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AstraZeneca holds talks with Bristol Myers Squibb on $400 billion megadeal, FT reports ReutersAstraZeneca in talks with Bristol Myers Squibb on $400 billion megadeal, FT reports cnbc.comAstraZeneca Is Said to Have Explored Bristol Myers Merger Bloomberg.comAstraZeneca, Bristol Myers held merger talks, Financial Times reports (AZN:NYSE) Seek
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Financial stocks have been among the market's best performers this month. The Fed's next move, however, may determine how much further the rotation can run.
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The breakout to record highs by bank stocks, plus their strong earnings and favorable valuations, suggest more good times ahead for the financial sector.
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Older parenthood is on the rise — but it comes with a tough new set of financial rules.
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There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
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