Long Island CPA Firm Responds to Reuters’ Financial Trend Predictions in 2013

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Long Island CPA firm Diapoules & Feinstein CPAs P.C. responds to an article in The Boston Globe on Reuters Money Team’s financial trend predictions in 2013.

On January 9, a Long Island accountant at Diapoules & Feinstein CPAs P.C. reacts to an article featured in The Boston Globe which reports on Reuters Money Team’s financial trend predictions in 2013 and how these trends will influence consumers in the New Year.

According to the article featured in The Boston Globe, a number of changes will occur in credit card companies, taxes, banks, college funding, healthcare and others as a result of new tax laws and regulations. For instance, for taxes, Reuters predicts, “I think we’ll continue to see people invest their tax refunds in meaningful ways (such as) paying down debt.”

Reuters mentioned examples of changes in topics that will directly affect consumers in the New Year, such as in taxes and bank accounts. Payroll taxes are increasing as part of a new tax law. As a result, Reuters expects to see more consumers saving and using their tax refunds towards essentials, such as paying bills. In addition, Reuters foresees a trend towards more online banking as more conventional banks continue to charge more fees.

According to Long Island CPA Jim Diapoules, “While it is generally agreed that the financial recovery, albeit as weak as it is, will continue, our immediate economic future is uncertain as Congress has yet to take on the country’s long term debt crisis and in particular the upcoming sequestering of funds for a variety of federal programs. This article speaks of how taxpayers will be spending their upcoming tax refunds but avoids the elephant in the room. Like this prognostication, some forecasts are not worth the paper or computer space they are written on. In our opinion, the big question remains can our fragile economy be able to take the shock of these drastic cuts. Unless the major reductions in federal spending contemplated by many is done in a gradual and thoughtful manner the economy will not be able to absorb these cuts and the prospect of another recession is very likely.”

Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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Jim Diapoules
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