The U.S. economy grew at a modest to moderate pace from mid-January through early February as the Omicron variant of COVID-19 disrupted businesses and held back consumer spending, the Federal Reserve said Wednesday. The Feds periodic compilation of business anecdotes… Read More »U.S. Economy Grew Modestly Amid Omicron Surge, Fed Beige Book Says
Effects on the U.S. from Ukraine war ‘highly uncertain,’ he says Fed must be ‘nimble’ in data response, evolving outlook Federal Reserve Chair Jerome Powell backed a quarter-point interest-rate hike this month to commence a series of increases and didn’t… Read More »Powell Backs Quarter-Point March Rate Hike, Open to Bigger Moves
“We are getting a payment provider to accept crypto equivalent and deposit the dollars into the state’s treasury for that amount. It is kind of like credit card payments, with the bonus that there are no returned payments.” Story at a glance Colorado will… Read More »Colorado will start accepting cryptocurrency for tax payments
Economic sentiment among U.S. CPA decision-makers in business and industry remains positive overall, but the finance executives have concerns about inflation — which they knew about when the survey was open — and the uncertainty brought about by Russia’s invasion… Read More »Positive for now, CPA executives wary of inflation and other headwinds
What You Need to Know SOSEPP stands for Series of Substantially Equal Periodic Payments taken from an IRA or 401(k) commenced prior to age 59 ½. There are very strict rules for SOSEPPs that can trigger stiff consequences if violated.… Read More »Clients Can Tap 401(k)s and IRAs Early Without Penalty but Beware
Homebuying in the U.S. was slower than anticipated in the first month of 2022. Pending home sales, a leading indicator of the health of the housing market declined for the third straight month. The National Association of Realtors (NAR) Pending Home… Read More »Pending home sales fall for a third consecutive month
In today’s environment, a tax practitioner must be patient and document all contact with the IRS. Although the IRS is opening correspondence within the normal time frames, the processing is taking longer than usual. Practitioners can obtain assistance with their… Read More »A guide to dealing with today’s IRS
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out invasion of Ukraine… Read More »Oil tops $105/bbl after Russia attacks Ukraine
KEY POINTS Consumers reported losing more than $5.8 billion to fraud in 2021, a 70% increase over the prior year, the Federal Trade Commission said Tuesday. Almost 2.8 million people filed a fraud complaint, an annual record. Imposter scams were… Read More »Consumers lost $5.8 billion to fraud last year — up 70% over 2020
“Outright conflict” in Ukraine coupled with “punitive sanctions” could push U.S. stocks another 6% lower from Friday’s close, with worse losses seen in Europe and Japan, according to Goldman Sachs Group Inc. With geopolitical upheaval notoriously hard to trade, Goldman… Read More »Goldman Team Sees S&P Down 6% if Ukraine Conflict Worsens