Author: Editor

A new study from the Tax Foundation estimates that the One Big Beautiful Bill Act will reduce federal taxes on average for individual taxpayers in every state, but the impact will differ in various states.Taxpayers in Wyoming ($5,375), Washington ($5,372) and Massachusetts ($5,139) are expected to see the largest average tax cuts in 2026, while taxpayers in West Virginia ($2,503) and Mississippi ($2,401) will see the smallest average tax cuts that year, according to the study.At the county level, the Tax Foundation predicts the largest average tax cuts will be found in several mountain resort towns. The group estimates Teton…

The Internal Revenue Service’s Criminal Investigation unit is working on a new initiative for requesting financial records from banks to track illegal activity such as money laundering.Last week, IRS-CI teamed up with the American Bankers Association and the Treasury Department’s Financial Crimes Enforcement Network to present the Optimizing Financial Records Request initiative to banking executives. The OFRR Initiative will streamline how law enforcement agencies such as IRS-CI obtain records from financial institutions by standardizing the process across federal agencies and obtaining records in a specific format conducive to further criminal investigations. One of the goals is to reduce the burden on…

Cava stock tumbled 16% in afternoon trading on Wednesday, making it the latest fast-casual chain to feel Wall Street’s wrath after reporting disappointing quarterly sales.A year ago, eateries like Chipotle Mexican Grill and Cava were reporting double-digit same-store sales growth, even as the broader restaurant industry posted falling traffic and slumping sales. But times have changed. This spring, fast-casual chains saw foot traffic decline as sales slowed down or even shrank.To explain the downturn, executives have said that diners are “cautious,” in the words of Sweetgreen CEO Jonathan Neman, or dealing with an economic “fog,” according to Cava CFO Tricia…