In a decisive move, the City Council unanimously voted 50-0 to reject Mayor Brandon Johnson’s proposed $300m property tax increase, signaling a shift in political power. Ald. Marty Quinn remarked, “This is a defeat of epic proportions,” highlighting the growing independence of the Council. The vote came amid negotiations to find alternative revenue sources, including…

The U.S. budget deficit widened further during October, the first month of fiscal 2025, due in large part to higher spending on health and defense. The Treasury Department said that the deficit rose 287% to $257bn. Federal receipts for October were down 19% to $327bn compared with October 2023, while outlays were up 24%, or…

Roger Ver, dubbed the “Bitcoin Jesus” by supporters, is awaiting a Spanish judge’s decision on whether he must be extradited to America to face charges of evading more than $48m in taxes for selling $240m in tokens. The U.S. expatriate was arrested in Barcelona in April, and is now living in Mallorca after being released…

In the evolving landscape of accounting and technology, there are valuable lessons that tech vendors can learn from CPAs, in three key areas: camaraderie and knowledge sharing, integration with local communities, and a cautious approach to innovation. CPAs exemplify collaboration, as seen at events like the ITA Collective, where competitors share insights, embodying the belief…

As sports wagering becomes more accessible, tax practitioners must prepare for clients with gambling income. TIGTA recently reported that around 150,000 individuals who won over $15,000 failed to file tax returns on those earnings. Tax practitioners need to emphasize that all gambling winnings are taxable, regardless of how they are reported. Casual gamblers should report…

An Australian parliamentary inquiry has made more than 40 recommendations to reform the audit and consulting industry, following a major scandal involving PwC that saw the Big Four firm misuse confidential tax briefings to shape tax strategies for clients ahead of the introduction of new laws in 2016. It calls for key partnerships to be…