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New home sales down 40% this year to lowest level since 2016

New home sales down 40% this year to lowest level since 2016

New home sales extended this year's slump by dropping 12.6% in July to 511,000 annualized, following a 7.1% drop in June.
Can a price cap on Russian oil work?

Can a price cap on Russian oil work?

The idea of placing a cap on the price of Russian oil leaves the question of enforcement-or how to prevent Russia and other nations from getting around the cap.
Latest jobless claims and producer inflation show upside surprises

Latest jobless claims and producer inflation show upside surprises

New filings for jobless benefits last week rose by 3.8% to 244,000 while producer inflation rose by a surprisingly strong 1.1% in June.
U.S. retail sales fall as inflation takes a toll

U.S. retail sales fall as inflation takes a toll

Retail sales dropped by 0.3% in May, a decline from a downwardly revised 0.7% increase in April, the U.S. Census Bureau reported on Wednesday.
Oil prices and price gouging: Deconstructing the price of gas

Oil prices and price gouging: Deconstructing the price of gas

The impact of global market forces like the war in Ukraine and OPEC far outweighs whatever influence retailers or refiners have on the prices that consumers pay…
5 things to know in life sciences: Week of May 23, 2022

5 things to know in life sciences: Week of May 23, 2022

From an innovative insulin delivery device to a Ph.D. internship program, each week we highlight five things you need to know about in life sciences.
Chart of the day: Pending home sales fell in April

Chart of the day: Pending home sales fell in April

Pending home sales in April dropped more than expected as mortgage rates climbed toward a multidecade high.
Confidence in the Fed, but uncertainty over long-term growth

Confidence in the Fed, but uncertainty over long-term growth

The bond market anticipates an acceleration of Fed rate increases and a drawdown of the Fed’s accumulation of long-term Treasury bond purchases.
Proposed PFIC regulations revise reporting by US partnerships

Proposed PFIC regulations revise reporting by US partnerships

IRS issued proposed PFIC regulations which impact US partners with foreign assets held through US partnerships.
Business connecting lease parties not qualified under section 1202

Business connecting lease parties not qualified under section 1202

IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
Important upcoming deadline for deferred payroll tax

Important upcoming deadline for deferred payroll tax

The first payment deadline for deferred payroll taxes is quickly approaching and employers should be prepared to make payments.
The Real Economy: December 2021

The Real Economy: December 2021

Nearly two years into the pandemic, there are signs that the worst of a once-in-a-century shock to the global economy is beginning to fade.
IRS clarifies temporary deductibility of per diem meal expenses

IRS clarifies temporary deductibility of per diem meal expenses

The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.
House passes infrastructure legislation; sends bill to President Biden

House passes infrastructure legislation; sends bill to President Biden

Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
IRS releases 2022 retirement plan limitations

IRS releases 2022 retirement plan limitations

The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.