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Congress has passed a bill giving taxpayers who have been affected by natural disasters some extra time to file a claim for a tax credit or refund.Processing ContentThe bipartisan bill, known as H.R. 1491, the Disaster Related Extension of Deadlines Act, was sponsored by Rep. Gregory Murphy, R-North Carolina, and Jimmy Panetta, D-California, with the support of the American Institute of CPAs.It extends the time for filing a claim for credit or refund (known as the “lookback period”) by the disaster relief postponement period afforded to taxpayers affected by major disasters. Previously, taxpayers impacted by disasters effectively have less time…

A federal appeals court has reversed a lower court decision involving the Corporate Transparency Act and its requirement for beneficial ownership information reporting by companies, finding it to be constitutional, although the Treasury Department decided earlier this year not to enforce the requirement against businesses and people in the U.S.Processing ContentThe U.S. Court of Appeals for the 11th Circuit reversed a lower court decision Tuesday in the case of National Small Business United v. U.S. Department of the Treasury. The anti-money laundering law requires certain U.S. entities to provide basic identifying information to the Treasury Department about their true, or…

Financial advisors’ basic asset location services are “one of the most powerful, yet often underutilized” strategies in portfolio management, a new Morningstar study found.Processing ContentAnd the placement of assets for the best tax efficiency and higher after-tax returns drives a substantial share of the value advisors can deliver for clients through portfolio management. For a saver with $1 million at retirement, asset location strategy over the next 30 years of decumulation pushes the value up seven to 30 basis points a year and $112,000 in the final bequest “without sacrificing annual spending,” according to the study, which was released last month…

The open enrollment season for employee benefits is underway at many companies, and employees may be seeing changes this year thanks to the SECURE 2.0 Act.Processing ContentThe SECURE 2.0 Act, which was signed into law in 2022, contains a wide-ranging set of retirement-related provisions, following up on the extensive changes in the original 2019 SECURE Act, short for Setting Every Community Up for a Retirement Enhancement Act. Among the provisions is requiring new 401(k) plans established on or after Dec. 29, 2022 to implement an automatic enrollment feature in 2025, with some exceptions.”Any new plan that’s established now must include…

U.S. President Donald Trump sits in the Oval Office to sign executive orders, at the White House in Washington, D.C., U.S., Dec. 18, 2025. Evelyn Hockstein | ReutersPresident Donald Trump signed an executive order Thursday directing federal agencies to reclassify marijuana, loosening long-standing restrictions on the drug and marking the most consequential shift in U.S. cannabis policy in more than half a century.The order, once finalized by the Drug Enforcement Administration, moves cannabis out of Schedule I classification — the most restrictive category under the Controlled Substances Act, alongside heroin and LSD — to a Schedule III classification, which encompasses…

The Public Company Accounting Oversight Board appointed Erik Durbin as acting chief economist and director of its Office of Economic and Risk Analysis.Processing ContentDubin was previously OERA’s deputy chief economist. (OERA conducts independent economic and risk analyses to aid the PCAOB’s oversight activities.) He will succeed Joshua White in the role. “The work of the Office of Economic and Risk Analysis is critical for the PCAOB and its investor-protection mission, given that sound audit regulation depends on having access to data-driven assessments of how standards and rules impact auditing and, ultimately, the users of financial statements,” PCAOB acting chair George Botic…

2025-12-18T18:47:48.063Z Share Facebook Email X LinkedIn Reddit Bluesky WhatsApp Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Mamdani named veteran fiscal official Sherif Soliman as New York City’s next budget director. The appointment follows a transition shaped by progressive allies, including Lina Khan. Soliman will help execute Mamdani’s affordability agenda, from free buses to universal childcare. Incoming New York City Mayor Zohran Mamdani has appointed Sherif…

American AirlinesGrant Baldwin | Getty ImagesAmerican Airlines customers flying on basic economy fares will no longer earn frequent flyer miles or points toward elite status, the carrier said this week.”We routinely evaluate our fare products to remain competitive in the marketplace. Customers who purchase a Basic Economy ticket on December 17, 2025 and beyond will not earn AAdvantage miles or Loyalty Points towards AAdvantage status,” it said. “Basic Economy customers will continue to receive one free personal item and one free carry-on bag, free snacks, soft drinks and in-flight entertainment.”Elite loyalty members will still be eligible for first-class upgrades on domestic flights if…

Eleven months into 2025, $55 billion hedge fund Viking Global sits in an underwhelming position.The long-running Tiger Cub — a nickname for the group of firms connected to the late Julian Robertson’s Tiger Management — is up just 5.8% through November in its flagship stock-picking hedge fund after a 0.5% gain last month, a person close to the manager told Business Insider.This trails the returns of the overall S&P 500, which was up more than 16% through the same stretch, as well as many of the firm’s main rivals.Fellow Tiger Cubs Coatue, Maverick, and D1 have all outperformed Andreas Halvorsen’s…

This essay is based on a conversation with Tracy Gunn, 50, who is based in Dublin. In 2021, she cofounded Platform55, which helps businesses create more equal and diverse environments. It has been edited for length and clarity.Before my husband and I had children, I earned more than him.I had a senior role at a well-known brand and then, 20 years ago, started a leadership development consultancy. When we had children, I decided to work fewer hours to take care of our boys, who are now 14 and 12.As I was self-employed and could therefore be more flexible with my…