Treasury unveils rules limiting corporate inversions

November 20th, 2015  // News

The Treasury Department has released new rules to make it harder for companies to move their tax addresses overseas by merging with foreign businesses. The rules take aim at a tactic called "stuffing," in which a foreign company is made to appear bigger during a merger. They will also make it tougher for companies to pick the foreign country of their choice during an inversion. Read more

Treasury to release guidance aimed at corporate inversions

November 19th, 2015  // News

Treasury Secretary Jack Lew said in a letter to lawmakers that the agency will release guidance this week meant to "reduce further the economic benefits of corporate inversions." A source said the guidance would address so-called earnings stripping, a process that involves concentrating deductions in the US and moving profits to low-tax countries. Read more

SEC accountant: US companies should be allowed to use IFRS

November 18th, 2015  // News

Securities and Exchange Commission Chief Accountant James Schnurr is recommending that US companies be allowed to use International Financial Reporting Standards as an add-on to their main financial statements. Schnurr said the idea will have to go through an economic analysis. Read more

Labor Department proposes rule for states to offer their own IRA programs

November 17th, 2015  // News

The Department of Labor has proposed a rule that would permit the automatic enrollment of employees in state-sponsored IRA programs with payroll deductions. Workers must be able to opt out, however. The Obama administration hopes to encourage other states to adopt legislation similar to what has passed in California, Illinois and Oregon, which provides a savings vehicle for workers without employee-provided plans. Read more

Economists predict an interest-rate hike in December

November 13th, 2015  // News

Ninety-two percent of the private economists surveyed by The Wall Street Journal believe the Federal Reserve will start raising interest rates at the policy meeting to be held on Dec. 15-16. In recent comments, Federal Reserve officials have suggested they were ready to act and have discussed the pace of future increases. Read more

Labor Dept.’s overtime rule will appear later than expected

November 12th, 2015  // News

A final Labor Department rule expanding overtime eligibility probably won't come about until late next year, Solicitor of Labor Patricia Smith revealed at a panel discussion. The department has proposed raising the salary limit for overtime eligibility to $50,400, up from $23,660. The rule had been expected to go into effect later this year or in early 2016. Smith said the longer time frame was due to the complexity of the rule and the volume of comments the department has received. Read more

Job-hoppers are getting higher salaries

November 11th, 2015  // News

Workers who have switched jobs are being rewarded with higher pay, according to the ADP Research Institute's Workforce Vitality Report. Employees in the same positions they were in last year are earning an average of 3.5% more. People who changed jobs have seen a 6.5% bump in pay. Read more

Clients underestimate retirement needs, financial planners say

November 10th, 2015  // News

Over half of clients underestimate their retirement expenses and the amount of money they'll need to retire, a recent survey of CPA financial planners found. Over three-quarters of respondents said overspending was a key reason clients need to change their retirement plans. More than a quarter of clients will change their plans only when circumstances force them to. Read more

US Fed official sees 2 sides to rate decision

November 9th, 2015  // News

Another data point in US Federal Reserve interest-rate thinking emerged with remarks by San Francisco Fed President John Williams, who said the decision to hold rates steady was a "close call" even at the Fed's October meeting. However, Williams tempered the statement, saying he's waiting to see more economic data before the Fed's next meeting in mid-December. Read more

271,000 jobs added in October

November 6th, 2015  // News

Employers hired at the fastest pace so far this year in October, creating 271,000 nonfarm jobs. The unemployment rate edged down to 5%. A broader measure of unemployment that includes people who are working part time or not actively looking for work dropped to 9.8%, the lowest reading since May 2008. Average earnings rose by 9 cents an hour for an annualized gain of 2.5%. Read more

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