E-commerce giant e-Bay is reaching new heights under the leadership of its new financial chief Peggy Alford. Just a few days before former CFO, Steve Priest stepped down, the company reported a staggering quarterly revenue of $2.59 billion, against the market forecast of $2.55 billion.
With the new CFO in place, the e-commerce company is now looking at even bigger numbers for the next quarter. According to a latest report, the company is on the lookout to generate revenue between $2.59 billion and $2.66 billion in the Q2 period of 2025. Market analysts, however, suggest an estimate of $2.60 billion this time.
e-Bay focused on collectible goods, luxury items, as well as refurbished products to drive higher than expected sales in the previous quarter. The sales, also backed by geo-specific investments, came amidst high inflation negatively impacting consumers’ buying behaviors.
For the next quarter, the company is already using generative AI to improve its targeted search and advertising. Buyers as well as sellers on the platform will experience simplified e-commerce trade owing to e-Bay’s new AI tool use.
According to a recent survey conducted by Censuswide for UK-based SaaS company Silverfin, accounting firms are up for a big surprise – only if they fully benefit from AI tools. As per the survey in which 350 respondents participated, accountancy firms are losing 16% of their potential revenue due to outdated processes and systems in place.
Silverfin survey highlighted that if accounting firms start to utilize technology, reduce admin tasks, and improve their systems, it can help them save up to £48,000 each year. This also means that accountants, 25% of which currently face burnout due to excessive administrative work, will also report higher productivity and better job satisfaction.
As per the survey, 89% of firms have already technology and AI tools in place to improve their systems. However, due to inadequate training and lack of investment in upskilling the workforce, the majority of these firms have not fully tapped the potential of the technology available at their disposal.
Another ironic fact highlighted by Silverfin is that 51% of accounting firms seek to grow on the back of technology. However, only 14% have done any strategic planning to achieve the said goals with the majority wasting 1.5 hours on every 1 hour spent on client advisory services.
Alarmingly, 31% of accountants in the survey reported working extra hours every week. This number signifies the need for properly managing AI-based accounting software and tools to ensure that the burnout can be addressed and mitigated.
85% of respondents in the survey believe in the potential of AI to help them save time and improve their client service. However, 28% of respondents also considered staff resistance as a major hurdle in the progress of AI use across the accounting industry.
A 401(k) feature, not known by many, can help you significantly grow your retirement savings, financial experts say.
As per a report, workers over the age of 50 with a 401(k) can now add up to $23,500 and an extra $7,500 as “catch-up” after-tax contributions in 2025. For those between the age of 60 to 62, the catch-up contributions can go up to $11,250.
Hence, Americans can now save up to $70,000 in their 401(k) plans with employee deferrals, after-tax contributions, employer contribution, profit-sharing and other deposits.
Financial planners say that this feature can be a big win for the American working class. However, the catch is to regularly convert the after-tax contributions to Roth 401(k). This will ensure that the after-tax contributions – which otherwise grow tax-deferred – can grow tax-free under the Roth laws.
Despite numerous benefits, only 22% of employers currently offer after-tax contributions to employees’ 401(k) plans in 2023. And even if the after-tax contributions are available, only 9% of the American workers took advantage of it.
Small business owners looking to maximize their tax deductions, reduce taxable income, and even fund their child’s individual Roth account can now hire their kids as employees.
As per the IRS, if you hire your children for your family-run small business, you can save significant amounts of money under various tax benefits. First being, hiring your children will allow you to write off their wages as a business expense.
In addition, if your child is paid up to $15,000, they will also be exempted from paying the federal income tax. This is because the IRS has set the exact limit for standard tax deductions for single filers.
However, parents cannot just pretend to hire their children and save tax money. Instead, children hired by parents for small business must have an actual age-appropriate job that they are to do for the business. A proper record of employment also has to be maintained like all other non-related employees.
Furthermore, children hired for a job by parents will have the same tax implications as other employees. For instance, withholding taxes, forms filing, Social Security, and Medicare taxes will be subject to based on your company’s structure and location.
Despite the legalities, parents in the US can now enjoy significant tax benefits by hiring their children for their family business. By doing so, many parents have also kickstarted tax-free contributions to their children’s Roth 401k.
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