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1 week ago | 
news.bloomberglaw.com | Jorja Siemons |Andrea Vittorio
The Trump administration’s tariffs on international imports are set to ripple throughout US companies’ financial statements as executives and accountants alike grapple with trade policy whiplash. Accountants are advising companies to maintain strong financial guardrails and consistent reporting judgment as they assess the tariffs’ impact on key economic estimates and gauge whether they need to disclose the significance to investors.
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1 week ago | 
news.bloombergtax.com | Andrea Vittorio
States that partnered with the IRS to offer a free tax-filing platform are seeing little demand for the program so far this year. The IRS’s Direct File program, first tested in 2024, became available to more than 30 million taxpayers across 25 states for this tax filing year.
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2 weeks 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 weeks 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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3 weeks 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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1 month ago | 
news.bloombergtax.com | Jennifer Danis |Laura Francis |Andrea Vittorio
A series of executive orders from President Donald Trump has renewable energy companies weighing legal options as funding access and permitting regulations remain in flux, deepening uncertainty for the industry. However, it’s that very uncertainty that’s keeping anyone from rushing to the courts—yet. The executive orders limited offshore wind leasing, declared a national energy emergency, and urged the “unleashing” of the country’s energy sources.
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1 month ago | 
news.bloombergtax.com | Nicholas Datlowe |Andrea Vittorio
The US Supreme Court’s dive Wednesday into the seemingly straightforward question of who can challenge an agency decision on storing highly radioactive nuclear waste could have significant implications for federal regulatory power. The justices heard oral arguments in a case over whether Texas and companies that own land in the oil-rich Permian Basin had the right to challenge the license approval for nuclear waste storage.
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1 month ago | 
news.bloomberglaw.com | Mallory Culhane |Andrea Vittorio
The US Department of Justice moved to join a challenge to an Illinois law that requires nonprofits to disclose demographic data about their employees. Photographer: Al Drago/Bloomberg March 5, 2025, 4:34 PM UTCUS Looks to Join Challenge of Illinois Law Facing DEI PushbackThe US Department of Justice moved to join a challenge to an Illinois law that requires nonprofits to disclose demographic data about their employees.
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1 month ago | 
news.bloomberglaw.com | Tristan Navera |Andrea Vittorio
Grant funds given to a unit of New York City-based financial services firm Cantor Fitzgerald LP as part of a post-Sept. 11 recovery program are subject to income tax, the US Tax Court said Tuesday. The court held CF Headquarters Corp. must include the $3.1 million cash disbursement grant from 2007 in its income after determining it couldn’t be treated as a gift or as disaster aid for tax purposes.
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2 months ago | 
news.bloombergtax.com | Mike Vilensky |Andrea Vittorio
Elon Musk‘s US government efficiency initiative is unlawfully gaining access to Americans’ health and financial data, according to an updated complaint by a coalition of unions and worker groups. Musk’s Department of Government Efficiency has or intends to access information systems at the Department of Health and Human Services and Consumer Financial Protection Bureau without the necessary legal authority, the Feb. 11 complaint claims.
