Cryptocurrency is a relatively new form of currency that has risen in popularity worldwide. Since the pandemic struck, many small businesses have begun to accept cryptocurrency as a form of payment for their goods and services. There is much debate regarding taxation and auditing of cryptocurrency transactions in small businesses, along with weighing the cost and benefit of providing this alternative payment method.
The United States currently stands ready to make energy decisions that will impact every U.S. citizen alive today and generations moving forward. President Joe Biden committed to fighting climate change in his campaign for President and has continued in this vein by making goals to halve U.S. carbon emissions by 2030 and further, to create a net-zero carbon economy by 2050. The key to this plan is the not-so-simple issue of electricity generation.
For the past few weeks, world leaders have been discussing climate action and how to tackle the growing problem at COP26. They recently reached an agreement that pushes countries to strengthen climate targets that can be achieved in the near future and limit fossil fuel use, but they are still facing criticism from scientists who say it is not enough. While they did come up with language urging countries to move away from fossil fuels, there are few concrete goals written leaving it largely up to the countries themselves to decide how to meet those goals.
On November 3, 2021, Robinhood Markets Inc., a popular online stock trading app, reported that an intruder gained access to its systems, obtaining the personal information of millions of its users. With its sudden rise to popularity and contempt following the GameStop stock volatility, and an ongoing class action lawsuit concerning a previous breach, Robinhood is in hot water with both customers and regulatory agencies alike.
When you think about what things harm the environment, your mind likely goes to gas-guzzling cars, single-use plastics, and cow farts. But when you’re considering your carbon footprint, the environmental impact of data storage is likely something you’ve left out. While the shows we stream, documents we download, and pictures we upload to social media may not take up storage space on our devices, the data must be stored somewhere, and that storage does not come without a cost.
November 15, 2021, marked the beginning of the seventh annual National Apprenticeship week. That same day, the United States Department of Labor (DOL) published a proposal to rescind its regulation and recently established framework regarding Standards Recognition Entities (SREs) of Industry Recognized Apprenticeship Programs (IRAPs). To succeed, industries offering apprenticeships need consistent rules and regulations that do not change at the whim of the executive branch. Passing the National Apprenticeship Act of 2021 (Act) is one way that Congress can support established registered apprenticeship programs.
Earlier this month Tremaine Wright, the woman in charge of New York’s cannabis regulation revealed a plan to promote social equity through conscientious licensing and tax revenue policies. New York legalized cannabis recently, so its regulations for it are still in a fledgling stage. As a result, the policies being made now will shape the cannabis industry for years to come.
The recent successful trips to the edge of space by Jeff Bezos and Richard Branson are predicted to boost consumer confidence in the possibility of using commercial spaceflight as a global transportation system. However, as interest and involvement in commercial spaceflight grows, safety regulations are failing to keep up. The Federal Aviation Authority (FAA) has the authority to regulate spaceflight, but there is currently a moratorium on regulating the industry until 2023 to encourage innovation.
Britney Spears: global pop superstar, Grammy award winner, songwriter, dancer, and … the face of the conservatorship reform movement? Ms. Spears can add a new line onto her prolific resume, as legal issues stemming from her decade-plus long conservatorship have shed a light on conservatorship abuse. Britney has subsequently fueled the push to reform conservatorship regulations that affect over an estimated 1.3 million adults in the United States.
In May of 2021, the United States Department of Treasury (“Treasury”) introduced its revenue proposals for the 2022 fiscal year. One of the proposals that garnered significant attention was the Comprehensive Financial Account Reporting to Improve Tax Compliance; under this proposal, financial institutions will be required to report to the Treasury the total amount of inflow and outflow on bank, loan, and investment accounts for accounts that hold at least $600 a year. Since its introduction and after serious political push-back, this amount has since been increased to accounts that hold at least $10,000 a year.
If the reporting requirement is implemented, the Biden Administration proposes to raise the Internal Revenue Service (“IRS”) funding by $80 billion to finance the cost of additional auditors and equipment. However, the Biden Administration, with the proposal’s implementation, expects a payoff of $460 billion over ten years in additional revenue. Although this proposal is intended at limiting wealth tax evasion, this proposal misses the mark. Specifically, it does not adequately address businesses that are able to cheat tax codes by stretching the current law, and instead scrutinizes small businesses and individuals while it exponentially increases the personal data held by the Treasury.