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The Internal Revenue Service has been facing staffing and budget cutbacks that threaten its ability to carry out its responsibilities, which include overseeing the troubled nonprofit hospital sector.The report, released earlier this month by the Treasury Inspector General for Tax Administration in response to a request in 2023 from four senators, found that “vague and outdated guidance” is creating challenges for oversight of tax-exempt hospitals. TIGTA noted that the Affordable Care Act requires the IRS to evaluate the community benefit activities of tax-exempt hospitals at least once every three years. In response, the IRS created a group to conduct compliance…

The more value that investors can receive in the form of long-term capital gains rather than ordinary income, the less they will pay back to Uncle Sam.Those in the 20 counties below ranked by the average net capital gains reported on their federal returns to the IRS are getting above-average appreciation on their assets with much lower tax rates, generally, than their incoming income, according to a study last month by advisor lead generation and client matchmaking service SmartAsset. The mix of areas known for a large concentration of wealthy residents and regions that don’t immediately come to mind as…

The sign on the side of a Costco is seen in Hawthorne, California, on April 4, 2025.Jay L Clendenin | Getty ImagesCostco on Thursday posted quarterly earnings and revenue that topped estimates as its sales climbed 8%.Here’s how the warehouse club retailer did in its fiscal third quarter compared what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: $4.28 vs. $4.24 expectedRevenue: $63.21 billion vs. $63.19 billion expectedCostco’s net income for the three-month period that ended May 11 rose to $1.90 billion, or $4.28 per share, compared to $1.68 billion, or $3.78 a year earlier. Revenue rose from…

People walk past the entrance of a Gap store in Paris, France, July 1, 2021. Sarah Meyssonnier | ReutersNew tariffs could impact Gap’s business by $100 million to $150 million, if they remain in effect, the company said Thursday when announcing fiscal first-quarter earnings. Shares fell more than 15% in after-hours trading.In a news release, Gap said new 30% duties on imports from China and a 10% levy on imports from most other countries will cost the company between $250 million and $300 million without mitigation efforts. For now, it’s leaving that impact out of its guidance. Gap said it’s already mitigated…

BDO USA CEO Wayne Berson will retire effective June 30, 2026, and the firm’s national managing principal of tax Matthew Becker has been tapped by the board of directors to succeed him.Under the Top 10 Firm’s CEO succession process, the board of directors selects a candidate and its principal group ratifies the candidate. Berson and Becker will meet with the firm’s principals over the next several weeks ahead of the ratification vote, which is expected to take place in July. Once a successor is agreed upon by a majority vote, the board of directors will announce the next CEO, whose…

American Eagle Outfitters reported quarterly earnings on Thursday that missed expectations, reflecting a $75 million write-down in spring and summer merchandise, following the retailer pulling its full-year guidance earlier this month due to macroeconomic uncertainty.”The first quarter was a challenging period for our business,” CEO Jay Schottenstein said in a release. “While we are disappointed with the results, we are taking actions to better position the company and drive stronger performance in the upcoming quarters. Our brands remain resilient. The team is executing with urgency as we look to strengthen both the topline and profit flow-through.”The Pittsburgh retailer’s results do…

President Donald Trump’s appetite for new tariffs remains undeterred, even after a pair of court decisions hit his signature duties with their most devastating blow yet. White House officials quickly signaled Thursday that Trump will aggressively pursue legal challenges and, if they fail, move forward with many of the same levies through other authorities.The administration said it would go to the U.S. Supreme Court as soon as Friday if a federal appeals court does not keep the initial order from taking effect while its appeal continues. The Court of International Trade on Wednesday blocked the president’s sweeping global tariffs, citing his…