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Accounting firms must adapt or fall behind
The accounting profession is undergoing significant changes, necessitating firms to adapt to evolving client needs. During the sixth annual Accountant Partner Council, industry leaders discussed the pressing talent shortage, with Matt Gardner, chief executive of Hiline, stating: “The shortage of incoming talent isn’t a new problem, and it isn’t going away any time soon.” Innovative…
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Colorado announces new food tax credit
The Colorado Department of Agriculture announced a new initiative on September 20th 2024, aimed at enhancing access to healthy foods through the Community Food Access Tax Credit. This program offers a refundable income tax credit for small businesses purchasing eligible equipment to improve grocery access in underserved areas. With an annual budget of up to…
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NYC property tax reform explained
New York City is considering significant changes to its property tax system, aiming for greater fairness and transparency. However, these reforms could disrupt the local economy and real estate market for years. The proposed changes, outlined in a 2020 advisory commission report and a shelved Assembly bill, would shift the tax burden to middle- and…
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SEC and Coinbase clash in court over crypto rulemaking
The SEC and Coinbase have faced off in a federal appeals court in Philadelphia as the largest U.S. cryptocurrency exchange presses the securities regulator to create new rules for digital assets. Coinbase sued the SEC last year in a bid to compel the regulator to act on a petition for rulemaking that it filed in…
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SEC votes to allow half-penny stock pricing
The SEC has approved an update to market rules allowing stock exchanges to price many shares in increments of half a penny, rather than the current minimum size of one cent. Officials say the rule change, to take effect in November 2025, will help lower costs for investors by narrowing bid-ask spreads—the difference between the…
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Justice Department cracks down on tax fraud
The Justice Department has filed a civil complaint against John Ajuma, prohibiting him from preparing federal tax returns for others. The DOJ alleges that Ajuma prepared nearly 11,000 federal income tax returns between 2018 and 2024, significantly inflating clients’ tax refunds through fraudulent deductions and credits. The department estimates that Ajuma’s actions may have resulted…
