Recession fears have markets into panic. But the leaders of America’sbiggest banks and US consumers appear to be in good financial health. JP Morgan Chase & CO. expects credit losses to remain abnormally lowthrough March of 2023. Because customers haven’t yet drank cashbalances that grew fatter during the pandemic executive say at thebank’s investor day… Read More »JPMorgan Says U.S. Consumers Are Doing Just Fine
The IRS correctly calculated taxpayers’ eligibility for a recoveryrebate credit in the 2021 filing season 99.3% of the time, theTreasury Inspector General for Tax Administration (TIGTA) reportedMonday. However, even the corresponding 0.7% error rate involved hundreds ofmillions of dollars in improper allowances of the credit, and TIGTAfound other instances where individuals should have received arecovery… Read More »IRS mostly correct on recovery rebate credits, TIGTA says
The Internal Revenue Service issued potentially improper RecoveryRebate Credit payments totaling $898 million, according to a newreport. The report, from the Treasury Inspector General for TaxAdministration, noted that $79.8 million in Recovery Rebate Creditsactually should have been paid to eligible individuals, but $818.5million was paid to ineligible individuals. Nevertheless, the IRSdeclined to review nearly $598… Read More »IRS sent over $800M in potentially improper recovery rebate payments
Stephanie Pomboy digs around to find risks and opportunities whereothers fail to tread. Right now, the founder and president of the economic research firmMacroMavens are forecasting a profits recession, marked by a “hugemargin squeeze for the average corporation.” It will be a significant price squeeze not experienced since the1970s, as she tells ThinkAdvisor in an… Read More »The Big Economic Risk Wall Street Isn’t Talking About Stephanie Pomboy
KEY POINTS Bank of America’s account holders saw strong growth in their balancesduring Covid, CEO Brian Moynihan told CNBC.Moynihan said predicted that people “probably” won’t start spendingtheir stimulus check-boosted balances right now. Bank of America’s account holders saw strong growth in their balancesduring Covid and have yet to spend down their pandemic-era stimulusmoney, CEO Brian… Read More »Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says
The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per gallon The average U.S. price of regular-grade gasoline spiked 33 cents overthe past two weeks to $4.71 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey said Sundaythat the price jump comes amid higher crude oil costs… Read More »Average US gasoline price jumps 33 cents to $4.71 per gallon
Under the Tax Code, the rate of interest is determined on a quarterlybasis. For taxpayers other than corporations, the overpayment andunderpayment rate is the federal short-term rate plus three percentagepoints. Generally, in the case of a corporation, the underpayment rate is thefederal short-term rate plus three percentage points, and theoverpayment rate is the federal short-term… Read More »IRS increases interest rates for Q3
Corporate tax rates in major economies around the world have fallen toan average of just 25.1% this year, according to a study releasedFriday by the UHY international accounting firm network. With the COVID-19 pandemic leaving a gaping hole in the publicfinances of many countries, however, UHY predicts the trend ofdeclining corporate tax rates worldwide is… Read More »Corporate taxes plunged to a new low worldwide
The national median rent was $1,827 a month in April, up 16.7% from ayear ago, according to a report from Realtor.com. Rent has beensteadily increasing since early last year. If recent trends continue,the report projects the typical rent could be more than $2,000 a monthby August. The continued surge in rental prices is driven by… Read More »Rents in the US just hit another record high
‘It’s going to be hard to avoid some kind of recession,’ ChiefExecutive Charlie Scharf says Wells Fargo and company CEO Charlie Scharf said Tuesday there was noquestion that the US is headed for an economic downturn. The Federal Reserve has raised rates twice this year and plans to keepdoing so, part of it’s been called… Read More »U.S. Economy Is Headed for a Downturn, Wells Fargo CEO Says