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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