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<\/p>\nIt’s graduation season once again, time for celebrating our grad’s, visiting with family and friends and once again enjoying these beautiful spring days.\u00a0 I am happy to take my walks on the beach and share my “photo of the week” …<\/p>\n
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I am hoping you are enjoying the weather and have some great plans to safely visit and celebrate!<\/p>\n
We are seeing stock market fluctuations daily,<\/a> those caused by negative news regarding the company, poor financial results or performance for the quarter and\u00a0 now current events which are also further effecting the supply chain.\u00a0 I am again reminded that “Pigs Get Slaughtered” and “You Can Never Time the Market”.\u00a0 Just this week saw Bitcoin continue its tumble, negating any gains it made over the weekend. The world\u2019s most famous cryptocurrency has continued to lose value following the collapse of so-called stablecoin TerraUSD.<\/p>\n The tax community was angered on Friday when an audit revealed that the IRS destroyed millions of paper-filed information returns. Critics worry the move will trigger more error notices that the agency won\u2019t be able to verify, although the IRS has reported that taxpayers wont be affected.<\/p>\n he Internal Revenue Service has been auditing fewer taxpayers since 2010, according to a new report, but audit rates have been plunging the most for higher-income taxpayers.<\/p>\n A\u00a0report<\/u><\/a>\u00a0released Tuesday by the Government Accountability Office found that in recent years, the IRS audited taxpayers with incomes below $25,000 and those with incomes of $500,000 or more at higher-than-average rates. However, audit rates have dropped for all income levels \u2014 with audit rates falling the most for taxpayers with incomes of $200,000 or more.<\/p>\n IRS officials blamed the decline in audit rates on staffing decreases and the fact that it takes more staff time and expertise to handle complex higher-income audits.<\/p>\n We are currently working on several cases for both businesses and individuals who have fell behind on paying their tax liabilities either in full or timely.<\/p>\n The GAO Report to Congressional Committees<\/u><\/a>, released Tuesday, examined the impact of the various pandemic relief laws passed by Congress since 2020, including the CARES Act and the Families First Coronavirus Response Act. Provisions in those laws established paid sick and family leave credits, the Employee Retention Credit and payroll tax deferrals. The IRS implemented those complex provisions despite facing delays caused by facility closures and other challenges. As we have seen the IRS continued to revise the relevant employment tax returns and guidance.\u00a0 With so much confusion and uncertainty over implementation \u201cA comprehensive and cohesive compliance plan would help guide IRS efforts to ensure that it adequately identifies and addresses compliance risks,\u201d said the report.<\/p>\n<\/div>\n President Biden urged state and local leaders to use American Rescue Plan<\/a> funds to invest in public safety immediately.\u00a0“Spend this money now that you have. Use these funds we’ve made available to you to prioritize public safety. Do it quickly before the summer when crime rates typically surge,” Biden said Friday. “Taking action today is going to save lives tomorrow, so use the money. Hire the police officers. Build up your emergency response systems. Invest in proven solutions.”<\/p>\n The pandemic relief fund passed by Democrats provides $350 billion directly to cities, counties and states.<\/p>\n The price of gas hit a new record high on Monday, reaching $4.48\/gallon. Prices have increased 40 cents in a month, and are now 27% higher than they were the day before Russia invaded Ukraine.<\/p>\n The Federal Reserve will attempt to engineer a cooling of the economy to achieve lower prices without hitting a recession by steadily hiking interest rates if necessary. The move is reminiscent of the 1990s when the Feds last successfully tempered the economy.\u00a0 I spoke with one of my bankers just yesterday who summarized the almost daily changes in mortgage rates.\u00a0 It seems that although spring is the season for buying and selling homes it will be a bit more stressful as interest rates fluctuate and buyers pre-qualify for mortgages with various fixed and variable options.<\/p>\n Goldman Sachs lowered its year-end S&P 500 price target for the third time this year, citing slower economic growth and higher-than-expected interest rates. Experts say the stock market could fall another 11% in a recession.<\/p>\n On Monday, JetBlue launched a hostile takeover of Spirit Airlines, offering $30\/share in an all-cash offer. Spirit Airlines maintains they will pursue a $2.9 billion cash-and-stock offer to merge with fellow discount airline Frontier.<\/p>\n Many Americans, especially among young consumers are taking advantage of \u201cbuy now, pay later\u201d offerings available almost everywhere you shop, but Harvard researcher Marshall Lux warns of the pitfalls of paying for household goods on installment.<\/a><\/p>\n Skyrocketing natural gas prices lead to higher manufacturing and transportation costs across many US industries, and the situation is expected to get worse as the US exports more gas to Europe to make up for deficits imposed by Russian sanctions.<\/p>\n We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don\u2019t hesitate to reach out to us. We are all in this together!<\/p>\n If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan,\u00a0contact us<\/a>\u00a0for a complimentary discovery session\u00a0or an appointment to just get started.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"TAX ISSUES<\/h3>\n
IRS Destroys 30 Million Paper Returns<\/h4>\n
IRS audit Rates Plummet, Especially for Wealthy Taxpayers<\/h4>\n
Resolve Tax Debt With the Help of an Expert<\/h4>\n
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The IRS May be Stepping Up Reviews of Pandemic Tax Breaks<\/h4>\n
\nStates\u2019 Use of American Rescue Plan Money<\/h4>\n
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ECONOMY<\/h3>\n
Gas prices of $5\/gallon could become the norm<\/h4>\n
Considering Purchasing a New Home; Be Aware of Interest\u00a0 Rate Fluctuations<\/h4>\n
Stock Market Could Fall Further in the Event of Recession<\/h4>\n
JetBlue Appealed to Spirit Shareholders to Accept Their Takeover Bid<\/h4>\n
Paying By Installment Gains Traction<\/h4>\n
Fuel Cost Surge Increases Prices Across All Industries<\/h4>\n
GENERAL RESOURCES<\/h3>\n
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