News

The price of US oil has dropped under $30 a barrel for the first time in 12 years, setting off a chain reaction worldwide. BP says it will cut its workforce by 5%, and Brazil’s state-run Petroleo Brasileiro has scaled […]

The financial well-being of the typical American is better than it was a year ago, according to the PFSi, a proprietary AICPA index. Loan delinquencies and inflation are down, but CPA executives are less optimistic about their organizations’ prospects than […]

The US economy is on track to grow through 2020 and possibly longer, despite slowdowns in China and elsewhere, according to Morgan Stanley. That would make the recovery from the financial crisis the longest expansion since World War II. Solid […]

Major US companies stand a good chance of reporting fourth-quarter results that show earnings have fallen two quarters in a row, marking a recession. Forecasts call for a 4.2% decline in earnings and a 3.2% decrease in revenue for companies […]

US employers added 292,000 jobs last month, exceeding economists’ expectations. The unemployment rate remained unchanged at 5%. In addition, the Labor Department revised figures for the two previous months, adding a total of 50,000 jobs. In 2015 as a whole, […]

The Financial Accounting Standards Board issued a standard Tuesday that makes targeted changes to existing GAAP for the recognition and measurement of financial instruments.

The Internal Revenue Service plans to move more taxpayer services online as it continues to deal with limited resources, but that could “unintentionally undermine taxpayer rights,” according to a report from Nina Olson, the national taxpayer advocate. The IRS responded […]

About $289 billion in market value was wiped out Monday as the Standard & Poor’s 500 index declined 1.5% in the first day of trading this year. It was the worst start for Wall Street since 2001. The sell-off began […]

First-time US jobless claims rose by 20,000, to 287,000, in the week that ended Dec. 26, the Labor Department said. That is the highest number since the week that ended July 4. The four-week moving average, which economists say gives […]