Author: Editor

American Eagle said Wednesday its partnership with Sydney Sweeney has been its “best” advertising campaign to date as it announced fiscal second-quarter earnings that beat expectations. The company’s splashy, yet controversial, campaign with the “Euphoria” star led to some criticism and blowback but the launch, coupled with a recent partnership with Taylor Swift’s new fiancé Travis Kelce, has led to new customer acquisition and positive traffic across channels. American Eagle stock soared more than 20% in after-hours trading Wednesday.”The fall season is off to a positive start. Fueled by stronger product offerings and the success of recent marketing campaigns with Sydney Sweeney…

The American Institute of CPAs has updated its practice aid on digital assets with a new chapter on auditing cryptocurrency lending and borrowing transactions.The new chapter in the Digital Assets Practice Aid includes examples of audit procedures to help identify and respond to potential misstatements in financial reporting involving these crypto lending and borrowing transactions.The practice aid contains nonauthoritative guidance on how to account for and audit digital assets. The new chapter walks through two typical scenarios:When a borrower of a crypto intangible asset is not required to post collateral; andWhen a borrower is required to post collateral.In each case,…

Eight major health care corporations were able to avoid $34 billion in taxes thanks to the Tax Cuts and Jobs Act, while increasing costs, denying care to customers and cutting staff, according to a new report.The report, released Wednesday by the advocacy groups Americans for Tax Fairness and Community Catalyst, discusses how insurers like Centene, Cigna, CVS Health (which owns Aetna), Elevance (formerly known as Anthem), Humana, UnitedHealth, and hospital chains HCA Healthcare and Universal Health Services leveraged tax breaks to benefit shareholders and executives instead of investing in patient care and improved health outcomes. Since the TCJA passed in…