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,… Read More »IRS adding more filters trying to catch business tax fraud
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… Read More »US Household Debt Surpasses $16 Trillion on Higher Mortgages
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… Read More »Fed ‘Nowhere Near’ Finished With Inflation Fight, Daly 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,… Read More »Equifax issued wrong credit scores for “millions” of customers, report says
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… Read More »Credit card balances jump 13%, the highest leap in over 20 years, as inflation outpaces wage growth
Someone in Illinois bought the winning ticket, and if he or she doeslike most winners, they will take the lump sum, not the annuity. The$1.28 billion prize, which is the second-largest jackpot in MegaMillions lottery history, can be claimed in… Read More »Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax
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… Read More »JPMorgan’s Kolanovic stands apart in saying stocks will rebound
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… Read More »Home prices cooled at a record pace in June, according to housing data firm
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… Read More »Workers’ wages continue to climb, but not as fast as inflation
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… Read More »Goldman’s Kostin Says US Results Season Better Than Feared