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Accountancy Slice
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11th November 2025
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THE HOT STORY

IRS faces turmoil amid shutdown

Even as the Senate moves towards ending the 40-day government shutdown, the IRS continues to grapple with significant layoffs and service disruptions. The IRS began furloughing employees shortly after the shutdown commenced on October 1st, initially relying on leftover funds from the Inflation Reduction Act. While some clients are relieved that audits are paused, others face delays in processing requests, such as lien releases. A proposed congressional deal aims to reverse layoffs and restore furloughed IRS employees, including one attorney who has resorted to selling hot dogs on the street.

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TAX

IRS whistleblower tapped to lead criminal investigations pledges impartiality

Gary Shapley, the IRS special agent who has been called up to lead criminal investigations at the agency, has told CBS News that decisions on tax probes will be guided by evidence, not politics. "Each and every time, I'm going to ensure the right thing's done and that the policies and procedures are followed," he said. "That's my credo." A career civil servant with two decades of experience, he said his decision to blow the whistle on what he says were efforts by the Department of Justice to undermine the tax probe into Hunter Biden demonstrated his integrity and knack for standing up for what is right, two traits that qualified him for his new role. "It doesn't matter who's in office," he said. "Every single day I approach my job the same way." Mr. Shapley has, with IRS special agent Joseph Ziegler, co-authored a new book, out today, detailing their whistleblowing efforts at the agency. 

Mamdani's tax plans spark debate

Incoming New York City Mayor Zohran Mamdani's proposed tax increases have sparked significant discussion among experts. Mamdani aims to raise the personal income tax on earnings above $1m and increase the corporate tax rate from 7.25% to 11.5%. His revenue plan states: “New York will not be immune to [President Donald] Trump's attacks on public services,” highlighting the need for additional funding due to anticipated federal cuts. The proposals could generate an estimated $4bn annually from the income tax increase and $5bn from the corporate tax hike. However, experts like Timothy Noonan express concerns that these changes may drive businesses and wealthy individuals out of the city. Noonan noted: “It's raising an already high rate to the highest in the country.” The proposals face challenges in the state Legislature, with Gov. Kathy Hochul's previous opposition to tax increases adding to the uncertainty.

INDUSTRY

AICPA promotes accounting careers through November

AICPA has launched a month-long initiative in November to engage high school students with the accounting profession. The program, known as the Accounting Opportunities Experience, aims to reach 50,000 students through classroom visits, career fairs, and community events. Mark Koziel, AICPA president and chief executive stated: "The future of accounting depends on reaching students early and showing them that this profession is about far more than numbers." Additionally, the FASB and the GASB are seeking university graduates for their Postgraduate Technical Assistant Program, which offers hands-on experience in the financial reporting standard-setting process. Nominations for the program are open until November 30th 2025.

FIRMS

Baker McKenzie appoints ex-IRS to Chicago tax practice

Baker McKenzie has added Doug Wick, former senior attorney with the IRS Office of Chief Counsel, to its tax practice in Chicago.

ECONOMY

'Firm but not frightening': Consumer goods inflation slowed in October

A new analysis from OpenBrand found that U.S. consumer durables and personal goods inflation decelerated in October for the first time in three months, reflecting a slight pickup in the degree of merchant discounting. The group, which tracks prices daily from online marketplaces, retail websites, and brick-and-mortar store listings,said its measure of prices for big-ticket goods and personal-care products rose 0.22% last month compared with a 0.48% increase in September, with growth decelerating across all categories, other than communications devices. “The uptrend in inflation has stalled somewhat in October,” said Michael Metcalfe, head of macro strategy at State Street. “This still requires careful monitoring as we move into the seasonal discounting season, but for now inflation remains firm but not frightening.”

Trump's fossil fuel push could pay off, claims report

President Donald Trump's policies favoring fossil fuels over green energy could lead to a 1% increase in U.S. GDP by 2050, according to Bloomberg Economics. The report, co-authored by Eleonora Mavroeidi and Maeva Cousin, states that “If Trump alone backs out on the transition, the U.S. wins.” However, if other nations also abandon renewable energy, the global economy could shrink by 0.2%. The analysis highlights the potential long-term costs of climate inaction, particularly for vulnerable countries like India and Vietnam. While the U.S. may gain economically in the short term, the report warns that “doing nothing is a costly strategy,” as the impacts of climate change will escalate over time. The COP30 climate conference will showcase the U.S.'s shift away from climate commitments, complicating global efforts to address climate change.

REGULATORY

CPFB has enough funds to operate for remainder of 2025

The U.S. Consumer Financial Protection Bureau said yesterday that, although it is legally prohibited from drawing cash from the Federal Reserve to support continuing operations, its current funding should last through the end of this year "at least". In a statement, the agency said an administration legal opinion held that because the Federal Reserve System was not currently reporting "combined earnings" under the 2010 statute which created the CFPB, the agency could not lawfully draw funding from the central bank.

PERSONAL FINANCE

President Trump proposes $2,000 tariff check for every American

President Donald Trump has proposed issuing $2,000 tariff rebate checks to low- and middle-income Americans, funded from the $220bn in tariff revenue collected during his administration. The proposal, which faces major feasibility hurdles including insufficient funds, legal uncertainties, and likely Congressional opposition, comes amid affordability concerns and echoes previous pandemic-era stimulus checks. Treasury Secretary Scott Bessant noted that while he hadn't directly spoken to Mr Trump about the idea, the dividend could manifest through various forms, including tax cuts.

Reverse mortgages edge up as U.S. economy squeezes older Americans

Cash-strapped American seniors are turning to reverse mortgages, a controversial type of loan that soared during the financial crisis, as a tightening economy drives ageing homeowners to find ways to make ends meet. The National Reverse Mortgage Lenders Association says that the number of federally-insured reverse mortgages, where the borrower is paid cash by a lender in return for the equity in their home, increased more than 6% in the year to the end of September. The group's report follows President Donald Trump's weekend proposal to create 50-year mortgages to solve the housing affordability crisis. For homebuyers, a 50-year mortgage would offer lower monthly payments compared to a standard 30-year loan, but total interest paid would be much higher over the lifetime of the loan. While supporters argue that it would give homebuyers more financing options and flexibility, critics have called it a bad deal that would benefit only lenders. 

AUDIT & REPORTING

EPA proposes exemptions for ‘forever chemical’ reporting requirements

The U.S. Environmental Protection Agency (EPA) is moving to exempt some companies that make or import perfluoroalkyl and polyfluoroalkyl substances, or PFAS, from requirements to report them. EPA Administrator Lee Zeldin said the proposed change would reduce costs for industry. “Today’s proposal is grounded in commonsense and the law, allowing us to collect the information we need to help combat PFAS contamination without placing ridiculous requirements on manufacturers, especially the small businesses that drive our country’s economy,” Mr. Zeldin said. The Biden administration imposed strict forever chemical reporting rules in 2023.

INTERNATIONAL

Switzerland nears deal to cut U.S. tariffs to 15% after business push

Switzerland is inching closer to a deal to cut U.S. tariffs on its exports from 39% to about 15%, as companies from Rolex to Richemont take the lead in breaking months of deadlock between Bern and Washington, D.C. President Donald Trump said on Monday that he had not yet settled on the tariff rate he would impose on Switzerland, but confirmed that the U.S. is “working on a deal to get the tariffs a little lower”. The news sent Richemont and Swatch shares up 2% and 4.2% respectively in early trading this morning. 

Sin industries clash over E.U. taxes

The alcohol, tobacco, and unhealthy food industries are engaged in a fierce competition over who should face higher taxes under the European Union's health plans. The European Commission is reviewing taxation on harmful products to boost revenue and public health goals, including a proposed 15% levy on national tobacco taxes to generate approximately €11.2bn annually. The ongoing blame game among industries highlights their efforts to appear less harmful, despite a significant health toll. Tobacco and alcohol cause hundreds of thousands of deaths annually in the E.U.

AND FINALLY...

President Trump pardons baseball legend Darryl Strawberry

Darryl Strawberry, the former Major League Baseball star, has received a presidential pardon from Donald Trump for a 1995 tax evasion charge. A White House official confirmed the pardon, which stems from Mr. Strawberry's failure to report $350,000 in income from autographs and memorabilia sales. He had previously pleaded guilty and avoided jail time, serving only home confinement and probation.
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