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Chesnot | Getty Images MicroStrategy announced Wednesday it bought just over $1 billion worth of additional bitcoin, just days after finalizing another sale of convertible debt. The Virginia-based enterprise software company said it paid an average price of $52,765 per bitcoin, including fees and other expenses. Its acquisition of approximately 19,452 bitcoins puts MicroStrategy’s total
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MoMo Productions | Getty Images Millions of self-employed and gig workers got good news this week. The Biden administration on Monday changed how the Small Business Administration’s Paycheck Protection Program calculates forgivable loans for the smallest firms and sole proprietors. But there’s a catch. The updated formula — which will likely lead to larger loan
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Table of Contents Key Findings President Joe Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. The proposals are being considered to raise revenue for new spending
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Leaders of the House Ways and Means Committee want the Internal Revenue Service to assist taxpayers who are getting information returns in the mail for unemployment benefits they never received. Identity thieves have been using personal information that has probably been stolen from data breaches to claim unemployment benefits last year during the pandemic. Taxpayers
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In December, scholars David Hope and Julian Limberg released a study with the London School of Economics (LSE) examining the economic effects of reducing tax rates for high-income individuals and corporations. The paper illustrates how overlooking an important element of the tax system—the structure of the tax base—can lead to an incomplete understanding of how
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Delaying filing; inbox anxiety; a new voice; and other highlights from our favorite tax bloggers. Fun times ahead Tax Vox (https://www.taxpolicycenter.org/): Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during the pandemic, thus the need for assistance has lessened.
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Intuit has acquired OneSaas, provider of e-commerce data integration software, and plans to accelerate the integration of third party e-comm solutions with its QuickBooks platform. QuickBooks Commerce is a new product that allows small businesses to manage omnichannel sales. E-commerce capabilities have come to the forefront over the past year as the COVID-19 pandemic forced
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The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic. Many borrowers will have these loans forgiven; eligibility for forgiveness requires using the loan for qualifying purposes (like payroll costs, mortgage interest payments, rent, and
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Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic, a new United Kingdom budget will finally be published on March 3. Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that
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The smallest businesses that have had the most trouble accessing forgivable loans from the Paycheck Protection Program will soon get extra help. The Biden administration on Monday announced changes for the pandemic aid program focused on helping small and minority owned firms as well as sole proprietors. For two weeks, starting Wednesday, the Small Business
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The California Society of CPAs announced that Richard Simitian will serve as interim CEO starting March 1. The society’s Transition Committee recommended Simitian, a retired audit partner at Grant Thornton and past chair of the CalCPA, to fill in for departing CEO Anthony Pugliese (see our story) after interviewing a number of internal and external
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Under the budget introduced by Pennsylvania Gov. Tom Wolf (D), taxes would go up more than $6 billion per year, with additional revenue from both individual and corporate income taxes. The state’s flat personal income tax rate would increase by 46 percent, partially offset by an outsized increase in the poverty credit, which would see
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Zambato Mountain View Office Source: Zambato JPMorgan Chase is taking a stake in a private stock trading platform with links to Palantir to boost the bank’s efforts to connect buyers and sellers of hot pre-IPO company shares, CNBC has learned. The bank’s investment in Zanbato, a Mountain View, California based fintech start-up, is set to