Well, 2018’s second quarter earnings season is history. It was pretty much a repeat of the first quarter. Once again, if you were to read the headlines, you would be led to believe the end-of-times was near. Reporter anxiety continues to run high and, at times almost hysterical. The continuing trade spat between the U.S. and [...]
Real gross domestic product (GDP) increased 4.1% in the second quarter of 2018, according to the “advance” estimate released by the Bureau of Economic Analysis. This is up from 2.2% in the first quarter. The 2nd quarter increase in real GDP reflected increases in consumer spending, exports, business investment, and government spending. The only decreases were [...]
On April 13, 2018, Kentucky legislation passed a new tax bill into law. Instead of reading the thousands of pages of the new tax law, which I know many of you enjoy dearly, I thought a summary of some of the main highlights would be useful. This does not include every single change in the tax [...]
Our economic indicators continue to run positive for the first quarter of 2018. Consumer spending, business investments and residential fixed investments rose at a 4.6% annual rate. Gross Domestic Product (GDP), a broad measure of the nation’s overall economic activity has shown consistent growth over the past three quarters; up 3.2% in 2017’s 3rd quarter, 2.9% [...]
Well, 2018’s first quarter earnings season is in the process of winding down. The first quarter of 2018 had considerably more noise with respect to earnings because of the new tax law changes. However, earnings are looking much better than expected. During the quarter, investors celebrated the passage of the Republican tax plan that lowered the [...]
On March 8, 2018, President Trump imposed a global tariff of 25% on steel imports and 10% on aluminum imports.1 A tariff is a tax on a particular class of imported goods or services that is designed to help protect domestic industries from foreign competition. The metals tariffs have not been well received by U.S. allies or [...]
There’s a new scam going around we want you to be aware of. If you receive a call from someone who says they are from the IRS, and you need to pay a tax bill with a credit card immediately or go to jail, it’s a scam! It may sound obvious to you, but unfortunately, thousands [...]
Once again, the economic metrics we follow indicate growth is strong around the world. The ultra-loose monetary policies that were implemented due to the financial crises a decade ago have led to an expanding global economy resulting in many countries continuing to see strong GDP growth. Labor markets are solid, global trade is healthy and commodity [...]
The Tax Cuts and Jobs Act, a $1.5 trillion tax cut package, was signed into law on December 22, 2017. The centerpiece of the legislation is a permanent reduction of the corporate income tax rate. The corporate rate change and some of the other major provisions that affect businesses and business income are summarized below. Provisions [...]
The IRS has announced the 2018 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2018, the standard mileage rates are as follows: - Business use of auto: 54.5 cents per mile may be deducted if an auto is used for [...]