Author: Editor

As the federal government shutdown grinds on, most Internal Revenue Service operations are closed. With agency-wide furlough in place since Oct. 8 for everyone except already-identified excepted and exempted employees, tax professionals and taxpayers alike can expect a lot less from the agency.Clay Hodges, a director with the National Tax Office of Top 10 Firm Baker Tilly, summed up the situation:Roughly 39,870 employees — those deemed essential for operations such as tax law implementation — continue to work. The IRS began the year with about 100,000 employees, but due to resignations, deferred retirement and now furloughs, only about 39% of staff…

Small businesses challenging many of President Donald Trump’s global tariffs urged the U.S. Supreme Court to affirm lower court rulings that the import levies amount to a massive illegal tax on American companies.Trump usurped the power of Congress to tax when he issued levies in February and April under an emergency law that was never intended to be used to impose duties, one of the companies, Learning Resources Inc., said in a brief Monday. The justices are set to hear arguments Nov. 5 in the high-stakes case.”In the months since, he has raised and lowered, paused and resumed, and threatened…

The doubling of California’s film and TV tax credits to $750 million a year is showing promise in bringing production back to the state.Ten movies from major studios were among 52 films awarded credits in the latest funding from the California Film Commission, the state’s Democratic governor, Gavin Newsom, announced Tuesday.The projects, with eligible spending ranging from under $10 million to the $162 million planned for a Jumanji sequel, are forecast to inject $1.4 billion into the state’s economy.”We’re seeing extraordinary momentum right now,” Colleen Bell, the commission’s executive director, said in an interview. The aim of the credits is to…

A millionaire levy in Massachusetts that New York City mayoral frontrunner Zohran Mamdani holds up as a model for taxing the rich has generated $3 billion more in revenue than expected without forcing significant high-profile departures from the state.In the two years since the state started charging a 4% surtax on incomes over $1 million, the effort has created a $5.7 billion windfall, with the surplus being used to fund bridge repairs, bolster literacy programs and address the transportation system’s budget deficit. While other states have progressive tax brackets, the Massachusetts law stands out structurally in its targeting of incomes that…

The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021.Rebecca Cook | ReutersDETROIT — General Motors CFO Paul Jacobson on Tuesday said the company expects earnings next year to top its 2025 results, which have performed far better than Wall Street’s expectations.Investors had been hoping to hear comments about 2026 guidance as the automaker reported third-quarter earnings that included raising 2025 guidance and topping Wall Street’s expectations.”Looking ahead to 2026, we have multiple levers to carry our current momentum forward, including progress on [electric vehicle] losses, warranty costs, tariff offsets, regulatory…

Warner Bros. Discovery said Tuesday it’s expanding its strategic review of the business and is open to a sale, sending shares of the company 9% higher in premarket trading.Earlier this year, WBD announced plans to split into two separate entities, a streaming and studios business and a global networks business. It’s also been fielding takeout interest from the newly merged Paramount Skydance.But on Tuesday, WBD said it’s received “unsolicited interest” from multiple parties and will now review all options. The company said it’s still moving toward the previously announced separation in the meantime.”We continue to make important strides to position…

For the world’s richest families, wealth management is no longer just about making money — it’s about survival.According to Julius Baer’s new Family Barometer 2025, produced in collaboration with PwC Switzerland, family offices — once seen as quiet administrative centers — have become command hubs for navigating a world of geopolitical tension, digital risk, and generational transition.Family offices are essentially private companies that manage all aspects of a wealthy family’s finances — from investments and real estate to philanthropy, taxes, and even education — allowing them to control their money like a business.The report, based on a global survey of…

Sina Schuldt | Picture Alliance | Getty ImagesCoca-Cola reported quarterly earnings and revenue that topped expectations, but the beverage giant said that demand for its drinks is still soft.Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:Earnings per share: 82 cents adjusted vs. 78 cents expectedRevenue: $12.41 billion adjusted vs. $12.39 billion expectedCoke reported third-quarter net income attributable to shareholders of $3.7 billion, or 86 cents per share, up from $2.85 billion, or 66 cents per share, a year earlier.Excluding restructuring charges and other items, Coke earned 82 cents per share.Net sales rose 5% to…

Inside Match Group, there’s a common refrain: Tinder is your first dating app, and Hinge is your last.As the watering hole for young daters, Tinder’s success is largely reliant on Gen Z. The young generation’s dating patterns have also become increasingly inscrutable: they drink and hook up less frequently, and might even be tiring of dating apps entirely. As Tinder teetered toward becoming out of touch, the platform’s revenue plateaued in 2024 with 1% growth year over year and a 7% decline in paying users.Then came Spencer Rascoff, the bright-eyed Zillow cofounder who planned to reinvent Match Group as CEO.…

Artificial intelligence is coming for investment banking, and when I heard that there was a startup generating buzz throughout Silicon Valley for streamlining the day-to-day tedious work in fields like finance, consulting and law — I had to see it with my own eyes.The company, Hebbia, offers financial services firms a variety of AI-enabled tools designed to deepen and speed up their work. Founded in 2020, it’s gone on to pick up clients like KKR, T. Rowe Price, and Permira, the New York-based operation says on its website.As a reporter who’s covered how AI is reshaping finance, I’ve mostly focused…