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Tax Tip | How to Check the Status of Your Federal Tax Refund

Filing taxes has become more seamless in recent years due to e-filing. It’s also easy to check the status of your refund if you anticipate one. The IRS has a tool called Where’s My Refund? where taxpayers can check the status of their refund within 24 hours of the IRS acknowledging the taxpayer’s e-filed return. You can also see a personalized refund date after the return is processed.

You can access the tool online on the IRS website or via their app. It has three phases: return received, refund approved, and refund sent. The IRS recommends setting up direct deposit to receive your refund even faster. The tool is updated once a day.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, September 20, 2024}

Weekly Market Insights | Trade Tension Down, Economic Data Up

Stocks rallied last week as investors responded to upbeat economic data and easing trade tensions.

The Standard & Poor’s 500 Index added 1.50 percent, while the Nasdaq Composite Index rose 2.18 percent. The Dow Jones Industrial Average advanced 1.17 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, picked up 0.78 percent.^1,2

S&P 500 Closes Above 6,000 (Again)

Early in the week, markets notched steady gains as investors awaited key economic indicators and monitored ongoing trade discussions. Megacap tech names—particularly AI chipmakers—led the broader market higher, as sentiment stayed bullish on prospects for a U.S.-China trade deal.³

Midweek, however, concerns over tariffs and a notable decline in one megacap tech stock slowed overall market momentum. Recent conversations between the U.S. and Chinese leadership helped investors envision progress toward a trade deal between the two nations.^4,5

On Friday, stocks pushed higher following the release of the May jobs report, which showed an addition of 139,000 jobs, above expectations of 125,000. The S&P 500 closed above 6,000 for the first time since February—a key psychological hurdle for some market participants. And the Dow erased all its 2025 year-to-date losses.^6,7

Jobs & Trade

Amid considerable market noise, stocks pushed higher last week. Here are three takeaways:

First, the upbeat jobs report was strong enough to ease some economic concerns.
Second, the jobs report showed that the unemployment rate held steady at 4.2 percent, and wage growth increased by 3.9 percent year-over-year. These figures also helped ease slowdown fears.⁷
Last, despite some political squabbles, trade talks progressed this week, with the U.S. striking a deal with Germany while continuing to move forward with China.⁸

Footnotes and Sources

^{WSJ.com, June 6, 2025}
^{Investing.com, June 6, 2025}
^{CNBC.com, June 3, 2025}
^{CNBC.com, June 5, 2025}
^{MarketWatch.com, June 5, 2025}
^{MarketWatch.com, June 6, 2025}
^{WSJ.com, June 6, 2025}
^{MarketWatch.com, June 6, 2025}

Received A Letter From the IRS? Here’s What to Do

The IRS mails letters or notices to taxpayers for a variety of reasons, including:

You have a balance due
You are due a larger or smaller refund
The IRS has a question about their tax return
You must verify your identity
The IRS requires additional information
The IRS changed their tax return

If you receive a letter or notice from the IRS, check for any action items. If something needs attention, the IRS may provide a deadline for a response. You should also keep a copy of the letter for your tax records. Remember, all official IRS correspondence is through the mail, so there is usually no need to call the IRS.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, October 7, 2024}

Weekly Market Insights | Markets Cheer U.S./E.U. Trade Talks

Stocks advanced over the short trading week, bolstered by a possible trade deal with the European Union (EU) and an upbeat corporate report from a mega-cap tech company that creates semiconductors used in the creation of artificial intelligence.

The Standard & Poor’s 500 Index rose 1.87 percent, while the Nasdaq Composite Index popped 2.01 percent. The Dow Jones Industrial Average advanced 1.60 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, inched up 0.84 percent.^1,2

EU Trades Spark Stocks

On Monday, stocks bolted out of the gate on news that the European Union agreed to speed up trade talks with the U.S. By the end of the session, the S&P 500 and Nasdaq posted gains north of 2 percent.³

Stocks fell following Wednesday’s release of minutes from the Fed meeting in May, which showed Fed officials are cautious. Some fear that trade-related economic uncertainty could increase inflation and impact the labor market.^4,5

On Friday, stocks were flat despite the White House accusing China of violating its trade deal. The S&P 500 added 6.2 percent and the Nasdaq 9.6 percent for the month, their best since November 2023.⁶

Inflation Update

The Fed’s preferred inflation measure—the Personal Consumption and Expenditures (PCE) Index—was released on Friday, showing only a modest uptick in prices in April.⁷

PCE increased 0.1 percent for the month, putting the annual rate at 2.1 percent—the lowest since September 2024.

On the Expenditures side, the report shows a higher consumer saving rate as they navigate economic uncertainty.⁸

Footnotes and Sources

^{WSJ.com, May 30, 2025}
^{Investing.com, May 30, 2025}
^{WSJ.com, May 27, 2025}
^{CNBC.com, May 28, 2025}
^{CNBC.com, May 29, 2025}
^{WSJ.com, May 30, 2025}
^{MarketWatch.com, May 30, 2025}
^{MarketWatch.com, May 30, 2025}

Help Get Your Federal Withholding Correct With This Tool From the IRS

The IRS has a handy tool called the IRS Tax Withholding Estimator to help taxpayers better understand their withholding. It’s essential to examine your federal withholding periodically to ensure you are comfortable with the amount of tax withheld.

Checking your withholding status may be a good idea to consider if you have experienced a change that may affect your tax status, such as:

Going through a marriage or divorce

Having or adopting a child

Purchasing a new home

Working two or more jobs at the same time

Only working part of the year

Claiming credits such as the child tax credit

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, August 20, 2024}

Weekly Market Insights | Markets Cringe At Returned Tariff Talk

Stocks moved lower last week as fiscal fears and fresh tariff threats loomed over market sentiment.

The Standard & Poor’s 500 Index fell 2.61 percent, while the Nasdaq Composite Index dropped 2.47 percent. The Dow Jones Industrial Average slid 2.47 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, advanced 1.14 percent.^1,2

Stocks Slip

On Monday, stocks were under a bit of pressure after credit rating agency Moody’s downgraded the U.S. as an issuer of government bonds.^3,4

Stocks remained under pressure midweek as Treasury yields moved higher with the 30-year bond hit a 19-month high. Investors fretted about the budget deficit; some feared the deficit would be made worse by the spending bill winding its way through Congress. After the House of Representatives approved the bill, bond yields backed off their highs and stocks went sideways.^5,6

On Friday, stocks dropped after President Trump warned of a 50 percent tariff on European Union goods following an apparent stall in trade negotiations. At the same time, the administration also threatened a 25 percent tariff on any iPhones manufactured outside of the U.S.⁷

Unexpected Tariff News

The president’s fresh tariff talk ended a week or so of relative tranquility on the trade front. While the EU tariff threat may end with a deal similar to deals with other countries and regions, the iPhone issue may prove stickier.

Some analysts estimate that making iPhones in the U.S. would increase manufacturing costs by as much as 50 percent, which might increase the price of an iPhone.⁸

Footnotes and Sources

^{WSJ.com, May 23, 2025}
^{Investing.com, May 23, 2025}
^{CNBC.com, May 19, 2025}
^{CNBC.com, May 20, 2025}
^{CNBC.com, May 21, 2025}
^{CNBC.com, May 22, 2025}
^{WSJ.com, May 23, 2025}
^{MarketWatch.com, May 23, 2025}

Tax Tip | The IRS May Send You One of Two Notices If Your Filed Returns Don’t Match Their Records

Have you wondered what happens if the information on your tax return doesn’t match the IRS records? The IRS mails out two notices, CP2100 and CP2100A, to banks, credit unions, businesses, and payers who may have made a mistake on their return.

The IRS mails these notices out twice yearly, in September/October and April of the following year. Payers may receive a notice if their return lacks a Taxpayer Identification Number, has an incorrect name, or both. The notices also tell payers that they are responsible for backup withholding.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, September 11, 2024}

Weekly Market Insights | U.S./China Tariff Truce Tames Markets

Stocks roared higher last week, powered by upbeat trade news and tame inflation reports.

The Standard & Poor’s 500 Index rose 5.27 percent, while the Nasdaq Composite Index spiked 7.15 percent. The Dow Jones Industrial Average added 3.41 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 0.80 percent.^1,2

S&P, Dow Erase YTD Losses

Stocks pushed higher on Monday as investors cheered weekend news that the U.S. and China temporarily agreed to back off steep reciprocal tariffs.³

Then, a mild inflation report for April—the slowest annualized Consumer Price Index (CPI) reading in four years—boosted markets on Tuesday. Tech stocks powered the rally as the S&P 500 closed trading in the green for the year.^4,5

Markets closed the week with modest gains, largely looking past weak consumer sentiment data released on Friday.

Friday was the Dow’s turn to erase year-to-date losses and get back in the green while the Nasdaq and S&P notched a five-day winning streak.⁶

All Eyes on Economic Data

The retail (CPI) and wholesale inflation reports (Producer Price Index) were mild, although most economists didn’t expect tariffs to impact prices in the first month of implementation.

Retail sales ticked up slightly (as expected), while industrial production and housing starts showed signs of tariff impact.^7,8

Expect traders to continue to closely watch economic reports to better understand whether tariffs are showing up in the data.

Footnotes and Sources

^{WSJ.com, May 16, 2025}
^{Investing.com, May 16, 2025}
^{CNBC.com, May 12, 2025}
^{WSJ.com, May 13, 2025}
^{CNBC.com, May 15, 2025}
^{MarketWatch.com, May 16, 2025}
^{WSJ.com, May 13, 2025}
^{MarketWatch.com, May 16, 2025}

Don’t Forget to Take Advantage of the Work Opportunity Tax Credit

The work opportunity tax credit is a federal tax credit for business owners who have hired individuals from target groups that would have otherwise faced significant barriers when looking for a job. Some target groups include summer youth employees, those receiving Supplemental Security Income, or qualified long-term unemployment recipients. There are ten targeted groups in total.

The work opportunity tax credit equals 40% of up to $6,000 in wages paid or incurred, with a maximum credit of $2,400. The WOTC may consider up to $24,000 in wages for certain qualified veteran-targeted groups. The restrictions are on the IRS website.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁸

Footnotes and Sources

^{IRS.gov, November 11, 2024}

Weekly Market Insights | Fed Talk Calms Volatility for the Week

Stocks were mixed last week as volatility dropped despite ongoing trade concerns and the Federal Reserve’s update on short-term rates.

The Dow Jones Industrial Average added 0.16 percent, while the Standard & Poor’s 500 Index lost 0.47 percent. The tech-heavy Nasdaq Composite Index slipped 0.27 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 0.37 percent.^1,2

Stocks Go Sideways

Stocks dropped on Monday, ending the S&P 500’s 9-day winning streak as the trade anxiety weighed on investors.^3,4

Sentiment picked up midweek, however. In a widely expected move, the Fed held short-term interest rates steady but warned of lingering uncertainty around tariffs’ effects on inflation and unemployment.^5,6

On Thursday, the U.S.-U.K. trade deal sparked a slight rally, but stocks flattened as the week ended. Investors appeared to be risk-averse with U.S.-China trade talks scheduled for the weekend.⁷

The Fed Fans Out

The Federal Reserve wanted to get its message out last week. Within 48 hours of the Fed’s decision to leave interest rates unchanged, nearly every Fed governor gave a solo speech or discussed the decision on a panel.

One Fed official spoke about the benefits of long-term stability from an independent Fed. At the same time, another said the Fed was paying close attention to what consumers did—and not just what they said, suggesting that flagging consumer sentiment didn’t necessarily mean a slowdown in spending.⁷

The Fed seemed to focus on managing expectations. Perhaps more importantly, Fed officials spoke from a coordinated playbook, possibly designed to help settle financial markets.

Footnotes and Sources

^{The Wall Street Journal, May 9, 2025}
^{Investing.com, May 9, 2025}
^{CNBC.com, May 5, 2025}
^{CNBC.com, May 6, 2025}
^{The Wall Street Journal, May 7, 2025}
^{CNBC.com, May 8, 2025}
^{The Wall Street Journal, May 9, 2025}