Even before the COVID-19 pandemic, prisons across the country faced severe staffing shortages. The Federal Bureau of Prisons (BOP), operating on an $8.3 billion annual budget, has attempted to address these gaps by hosting job fairs, offering retention bonuses, and increasing pay to attract and retain workers. Despite these efforts, federal prison facilities continue to grapple with significant staffing shortfalls. In December 2024, the BOP announced the closure of seven prisons—including six male prison camps—as a cost-saving measure to consolidate operations. Unfortunately, this challenge is not unique to federal institutions. Georgia governor Brian Kemp announced last week that the state…

Eight years after issuing the ill-fated Notice 2016-66, the U.S. Treasury has released its final regulations relating to so-called “microcaptive transactions”. These regulations designate certain transactions as listed transactions (read: presumed tax shelters) and others as “transactions of interest”(read: might be a tax shelter). These regulations also require certain enhanced reporting requirements for the taxpayers and related parties that are involved in these microcaptive transactions, including specifically their material advisors. In other words, all these folks now must file a tax shelter disclosure form. As mentioned, Treasury’s road to these regulations have been long and troubled ― primarily due to…

I have long been captivated by the meteoric rise of MrBeast. Who wouldn’t? At just 26 years old, Jimmy Donaldson, better known by his moniker MrBeast, has built a billion-dollar empire. And that demands the attention of corporate America. Unlike traditional businesses, MrBeast thrives under a different set of rules and a distinct philosophy. To gain deeper insights into these unique philosophies, I interviewed Marc Hustvedt, the president behind the scenes at MrBeast. Hustvedt, an instrumental figure in operational strategy, shared pivotal insights that help us understand the divergent thinking at MrBeast. This conversation reinforced my belief that the traditional…

Natural disasters such as hurricanes, earthquakes and the ongoing wildfires in California have become common occurrences. The California Wildfires which began on January 7th have displaced close to 200,000 people and already caused damage of as much as 135 billion dollars. These natural disasters bring out the best in people who want to donate to charities to help the victims. However, unfortunately they also bring out the worst in scammers who are quick to take advantage of the generosity of people by contacting them posing as charities, but instead of collecting funds to help the victims of these natural disasters,…

Millions of Americans may see significant changes to credit reporting in the coming months if they have unpaid medical bills or student loans. But the reporting changes will be drastically different between the two debt groups. Earlier this week, the Consumer Financial Protection Bureau — a federal financial watchdog agency — finalized a rule to remove at least $49 billion in unpaid medical bills from consumer credit reports. The changes may benefit 15 million Americans. At the same time, however, millions of borrowers who remain in default on their federal student loans will be hit with negative credit reporting in…

The way we think about money is changing fast. By 2025, traditional ideas about saving, spending, and investing will feel outdated. With tech driving much of this change, new tools and trends are popping up everywhere, from AI-powered apps to decentralized finance (DeFi) platforms. These aren’t just flashy buzzwords—they’re reshaping the rules of personal finance. Let’s explore how these shifts are creating opportunities and challenges for anyone looking to grow their wealth in the years ahead. 1. AI Is Your Financial Sidekick AI isn’t just for futuristic robots—it’s already revolutionizing how we manage money. In fact, AI-driven tools reduce overspending…

As 2025 gains momentum, you may be thinking about your investment portfolio. Where will the opportunities lie in the new year? As I’ve noted in the past, investors are once again faced with a landscape of opportunities and risks shaped by macroeconomic trends, evolving consumer behavior, and technological innovation—much of which has little to no historical precedent. While there are some solid stock options and interesting alternatives, looking farther afield for investment opportunities can be difficult. If you’re unsure what to do with your money in the months ahead, here are some high-level insights into where some of the most…

Vincent Van Gogh is one of the best-known artists in history, but his genius came at a hefty price. He famously suffered from mental health issues, which manifested in many ways, among them his obsessive doubts over his own abilities. “I feel a failure. I feel that this is the destiny that I accept, that will never change,” he once wrote to his brother, Theo. Anyone who has laid eyes on Van Gogh’s work knows his self-doubt was misplaced, but the artist, sadly, was never able to get out of his own way. Who knows what he would have accomplished…

I recently launched a peer financial coaching center at my university, providing students with a place to receive financial coaching help. While the center primarily relies on trained peer financial coaches to assist fellow students, I occasionally step in as a financial coach. During one of my sessions, a young college student arrived with a big smile, radiating confidence and maturity. She seemed poised and self-assured, and I assumed our session would likely cover advanced financial topics, like stocks or Roth IRAs. Still, I decided to start by asking her how she was feeling. She gave me a sideways glance…

The tax landscape is becoming increasingly complex, and small business owners are discovering that traditional tax preparation services no longer meet their needs. As tax laws evolve and financial pressures mount, there is a growing demand for professionals who do more than just file returns. Attending the Tax 360 Conference offered valuable insights into this transformation. During the event, I had the opportunity to interview Mark J. Kohler, a seasoned tax professional and advocate for small business owners, along with other experts in the field. These discussions highlighted the pressing need for the tax industry to shift from compliance-focused services…