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
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Bill Gates says the big winner in A.I. will be whoever makes a truly useful smart assistant first Bill Gates predicts that AI-powered smart assistants will be the big winner in the future. He believes that these assistants will be able to help people with tasks such as scheduling,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Biden Expresses Optimism Over Debt Limit Deal, but an Agreement Remains Elusive President Biden is in talks with Congress to raise the debt limit and avoid a potential government shutdown. He is proposing a plan to raise taxes on wealthy Americans and corporations to help pay for the increase.… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. WHO: COVID-19 Pandemic is no longer a public health emergency of international concern The World Health Organization has announced that COVID-19 is no longer a public health emergency of international concern, although it still poses a global threat. The agency has warned that people are still dying from COVID-19… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. JPMorgan is buying First Republic Bank Following news that First Republic Bank was put into receivership by regulators early Monday, JPMorgan announced it would take over the bank. This makes First Republic Bank the third regional bank to be taken over by federal regulators since March and the second-largest… Read more
When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage. As with most things, payroll is going digital – and for good reason. There are many benefits to digital payroll for employers and staff alike. Read on to learn why switching to paperless payroll could… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Earnings season shows that things aren’t so bad S&P 500’s Q1 earnings season started better than the previous two quarters, but positive earnings surprises and their magnitude are below 5-year averages. While earnings have improved, the index still shows the largest YoY decline since Q2 2020. Get a detailed… Read more
When you go into business as a tradesperson, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any trades accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Stock futures rise as investors await bank earnings Futures tied to major US stock indices rose on Sunday as investors await more earnings reports from major US banks this week, including Goldman Sachs and JPMorgan Chase. Which vehicles are eligible for the new EV tax credit? A new bill… Read more