Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS encourages people to do an end-of-summer tax checkup to avoid tax surprises next year The IRS advises taxpayers to conduct a tax checkup before summer’s end to prevent unexpected tax bills and penalties next year. Reviewing withholdings and estimated tax payments can ensure accurate tax returns and avoid… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed’s preferred price gauge is set to reinforce rate cuts US inflation figures in the coming week will reinforce that long-awaited interest-rate cuts are coming soon, while a reading on consumer spending is seen indicating that the central bank has been successful at keeping the expansion intact. The massive… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. CPI inflation comes in at 2.9%—better than expectations Inflation was lighter than forecasted last month, according to data released, as Wall Street pays close attention to weakening which should bolster the case for the Federal Reserve to lower interest rates. Rules for buying and selling a home are changing. Here’s… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS relief now available for individuals and businesses impacted by Hurricane Debby The Internal Revenue Service announced tax relief for individuals and businesses in four states affected by Hurricane Debby. SBA Announces $7 Million in PRIME Grants to Support Micro-entrepreneurs The SBA PRIME grants program offers funding to nonprofits… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Mortgage rates tumble to lowest since April 2023 after weak jobs report Mortgage rates tumbled on Friday to their lowest since April 2023 after a weak jobs report sent bond yields sharply lower and boosted Wall Street’s expectations for an interest rate cut from the Federal Reserve at its September meeting.… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. In more than 200 U.S. cities, $1 million only gets you a starter home A typical entry-level home in the U.S. costs roughly $200,000. But in a growing number of cities, that would only cover the down payment. With housing in short supply around the country and the stiffest mortgage rates… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economy slowing but not in recession territory The U.S. economy is likely to slow in the coming months but is not flashing recession signals as it enters the critical 100-day period to the November presidential election. IRS finalises 10 year rule for retirement withdrawals The Internal Revenue Service and Treasury Department have… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The U.S. is winning the inflation fight, setting scene for a long-awaited interest rate cut Price increases slowed more sharply than expected in June, adding to evidence that high inflation has subsided and potentially clearing the way for the Federal Reserve to lower interest rates that affect everything from mortgages to credit card payments.… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation hit its lowest level since March 2021 last month A key inflation measure fell to its lowest level in more than three years last month, but there’s still plenty of work remaining to get price increases down to the historically acceptable level. Business owners believe employees with AI… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US economic growth for last quarter is revised up slightly to a 1.4% annual rate The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. Record high… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why Americans hate inflation — and its cure The main way countries deal with inflation is to increase interest rates, making it more expensive to take out loans and reducing the rate of housing construction, business spending, etc. But if Americans are unusually vulnerable to interest rate hikes because… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS options for late filers: payment plans and penalty relief The IRS announced several options to assist taxpayers who missed the April filing deadline for their 2023 federal income tax returns. These include programs to help those struggling with payment and potential penalty relief for first-time offenders. We’re in a new… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The economy is healthy, but inflation is overshadowing growth Despite high interest rates and stubborn inflation, the economy is growing remarkably well. All the major indicators we use to gauge its health—and how families and businesses are faring—are strongly positive. Mortgage closing fees are in the hot seat. Here’s… Read more
Running a small business is no small feat, and neither is taking care of your employees. With the recent changes introduced by the SECURE 2.0 Act, small businesses that offer qualified retirement plans, such as 401(k)s, may now be eligible for several tax credits that can significantly offset the costs associated with launching and maintaining these plans. Curious to learn how you can take advantage of these changes? Let’s explore… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Consumers curb US economic growth in first quarter, inflation cools The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates… 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 issues Economic Well-Being of U.S. households report The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US small business sentiment rebounds in April U.S. small-business confidence increased in April and the share of owners planning to raise prices was the smallest in a year, but persistent labor shortages continued to exert cost pressures for owners, a survey showed on Tuesday. Are we getting a ‘hard… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The U.S. economy’s soft landing is still on track While there’s been a recent string of disappointing macroeconomic data, in reality, these developments are signs of the U.S. economy’s strengths, not weaknesses. The economic pessimism of the last few years has often been rooted in a misreading of the… Read more
What is Payroll? Payroll refers to the process of managing and processing employee compensation, including wages, salaries, bonuses, and deductions. This process includes calculating employee pay, withholding taxes, and other deductions, and ensuring that employees are paid accurately and on time. Preparing for Payroll Before you can start running payroll, there are a few steps you need to take to prepare: Legal and compliance requirements To ensure compliance with federal… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How small businesses impact our economy Every year since 1963, U.S. presidents have issued a Small Business Week proclamation to recognize the contributions of entrepreneurs and small business owners. The theme of Small Business Week 2024, “Building on the Small Business Boom.” Five indicators that show the US economy is… Read more