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David JC Cutler

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