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eToro settles with SEC, will shut down nearly all crypto trading
Digital-trading platform eToro USA has agreed to pay a $1.5m fine and limit its crypto offerings to just three tokens, as part of a settlement with the SEC. The company had been charged with operating an unregistered brokerage and clearing agency related to its crypto trading platform. Its U.S. customers will only be able to…
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Harris and Trump clash over tax plans in presidential debate
During the ABC News presidential debate on September 10th in Philadelphia, Kamala Harris and Donald Trump briefly touched on tax policy. Harris proposed a $6,000 tax credit for families with newborns and increasing the tax deduction for start-ups from $5,000 to $50,000. She also suggested incentives for first-time home buyers, including credits up to $10,000…
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The accounting profession is evolving fast
The accounting profession is undergoing significant changes due to advancements in technology, particularly analytics and generative artificial intelligence. Robert Pawlewicz, assistant professor at the University of Richmond, notes that “the good news is universities that educate future accountants are adapting to this brave new world.” Institutions like Brigham Young University and Indiana University Bloomington are…
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Paychex faces tax regulation battle
Paychex is facing a significant challenge regarding New York’s tax regulations on income apportionment. The New York Department of Taxation and Finance has argued that Paychex’s claim should be dismissed due to an audit settlement that prevents the company from pursuing its case. In a memorandum dated September 6th, the agency stated that Paychex’s assertion…
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U.S. consumer borrowing rises $25.5bn
U.S. consumer borrowing increased in July by the most since November 2022, reflecting jumps in non-revolving debt and credit-card balances. The Federal Reserve reported Monday that total credit outstanding increased $25.5bn, with revolving debt such as credit cards up $10.6bn and non-revolving credit, which includes loans for school tuition and vehicle purchases, up $14.8bn.
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Main Street employers face tax troubles
According to a report by the National Federation of Independent Business (NFIB), many small business owners are increasingly concerned about taxes, with a quarter labeling them a “critical” problem. This marks a 5% increase since 2018, despite the Tax Cuts and Jobs Act reducing the corporate tax rate from 35% to 21%. Holly Wade, executive…
