Weekly Digest – February 21 2024

Weekly Digest – February 21 2024

Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy.

IRS warns tax refunds will be much lower this year

Inflation-hit Americans who filed their taxes early have received, on average, smaller tax refunds this year, according to data published by the Internal Revenue Service (IRS).

How a government shutdown would impact your money: Student loans, Social Security, investments, and more

If we were to manage our finances like the US government, we’d pay our utility bills just hours before service was shut off. Sometimes, only after we’re sitting in the dark. Lawmakers face a March 1 deadline to agree on funding that would prevent a partial shutdown. Another deadline a week later could trigger a full shutdown if Congress doesn’t act to keep the government running.

No soft landing: The US economy is going to fall into recession in the middle of 2024, Citi’s chief economist says

The soft-landing dream is over; instead, the US economy is headed for a recession in the middle of 2024, Citi says. “There’s this very powerful and seductive narrative around a soft landing, and we’re just not seeing it in the data,” Citi’s chief US economist, Andrew Hollenhorst, said.

US wholesale inflation accelerated in January in latest sign that prices picked up last month

Wholesale prices in the United States picked up in January, the latest sign that some inflation pressures in the economy remain elevated.

CFPB Report finds large banks charge higher credit card interest rates than small banks and credit unions

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk.

Seven red flags of a bad ERC claim

Few letters have haunted the post-pandemic business world — and, by association with certain clients, accounting firms — like “ERC.” As the deadline for the voluntary disclosure program (March 22) approaches, the IRS has highlighted seven warning signs that an ERC claim may be questionable.

Don’t look now but gas prices are rising fast

You’re not imagining it: Gasoline prices are moving swiftly higher across the country. The national average has climbed 11 cents in the past week alone, to $3.28 a gallon, according to AAA.

FBI warns of ‘widespread’ QR Code scams cybercriminals use to steal your money

The FBI is warning people to be careful when scanning QR codes because criminals swap them for malicious codes and steal victims’ information or money.

The Supreme Court will decide if the government can seize control of YouTube and Twitter

The Supreme Court is considering two major First Amendment cases involving states’ attempts to regulate social media platforms. Nevertheless, the justices have not yet weighed in on whether these two laws must be permanently blocked, and that question is now before the Court in a pair of cases known as Moody v. NetChoice and NetChoice v. Paxton.

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