strong corporate earnings reports andwagered that markets have found a bottom. The Dow Jones Industrial Average jumped 754.44 points, or 2.43%, to31,827.05 — closing near the highs of the session as gains acceleratedin the final hour of trading. The… Read More »Dow rallies more than 750 points as traders bet that the bottom is in

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 to 27th gathering, but some of themsimultaneously poured cold water… Read More »Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point

Near and Long-Term Tax Planning for Section 1031

Lots of questions continue to swirl around the state of like-kindexchanges (real estate in particular) both in the near and long-term.As a tax planner, it’s best to look at the current legislative impactand the possibilities. Mike Pusey, CPA offers his perspective. The IRC Section 1031 “landscape” has narrowed significantly and may befurther restricted, but is… Read More »Near and Long-Term Tax Planning for Section 1031

Congress Again Considers Free IRS Income Tax Filing System

The legislation would direct the IRS to create software that wouldallow any taxpayer to prepare and file their individual income taxreturn beginning in the tax year 2023. U.S. Senator Elizabeth Warren is leading fellow Democrats in renewinga push for the IRS to create its own free tax-filing services and moveaway from its current private partnership,… Read More »Congress Again Considers Free IRS Income Tax Filing System

Why Saving for Retirement Is More Difficult in 2022

Baby boomers have lived through the tech bubble, the 2008 housing andmarket crash, and even double-digit inflation in the 1970s, but neverall these financial crises together. Now we have inflation,pandemic-related supply chain disruptions, a bear market, higher gasprices, and rising interest rates. That makes an already formidablegoal of saving for retirement even more challenging, especially… Read More »Why Saving for Retirement Is More Difficult in 2022

Wholesale inflation in June surged 11.3% from a year ago

Inflation at the wholesale level climbed 11.3% in June compared with ayear earlier, the latest painful reminder that inflation is runninghot through the American economy. The Labor Department reported Thursday that the U.S. producer priceindex — which measures inflation before it hits consumers — rose atthe fastest pace since hitting a record 11.6% in March.… Read More »Wholesale inflation in June surged 11.3% from a year ago

Rethinking the Value of 3 Common Financial Metrics

Most companies use too many incomplete measures and would benefit fromusing one complete measure instead, as railroading company CSX hasimplemented. At a recent financial training session for railroading company CSXCorporation, CFO Sean Pelkey asked his teammates to list what theyconsidered to be the three most important financial measures. Thepurpose was to consider both the merits… Read More »Rethinking the Value of 3 Common Financial Metrics

Euro falls to parity with US dollar for the first time in two decades

Deepening fears about the health of the global economy have shoved theeuro down to parity against the US dollar for the first time in 20years. Investors gravitate towards the perceived safety of the dollar intimes of stress — a feature that led to a ferocious rally in the UScurrency when the coronavirus pandemic took root… Read More »Euro falls to parity with US dollar for the first time in two decades

ICYMI | FASB Streamlines Income Tax Accounting

Recently, FASB issued a new Accounting Standards Update (ASU 2019-12),Simplifying the Accounting for Income Taxes. The new standard amendssection 740 of the Accounting Standards Codification (ASC),eliminating some problematic exceptions and technicalities. CPAs hoping the new standards would reduce the overall complexity ofdeferred income taxes will be disappointed. The basic principles havenot changed; instead, FASB has… Read More »ICYMI | FASB Streamlines Income Tax Accounting

Treasury Curve Inversion Deepens to Level Last Seen in 2007

One of the US bond market’s most widely watched indicators ofpotential recession risk has reached levels last seen in 2007. The yield on the benchmark 10-year Treasury note moved to be as muchas 10 basis points below the 2-year rate, eclipsing the9.5-basis-point gap reached in early April. So-called inversions of the yield curve — situations… Read More »Treasury Curve Inversion Deepens to Level Last Seen in 2007

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 1% during the monthand are down 3.6% from a year… Read More »Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify

Stock Drubbings Finally Convince Holdout Analysts to Get Real

Such a frenetic pace of downgrades seen only four times beforeRecession or not, the UBS model shows a 1,100-point gap for S&P 500 Even diehard bulls are yielding to recession angst. Wall Street analysts, the majority of whom clung to buy ratings andoptimistic profit forecasts as markets cratered, are showing signs ofgiving in. On a… Read More »Stock Drubbings Finally Convince Holdout Analysts to Get Real

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 the Bay Area, after increasing 3 percentage pointsin the past… Read More »How remote work is changing tech pay: Seattle startup comp equals Silicon Valley, study says

OECD sees global corporate tax overhaul on course for 2024

The biggest overhaul of cross-border tax rules in a generation is nowon course to take effect in 2024, the Organisation for EconomicCooperation and Development said on Monday in an update on the projectfor G20 finance ministers. The shake-up, which has been shepherded by the OECD and which nearly140 countries agreed to last year, aims to… Read More »OECD sees global corporate tax overhaul on course for 2024

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, operational leaders, andother stakeholders. Preparing these statements can be a… Read More »Best Organizations Report Consolidated Financials in 4 Days: Metric of the Month

The Stock Market Faces Next Test as Inflation Looms Over Earnings Season

Investors expect concerns about hot inflation and strapped consumersto dominate the corporate earnings season that kicks off this weekcreating winners and losers in the battered stock market. Stocks have come under pressure this year with inflation hovering at afour-decade high in the Federal Reserve in the midst of an aggressivecampaign to raise interest rates to… Read More »The Stock Market Faces Next Test as Inflation Looms Over Earnings Season

US ports saw record imports this spring, as port workers’ contract expires

Another record-breaking number of imports passed through the US’smajor container ports this spring — showing no sign of a slowdown inconsumer demand, the National Retail Federation, or NRF, said Friday. “Cargo volume is expected to remain high as we head into the peakshipping season, and it is essential that all ports continue tooperate with minimal… Read More »US ports saw record imports this spring, as port workers’ contract expires

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. hasstruggled to recover from pandemic-related economic problems, namely asupply-chain crisis… Read More »Commerce Secretary Warns against ‘Talking Ourselves into Recession’

Another Wave of Shipping and Supply Chain Challenges is On the Way

After a period of relative sanity, another wave of shipping congestionis expected to happen soon. By now weary retailers are familiar withthe drill and are recalibrating supply chains and warehousing andmanufacturing strategies. At the moment, congestion has improved, according to a report inAvison Young, with only about 30 ships waiting offshore versus the 100that lined… Read More »Another Wave of Shipping and Supply Chain Challenges is On the Way

US Recession Is Already Here, According to Wells Fargo Investment Group

There’s no need to fret about the timing of a US recession anymore,according to Wells Fargo Investment Institute — because we’re alreadyin one. The investment strategy arm of the bank says the US is entering arecession in the second half of the year — in other words, now —amid inflation that’s faster and more broad-based… Read More »US Recession Is Already Here, According to Wells Fargo Investment Group

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 an income boost in some partsof the U.S., thanks to… 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. “For many homebuyers, higher mortgage rates equal a higher monthlycost,… 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. FASB ASC Topic 820, Fair Value Measurement, according to a… Read More »FASB issues standards to improve fair value guidance for equity securities

1 Out of 3 Companies Increased Cash Holdings: Weekly Stat

Operating cash flows boosted many balance sheets in the 12 monthsending March, but that will be harder to do this quarter. The Association for Financial Professionals’ annual Liquidity Surveytakes a thorough look into corporate treasury trends and informationon corporate cash holdings, cash management, and short-term investing. Among other questions on cash management, the survey asks… Read More »1 Out of 3 Companies Increased Cash Holdings: Weekly Stat

ICYMI | Working from Home State Income Tax Complications

The coronavirus (COVID-19) pandemic triggered an exodus of workersfrom their comfortable offices to the safety of their homes and otherremote locations. For some, this displacement is temporary and willend when the pandemic subsides; for others, the ability to workremotely represents a paradigm shift that may be felt for many yearsto come. This article explores some… Read More »ICYMI | Working from Home State Income Tax Complications

Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA

Traditional IRAs are set up in a way that basically incentivizes you(and your heirs) into paying the highest tax bill possible. Don’t fallfor it. Consider a Roth conversion instead. When you first decided to contribute to an IRA or anemployer-sponsored retirement account, it probably seemed like a greatdeal – at least at the time. After… Read More »Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA

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 weaken theeconomy. But they suggested that such steps were necessary… 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 the group applied to theInternal Revenue Service to become a… Read More »NY Times: The IRS Is The Gatekeeper For Charities, But Approves 99.96%Of All Applications; Form 1023EZ = EZ Fraud

Audit partners see signs that inflation will persist

Three out of four public company audit partners believe thatinflationary concerns could persist well into 2023 and possiblybeyond, according to a new survey by the Center for Audit Quality(CAQ). The CAQ’s inaugural Audit Partner Pulse Survey found that 75% of the700 auditors surveyed anticipate that the current inflation cycle willimpact their primary industry sector for… Read More »Audit partners see signs that inflation will persist

Economic output is falling, but so is unemployment

The U.S. economy has experienced 12 recessions since World War II, andeach one included two features: Economic output contracted andunemployment rose. Today, something highly unusual is happening. Economic output fell inthe first quarter and signs suggest it did so again in the second. Yetthe job market showed little sign of faltering during the first halfof… Read More »Economic output is falling, but so is unemployment

Biden Close to Rollback of Chinese Tariffs to Fight Inflation

-Move could include announcing new probe into China’s subsidies-Easing tariffs seen as way to counter accelerating inflation President Joe Biden may announce as soon as this week a rollback ofsome US tariffs on Chinese consumer goods — as well as a new probeinto industrial subsidies that could lead to more duties in strategicareas like technology.… Read More »Biden Close to Rollback of Chinese Tariffs to Fight Inflation

Explainer: Is the U.S. in a recession? GDP is not the only measure

By some early estimates, the U.S. economy, as measured by grossdomestic product, may have shrunk in the three months from Aprilthrough June. Add that to the decline from January through March, andthat would be a contraction for two quarters in a row. By an often-cited rule of thumb, that means the world’s largesteconomy is in… Read More »Explainer: Is the U.S. in a recession? GDP is not the only measure

U.S. Supreme Court emissions ruling may stop SEC drive for disclosure

A U.S. Supreme Court decision to curb the Environmental Protection Agency’s power to regulate greenhouse gas emissions may be bad news for a Securities and Exchange Commission (SEC) bid to force companies to disclose their emissions. While Thursday’s ruling relates to the EPA’s authority to regulate power plant emissions, legal experts said it raises questions… Read More »U.S. Supreme Court emissions ruling may stop SEC drive for disclosure

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 of those securities. FASB ASC Topic 820, Fair Value Measurement, according… Read More »FASB issues standards to improve fair value guidance for equity securities

Inflation is making Fourth of July celebrations more expensive than ever

KEY POINTS Thanks to inflation, even a backyard barbecue is more expensive this year. Here are five ways to save money over the Fourth of July weekend without sacrificing the festivities or fun. Nothing says Independence Day like a good, old-fashioned barbecue. In keeping with tradition, most Americans — roughly 60% — plan to grill… Read More »Inflation is making Fourth of July celebrations more expensive than ever

The corporate spending that can’t wait for a recession to pass

KEY POINTS Major corporations tell CNBC that even as the stock market is volatileand recession risk elevated, spending levels will increase.Technology is a primary reason as firms need to stay on top of areaslike AI or risk falling behind and losing long-term market share tocompetitors. Short-term market volatility can be a distraction, but it shouldn’tdeter… Read More »The corporate spending that can’t wait for a recession to pass

Wall Street stumbles as consumer pessimism stokes growth fears

Summary U.S. consumer expectations sink to a near-decade lowNike slips on downbeat quarterly revenue forecastIndexes down: Dow 1.56%, S&P 2.01%, Nasdaq 2.98% Wall Street closed sharply lower in a broad sell-off on Tuesday asdire consumer confidence data dampened investor optimism and fueledworries over the recession and the looming earnings season. The S&P and the Nasdaq… Read More »Wall Street stumbles as consumer pessimism stokes growth fears

US IPOs Can’t Shake 2022 Slump After Thriving Through Pandemic

Companies last year defied the coronavirus pandemic to go public at arecord pace. Now, market volatility, inflation, and fears of adownturn have brought an abrupt end to the listing party. Companies have raised a combined $4.9 billion via US initial publicofferings this year, less than 6% of the record sum raised in thefirst half of… Read More »US IPOs Can’t Shake 2022 Slump After Thriving Through Pandemic

PODCAST: Which Documents to Keep, Which to Shred, and Which to Scan

A speedy recovery from a disaster can depend on your recordkeeping.Kiplinger’s Personal Finance writer Rivan Stinson tells us how to getour papers in order. Transcript: David Muhlbaum: What documents can you throw out, and which must yousave, and where do you put them, is a debate as old as, well, writingthings down. But technology and… Read More »PODCAST: Which Documents to Keep, Which to Shred, and Which to Scan

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 have reported in their latest earnings calls that they have… 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 on Fridayto overturn its landmark Roe v Wade ruling. With… Read More »Many US companies move to pay travel costs for employees seeking abortions

Fed policymakers embrace more rate hikes, markets a little less

A pair of U.S. central bankers said on Friday they supported furthersharp interest rate hikes to stem rapid price rises, even as investorscheered economic data showing inflation expectations to be lessworrisome than initially feared. Last week, the Federal Reserve raised its benchmark overnight interestrate by three-quarters of a percentage point – its biggest hike since1994… Read More »Fed policymakers embrace more rate hikes, markets a little less

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 Greg McBride, chieffinancial analyst at Bankrate.com.Here’s how to think about… Read More »High inflation has 58% of people nervous about their savings, a survey finds. One trick may help you boost your emergency cash

IRS Still Has Backlog of 21.3 Million Tax Returns

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 expressesconcern about continuing delays in the processing of paper-filed taxreturns… Read More »IRS Still Has Backlog of 21.3 Million Tax Returns

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, the Fed announcedits biggest interest rate hike in almost 30… Read More »Federal Reserve Chair Jerome Powell will testify before 2 congressional panels

Nearly one-third of older Americans have less than $10,000 saved for retirement

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 between 55 and 67 years old have less than$10,000 saved… Read More »Nearly one-third of older Americans have less than $10,000 saved for retirement

Goldman Warns US Recession Risk Now Higher and More Front-Loaded

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, and a 25%conditional probability of entering a recession in the… Read More »Goldman Warns US Recession Risk Now Higher and More Front-Loaded

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 is more likelyafter the Fed at the close of its… Read More »Analysis: Investors brace for recession, more market turmoil after Fed’s supersized hike

The Excel Equation: When Is It Time to Move Away?

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 spreadsheet software can impede finance’spursuit of growth and efficiency. 3… Read More »The Excel Equation: When Is It Time to Move Away?

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 the March estimate.Officials also significantly cut their outlook for 2022… Read More »Fed hikes its benchmark interest rate by 0.75 percentage points, the biggest increase since 1994

A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.

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 off any time soon,” said Stephen Stanley, chief economistat Amherst… Read More »A 75-basis-point hike? Here are 3 ways the Fed can sound more hawkish this week.

Key inflation measure slows slightly but remains uncomfortably high

A key inflation reading showed a glimmer of hope on Tuesday, revealinga slight slowdown in rising prices — though they remain uncomfortablyhigh. The Producer Price Index, which measures wholesale prices before goodsand services reach consumers, rose 10.8% in May compared to where itstood a year ago, according to data released Tuesday by the Bureau ofLabor… Read More »Key inflation measure slows slightly but remains uncomfortably high

Fed attacks inflation with its largest rate hike since 1994

WASHINGTON (AP) — The Federal Reserve intensified its fight againsthigh inflation on Wednesday, raising its key interest rate bythree-quarters of a point — the largest bump since 1994 — andsignaling more rate hikes ahead as it tries to cool off the U.S.economy without causing a recession. The unusually large rate hike came after data released… Read More »Fed attacks inflation with its largest rate hike since 1994

Over two-thirds of economists believe a recession is likely to hit in 2023

The writing is on the wall, and the majority of U.S. economists agreethat the U.S. is in store of a recession next year. Year-over-year U.S. consumer price increases unexpectedly surged lastmonth to 8.6%. That means that the Federal Reserve’s efforts to slowdown the economy over the past few months through two differentinterest rate hikes have… Read More »Over two-thirds of economists believe a recession is likely to hit in 2023

US Inflation Quickens to 40-Year High, Pressuring Fed and Biden

US inflation accelerated to a fresh 40-year high in May, a sign thatprice pressures are becoming entrenched in the economy. That willlikely push the Federal Reserve to extend an aggressive series ofinterest-rate hikes and adds to political problems for the White Houseand Democrats. The consumer price index increased 8.6% from a year earlier in abroad-based… Read More »US Inflation Quickens to 40-Year High, Pressuring Fed and Biden

IRS increases mileage rate for the remainder of 2022

WASHINGTON — The Internal Revenue Service today announced an increasein the optional standard mileage rate for the final 6 months of 2022.Taxpayers may use the optional standard mileage rates to calculate thedeductible costs of operating an automobile for business and certainother purposes. For the final 6 months of 2022, the standard mileage rate for businesstravel… Read More »IRS increases mileage rate for the remainder of 2022

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 to 30,000before reaching a new high, which would represent a… 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 Means Committee, Yellensaid the Biden administration is looking to reconfigure… Read More »Yellen says White House looking to ‘reconfigure’ China tariffs as inflation roars

Wall Street’s blank-check boom has gone bust

The stock market has been cratering so far this year — leaving specialpurpose acquisition companies, which buy private firms in order tomake them public without the need for a traditional initial publicoffering, with difficulty finding targets.SPACs, also known as blankcheck companies, are facing the same concerns about inflation and alooming recession on the horizon that… Read More »Wall Street’s blank-check boom has gone bust