Yesterday the IRS issued a statement acknowledging that “some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.” The problem started being reported by tax professionals on social media in early June.
Should you keep an eye on your broker? Let me share why that’s something to think about. Picture this: You are a high-net-worth individual, an entrepreneur, who made a fortune by living the American dream. Your business grew exponentially, giving you substantial liquidity when you sold it. Through a friend, you were introduced to a
Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower. The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday
In this article XOM Exxon and Chevron posted record profits during the second quarter of 2022 as high commodity prices boosted operations, and as the oil giants kept spending in check. Chevron reported earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021. Exxon, meantime, posted second-quarter
In this article ROKU AMZN AAPL People pass by a video sign display with the logo for Roku, a Fox-backed video streaming firm, that held it’s IPO at the Nasdaq Marketsite in New York, September 28, 2017. Brendan McDermid | Reuters Check out the companies making headlines in midday trading Friday. Amazon — Shares of
NFL quarterback Tom Brady is concerned about his kids’ upbringing: He says he grew up solidly middle class, and his children are being raised on the sidelines of the Super Bowl with private jets at their disposal. On a recent episode of “Drive with Jim Farley,” a podcast hosted by Ford CEO Jim Farley, the
Erik McGregor | LightRocket | Getty Images As Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing another piece of President Joe Biden‘s agenda: taxing the ultra-wealthy. Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on households worth
The Manhattan sales market has slowed down. Compared to last year, contracts signed in May, June, and July are down an average of 25%. The prime reasons for this: rising mortgage rates, increasing inflation, and recessionary fears. No matter the cause, the drop in volume has forced sellers to compete on price. As a result,
After more than a year of often-fraught negotiations, Sen. Joe Manchin (D-WV) said he has agreed to a slimmed down tax, health care, climate, and energy bill. The details of the agreement, which Manchin brokered with Senate Majority Leader Chuck Schumer (D-NY), were closely held until late Wednesday, and it remains unclear whether enough Democrats
As the economy tries to recover from the pandemic, worries of inflation, rising interest rates and the Ukraine crisis have increased the potential of a recession. This potential grew stronger with the release of the new gross domestic product (GDP) estimates released in July. The Bureau of Economic Analysis reported that GDP fell 0.9% from
Trucks at the entrance to the Port of Oakland in Oakland, California, US, on Thursday, July 14, 2022. Truckers servicing some of the US’s busiest ports are staging protests as state-level labor rules that change their employment status begin to go into effect, creating another choke point in stressed US supply chains. David Paul Morris
In this article ROKU A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company’s IPO at the Nasdaq Market in New York, September 28, 2017. Brendan McDermid | Reuters Roku shares plummeted more than 25% in extended trading on Thursday after the company missed expectations
U.S. President Joe Biden and Chinese President Xi Jinping held a phone call Thursday. Pictured here is their virtual meeting on Nov. 15, 2021. Mandel Ngan | Afp | Getty Images BEIJING — U.S. President Joe Biden and Chinese President Xi Jinping ended a call Thursday with plans to arrange a face-to-face meeting for the
The chaos engulfing many major airports in North America and Europe since summer began hasn’t abated much, and news outlets and social media users continue to report on hordes of impatient travelers and mountains of misplaced suitcases. Source: Getty Images Canceled flights. Long lines. Staff walkouts. Missing luggage. Sound familiar? The chaos engulfing many major
In this article CTRN The cost of borrowing is getting more expensive for American households. With Wednesday’s 0.75-percentage-point interest rate hike, the Federal Reserve has raised benchmark short-term borrowing rates 225 basis points, or 2.25%, since March in an effort to curb unrelenting inflation. The federal funds rate, which is set by the U.S. central bank, is
The finest and most successful hoteliers understand they can’t survive without impeccable customer service. In those environments, the bar is set at concierge-level professionalism, exclusive and personalized experiences and top-notch amenities. For office building owners looking to increase occupancy, the hospitality industry is full of inspiration. In an office building, stand-out hospitality is achieved with
The estimated second-quarter Gross Domestic Product (GDP) data released on Thursday shows the U.S. economy teetering on the edge of recession, with an overall inflation-adjusted GDP decline of 0.2%. And if we get a full-blown recession, it will be tied to the sharp declines in housing and residential investment, which fell by 14% in the
Topline The stock market moved higher on Thursday despite U.S. economic growth contracting for the second quarter in a row, a significant recession indicator which spooked markets—though most experts argue that the economy is yet to fall into a true recession thanks to solid job growth and consumer spending. Key Facts Stocks moved slightly higher
In this article SAVE JBLU JetBlue Airways finally won over Spirit Airlines with a $3.8 billion takeover deal. Now it needs to win over antitrust regulators. The New York-based airline snatched Spirit away Frontier Airlines with an all-cash offer that torpedoed the cash-and-stock deal the two discount airlines had forged earlier this year. Hours after Spirit
In this article CMCSA CMCSA Comcast reported second-quarter revenue and earnings that topped analyst estimates, but the cable provider didn’t add broadband customers in a quarter for the first time ever. Comcast’s high-speed internet customers in the quarter were flat, trailing the 84,000 average analyst estimate, according to FactSet. The company’s shares fell more than 9%