Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS halts new ERC processing after flood of bogus claims The Internal Revenue Service said Thursday it’s putting an immediate stop to processing of new claims for the Employee Retention Credit after receiving a surge of questionable claims. The UAW’s big asks, unusual strike strategy, and what this all… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Lithium deposit found in US may be among world’s largest, study finds A deposit of lithium recently discovered along the Nevada-Oregon border may be among the world’s largest, having potentially huge implications for the transition to electric vehicles. US recession remains ‘more likely than not,’ Deutsche Bank warns The U.S. economy has… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Surprisingly durable US economy poses key question: Are we facing higher-for-longer interest rates? One after another, economists have postponed or reversed their earlier forecasts for a U.S. recession. Optimism that the Fed will pull off a difficult “soft landing” — in which it would manage to reduce inflation to… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economy’s solid growth could require more Fed hikes to fight inflation, Powell says at Jackson Hole The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said. Powell noted that the economy has been growing faster than expected and that consumers have kept… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Mortgage rates are at a 21-year high. Here’s what that means for you. Mortgage rates hit a 21-year high this week, a milestone that makes home buying a much more expensive prospect for those who are interested in doing so. According to Freddie Mac, the rate for a 30-year fixed-rate mortgage… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. If the US economy is so good, why are small business owners so pessimistic? There are 33m small businesses in the US, with about 6m of them employer-owned. Each of these people has their own reasons for feeling less confident about the economy. According to the most recent monthly… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why did the US credit rating just get dinged? On August 1, the Fitch Ratings agency downgraded the United States’ long-term credit rating from AAA to AA+ for only the second time in the nation’s history, in what’s generally seen as a signal of concern about the US’s creditworthiness.… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why the Federal Reserve has made everything more expensive to make things less expensive A little bit of science and a little bit of art go into slowing down the behemoth that is the U.S. economy. It seems like a contradiction: How would increasing the cost of monthly credit… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. UPS workers poised for biggest strike in 60 years Thousands of part-time employees at UPS are pushing for higher pay as the Teamsters union, which represents 340,000 UPS workers, and the delivery giant resume contract negotiations next week. If no deal is reached by July 31, the union has… Read more
Welcome to our Profit First blog series, where we explore effective strategies to maximize your business’s profitability and financial success. As Profit First Advisors, we believe that prioritizing profit is key to sustainable growth and long-term prosperity. In this article, we will guide you through practical steps and advice from the Profit First perspective to help you transform your business into a profit-generating powerhouse. Reevaluate Your Expenses: One of the… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Senate to hold classified briefing on Artificial Intelligence and National Security Senate Majority Leader Chuck Schumer has invited all 100 senators to a classified briefing on artificial intelligence (AI) and its impact on global and national security Firefighters are leaving the U.S. Forest Service for better pay and benefits… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS warns of new scam involving unclaimed refunds The Internal Revenue Service and its Security Summit partners are cautioning taxpayers and tax professionals to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking people to send photos and bank account… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Federal Reserve Board releases results of annual bank stress test The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Stocks fall as Fed’s Powell confirms more rate hikes this year U.S. stocks fell across the board on Wednesday after Federal Reserve Chair Jerome Powell reiterated more rate hikes are on the way during congressional testimony. Powell, Semiannual Monetary Policy Report to the Congress Federal Reserve Chairman Jerome Powell testified before… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Biden gambles that delaying sanctions and playing down espionage will improve China relations The Biden administration has delayed punitive economic measures against China and played down Beijing’s intensifying intelligence-gathering to avoid jeopardizing its efforts to revive diplomatic talks between the two governments, according to former U.S. officials, congressional aides,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Barclays CEO in bid to stem US talent flight Barclays Chief Executive C.S. Venkatakrishnan held a virtual town hall to address management changes leading to bankers leaving for rival firms. Roughly two dozen U.S. investment bankers have left Barclays for firms like Citigroup, UBS, and Jefferies Financial Group. Amazon’s… Read more
Tax deductions help offset travel expenses for business travellers. Learn about some key deductions for business trips before you hit the road. What to know about tax deductions for business travel If you are traveling for business purposes away from your main workplace or home, you may be eligible for business travel deductions. However, your travel expenses must be reasonable and essential for business purposes, and not extravagant, or for… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Biden-McCarthy debt ceiling deal approved by key committee ahead of House vote Congress is facing a major test as the House Rules Committee is set to consider a bipartisan debt ceiling deal. The deal would suspend the debt limit until July 2021 and increase spending by $320 billion over… Read more
Mastering the Basics: A Guide to Accounting Principles for Small Business Owners As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices out there, it can be challenging to know where to start. That’s where we come in! In this guide, we’ll break down the essential accounting principles that every small business owner… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Biden, McCarthy reach final deal to prevent default, now must sell to Congress President Biden and House Minority Leader Kevin McCarthy have reached a final deal to prevent the US from defaulting on its debt. The deal must now be sold to Congress, who will need to pass it… Read more