Category: Finance

December 27, 2022

Step 1: Get an Employer Identification Number (EIN) If you haven’t applied for an EIN from the IRS, that should be your first step. Getting an EIN from the IRS is free, and it can be applied for online, by […]

December 12, 2022

Opening a business bank account as a sole proprietor is easy and important for your business. It allows you to keep business and personal finances separate, helps you build business credit and reputation, and simplifies your tax preparation. All you […]

October 11, 2022

The European Union (EU) lawmakers have passed the Markets in Crypto Assets Regulation (MiCA) bill, a landmark piece of legislation aimed at regulating the digital asset market. The members voted 28 to 1 in favor of the landmark new crypto […]

October 4, 2022

Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights. In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key areas: Transcript withholding policies at […]

September 29, 2022

A revenue ruling is a public decree issued by the Internal Revenue Service (IRS) that essentially has the force of law. A revenue ruling outlines the IRS’s interpretation of the tax laws and is binding on all IRS employees and […]

September 23, 2022

The law of large numbers, in probability and statistics, states that as a sample size grows, its mean gets closer to the average of the whole population. This is due to the sample being more representative of the population as […]

September 19, 2022

The student loan interest tax deduction is designed to reduce your taxable income, based on how much student loan interest you’ve paid during the year. It’s important to note that you don’t receive a deduction based on how much you’ve […]

September 12, 2022

A short, or a short position, is created when a trader sells a security first with the intention of repurchasing it or covering it later at a lower price. A trader may decide to short a security when she believes […]

September 6, 2022

What Is Borrower Defense? Borrower defense loan discharge, often shortened to “borrower defense,” is a federal regulation that allows students who have been defrauded by their college, university, or career school to seek forgiveness for their student loans. You may […]

September 2, 2022

Research suggests that more than 60 percent of U.S. workers would like to be able to access their earnings before their regularly scheduled paydays. Responding to this desire, many employers and their payroll providers now offer so-called on-demand pay arrangements […]

August 30, 2022

What Is Income Tax? The term income tax refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their […]

August 29, 2022

In 2016, California passed legislation stating that employers who do not sponsor an employee-retirement plan must participate in a state-run retirement program. This program became known as CalSavers. While there have been legal challenges to CalSavers, the program persists. CalSavers […]

August 25, 2022

Understanding Regulation B (Reg B) All lenders are required to comply with Regulation B when extending credit to borrowers. Reg B implements the Equal Credit Opportunity Act (ECOA), which is regulated and enforced by the Consumer Financial Protection Bureau (CFPB). […]

August 23, 2022

What Is an Energy Tax Credit? An energy tax credit is a government-sponsored incentive that reduces the cost for people and businesses to use alternative energy resources. Eligible individuals or entities who meet the criteria are reimbursed for their efforts […]

August 15, 2022

The UK’s National Security and Investment Act 2021 (the “Act”) entered into force on 4 January 2022, introducing a new investment control regime for acquisitions in the UK, with the aim of protecting the UK’s national security. These new legislative […]

August 11, 2022

Below is a summary of the tax provisions in the Inflation Reduction Act of 2022 (the “IRA”), as passed by the Senate, that are likely to be of most interest to U.S. corporate taxpayers, financial institutions, hedge funds, private equity […]

August 9, 2022

Recession, rising inflation, a contracting economy, a sharp downturn, a bear market. These are the words in our news headlines. If you hold the purse strings to a budget, hold your nerve. It’s important not to be reactionary and panic. […]

August 4, 2022

Handling payroll in the Philippines is a bit different from doing payroll in the US. For instance, one big difference is that every US employee has a Social Security number, which is used to track the employee’s wages and tax […]

August 2, 2022

What Is a Paying Agent? A paying agent—also known as a “disbursing agent”—is one who accepts payments from the issuer of a security and then distributes the funds to holders of the security. Paying Agent Explained Paying agents are usually […]

August 1, 2022

New York City’s Wage Transparency Law takes effect Nov. 1, and employers—including businesses outside the city with job ads for remote work—are realizing one of the unintended outcomes of complying with the law may be pay compression. The New York […]