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☆ 12 of the highest-paying jobs in finance
▼ + stars: | 2023-06-29 | by ( ) www.businessinsider.com time to read: +13 min

Getty Images/Peter DazeleyThe finance industry has many high-paying jobs such as chief financial officer, and investment banker. The finance industry is brimming with high-paying, excellent jobs, whether you want to become an accountant, financial analyst or something else entirely. Financial risk managerFinancial risk managers have very important jobs: they help companies and investors understand different levels of financial risk. As high-earning financial professionals, their financial modeling and financial reports are invaluable to the finance sector at large. Most finance professionals in this position have years of experience.

Persons: Peter Dazeley, CPAs Organizations: Getty, Morning, U.S . Bureau of Labor Statistics . Investment, Investment, Financial

☆ Nonprofit funded by GOP donor Thiel apparently donated to left-leaning group, records show
▼ + stars: | 2023-06-28 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

The New Venture Fund raised over $950 million in 2021, according to the group's records. The listed donation to the New Venture Fund coincided with Thiel helping Republican candidates during the 2022 midterms. Massoglia suggested another scenario: that accountants for the Thiel Foundation may have filled out the forms incorrectly. The New Venture Fund is part of a network of left-leaning nonprofits guided by philanthropic advisory firm Arabella Advisors. Just like the New Venture Fund and the Donors Trust, the Sixteen Thirty Fund does not publicly disclose its donors.

Persons: Peter Thiel, Republican megadonor Peter Thiel, It's, Thiel, Anna Massoglia, OpenSecrets, Massoglia, Mitch McConnell, Brendan Fischer, Thiel Foundation hadn't, George Soros, Arabella Advisors Organizations: PayPal, Palantir Technologies, Founders Fund, Miami Beach Convention Center, Republican, Democratic Party, CNBC, The Thiel Foundation, New Venture Fund, D.C, New Venture, Thiel, Thiel Foundation, The New York Times, Donors Trust, Washington D.C, Google, America, Democratic, America Votes Locations: Miami , Florida, Washington, OpenSecrets, Ky

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

☆ IRS weighs guidance for small business tax credit. ‘People were duped,’ taxpayer advocate says
▼ + stars: | 2023-06-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After a flood of business returns with a pandemic-era tax credit, the IRS is weighing guidance for those who wrongly claimed the tax break. The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. There's still time to amend returns and claim the credit — worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. Experts say the opportunity has sparked a wave of specialist firms falsely promising business owners they qualify for the complicated tax break. As of March 3, just over 866,000 companies claimed and received employee retention credits totaling over $152.6 billion, according to the latest IRS Data Book.

Persons: Erin Collins Organizations: ERC, American Institute of Certified Public Accountants, Finance, Firms, IRS

☆ UK manufacturers lift 2023 outlook, boosted by aircraft and electronics
▼ + stars: | 2023-06-18 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, June 19 (Reuters) - Britain's main manufacturing trade body Make UK revised up its outlook for this year on Monday thanks to strong demand for aircraft and electronics, but said it still expects production to fall over the year as a whole. Make UK said it expected factory output to fall 0.3% this year compared with a 3.3% contraction expected three months earlier, and kept unchanged its forecast for 0.8% growth in 2024. "Manufacturers are seeing a gradually improving picture, but the word 'gradually' is doing a lot of heavy lifting," said James Brougham, senior economist at Make UK. Aerospace had been boosted by a resumption of travel and aircraft orders after the COVID-19 pandemic, while demand for electronics partly reflected businesses' desire to counter labour shortages. Supply-chain pressures remain an issue for medium-sized firms, said Richard Austin, head of manufacturing at accountants BDO, who sponsored the survey of Make UK members.

Persons: James Brougham, Richard Austin, Austin, David Milliken, Jan Harvey Organizations: Make, Manufacturers, Aerospace, BDO, Thomson Locations: Russia, Ukraine, April's

☆ India plans to ask lawyers to report clients' dubious transactions
▼ + stars: | 2023-06-15 | by ( Nikunj Ohri | ) www.reuters.com time to read: +3 min

The authorities believe the plan will help in faster recognition of dubious transactions involving shell companies and money laundering. The plan is to implement recent recommendations of the FATF which require lawyers, notaries, other independent legal professionals and accountants to report suspicious transactions, and maintain a record of transactions undertaken for clients, said the first source. "If lawyers are brought under the money laundering law, it will breach the trust between client and attorney and impact privilege communications," said senior lawyer Hiten Venegaonkar. Other countries such as the United Kingdom and Australia have anti-money laundering requirements for law firms and lawyers, said K.V. India is currently compliant with FATF regulations but even within the compliant category, FATF assigns scores to various countries based on strength of regulations and implementation of these.

Persons: Hiten Venegaonkar, Venegaonkar, K.V, Karthik, Nikunj Ohri, Kim Coghill Organizations: Reuters, Money, Bar, Deloitte Touche, Thomson Locations: DELHI, New Delhi, United Kingdom, Australia, India

☆ This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
▼ + stars: | 2023-06-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — If you received a tax penalty notice from the IRS, it's possible to get the fees waived in certain situations, tax experts say. "It's like a get out of jail free card," said Rosemary Sereti, managing director of Deloitte Tax and a former IRS senior executive. "Very frequently, these two penalties run together," said Debra Estrem, managing director of private wealth controversy at Deloitte Tax, who also worked at the IRS Office of the Chief Counsel. Another fee, the accuracy-related penalty, is typically assessed at 20% of the underpayment amount for cases of "negligence or disregard," according to the IRS. There's also a high fee for civil fraud — "a whopping 75% penalty" — but the IRS has the "burden of proof" for those cases, she said.

Persons: Rosemary Sereti, Debra Estrem, Estrem, There's Organizations: Deloitte Tax, IRS, American Institute of Certified Public Accountants, Finance Locations: Las Vegas

☆ IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says
▼ + stars: | 2023-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But there's still work to do, according to National Taxpayer Advocate Erin Collins. However, despite customer service boosts, the agency is still working through a sizable backlog — including amended returns, filings in suspense and other correspondence, she said. Collins said the IRS is currently juggling 3.7 million amended returns, 6.8 million "in suspense" with missing information and 5.3 million pieces of correspondence. This season, the agency has prioritized phone service and answered more than 85% of calls from key phone lines in less than five minutes. "The problem is, we are now back to a backlog of paper correspondence and amended returns, similar to where we were a year ago," she said.

Persons: there's, Erin Collins, Collins Organizations: VEGAS, IRS, American Institute of Certified Public Accountants, Finance, Advocate Service Locations: Las Vegas

☆ Here are tax-savvy ways to donate money, according to a charitable giving expert
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — Tax savings aren't typically the main reason for philanthropy. But if you're planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Roughly 33% of taxpayers itemized deductions in 2017, compared with fewer than 10% in 2021, said Hoyt, speaking at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Tuesday. Given these constraints, investors can maximize tax breaks by "bunching gifts," Hoyt said. "Concentrate your gifts in one year, as opposed to spreading them over several."

Persons: there's, Christopher Hoyt, Hoyt, Ivy League acceptances Organizations: VEGAS, University of Missouri, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Kansas City, Las Vegas

☆ These lesser-known tax tips may help college-bound families
▼ + stars: | 2023-06-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — College is a major expense for many families, but a payment strategy can provide significant tax savings, according to a college funding expert. "Distribution planning is not just for retirement," said certified financial planner Ross Riskin, chief learning officer for the Investments & Wealth Institute. Families also need a plan when tapping assets to pay for college, he said. Education funding can be complicated, especially when you're juggling eligibility for college tax credits, Riskin said at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Monday. However, you can't "double dip" tax breaks by claiming one of these credits and withdrawing money from a 529 college savings plan for the same expense.

Persons: Ross Riskin, Riskin Organizations: VEGAS —, Investments & Wealth Institute, Families, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Las Vegas

☆ UK consumers slow spending in May as rising food costs bite
▼ + stars: | 2023-06-05 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The BRC said spending in its members' stores increased 3.9% in annual terms last month, well above the 1.1% fall a year ago. May's retail sales growth was the slowest since the 1.6% recorded in October 2022 when consumers cut back on purchases as inflation soared to a 41-year high of 11.1%. The BRC data is not adjusted for inflation, so May's sales growth reflects a fall in the volume of goods purchased. Food was almost the only area where consumers spent more last month, due to higher prices as well as celebrations to mark the coronation of King Charles. Separate figures from Barclays on Tuesday also showed high inflation and rising food prices continued to eat away at consumers' spending power.

Persons: BRC, King Charles ., Paul Martin, Silvia Ardagna, Suban Abdulla, David Milliken Organizations: British Retail Consortium, Food, KPMG, Bank of England, Barclays, Thomson

☆ Office workers everywhere are about to face their own Uber moment
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

In other words, the lessons learned from months or years of experience are baked into an AI tool. The rise of AI tools could help millions of new software developersMicrosoft CEO Satya Nadella for example recently told Time that AI tools could lower the barriers to entry for software developers. This doesn't mean the great software developers won't remain great software developers but the ability for more people to enter the field will increase. That's good news for many wannabe software developers, but it's also bad news for many existing ones. "But for the most part, people in these jobs will just face more competition, similar to taxi drivers as Uber proliferated."

Persons: Uber, —, you'll, Carl Benedikt Frey, Erik Brynjolfsson, Lindsey R, Raymond, Danielle Li, Satya Nadella, it's, Aki Ito, Frey Organizations: Service, Transport, Oxford Martin School, Fortune Locations: London

☆ It's becoming clear that AI is going to whack the mediocre middle of office workers
▼ + stars: | 2023-06-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

More specifically, AI could disproportionately impact the middle class of white-collar workers — the folks who are mid-career, mid-ability, mid-level, and yes, in some cases, mediocre. In other words, the lessons learned from months or years of experience are baked into an AI tool. Microsoft CEO Satya Nadella for example recently told Time that the same could be true for software developers. This doesn't mean the great software developers won't remain great software developers but the ability for more people to enter the field will increase. That's good news for many wannabe software developers, but it's also bad news for many existing software developers.

Persons: —, Erik Brynjolfsson, Lindsey R, Raymond, Danielle Li, Satya Nadella, it's, Aki Ito, Carl Benedikt Frey, Uber, Frey, Mark Muro, Jacob Zinkula, Richard Baldwin, Aaron Mok Organizations: Service, Fortune, Microsoft, Oxford Martin School, London, BT Group, Workers, Brookings Institution, Geneva Graduate Institute Locations: London, British, Switzerland

[1/2] Alan Leong Kah-kit, Chairperson of the Civic Party, speaks to the media announcing the party's disbandment in Hong Kong, China May 27, 2023. Today, the Civic Party is bidding Hong Kong farewell. We hope Hong Kong people will live in the moment with a hopeful and not too heavy heart. The Civic Party, founded in 2006, had been a major democratic force in the financial hub that returned from British to Chinese rule in 1997, alongside the Democratic Party, performing strongly in local legislative and district polls. Hong Kong and Chinese authorities described the electoral revamp as a progressive democratic step to ensure only pro-China "patriots" govern Hong Kong.

☆ Get the Best From ChatGPT With These Golden Prompts
▼ + stars: | 2023-05-25 | by ( Brian X. Chen | ) www.nytimes.com time to read: 1 min

Welcome back to On Tech: A.I., a pop-up newsletter that teaches you about artificial intelligence, how it works and how to use it. A few months ago, my colleagues Cade Metz and Kevin Roose explained the inner workings of A.I., including chatbots like OpenAI’s ChatGPT, Microsoft’s Bing and Google’s Bard. People from all walks of life — students, coders, artists and accountants — are experimenting with how to use A.I. to streamline and improve your work and personal life. As The Times’s personal tech columnist, I’m here to help you figure out how to use these tools safely and responsibly to improve many parts of your life.

☆ Nearly half of UK firms to defer investment due to tax rises, survey finds
▼ + stars: | 2023-05-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, May 22 (Reuters) - Almost half of medium-sized British companies plan to delay investment plans due to last month's rise in corporation tax, a survey published on Monday found. Britain's headline rate of corporation tax rose to 25% in April from 19% the year before, under the enactment of a policy announced in March 2021. "The recent rise in the headline corporation tax rate will dampen current business investment plans although the positive reaction to the new full expensing capital allowances regime suggests this may only be a short-term effect," said Paul Falvey, a tax partner at BDO. The BDO survey was based on responses from 512 companies polled between March 30 and April 16. ($1 = 0.7923 pounds)Reporting by David Milliken; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Driving Lamborghini's new off-road supercar
▼ + stars: | 2023-05-20 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

I was driving a $380,000 Lamborghini Huracán Sterrato, and I couldn’t help laughing out loud. Lamborghini worked with Bridgestone to create tires using rubber similar to that on Lamborghini’s other performance tires, but with an off-road tread. The idea for it emerged while Lamborghini engineers and designers were having beers after a day driving off-road in a prototype of the Urus SUV. That was a lot of fun, they thought, but wouldn’t driving one of our all-wheel-drive supercars off-road be even better? Even those of us who can’t afford one should perhaps be glad the Lamborghini Huracán Sterrato exists.

☆ Airbnb CEO Brian Chesky calls out RTO mandates from execs 'going away to the Hamptons' and Europe this summer
▼ + stars: | 2023-05-13 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

In an interview earlier this week, Airbnb CEO and co-founder Brian Chesky pointed out that a revival of return-to-office pushes are often coming from executives with the most amount of flexibility. Of course, Chesky is incentivized to encourage remote work, which can allow people to work while traveling for extended periods of time. He said monthly stays make up one-fifth of Airbnb's business and are one of its fastest-growing segments. Even so, senior-level workers generally get more flexibility in when and where they work. Check out: Bosses think in-office work 3 times a week is ‘the magical number.’ ‘It’s not,’ says CEO

☆ Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing
▼ + stars: | 2023-05-12 | by ( Anna Mutoh | ) www.wsj.com time to read: +1 min

Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. Photo: Thomas Wells/The Northeast Mississippi Daily/Associated PressGraduates entering the workforce this year who are considering careers in accounting should see plenty of demand for their services as the industry grapples with a dearth of candidates. But even so, they may find what companies are willing to pay them underwhelming, particularly given the rigorous academic and testing requirements required to follow this career path. Recruiters say experienced accountants are often moving into new roles in finance and technology. And the exodus is expected to worsen as baby boomers leave the workforce, with 75% of certified public accountants retiring or close to retiring in the next 15 years, according to the American Institute of CPAs.

☆ GOP law cut Big Pharma tax rates by 40%, Senate report says
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

A Republican law has slashed the average tax rates of big pharmaceutical companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report Thursday. That provision allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income, the report said. Pharmaceutical companies report 75% of their taxable income overseas, the report said. The report said the average rate fell to 11.6% in 2019 and 2020, which resulted in billions of dollars in tax savings for pharmaceutical companies. Wyden also obtained similar information about other U.S. pharmaceutical companies, including Abbott Laboratories , Amgen , Bristol Myers Squibb and Merck .

☆ MBA professors identified which kinds of workers are most at risk when new tech comes along — and the ones who'll stay relatively safe
▼ + stars: | 2023-05-09 | by ( Roberta Kwok | Kellogg Insight | ) www.businessinsider.com time to read: +12 min

That allowed them to track how breakthrough technologies impacted the exposure of workers in relevant occupations over time. Based on U.S. Census surveys from 1910 to 2010, the team found that an increase in technology exposure was linked to a decline in employment. These employees saw their wages slow down by more than twice as much as average workers in the same occupation with the same level of technology exposure. Even when their technology exposure did go up, their income didn't slow down as much as it did in other types of occupations. "Not all technology is bad for workers," Seegmiller says.

☆ Five ways the rich save big on estate taxes, from putting houses in trusts to buying offshore life insurance
▼ + stars: | 2023-05-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. The assets in the trust are treated as premiums, and if structured correctly, the benefit and assets in the policy are bequeathed free of estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

☆ Jobs report: Who’s hiring and who’s firing?
▼ + stars: | 2023-05-06 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

Instead, the latest jobs report showed the unemployment rate fell to 3.4% in April after 253,000 jobs were added last month. But hiring isn’t strong across the board, and is concentrated in a handful of industries. Professional and business services, which include a wide range of jobs such as accountants, lawyers and engineers, added 43,000 jobs, the biggest gain across all industries. Where workers got laid offEven though the jobs report showed a net positive gain, there were some sizable layoffs. Transit and passenger service jobs include people who work within mass transit system as well as taxi and school bus drivers.

☆ Will wages outpace inflation for long? It depends on the job
▼ + stars: | 2023-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Wages are now finally beating inflation, according to the latest quarterly data on wage growth. That was the biggest monthly increase since March 2022, though wage growth had gradually slowed since then. “The folks who left one company and went to another are the ones who are still benefiting from wage growth,” said Morgan Llewellyn, chief data scientist at Jobvite. Part of the continued strength in wage growth largely has to do with employers’ difficulty in hiring, which varies by industry. “Wage growth has still been higher for job changers than job stayers and that suggests that there’s still a shortage of labor for some companies,” said Dawn Fay, operational president at staffing firm Robert Half.

☆ A real-estate investor shares the 3 tips for seasoned pros that helped him build a $2.7 million portfolio in just 4 years — including leveling up one's goals and finding ways to scale
▼ + stars: | 2023-05-04 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

As seasoned real estate investors know, at a certain point buying rental properties becomes child's play. But reaching the big leagues requires some diversification, such as investing with real estate syndicates for bigger windfalls, or outsourcing day-to-day real estate operations to property managers to maximize time and efficiency. In a previous interview with Insider, Rivers shared his top three pieces of advice for beginning real estate investors. But he's also got some great insights for more seasoned real estate investors to help them diversify their holdings and reach the next level. But as they find their footing, at a certain point real estate investors must clearly define their goals.

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