Investments


The Office of the Comptroller of the Currency reports that in the second quarter, U.S. commercial banks increased the amount of derivatives in their portfolios by $3.8 trillion to $50.1 trillion—the second highest amount ever recorded ( www.occ.treas.gov/ftp/release/2002-70.doc ). According to the OCC, bank risk managers used this strategy to hedge their investment positions in response to heightened uncertainty in the financial markets.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.