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Earlier this year, the Deloitte Center for Health Solutions found that, among 32 health systems and 32 health plans, 73% of finance leaders reported revenue growth and operating profitability as being among their top organizational concerns. Additionally, 81% cited business conditions, such as the impact of potential health care regulatory and policy changes, the current economic situation and supply chain disruption. “Prescription drugs, medical equipment and other medical supplies account for about 20% of the average hospital’s expenses - and a large share of these items are imported,” Deloitte wrote in its survey report. Potential new tariffs on these imports could increase such costs by 15% or more, according to the report. Such external concerns have supplanted workforce challenges, cost reduction and cybersecurity, all of which had ranked among health care finance leaders’ top priorities for at least four of the previous five years.

 

CFO

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The One Big Beautiful Bill Act will, analysts say, provide a more attractive environment for U.S. merger-and-acquisition dealmaking, in terms of tax policy. The legislation permanently reinstates 100% bonus depreciation for qualified assets acquired after Jan. 19, 2025, eliminating a previously scheduled phase-down. It also restores a more generous definition of “adjusted taxable income” for purposes of determining a taxpayer’s allowable business interest expense deduction. PwC U.S. Deals Platform Leader Kevin Desai said the bill "re-arms corporate America with the same tax tools that fueled the post-2017 deal boom — 100% bonus depreciation for certain assets, generous interest deductibility and, crucially, no new carried-interest curb." He added: This should mean there are more tax shields, more debt capacity, and a relative valuation boost for asset-heavy U.S companies. The question is whether the bill’s long-term debt load will come back to clip valuations once the sweeteners expire." Separately, Mitch Berlin, Ernst & Young Americas vice chair, EY-Parthenon, said: “We anticipate M&A is entering an era defined by fewer, but significantly larger, transactions, driven by a clear tax landscape for 2026 and beyond. This clarity and the administration’s agenda are poised to spur near-term activity especially across energy, financial services and manufacturing.” 

 

CFO Dive

Ralph Lauren chief executive Patrice Louvet says core product demand, including cable-knit sweaters and Oxford shirts, remains strong despite economic headwinds and tariffs. Speaking to Bloomberg TV, Louvet noted that “our core consumers are actually still very resilient” and said familiarity with the brand is attracting cautious shoppers. While the company expects growth to slow later this year, its diversified supply chain and pricing flexibility provide stability. Womenswear, a $2bn segment, presents major growth potential. Louvet also highlighted interest in expanding sports partnerships, pointing to cricket as a future opportunity alongside existing deals in golf, tennis, baseball, and Formula 1.

 

Bloomberg

Tesla chief financial officer Vaibhav Taneja executed two consecutive stock sales last week, selling approximately $1.2m on July 7th, and $587,880 the following day, according to securities filings. The most recent sales come as scrutiny of the EV maker’s corporate governance tightens. Tesla recently reported a 14% slump in vehicle deliveries.

 

CFO Dive

U.S. customs duty collections surged again in June as President Donald Trump's tariffs gained steam, topping $100bn for the first time during a fiscal year and helping to produce a $27bn budget surplus for the month. The Treasury Department said that total budget receipts last month rose 13% to $526bn, while outlays fell 7% to $499bn. Receipts for the first nine months of the fiscal year rose 7%, to a record $4.008tn, driven in part by withheld taxes from higher employment and wages, while outlays grew 6% to a record $5.346 tn.

 

Reuters

Store closures in the U.S. are accelerating, with 5,822 brick-and-mortar locations shutting down in the first half of the year, according to a new report. The figure is on track to exceed last year's total of 7,325 closures, with predictions suggesting up to 15,000 stores may close by 2025. The trend is particularly concerning for pharmacies, as over 48m Americans now lack access to a nearby drugstore, an increase from 41.2m in 2021. Miranda Rochol from Prescryptive Health said: "It's not an overstatement to say pharmacies are facing unprecedented economic strain."

 

Daily Mail

Levi Strauss has raised its fiscal-year guidance as its direct-to-consumer business flourishes despite tariff concerns, sending its shares up 8% in after-hours trading on Thursday to $21.23. The company now expects annual revenue to increase 1%-2%, after previously guiding for a 1%-2% decline in fiscal-year sales. It also raised its annual adjusted earnings per share range to $1.25-$1.30, up from $1.20-$1.25, ahead of analysts’ estimates for $1.23 per share. The guidance is predicated on tariffs on imports from China remain at 30%, and are 10% for the rest of the world. The second quarter brought a profit of $67m, or 22 cents adjusted, up from $18m a year earlier, and beating the 13 cents forecast by analysts, according to FactSet. Overall revenues increased 6.4% to $1.45bn, beating analysts’ $1.37bn estimate.

 

Bloomberg

Reuters

Wall Street Journal

The One Big Beautiful Bill Act (OBBBA) has permanently reinstated 100% bonus depreciation for qualified properties placed in service after January 19th 2025, provided the acquisition contract is signed on or after that date. Sean Graham, CPA and founder of Maven Cost Segregation, emphasizes the importance of understanding the timing of these dates, as they can significantly impact tax treatment. For instance, a client who spends $250,000 on improvements may only qualify for 40% bonus depreciation if the property is placed in service before the cutoff date. The article outlines key opportunities for CPAs, including modeling depreciation scenarios and coordinating with tax and engineering teams to ensure clients maximize their deductions. With the urgency of a phase-out eliminated, strategic timing remains crucial for effective tax planning.

 

CPA Practice Advisor

AICPA has requested further guidance from the Treasury and the IRS regarding catch-up contributions designated as Roth contributions under Section 603 of the SECURE 2.0 Act of 2022. In a letter dated July 1st, AICPA highlighted the need for clear regulations to ensure compliance with the Roth mandate, which affects employees eligible for catch-up contributions based on income thresholds. Kristin Esposito, director of Tax Policy & Advocacy at AICPA, said: “Post-SECURE 2.0, employers and plan administrators will need clear guidance to ensure compliance of the law regarding Roth-mandated catch-up contributions.” AICPA also recommended the creation of a safe harbor for using Form W-2 information to determine employee eligibility for the Roth mandate and requested clarification on the treatment of disregarded entities in this context.

 

Journal of Accountancy

The PCAOB has sanctioned CPA firm Michael Coglianese for failing to meet quality review standards in 17 audit and attestation engagements. The firm violated AS 1220, Engagement Quality Review, by assigning a senior manager, rather than a qualified partner, to the role of engagement quality reviewer. PCAOB chair Erica Williams stated: "Engagement quality reviews protect investors by providing an important safeguard against erroneous or insufficiently supported audit opinions." The PCAOB also found deficiencies in the firm's quality control system. Without admitting to the findings, Coglianese consented to a censure, a $50,000 civil penalty, and agreed to undertake remedial actions to enhance its quality control system.

 

Accounting Today

CPA Practice Advisor

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) have set up technical expert groups to support global implementation of their sustainability standards. The IESBA's IESSA Implementation Monitoring Advisory Group will support implementation of the International Ethics Standards for Sustainability Assurance (including International Independence Standards) and revisions to the IESBA code for sustainability reporting, while the IAASB's ISSA 5000 Technical Implementation Contact Group will support implementation of the International Standard on Sustainability Assurance.

 

Accounting Today

U.S. companies underpaid as much as £8.8bn ($11.85bn) in tax in the U.K. last year, according to data from UHY Hacker Young, up 57% from the year prior. U.S. companies account for the most underpaid tax out of all overseas countries – 46% of the £19bn of tax underpaid by all foreign companies. “The amount of tax owed that HM Revenue & Customs (HMRC) suspects that U.S. companies owe is continuing to grow at a scale that HMRC knows it can’t ignore," commented UHY Hacker Young partner and head of tax Phil Kinzett-Evans. “HMRC is under a lot of pressure to help fill the shortfall in tax revenues by cracking down on large companies. However, that conflicts with the need to keep the U.S. government onside but not to be seen as too aggressive towards U.S. companies. The U.S. has threatened to retaliate against countries that impose unfair taxes on U.S. companies. The list of the taxes defined as 'unfair' by the U.S. has previously included 'diverted profit tax' and digital services tax – both of which exist in the U.K. HMRC needs to tread carefully as it faces the challenge of ensuring the U.K. keeps a good relationship with the current U.S. administration whilst also investigating U.S. companies for underpaying tax. The less tax collected from U.S. companies, the more has to be paid by other taxpayers.”

 

Accountancy Today

International Tax Review

The European Union is preparing to step up its engagement with other countries hit by U.S. President Donald Trump’s tariffs, such as Canada and Japan, following a slew of new threats to the bloc and other U.S. trading partners. “We need to explore how far, how deep we can go in the Pacific area with other countries," commented E.U. competition chief Teresa Ribera this morning. She also highlighted the E.U.’s continuing trade talks with India, which are expected to be completed by the end of the year.

 

Bloomberg