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U.S. applications for unemployment benefits fell to their lowest level in eight months last week as the labor market continues to show strength in the face of elevated interest rates. U.S. applications for jobless claims fell by 20,000 to 201,000 for the week ending Sept. 16, the Labor Department reported Thursday. That’s the lowest figure… Read More »US applications for jobless benefits fall to lowest level in nearly 8 months

As the popularity of short-term rentals through services such as Airbnb and Vrbo continues, CPAs more often face questions from their tax clients of how rental income and expenses are treated for tax purposes. Those with losses from the activity may expect it will offset other taxable income. Thus, it is critical for tax practitioners… Read More »Passive loss limitations on rental real estate

The IRS will set up a new unit to focus on large or complex passthrough entities as it continues to pay closer attention to high-income compliance issues, the Service said Wednesday in a news release. The unit will be housed in the IRS Large Business and International (LB&I) division and will include some of the 3,700 people that… Read More »IRS to set up new work unit to focus on complex passthrough entities

“You could receive up to $26,000 per employee.” “Did your CPA say you’re not eligible? You should get a second opinion from us because we’re the experts.” “Act before it’s too late. Don’t miss out.” This is the type of language used on websites and in TV ads to get small businesses to apply for… Read More »‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say

Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a guide to help small businesses navigate the new rules for reporting beneficial ownership information (BOI), which will begin on Jan. 1, 2024. The Small Entity Compliance Guide, which FinCEN posted Monday, describes each of the BOI reporting rules provisions; answers key questions; and provides interactive checklists, infographics,… Read More »FinCEN posts guide to help small businesses with BOI reporting

The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s pandemic rebound disappoints. Growth will ease to 2.7 per cent in 2024 after an already “sub-par” expansion of 3 per cent this year, according to the  Organisation for Economic Cooperation and Development (OECD) latest forecasts. With the exception of… Read More »Global Economy Poised to Slow as Rate Hikes Bite, OECD Says

The US Federal Reserve is set to conclude the year with two high-stakes meetings as it prepares to hold rates on Wednesday and defer any further tightening amid mixed signals from the world’s largest economy. The Federal Open Market Committee is widely expected on Wednesday to keep its benchmark interest rate at a 22-year high,… Read More »US Federal Reserve set to hold interest rates but leave tightening in play

The world economy’s debt pile hit a fresh high in the first half of this year, while borrowing as a share of gross domestic product is rising again after nearly two years of declines, according to the Institute of International Finance. Total debt — spanning sovereigns, corporates, and households — rose by $10tn to about… Read More »Global debt pile hits record high of $307tn

KEY POINTS Almost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey from Natixis Investment Managers. That is up “quite a bit” from about 40% of respondents who said the same two years ago, according to Dave Goodsell, executive director of the Natixis Center for Investor Insight.… Read More »47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame

The IRS will take several aggressive steps against fraudulent claims for the employee retention credit (ERC), including an immediate moratorium on the processing of new ERC claims; allowing taxpayers to withdraw unpaid claims; and the offer of a settlement program for those who have received the pandemic-era benefit intended to help small businesses. The actions… Read More »Moratorium imposed on new ERC claim processing to curb abuse