Weekly Digest – October 25, 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Commerce at the forefront in improving nation’s cybersecurity

Improving the nation’s cybersecurity is a priority for Secretary Raimondo and the Commerce Department. Commerce agencies are leading efforts to protect industry and government from current and future cyber threats. Efforts include promoting standards to help organizations manage and reduce cybersecurity risks; strengthening our cybersecurity by working with our trading partners and allies; and providing communications providers’ and equipment suppliers’ access to information about risks to key elements in their supply chain, including cyber risks.

The IRS will soon set new tax brackets for 2024. Here’s what that means for your money.

Some taxpayers may get a break next year on their taxes thanks to the annual inflation adjustment of tax brackets set by the IRS.  The tax agency hasn’t yet announced the new brackets for 2024, but that is likely to come within the next days or weeks, according to Steve Grodnitzky of Bloomberg Tax, which has issued its own forecast for the new tax brackets as well as other policies that are adjusted for higher prices.

Tax gap surges to $688 billion: what small business owners need to know

The Internal Revenue Service (IRS) unveiled new tax gap projections for the years 2020 and 2021, highlighting a significant increase in the amount of taxes unpaid or underpaid by taxpayers. According to the newly released data, the tax gap soared to $688 billion in 2021, marking an upsurge of over $192 billion compared to the 2014-2016 period. What is the tax gap, and why should small business owners care?

US budget gap soars to $1.7 trillion, largest outside COVID era

The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.

Is the era of China’s global dominance over?

If China has reached the end of its economic boom, what comes next, and how will this affect business in America and the rest of the world?

IRS Accused of Assuming ‘Tax Preparer’ Role

The Internal Revenue Service (IRS) will soon launch its tax e-filing program, allowing some taxpayers from 13 states to use the service beginning next year, leading to accusations that the agency has assumed the role of a tax preparer.

Beige Book published

The current Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.

Half of all skills will be outdated within two years, study suggests

Executives believe nearly half of the skills that exist in today’s workforce won’t be relevant just two years from now, thanks to artificial intelligence. And a lot of that includes their own skills. This startling proclamation came out of a recent survey of 800 executives and 800 employees released by edX, an online education platform.

US economy tops trucking industry’s list of challenges

The unsteady U.S. economy topped the list of trucking industry issues, the highest ranking since the Great Recession in 2008, according to the American Transportation Research Institute’s annual survey of top-of-mind concerns for carriers and commercial drivers.

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