You may experience a ‘mysterious disappearance’ on Halloween — and insurance probably won’t pay for it

Lauren Bates | Moment | Getty Images If history is a guide, insurance claims for unexplained disappearances will jump this Halloween. Renters and homeowners insurance claims related to a “mysterious disappearance” increased by 5% on Halloween and 3% on Mischief Night, which is the night before Halloween, according to Travelers Insurance claims data from 2011 to 2021. But insurers don’t […]

Tax cuts may add to state budget pressures

The majority of states will be able to absorb the impact on their revenue if they cut taxes this year, even if they face a mild recession next year, but a small number of states with more wide-ranging tax reduction packages could see budgetary pressure, according to a new report. The report, released Monday by Fitch Ratings, found that a […]

Best Glue Gun for Your Crafting Business

If you buy something through our links, we may earn money from our affiliate partners. Learn more. Finding the best glue gun is a must for your crafting business. The best guns are surprisingly easy and safe to use. You can use them to mend furniture, stick cardboard, paper, and other items quickly. There are three main types of glue […]

Prepare your finances for a recession despite strong GDP report, warn financial advisors: ‘Plan for more disruption’

Dimitri Otis | Stone | Getty Images The U.S. economy grew in the third quarter, reversing a negative trend from the first half of the year — but weakness looms under the surface and households shouldn’t be lulled into a false sense of financial security, economists and financial advisors said. “I think investors should still continue to be cautious … […]

Estimates of the tax gap keep growing

The estimated gross U.S. tax gap increased to $496 billion annually for tax years 2014 through 2016, a rise of over $58 billion from the prior estimate — and the Internal Revenue Service estimates the gross tax gap will rise to $540 billion for 2017-2019.  “The increase in the tax gap estimates reflects that the IRS needs to do more, […]

As Supplemental Security Income turns 50, some are calling for the program’s outdated rules to change

Fg Trade | E+ | Getty Images A key federal program providing benefits to elderly, blind and disabled people — Supplemental Security Income — is turning 50 years old. The program, which currently serves nearly 8 million beneficiaries, was created by legislation signed by President Richard Nixon on Oct. 30, 1972. But even as Supplemental Security Income — called SSI […]

How good they think their tools are can impact auditor judgment

When using tools that they perceive to be more sophisticated than others, auditors are more likely to bias their judgments in favor of what they believe their supervisors want, in contrast to when they are not using these solutions, according to a recent study published in the Journal of Emerging Technologies in Accounting. Researchers studied a pool of 84 external […]

What is Return Fraud and How to Prevent It

When bad actors take advantage of return policies, return fraud is the result. It’s the act of defrauding businesses using its return process and it’s a problem in the retail industry. If you think fraudulent returns aren’t a problem, think again. American hospitality and retail sectors reported $33.9 billion worth of merchandise was affected in 2019. What Is Return Fraud? […]

IRS ‘fully committed’ to better customer service as agency hires 4,000 new workers

Charles Rettig, IRS Commissioner, testifies during the Senate Finance Committee hearing in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters The IRS said it has passed a milestone of hiring 4,000 new customer service workers as the agency prepares for the 2023 tax filing season. Hired over the past several months with funds allocated by the Inflation […]

20 Days to a Better Firm: Throw money at them

Money may not be able to buy love, but it can certainly pique people’s interest, and it can definitely encourage them to stick around — a lesson that both the biggest firms and the top workplaces in the accounting profession have been heeding. It’s becoming well understood across the field that basic salaries need to be competitive from the start, […]

Activist Starboard takes a stake in Vertiv, and an opportunity to boost margins is in sight

Kobus Louw | E+ | Getty Images Company: Vertiv Holdings (VRT) Business: Vertiv designs, manufactures and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. The company went public through a SPAC merger in the first quarter of 2020 with GS Acquisition Holdings, a SPAC co-sponsored by an affiliate of […]

‘Millionaire tax’ plans are on the ballot in California and Massachusetts. Here’s what that means for taxpayers

amriphoto Amid the nationwide flurry of tax cuts, two states are voting on whether to enact a “millionaire tax” on top earners in November. In California, Proposition 30 would add a 1.75% levy on annual income of more than $2 million, in addition to the state’s top income tax rate of 13.3%, beginning Jan. 1.  The Fair Share Amendment in […]

SEC cracks down on excessive executive pay

The Securities and Exchange Commission adopted rules this week requiring public companies to claw back erroneously awarded incentive-based compensation received by their current or former executives only months after issuing a set of rules on pay versus performance. The final rules on pay versus performance require an issuer to file the policy as an exhibit within its annual report and […]

Learn How to Build a Team and Foster Collaboration This November

Building a team is often one of the most important elements of creating a successful business. There are many challenges that come with team building, especially in 2022. But it’s worth taking the extra steps to intentionally create a cohesive unit. In fact, team building isn’t just about hiring new employees. Once you’ve onboarded new workers, it’s time to focus […]

54% of adults say they have stopped or reduced their retirement savings contributions due to inflation, study shows

Brandon Bell | Getty Images It’s no secret that higher prices are taking a bite out of household budgets. They also appear to have made some people change their retirement savings habits: Inflation has caused 54% of adults to either reduce or stop their contributions, according to a new report from Allianz Life. Additionally, 43% say they have dipped into […]

Demand for Series I bonds crashes TreasuryDirect site ahead of key deadline as investors try to secure 9.62% rate

Shapecharge | E+ | Getty Images Investors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. I bonds have proven to be a bright spot for investors amid declines in the broad stock and bond markets this year. They are a nearly risk-free asset […]

Douglas O’Donnell named acting IRS commissioner

Treasury Secretary Janet Yellen picked Douglas O’Donnell as the new acting commissioner of the Internal Revenue Service on Friday. O’Donnell has been deputy commissioner for services and enforcement at the IRS since April 2021 and is succeeding IRS commissioner Charles Rettig, whose term ends on Nov. 12.  “I want to thank Commissioner Rettig for his tireless service to the American […]

10 PayPal Scams to Watch Out For

Paypal is one of the leading payment providers and a valuable tool for accepting and receiving money. As a tool, Paypal is incredibly versatile and can be used for both personal and professional reasons. However, the popularity of Paypal also means that scammers tend to use it as an opportunity. To keep your Paypal account safe, we’re covering some of […]