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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…
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Planning ahead for potential tax turmoil
As tax season approaches, professionals are facing unprecedented challenges in planning due to looming uncertainties. Annie Schwab, franchise operations manager at Padgett Business Service, stated: “Historically, when we talk about tax planning, it involves deferring income or bunching expenses or implementing shifting strategies. But not this year!” The expiration of the Tax Cuts and Jobs…
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California goes digital with property tax
California Gov. Gavin Newsom has enacted AB 1879, allowing electronic signatures for property tax documents under specific conditions. This law aims to streamline the process, making it easier for taxpayers to manage their obligations. As noted in the article: “The execution of property tax documents using electronic signatures” is now officially permitted. The change reflects…
