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A customer enters an American Eagle store in Miami, Florida on April 4, 2025.Joe Raedle | Getty ImagesAmerican Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy.The apparel retailer said it expects revenue in the first quarter, which ended in early May, to be around $1.1 billion, a decline of about 5% compared to the prior-year period. American Eagle anticipates comparable sales will drop 3%, led by an expected 4% decline at intimates brand Aerie. American Eagle…

The House Ways and Means Committee held a hearing Tuesday to mark up the so-called “one, big beautiful bill” extending the expiring provisions of the Tax Cuts and Jobs Act while adding other tax breaks for tip income, overtime pay and Social Security income and eliminating tax credits from the Inflation Reduction Act for renewable energy as well as the Direct File and Free File programs.”Today, this Committee will move forward on President Trump’s promise of delivering historic tax relief to working families, farmers and small businesses,” said committee chair Jason Smith, R-Missouri, in his opening statement. “The One Big…

The Federal Accounting Standards Advisory Board is asking for input on emerging accounting issues and questions related to reporting entity reorganizations and abolishments as the federal government endures wide-ranging layoffs and reductions in force, including the elimination of entire agencies by the Elon Musk-led Department of Government Efficiency.”Federal agencies and their functions, from time to time, have been reorganized and abolished,” said FASAB in its request for information and comment. Reorganization refers to a transfer, consolidation, coordination, authorization or abolition of one (or more) agency or agencies or a part of their functions. Abolition is a type of reorganization and refers…

Democrats look to draw attention to GOP-proposed Medicaid cuts – CBS News Watch CBS News A trio of committees is working on the House Republicans’ budget bill. The lawmakers on those panels are tackling some of the thorniest parts of the legislation, including proposed Medicaid cuts. CBS News congressional correspondent Nikole Killion reports. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Over half of accountants see the profession as a gateway for entrepreneurship, according to a new study.The latest edition of an annual report by the Association of Chartered Certified Accountants found that 54% of North American respondents say they have career ambitions to be entrepreneurs, including 78% of Gen Z respondents. The ACCA surveyed over 10,000 accounting and finance professionals from 175 countries on topics including career ambitions, hybrid working, inclusivity practices, upskilling, mental health and employability issues.  Association of Chartered Certified Accountants officeCourtesy of ACCA “Our 2025 data continues to show a workplace in transition, but one of the…