John Carney

5 days ago | openlegalblogarchive.org | John Carney |Jimmy Fokas

Partners John Carney and Jimmy Fokas are speakers at Practising Law Institute’s Basics of Accounting for Lawyers 2025, May 14-15, 2025, in New York, New York. Carney is also a Chair for the program. Carney and Fokas will both participate on a panel titled “Notes to the Financial Statement,” a discussion about using the notes of a financial statement to better understand the statement itself.

5 days ago | breitbart.com | John Carney

With the election of Cardinal Robert F. Prevost of Chicago as Pope Leo XIV, America has its first-ever Pontiff—and a Chicagoan—in the Vatican. But while Catholics around the world are asking spiritual questions, tax lawyers are asking a different one:Will the IRS try to collect taxes on the Pope’s in-kind compensation? It’s not as silly a question as it sounds. Under U.S. tax law, citizens must pay taxes on their worldwide income, no matter where they live.

5 days ago | breitbart.com | John Carney

According to the New York Fed’s April Survey of Consumer Expectations, short-term inflation expectations remained steady at 3.6 percent, while five-year expectations edged down to 2.7 percent. Although medium-term inflation expectations ticked up slightly to 3.2 percent—the highest since mid-2022—the overall picture does not reflect widespread inflation anxiety. What is rising instead is economic pessimism. Expected income growth fell to 2.6 percent, a three-year low.

5 days ago | breitbart.com | John Carney

“80% Tariff on China seems right! Up to Scott B,” Trump said in a social-media post Friday morning. The administration said last month that it would raise the tariff on goods imported from China to 145 percent. Earlier, Trump had indicated lower tariff levels raised the tariff when China announced it would retaliate against the U.S. with tariffs of its own. Trump also urged China to open up its market to U.S. products.

6 days ago | breitbart.com | John Carney

In our previous column, we explained why the claim that tax cuts necessarily lead to higher interest rates—and thus trade deficits—is far from settled. But what about the next step in the argument: that a larger deficit leads to a stronger dollar, which then widens the trade gap? That link, too, doesn’t hold up. Even if interest rates did rise in response to tax cuts the next step in Furman’s argument assumes that higher rates will necessarily strengthen the dollar.