The Internal Revenue Service decided to destroy an estimated 30million paper-filed information return documents in March 2021 becauseof its inability to process its backlog of paper tax returns,according to a new report. The report, released Monday by the Treasury Inspector… Read More »IRS destroyed 30M paper information returns due to the backlog
With first-quarter U.S. earnings in the final stretch, corporategrowth expectations for the current quarter and 2022 mostly aredeclining as costs surge for oil and other supplies and interest ratesrise. Sky-high oil has boosted forecasts for energy company earnings whilefeeding into… Read More »U.S. profit forecasts weaken as companies assess inflation risks
Bank of America Corp. scaled back work with some SPACs, part of aretreat by banks including Goldman Sachs Group Inc. and Citigroup Inc.from blank-check firms over concern about potential liability risksassociated with the vehicles. The Charlotte, North Carolina-based lender ended… Read More »BofA scales back on SPAC work as bank retreat accelerates
Expanded U.S. government sanctions against Russia in response to thewar in Ukraine include a ban on accounting and management consultingservices by U.S. citizens. The sanctions announced Sunday “prohibit U.S. persons from providingaccounting, trust, and corporate formation, and management consultingservices to… Read More »US sanctions ban the provision of accounting and consulting services to Russia
To fix errors on form 1040, filers need to submit a separate Form1040-X. Here, tax guru, Julian Block offers guidance on how to submit1040-X, how the IRS might respond, and other considerations, such asfiling a state’s version of the 1040-X… Read More »How to Amend Form 1040 and Submit Form 1040-X
Continued personnel shortages and a growing backlog of some returnssignificantly impeded the IRS’s performance during the 2022 income taxfiling season that ended last month, the Treasury Inspector Generalfor Tax Administration (TIGTA) reported in a preliminary audit. The report, Interim Results… Read More »Staffing shortages and backlog hampered IRS in 2022 filing season, TIGTA says
A day after celebrating the Federal Reserve’s signal that it wouldn’tbe making any jumbo-sized moves, traders woke up on Thursday decidingthat the central bank will struggle to fight high inflation amid thelingering threat of a recession. In a sharp about-face,… Read More »Wall Street staggers with ‘vicious’ US$1.3T stock selloff
The Federal Reserve on Wednesday raised short-term interest rates by0.50%, as part of an effort to tamp down the inflationary pressuresweighing on Americans. The central bank suggested that it will further raise borrowing coststhroughout this year as it attempts to… Read More »Fed raises interest rates by 0.50%, the largest move since 2000
Among numerous other changes, the Tax Cuts and Jobs Act (TCJA) chippedaway at several tax breaks for individuals, including the deductionfor mortgage interest. But the fall-out isn’t as bad as it firstseems. Most taxpayers can continue to deduct … Among… Read More »Key Tax Rules for Deducting Mortgage Interest
It was the worst first four months of the year for the stock marketsince the 1970s! No, the 1930s! Can’t we just say it was a really badstart to the year? “Bad” might not do it justice. After dropping 3.3%… Read More »The Stock Market Isn’t Falling Like It Did In the 1970s—It’s Even Worse