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XiFotos | E+ | Getty Images After the Social Security Administration announced a record-high cost-of-living adjustment for 2022, many beneficiaries are asking, “How much bigger will my monthly checks be?” People who receive Social Security or Supplemental Security Income, or SSI, benefits will get a 5.9% boost to their payments next year. That is that
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Small businesses gained 63,000 jobs during September, according to the ADP National Employment Report. The overall growth for all businesses was 568,000 jobs. The majority of the small business gain (43,000 jobs) was in businesses of 20-49 employees. Service providing jobs lead the way in the small business gains with 39,000 jobs in September (9,000
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Getty Images The enhanced child tax credit has sent monthly checks to millions of American families since July. Now, it’s one of the programs on the chopping block as Democrats slim down President Joe Biden’s Build Back Better agenda. Lawmakers are proposing to extend the benefit for only one year. Previously, the Biden Administration proposed
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All current Preparer Tax Identification Numbers will expire on Dec. 31, so tax return preparers must soon renew their PTINs for 2022. Everyone who gets paid to prepare or helps prepare a federal tax return must have a valid PTIN from the IRS before preparing returns. The PTIN needs to be included as the identifying
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Riviera rip-off; questionable deductions; fled the country; and other highlights of recent tax cases. Montgomery, Alabama: Tax preparer Lashunda Deann Crittenden has pleaded guilty to aiding and assisting in the preparation of false income tax returns. Crittenden operated a prep service where she prepared federal income tax returns for others. She admitted that on Feb.
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Starship prototype SN15 returns for a landing on May 5, 2021 after a high-altitude flight test. SpaceX Between Elon Musk’s two largest companies, investors and experts have a long-term favorite. Most “institutional investors and industry experts” surveyed by Morgan Stanley expect SpaceX to become more valuable than Tesla, and see it as a more attractive
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The Institute of Management Accountants is commemorating Global Ethics Day by highlighting the work it’s been doing to improve ethics for accountants, while acknowledging that more needs to be done. The organization has been operating an online IMA Ethics Center where members can find continuing professional education courses, information about ethics case study competitions and
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The Biden administration’s proposal to require financial institutions to report inflows and outflows of more than $600 from bank accounts has attracted significant attention. The Treasury Department believes it could generate $463 billion in revenue over 10 years by giving the IRS more insight into certain types of income that members of the public often
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Fixed-income giant Pimco has dabbled in cryptocurrencies and plans to gradually invest more in digital assets that have the potential to disrupt the financial industry, according to chief investment officer Daniel Ivascyn. “Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the