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The Big Beautiful Bill, Rolling Back Public Television and Radio, and Regulating the Cryptocurrency Industry

4 min read

The Big Beautiful BillOne Big Beautiful Bill Act (HR 1) – Introduced by Rep. Jody Arrington (R-TX) on May 20, this bill passed in the House on May 22, the Senate with changes on July 1, and once again in the House on July 3. Signed into law on July 4, this bill includes the following provisions:

  • Makes permanent the income and estate tax provisions passed in the Tax Cuts and Jobs Act of 2017.
  • Increases the annual limit to $7,500 for Dependent Care Flexible Spending Accounts (FSAs), starting in 2026.
  • Makes permanent the ability for employers to offer tax-free student loan repayment assistance up to $5,250 a year, with the cap indexed for inflation.
  • Starting in 2026, new tax-advantaged “Trump Account” savings plans may be opened for eligible children under age 18. The account will receive a one-time $1,000 deposit by the government (for children born in 2025 through 2028) and allow for non-deductible/after-tax contributions of up to $5,000 a year (indexed for inflation). However, note that funds cannot be withdrawn before the beneficiary turns 18, and money withdrawn before age 59½ is subject to both income taxes and a 10 percent penalty (with exceptions for college tuition and a first-time home purchase).
  • While the bill calls for untaxed tips and overtime pay, this tax break will be delivered in the form of a deduction claimed on individual tax returns. For cash or charged tips, up to $25,000; for overtime pay, the deduction is up to $12,500/$25,000 for joint filers. Phase-out deductions will apply to both based on income.
  • Allows up to a $10,000 tax deduction for interest paid on an auto loan used to purchase a qualified vehicle.
  • New tax deduction for seniors age 65+: $6,000 for single filers; $12,000 for joint filers.
  • The bill does not include an extension of the enhanced credits for the Affordable Care Act, scheduled to expire at the end of the year. This is expected to increase average exchange health insurance premiums by 75 percent starting next year.

Relating to consideration of the Senate amendment to the bill (H.R. 4) to rescind certain budget authority proposed to be rescinded in special messages transmitted to the Congress by the president on June 3, in accordance with section 1012(a) of the Congressional Budget and Impoundment Control Act of 1974 (HRes 590) – On July 17, Rep. Virginia Foxx (R-NC) introduced this rescissions bill, which essentially cuts $1 billion from the Corporation for Public Broadcasting (CBP). The CBP is a private, nonprofit corporation that was authorized by Congress in 1967 to be the steward of the federal government’s investment in public broadcasting. The elimination of this federal funding will force many local public radio and television stations to shut down. The legislation, which also rescinds $8 billion from a variety of foreign aid programs, was passed as a House rule that enabled full passage of the rescissions bill due to a provision that avoids a direct vote on the bill. The bill passed in the House on July 18 and does not require approval by the Senate or to be signed into law by the president.

GENIUS Act (S 1582) – Introduced by Sen. Bill Hagerty (R-TN) on May 1, this legislation is designed to regulate the currently unregulated cryptocurrency industry. The Act requires issuers to back stablecoins on at least a $1-to-$1 basis. The bill is intended to set guardrails for the industry via full reserve backing, monthly audits, and anti-money laundering compliance regulations. This bill also enables a wider range of issuers to enter the market, including banks, fintechs, and major retailers. The legislation was passed in the Senate on June 17, the House on July 1,7, and was signed into law on July 18.

Anti-CBDC Surveillance State Act (HR 1919) – Introduced by Rep. Tom Emmer (R-MN) on March 6, this is a companion bill to the Genius Act. It would prohibit Federal Reserve Banks from offering certain products or services directly to individuals and disallow the use of central bank digital currency for monetary policy, among other provisions (CBDC stands for Central Bank Digital Currency). The bill passed in the House on July 17 and currently awaits its fate in the Senate.

Digital Asset Market Clarity Act of 2025 (HR 3633) – Another Genius Act companion bill, the goal of this legislation is to provide a regulatory system by the Securities and Exchange Commission and the Commodity Futures Trading Commission for the sale of digital commodities. The bill was introduced on May 29 by Rep. French Hill (R-AR), passed in the House on July 17, and currently lies with the Senate.

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How to Account for Debit Notes

4 min read

What are Debit Notes?With the global digital payments market expected to see north of $20 trillion in transaction value in 2025, according to Statista, business-to-business transactions are undoubtedly going to see some action. Debit notes are one tool that businesses have to record their transactions and corresponding payments. Understanding what debit notes are and how they work is essential for a smooth transaction.

Defining Debit Notes

A debit note is a form that advises a vendor’s customer of any outstanding balances owed. It can either let the customer know of an upcoming invoice or advise them of an outstanding payment. Similarly, customers can use debit notes to document the return of goods that are damaged or otherwise unsatisfactory, including the projected credit for a future order.

Understanding Debit Note Uses

Debit notes are used between commercial entities through transactions that involve the supplier sending the customer goods before payment is made. Although the goods have physically moved and payment hasn’t been remitted until an invoice is sent and ultimately satisfied by the customer, a debit note communicates that the merchant has debited the customer’s ledger.

While it’s primarily used by companies that either produce goods or act as warehouse operators, if a business sublets some of its warehouse space, debit notes can communicate upcoming bills to its commercial tenants, even though it’s not its primary business. They can also be used by businesses to fix invoice mistakes. If overbilling has occurred, a debit note can be used to correct the imbalance.

These documents can provide a window for the customer to send back the goods before payment is submitted. It can be as simple as using a postcard to document the outstanding debt to the buyer. While it’s completely optional and only used by certain businesses, buyers can request one for their own record-keeping purposes. Usually used by commercial or business-to-business entities, a debit note (or credit note) is entered into the business’ accounting records to track amounts due.

It’s important to distinguish the differences between a debit note and a credit note. Debit notes add to the purchaser’s liability and inform the purchaser of their new debt to the vendor. In contrast, credit notes lower the buyer’s liability, permitting the buyer to know the scope and amount of the credit for damaged or unsatisfactory goods.

Another reason a debit note is issued is when an order is modified. Other circumstances might include if goods are damaged during production or in transit before inspection (conducted by the vendor); a buyer declines an order; there is a need to correct an order; or a credit note pays for the bill’s value.

Differences with an Invoice

While a debit note communicates the status of a future payment or adjustment to an order, invoices are more detailed. Invoices include the sales details, goods/services provided, individual unit prices, the complete cost, and the contact information for the seller and buyer.

Illustrating How It Works

Let’s say a business uses its credit line to buy 100,000 widgets from another company at an agreed-upon purchase price of $2 each. The supplier drops off the 100,000 widgets and remits the invoice for $200,000 to the business. However, the business received 20,000 widgets in unsatisfactory condition (damaged, etc.).

When this happens, the purchasing company creates a debit note and sends it to the supplier upon receipt of the damaged 20,000 widgets. This action will lead to an adjustment, debiting the amount owed of $40,000.

In this case, the transactions will be accounted for as follows:

n  Seller debits its accounts receivable by $40,000

n  Buyer will credit its accounts payable for $40,000

While this demonstrates how it works, it also shows that debit notes can be powerful tools for both buyers and sellers.

Conclusion

When it comes to debit notes, businesses and commercial customers of other businesses can leverage this tool to ensure they’re adjusting current and future orders.

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Young Adults: Why Buy Life Insurance?

4 min read

Young Adults: Why Buy Life Insurance?Young adults may not see much reason to purchase life insurance, especially if they have no dependents and/or a partner who makes plenty of money. However, there are several reasons why folks in this situation would want to consider various forms of life insurance.

To Pay Off Debt

Let’s say your parents cosigned for your student loans, car loan or other debts. Should you pass away, your cosigner will be liable to pay off the debt. However, if you name that person the beneficiary of your life policy, he or she can use the benefit to pay off the debt.

Breadwinner

If you are the breadwinner in your household, imagine how your spouse or partner would fare without your income. By naming that person beneficiary of your life insurance policy, you can leave a death benefit to help cushion the blow. This is particularly important if you have shared debt, such as a mortgage.

Stay-At-Home Parent or Spouse

Even people without a traditional salary should consider life insurance coverage. After all, they may provide services that are expensive to replace, such as cooking, cleaning, shopping, and childcare. Even a small life insurance payout can help a working partner cover these expenses during a difficult time.

To Prepare for Future Needs

There are life insurance policies that work double duty – issue a payout upon death as well as build a savings account. For example, whole life and universal life insurance policies use a portion of the premium to build cash value, which can be used for future expenses like the down payment for a house.

Cheaper Now Than Later

Another good reason to buy life insurance when you’re young is that premiums are lower the younger and healthier you are.

Employer Versus Independent Policy

Many employers offer a basic life insurance policy with the option to increase the death benefit by paying a higher premium. Depending on your circumstances and goals, it may be worthwhile to purchase a life policy separate from your employer. This can give you extra coverage and is portable in case you get laid off or decide to start your own business.

Other Adulting Tips

  • Start saving and investing for retirement when you’re young. The power of interest compounding over time works the way credit card debt compounds – but in an investment account, the money that compounds belongs to you. This means you can earn a lot more by the time you retire than if you wait until your 30s or 40s to start investing (even if you contribute more at those ages).
  • If your employer offers a 401(k) plan, take advantage of any free money. Many employers offer matching contributions up to a certain limit, so even if you defer only a small amount of income to your 401(k), your employer will typically double it.
  • Another good investment vehicle for young adults is the Roth IRA. You can save up to  $7,000 a year (2025) in a Roth and tap your contributions at any time for any reason. This makes a great double-duty investment that can also serve as an emergency fund, a short-term savings fund for a new car or down payment for a house, and, ultimately, for retirement. The only taxes you pay are on the net investment gains above your original contributions, and even that is tax-free after age 59½. If you don’t have spare income to contribute to a Roth, remember it’s a good vehicle to open when you receive a raise or a bonus.
  • Lots of young adults test their potential parenting skills by adopting a pet, and may wonder if it’s worthwhile to buy pet insurance. First of all, shop around for quotes because you may find that it is surprisingly affordable. The next variable to consider is the age of your pet. If you adopt a young pet, premiums will likely be cheape,r and you’ll be able to renew your insurance each year with little problem and reasonable increases. However, if you prefer to adopt an older pet, or a purebred known for significant health issues, you may find premiums are significantly higher and, at some point, you may no longer be able to renew your pet insurance policy. Keep these guidelines in mind when considering whether or not you can afford a pet.