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2 weeks ago | 
news.bloomberglaw.com | Michael Bologna |Amelia Gruber Cohn
The US Treasury will stop minting pennies within the next month, leading to shortages at cash registers as soon as January and leaving little time for state tax administrators to respond to a heap of potential problems, state and federal officials said Wednesday.
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3 weeks ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio |Amelia Gruber Cohn
Financial reporting of large segment-level expenses was a prominent topic in conversations between Wall Street’s regulator and firms last year, according to an Ideagen Audit Analytics report. Segment reporting accounted for 18% of US Securities and Exchange Commission comment letter conversations related to financial filings in 2024, the white paper published Tuesday said.
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1 month ago | 
news.bgov.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the beginning of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the beginning of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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1 month ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn
The latest layoffs for PwC’s US workforce likely mark just the first round of cuts at the Big Four firms as they grapple with economic uncertainty, low turnover, and competition from smaller private-equity backed firms. Beyond shedding roughly 2% of its workforce—1,500 jobs mostly in its tax and assurance staff—PwC plans to slow down its campus recruiting and will offer internships to a smaller cohort for next year.
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2 months ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
Federal spending cuts that triggered a layoff announcement at Deloitte LLP have not yet reached Big Four firms with smaller public sector consulting practices but they have placed the industry on guard. The US government has canceled 63 of Deloitte’s federal contracts for professional services, collectively worth $4 million, since Jan. 20, the first day of President Donald Trump’s new administration.
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2 months ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
Not-for-profit organizations from humanitarian groups to health researchers are turning to accounting firms for financial and strategic counsel as they grapple with uncertainty from the Trump administration’s gutting of government funding. Agencies have cut grants under President Donald Trump’s push to reduce federal spending, putting nonprofit financing in jeopardy.
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2 months ago | 
news.bloomberglaw.com | Jorja Siemons |Amelia Gruber Cohn |Andrea Vittorio
The US accounting standard-setter’s proposal for how businesses should record the value of government grants is too slim in scope and offers too much flexibility to produce streamlined results, firms and professional associations said.
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2 months ago | 
news.bloombergtax.com | Andrew Ramonas |Amelia Gruber Cohn |Martha Mueller Neff
A business group rebuffed claims that 2020 SEC rules improperly limited firms counseling investors on how to vote at companies’ annual meetings, as it defends the agency in court against proxy advisory firm ISS. The Securities and Exchange Commission rules from the first Trump administration were “commonsense measures to protect investors,” the National Association of Manufacturers said in a brief filed Thursday with the US Court of Appeals for the District of Columbia Circuit.
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2 months ago | 
news.bloombergtax.com | Jeff Harrington |Amelia Gruber Cohn
References to “DEI” and “diversity, equity and inclusion” in corporate annual reports to shareholders have dropped by more than half so far this year amid a Trump administration crackdown on such efforts. The acronym “DEI” appeared in 10-K reports 180 times from January 1 to March 12, down 55% from 396 times in the same date range the year before, according to a review of 10-K annual reports by Bloomberg Law.
