Weekly Update–November 17th, 2023; Counting Down the Days Until Thanksgiving 🦃
Once again I am happy to be writing this blog as I attend the 21st annual tax practitioner’s symposium ATS 2023 formerly LITPS. We were live again this year at the Crest Hollow Country Club where I connected with my professional friends, served as a host and participated on a tax panel “The Tax Man Cometh”with Scott Ahroni, esq and several of his partners and associates. I am keeping this week’s post short and sweet as I hope to sort through my notes and share some great takeaways over the next few weeks.
As in prior years I stay over at the Inn At Fox Hollow, just down the road from the event, so I can help set up in the morning and then go to dinner with friends and YES we discuss business/tax law/best practices before, during and/or after so this meal is definitely tax deductible 🍽️, but fun. My trip to the conference took me to Woodbury Long Island, where I was able to take some photos of the still colorful Long Island NY fall foliage🍁🍂….
My roommate Mitchie, a 5-month-old service dog in training is very cute, even when he is not quite behaving…
Now that our last major deadline is over I have taken extra time to walk the beach at sunrise….
Glad to be able to take advantage of the sunset Monday evening before I left for the conference on Tuesday …
I hope everyone has a great weekend and wonderful plans for their thanksgiving holiday. We are heading to Michigan to spend the holiday with our family and their local friends. I am so grateful that this year I have so much to be thankful for, but I couldn’t wait another week for turkey and stuffing🦃…
WEEKLY TAKE AWAY
Sometimes I focus on a situation that is bothering me, maybe it’s in my control to alter the situation and that’s why it irks me so, this may be true for you as well. As I write this week’s blog all I can think about is how grateful I am to be hearing good news about the health prospects for my family and friends. I never want to lose sight of what is really important: our health and happiness and that of our family and friends. Starting my day with a walk on the beach certainly helps set the stage.
TAX ISSUES/TAX PLANNING
As I attend classes and discuss and evaluate updates in tax law and best business practices, I am taking notes to share with you over the next few weeks AND you can see I was busy taking and posing for photos during the breaks…
ECONOMY
Businesses Take Stock of the U.S. Economy & See Reason to Be Cautious
The level of inventories, or unsold goods, that U.S. wholesalers are keeping on hand fell in September to a 13-month low amid uncertainty about whether the economy can maintain its recent momentum.
The US Economy May be Reliving the ‘Roaring ’20s’
According to UBS in this article, “The economy’s surprising resilience this year could set the stage for a new “roaring ’20s” decade of growth, and that means growth, inflation, and rates will all stay high.”
Rising Delinquencies Offer Economic Warning Signs
According to the New York Fed’s Q3 Household Debt and Credit (HHDC) report, the share of debt newly transitioning into delinquency continues to rise for mortgages, auto loans, and credit cards.
10-Year Treasury Yield Falls as Investors Consider State of U.S. Economy
U.S. Treasury yields fell as investors assessed the outlook for the economy and monetary policy as they awaited economic data and comments from Federal Reserve officials.
Powell saysFederal Reserve ‘Won’t Hesitate’ to Raise Rates Again if Necessary,
According to Jerome Powell, 16th chair of the Federal Reserve of the United States: The Federal Reserve is far from certain that its war on inflation is over and is willing to hike interest rates past their current 22-year high if necessary.
GENERAL RESOURCES
- IRS resources for stimulus payments:
- Use the Get My Payment tool to check on EIP payment status
- Eligibility and general information about Economic Impact Payments
- A list of frequently asked questions for stimulus payments
- IRS information about the Advance Child Tax Credit Payments
- Portal to update information
- A list of frequently asked questions on the advance Child Tax Credit Payments
- The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
- Our prior blog posts, videos and prior weekly newsletters
- Entrepreneur put together a listing of free tech resources for remote work
- The Consumer Financial Protection Bureau has warnings about COVID-related scams
- The New York Times has an online newsletter on K-12 and higher education
- The Wall Street Journal has a collection of articles on education
- The Louvre has digitized 482,000 artworks from its collection
- How to create a strong password
We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.
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