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Crypto taxes: States take the plunge
Several states, including Colorado, Utah, Louisiana, Ohio, and Arizona, are beginning to accept cryptocurrency for tax payments. However, challenges such as price volatility, regulatory issues, and security risks remain. As Sharon Yip, co-founder and CEO of Chainwise CPA, notes: “States could turn cryptocurrency into a viable payment method by using stablecoins.” To address these challenges,…
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How the presidential election could transform corporate tax policies
As the 2024 presidential election approaches, significant changes may be on the horizon for corporate tax policies, with Republicans and Democrats offering divergent paths that could reshape the business landscape. Republicans propose reducing the corporate tax rate to 15%, preserving the 100% bonus depreciation provision, and fully reinstating R&D expense deductibility to promote U.S. investment…
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Continuing jobless claims hit three-year high
The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years. The Labor Department said Thursday that initial claims decreased 15,000 to 227,000 in the seven days to October 19th, well below the 242,000 median forecast of economists…
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New tax credits boost semiconductor sector
The Biden administration has finalized rules for a 25% tax credit aimed at semiconductor manufacturing projects, broadening eligibility under the 2022 Chips and Science Act. The expansion includes companies producing wafers and chipmaking equipment, as well as solar wafers, which could enhance domestic production. However, facilities producing underlying materials like polysilicon remain excluded. The tax…
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EY fires staff who took multiple online training courses at once
Dozens of employees at EY have been dismissed for watching multiple training videos simultaneously so as to meet quotas, with the firm deeming this to be an ethical breach. The firings occurred after EY tightened its policies following a $100m fine from the U.S. Securities and Exchange Commission in 2022 for previous infractions. While EY…
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FASB shakes up construction accounting rules
The FASB has announced revisions to its standards concerning contract assets and liabilities specifically for construction contractors, following recommendations from its Private Company Council (PCC). The new guidelines allow private companies to present contract assets and liabilities on a gross basis in their financial statements. This change is limited to private construction firms, which must…
