Become informed in minutes...

President Donald Trump has urged Republicans to ensure that the One Big Beautiful Bill Act is sent to the Oval Office for his signature by July 4th. Senate Republican leaders are currently revising their version in advance of potential votes later this week. The bill must then pass the House, with any changes there requiring a further Senate vote. Lawmakers are scheduled to leave Washington for a recess next week but signaled they were prepared to stay to finish the bill. “No one goes on vacation until it’s done,” Trump said in a Truth Social post on Tuesday. House Speaker Mike Johnson (R-LA) said Tuesday that “If the Senate does its work on the timeline we expect, we will do our work as well. And I think everybody’s ready for that." Senate Majority Leader John Thune (R-SD) wants his chamber’s “vote-a-rama” to begin as soon as Thursday, though other GOP senators said the timeline could slip, potentially into the weekend.

 

CBS News

CPA Practice Advisor

PBS

Wall Street Journal

Best Practice Guide: Accounts Payable Approval Workflows

In collaboration with leading accounting firms and industry experts, we’ve created these best practices to guide accounting firms to evaluate and improve client approval processes.  

This guide will walk you through the steps of client analysis, building a workflow, and managing expectations. You'll be able to help your clients create time and cost-saving efficiencies, lower risk with a clear separation of duties, and create transparency throughout the process.  

Readers will learn to:

• Evaluate your clients’ needs to identify key workflow challenges they face
• Determine trackable goals using Key Performance Indicators (KPIs)
• Construct an approval workflow that solves these challenges
• Summarize and implement the new processes with your client
• Measure progress and make adjustments

Download eBook

 

The IRS has announced enhancements to its Pre-Filing Agreement program, aimed at providing greater tax certainty for large businesses and international taxpayers. The agency stated that these improvements reflect a "renewed commitment by the IRS to expand access to cooperative tax compliance strategies that prevent disputes before they arise." Key updates include a redesigned landing page, new step-by-step submission instructions, and updated guidelines to align submissions with tax filing deadlines. The program allows taxpayers to resolve potential tax issues before filing, thereby reducing audit risk and promoting voluntary compliance.

 

CPA Practice Advisor

The California Film Commission has announced that 48 upcoming film and television projects will benefit from the state's tax credit program, which is expected to create over 6,500 jobs and generate more than $664m in total spending. Gov. Gavin Newsom emphasized the importance of the initiative, saying: “California didn't earn its role as the heart of the entertainment world by accident.” Among the awarded projects, a sequel to Sony Pictures' “One of Them Days” will receive nearly $8m in tax credits, while an untitled Netflix project is set to receive the largest credit of $20m. The announcement comes amid concerns about production moving out of California due to more attractive incentives elsewhere.

 

Los Angeles Times

AICPA has submitted a letter to the Senate Finance Committee, proposing three key changes to enhance tax equity for passthrough entities (PTEs). The recommendations include retaining full deductibility of state and local taxes (SALT) for all PTEs, allowing excess business loss carryforwards to offset both business and nonbusiness income, and repealing the personal casualty loss limitation. AICPA emphasized that these changes would prevent unnecessary disadvantages for certain taxpayers and promote tax parity. “Our laws should not discourage the formation of PTEs,” AICPA stated, highlighting the importance of these business structures for many U.S. businesses. The proposed adjustments aim to address disparities created by the Tax Cuts and Jobs Act and ensure fair treatment for PTEs compared to corporations.

 

CPA Practice Advisor

Journal of Accountancy

Tax Notes

The Accountant Online

The Institute of Management Accountants (IMA) is enhancing its competency framework for accounting and financial professionals. The initiative, detailed at the IMA conference in Scottsdale, Arizona, aims to equip accountants with essential skills for the modern business landscape, including data analysis and project management. IMA president and chief executive Michael DePrisco said: "The IMA Competency Framework is a fresh, future-ready blueprint designed to guide your growth and development." The framework is designed to reflect the evolving needs of the accounting and finance sectors, ensuring professionals are prepared for future challenges.

 

Accounting Today

RSM US has introduced myRSM Tax, an artificial intelligence-powered tax platform, following a $1bn investment in its AI strategy. Matt Bradvica, tax digital strategy leader at RSM US, said: “Our new AI-powered tax platform represents the next phase in our digital strategy.” The platform aims to address regulatory complexities and enhance data management by automating tasks and providing real-time access to tax data. Key features include compliance support, global tax data interpretation, and centralized project management. Sergio de la Fe, enterprise digital leader at RSM US, emphasized the goal of empowering professionals with AI to improve client service, stating, “This launch clearly shows how that investment is being realized.”

 

CPA Practice Advisor

Chicago-headquartered management consulting firm Huron has greed to acquire Eclipse Insights, an Atlanta-based revenue cycle consulting firm.  Founded in 2022, Eclipse helps healthcare organizations maximize revenue and improve cash flow. The firm has extensive experience in charge capture, clinical documentation, coding, and denials management. As part of the acquisition, approximately 40 members of Eclipse will join Huron’s healthcare operating segment. The deal will strengthen Huron’s capabilities across the revenue cycle, from patient access and care delivery to documentation, billing, and reimbursement.

 

Consulting

Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that the central bank needs more time to see if rising tariffs drive inflation higher before considering the interest rate cuts that President Donald Trump is demanding. “Policy changes continue to evolve, and their effects on the economy remain uncertain,” he told the House Financial Services Committee. “The effects of tariffs will depend, among other things, on their ultimate level.” Mr. Powell will appear later today in front of the Senate Banking Committee. His testimonies on Capitol Hill follow a period of public criticism from Mr. Trump, who on Friday on social media asked the Fed board to "override this Total and Complete Moron!" Two Fed officials appointed by Mr. Trump, Christopher Waller and Michelle Bowman, have in recent days indicated they could support lowering rates as soon as the Fed’s next policy meeting at the end of July.

 

CNBC

New York Times

Reuters

Wall Street Journal

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.7% annual increase for April, down from a 3.4% annual gain in the previous month. On a monthly basis, it was down 0.4%. The 10-City Composite saw an annual increase of 4.1%, down from a 4.8% annual increase in the previous month, while the 20-City Composite posted a year-over-year increase of 3.4%, down from a 4.1% increase in the previous month. New York again saw the sharpest rise in home prices among the 20 cities, at 7.9% on year, while Tampa saw prices fall 2.2%. The 10-City index showed growth of 4.1%, down from 4.8%, suggesting price increases are often located in larger urban areas. “We’re witnessing a housing market in transition. The era of broad-based, rapid price appreciation appears over, replaced by a more selective environment where local fundamentals matter more than national trends,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices.

 

Advisor Perspectives

Barron's

Wall Street Journal

U.S. consumer confidence slipped in June, reversing an improvement in May, according to the Conference Board. Its consumer-confidence index fell to 93, from 98.4 in May. Economists polled by Reuters had forecast the index increasing to 100. A measure of consumer expectations for the next six months dropped 4.6 points, as the share of respondents anticipating better business conditions fell by the most in more than two years. The gauge of present conditions fell 6.4 points. "The decline was broad-based across components, with consumers' assessments of the present situation and their expectations for the future both contributing to the deterioration," said Stephanie Guichard, senior economist, global indicators at the Conference Board. "Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory."

 

CNN

Bloomberg

Reuters

Wall Street Journal

F21 OpCo , the former operator of Forever 21's U.S. stores, has won court approval for a plan to partially repay vendors and other creditors that stand to incur big losses in the retailer’s bankruptcy. The repayment plan includes a settlement with lenders and former Forever 21 parent Sparc Group that’s designed to boost recoveries for unsecured creditors. Sparc agreed to fully waive a $323m claim that would have diluted any amounts received by unsecured creditors. They will get 70% of any net proceeds that F21 OpCo obtains during liquidation.

 

Bloomberg

FCC Chair Brendan Carr has announced a review of the U.S. Cyber Trust Mark program due to "potentially concerning ties to the government of China." The review is being conducted by the FCC's Council on National Security, though Carr offered no specifics. The development was first reported by Fox News. The Cyber Trust Mark program is intended to certify the cybersecurity of smart devices sold in the U.S.

 

Reuters

Aflac, a leading U.S. insurance provider, has reported a cyberattack that compromised customer personal information, including Social Security numbers and health data. The breach, identified on June 12, affected not only customers but also beneficiaries, employees, and agents. Aflac said that the incident was not linked to ransomware but was executed by a cybercrime group targeting the insurance sector. John Hultquist, chief analyst at Google's threat intelligence unit, noted that the hackers, associated with Scattered Spider, utilize social engineering tactics to infiltrate networks. Aflac, which serves around 50m customers, joins other insurers facing similar threats amid rising cyberattacks in the industry.

 

Techcrunch

A spokesperson for Northern Trust has said the asset and wealth manager is fully committed to remaining independent after the Wall Street Journal reported that Bank of New York Mellon had approached it to express interest in a merger. "I can tell you that Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders, as we have for the past 135 years," the spokesperson said. Reuters notes that a deal between BNY, the world's largest custodian bank, and Northern Trust would reshape the asset servicing and wealth management industry by combining two of the sector's biggest players.

 

Reuters

Wall Street Journal

Digits has introduced artificial intelligence agents to automate entire accounting workflows, pausing only for human input when necessary. Jeff Seibert, chief executive and founder of Digits, said: “Automating accounting with high accuracy requires building an AI-native system from the ground up.” The Autonomous General Ledger (AGL) has attracted over 700 accounting firms eager to adopt these innovative workflows. To support this transition, Digits is investing in firm-specific resources, including a centralized dashboard for real-time client visibility and personalized training for AI-driven accounting.

 

CPA Practice Advisor

The proposed 3.5% tax on remittances, part of President Donald Trump's tax and spending plan, raises significant concerns among experts regarding its impact on national security and economies in Latin America and the Caribbean. Manuel Orozco, director of the Migration, Remittances and Development Program at the Inter-American Dialogue, said: “We did a conservative estimate of the impact of these flows and it will have an effect of reducing transfers by at least 5% in the next year.” Countries like Haiti, which heavily rely on remittances, could face dire economic consequences, as the tax may push migrants to use unregulated channels for sending money. The legislation has sparked debates about privacy and compliance costs for small businesses, with many fearing it could lead to a decline in remittance flows, further destabilizing already fragile economies.

 

The Columbian

Ed Mendlowitz, a seasoned accountant and author of the "Art of Accounting" column for Accounting Today, has shared invaluable insights throughout his career. In his 600th and final column, he reflects on key strategies for overcoming challenges in the accounting profession. Mr. Mendlowitz emphasizes the importance of having both short- and long-term plans for accounting firms, stating: "it's important to have short- and long-term plans — even if they change over time." He also provides practical advice on hiring experienced managers and highlights the necessity of understanding clients' evolving needs.

 

Accounting Today