Author: Editor

I’ve always loved playing dress-up. Give me a costume and a reason to wear it, and I’m in my happy place.That’s probably why Halloween is my favorite holiday. It’s the one time of year when pretending to be someone or something else isn’t just acceptable, it’s encouraged. One of my favorite costumes goes back to preschool: a butterfly my Aunt Cindy made from scratch with canvas fabric, sewing skills, and spray paint. Compared with today’s Pinterest-perfect DIYs, it might not qualify as the “best costume ever,” but back then, you couldn’t tell me otherwise. The smile on my face said…

The Internal Revenue Service spelled out some of the services that will be limited or unavailable during the government shutdown that’s now surpassed the three-week mark.The IRS posted an update Tuesday, noting that tax refunds will generally not be paid during this period with one key exception. “For taxpayers filing a Form 1040, refunds will continue to be paid on electronically filed, error-free tax returns that can be automatically processed and direct deposited,” said the advisory. The IRS noted that all taxpayers need to continue to meet their tax obligations as usual, but it’s urging individual taxpayers to file electronically with…

A new international accounting standard for nonprofit organizations has emerged, drawing on the work of established standard-setters.Humentum, a global nonprofit and the Chartered Institute of Public Finance and Accountancy, introduced the International Non-Profit Accounting Standard on Monday after working to develop it for six years. The two groups are founding members of the newly created International Non-Profit Reporting Foundation, which is publishing the standard. INPRF is a nonprofit, public interest organization, established to develop and promote globally accepted financial reporting standards specifically for nonprofits. The new standard draws on established international frameworks, including the IFRS for SMEs Accounting Standard, and…

A Southwest Airlines jet approaches Midway Airport on Dec. 15, 2023, in Chicago. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images)John J. Kim | Chicago Tribune | Getty ImagesSouthwest Airlines on Wednesday posted a surprise profit for the third quarter and said it expects to generate record sales in the last three months of the year thanks to better travel demand and higher fares.The carrier said it expects unit revenue to rise between 1% and 3% for the fourth quarter, with capacity up 6% over the same period last year.”This guidance range assumes demand strength remains at current levels…

Many Americans could see heftier tax refunds next year when they file their 2025 tax returns, largely due to new provisions enacted through the Republicans’ “one big, beautiful bill” act that are retroactive to the start of the current year, according to an analysis from Oxford Economics. Total taxpayer savings could amount to an additional $50 billion through bigger tax refunds or a cut in their 2026 taxes, Oxford lead economist Nancy Vanden Houten wrote in the Oct. 21 report. A $50 billion boost in tax refunds would represent an 18% increase from the $275 billion in refunds the IRS sent this…

A group of firms including BlackRock Inc.’s Global Infrastructure Partners, Exxon Mobil Corp. and Banco Santander SA have joined forces to push for a new way to measure the carbon emissions of the products they make, buy and finance.The coalition, which also lists chemicals giant BASF SE and consultancy EY as backers, will develop a framework that eliminates double-counting of carbon pollution and attributes emissions to their sources, according to Amy Brachio, the chief executive of the newly formed group, Carbon Measures. Brachio, who used to be global vice chair for sustainability at EY, said a separate goal is to…

The National Association of State Boards of Accountancy has revamped its CPAverify.org and ALD.nasba.org websites for looking up CPAs and validating their licenses with a new design and more features to improve the user experience.CPAverify.org is NASBA’s CPA lookup tool that’s free and open to the public. CPAverify contains official state regulatory data sourced directly from boards of accountancy to a central database. The website represents the first single-source national database of licensed CPAs and CPA firms. The redesigned site now offers a cleaner layout, faster navigation and better usability so individuals and employers can confirm CPA licensure and firm…

The Senate passed the Internal Revenue Service Math and Taxpayer Help Act despite the government shutdown, following the bill’s passage back in April by the House, sending it to President Trump for his signature.The IRS MATH Act, which is supported by the American Institute of CPAs, would require the tax agency to clearly communicate tax-filing errors to taxpayers, identify the item that’s being changed, and explain why a tax refund is higher or lower than expected. The bill was introduced in February by Rep. Randy Feenstra, R-Iowa, a member of the House Ways and Means Committee, where it quickly passed…

Sopa Images | Lightrocket | Getty ImagesWestern Alliance, one of the regional banks at the center of concerns over loans made to non-bank financial players, said Wednesday it believes the loan that sparked last week’s selloff is an isolated case.The bank reported third-quarter earnings Tuesday afternoon and noted it had set aside $30 million in reserves for possible losses on a $98 million loan made to the Cantor Group. Last week, Western Alliance disclosed that it had sued the borrowers behind the Cantor Group for alleged fraud related to the collateral for the loans.”While incredibly frustrating, we believe this is…

The original Palmer House opened its doors in 1870 at State and Quincy Streets, a different location than the current hotel. A year later, the Great Chicago Fire of 1871 burned it down.A second Palmer House hotel opened in 1873, and quickly became an icon in the Chicago downtown as the Palmers grew their social standing within society at the peak of the Gilded Age.By 1893, when the World’s Fair came to town, Bertha Palmer was at the helm of the Chicago society and served as the head of the Board of Lady Managers for the event, cementing her prominence…