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California lawmakers appear willing to put aside skepticism about economic benefits of the state’s film and television tax credits and to expand the program, mainly to stanch the flow of productions to places with more generous tax breaks. More than 130 Democrats are condemning the Trump administration’s firing of thou
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News
Private Equity’s Public Accounting Push Reflects a Tech Shock
2+ week, 6+ day ago (594+ words) Private equity’s arrival in public accounting is sometimes framed as a clash between Wall Street ruthlessness and a profession built on independence and trust. Grant Thornton’s $5 billion agreement to acquire CBIZ Inc. seems to fit that story. CBIZ had acquired…...
Big Law Demand Soars on M&A Revival as AI Drives Up Expenses
3+ week, 5+ day ago (401+ words) Law firms recorded 11.7% revenue growth in the first half of the year, powered by a rarely seen level of increasing demand, data from Citi show. Law firms across the industry saw 4.2% growth in billable hours compared to the same period…...
Switzerland’s Startup Factory Wrestles With Europe’s Funding Gap
1+ week, 1+ day ago (124+ words) news.bloombergtax.com When Clara Lepsius graduated from ETH Zurich, she went to Harvard University to do her thesis. In the US, she teamed up with another ETH alum on a startup that merges tech with infant nutrition. Today, both…...
Law Firms Can Use Private Equity’s Positives to Benefit Culture
2+ week, 6+ day ago (377+ words) It’s now not just about whether the money is available, but what happens to law firm culture once an investor has a stake in the outcome. The firms most likely to benefit from private equity aren’t the ones that chase…...
Accounting Board Newcomer Prioritizes Streamlining US Guidance
1+ week, 6+ day ago (111+ words) news.bloombergtax.com The US accounting board’s newest member says she will prioritize corporate and investor feedback as the rulewriter takes up some of the most pressing topics in financial reporting, from crytocurrency to private credit. Nearly two months into…...
EY Invests $100 Million in Tech-Focused Rewards for US Workers
1+ week, 5+ day ago (297+ words) entities, like the ones Big Tech giants are using to finance AI data centers, have evolved since Enron’s collapse...
OpenAI to Fund Think Tank’s Study On Options for Taxing AI
3+ week, 5+ day ago (116+ words) news.bloombergtax.com OpenAI awarded a grant to a US-based global tax think tank to study approaches to taxing artificial intelligence and how wider adoption of the technology would affect individual and corporate incomes. The Tax Foundation will use the…...
Crypto Transfer Project Advanced by US Accounting Rulewriter
3+ week, 3+ day ago (88+ words) news.bloombergtax.com The US accounting board is moving forward on its effort to clarify how businesses should report cryptocurrency asset transfers to make it easier for investors to compare financial filings across companies. The Financial Accounting Standards Board directed…...
Maryland Digital Ad Tax Succumbs to Tech Giants’ Challenges
4+ week, 1+ day ago (109+ words) news.bloombergtax.com Google, Peacock, and Apple convinced the Maryland Tax Court on Friday to strike down the state’s first-in-the-nation tax on digital advertising as unconstitutionally discriminatory. The companies all raised similar objections to the state’s digital advertising gross receipts…...
US Accounting Board Floats Examples of Crypto Counted Like Cash
3+ week, 4+ day ago (106+ words) news.bloombergtax.com Companies will gain tools to better assess whether certain cryptocurrencies like stablecoins can be treated similarly to cash in their financial reports under a new accounting proposal. The Financial Accounting Standards Board published a draft plan Tuesday…...