Accountancy Slice
Become informed in minutes...
Accountancy Slice
USA
19th December 2025
Together with


THE HOT STORY

Grant Thornton hits record $8.5bn revenue in 2025

Grant Thornton International has reported record global revenues of $8.5bn for the year ending September 30th 2025, marking a 6.1% rise year-on-year and capping a five-year strategy that saw revenues grow from $6.6bn in 2021. The professional services firm cited strong performances across assurance (+7.9%), advisory (+4.7%), and tax (+4.5%), with regional growth led by Africa (+16.2%) and Asia Pacific (+11.2%). Global headcount also rose 5.3% to 80,000. Chief executive Peter Bodin said the results reflect sustained organic growth and strong client trust as leadership transitions to incoming CEO Greg Keith.

FILING 1099s

Efficient 1099 E-Filing for Accountants

We live in an increasingly digital world. As we replace old, manual processes with faster, more efficient electronic options, it's not surprising that tax filing has experienced the same shift. For your 1099, W-2 and ACA form processing, turn to efile4Biz, a reputable, IRS-authorized e-file transmitter to file tax information online and save valuable time and money. Let them handle printing and mailing your recipient copies, too! With a 4.8/5.0 customer rating, efile4Biz makes e-filing simple, secure, and efficient.

Visit efile4Biz.com today

 

TAX

Congress approves bill to delay tax deadlines after disasters

Congress has passed H.R. 1491, the Disaster Related Extension of Deadlines Act, which provides taxpayers affected by natural disasters additional time to file claims for tax credits or refunds. Sponsored by Rep. Gregory Murphy (R-NC) and Jimmy Panetta (D-CA), the bill extends the time for filing a claim for credit or refund (known as the "lookback period") by the disaster relief postponement period afforded to taxpayers affected by major disasters. Previously, taxpayers impacted by disasters effectively have less time to make a refund or credit claim than those who are not affected because the deadline for refund or credit claims was based on the original filing deadline and was not extended by the filing and payment disaster relief postponement. “We applaud Congress for recognizing the importance of this bill for many Americans by passing this legislation that will now be signed by the President,” said Daniel Hauffe, Senior Manager for Tax Policy & Advocacy with AICPA. “Taxpayers affected by disasters are afforded additional time to comply with tax obligations because of the devastating real-life consequences of natural disasters, and now they will receive the same period of time to make claims for credit or refund as all other taxpayers.”

Tax departments brace for 2026 shifts

As businesses navigate an increasingly complex tax landscape, EY Americas Vice Chair–Tax Martin Fiore emphasizes the need for proactive strategies. "Success in navigating these tax developments will belong to organizations that embrace agility and flexibility," he notes. The enactment of the One Big, Beautiful Bill Act (OBBBA) has provided some tax certainty, but ongoing changes, including IRS transformations and evolving trade policies, present challenges. Companies must monitor IRS communications and adapt to new legislation while leveraging technology and AI to enhance tax functions. With nearly $124 trn in assets expected to change hands by 2048, effective succession planning and tax impact modeling will be crucial for family businesses.

IRS cracks down on conservation easements

Since the IRS intensified its enforcement of syndicated conservation easement transactions six years ago, nearly all such transactions have been audited. Taxpayers often face significant penalties, with some experiencing near-full disallowance and a 40% penalty. Investors are left wondering about their options beyond paying in full. As noted by Jason Wiggam, a founding partner at Wiggam Law, "Asking the IRS to exercise discretion to abate interest in transactions that it considers abusive is a tall order." While some remedies like interest abatement and offers in compromise exist, they are challenging to obtain. Investors may also explore alternative relief options, including disputing IRS calculations or filing for bankruptcy, but each case is unique and should be evaluated by a tax professional.

INDUSTRY

Empowering the next generation of CPAs

The AICPA Leadership Academy recently celebrated the graduation of 36 CPAs from its 17th session held in Durham, North Carolina. This program aims to inspire and empower future leaders in the accounting profession through advanced leadership training. Lexi Weber, AICPA's senior manager of emerging professionals initiatives, said: “The Leadership Academy empowers the next generation of future-ready leaders to embrace an ownership mindset.” The program includes workshops and sessions with prominent leaders, focusing on self-leadership and strategic conversations. Participants, averaging 33 years old, come from diverse backgrounds across the accounting and finance sectors. AICPA president and chief executive Mark Koziel emphasized the importance of this initiative, noting: “The ACPA Leadership Academy is an investment in the future of our profession.” Details for the 2026 Leadership Academy will be announced in early 2026.

The trends that could transform accounting in 2026

As the accounting industry evolves, firms must adapt to emerging trends to stay competitive through 2026 and beyond. Key predictions include the rise of artificial intelligence (AI) and automation, which will become standard practice, enhancing workflow and reducing human error. AI's capabilities extend to financial reporting and fraud detection, making it a vital tool for accountants. Additionally, cloud-based solutions are expected to dominate, offering real-time insights and improved security. As routine tasks become automated, firms will shift towards advisory services and expand their compliance offerings to meet changing regulations. Outsourcing will also become common, allowing firms to focus on core objectives.

ECONOMY

New jobless claims fall by 13,000 to 202,000 as layoffs remain subdued

The Labor Department reported on Thursday that initial claims for state unemployment benefits dropped 13,000 to a seasonally-adjusted 224,000 in the seven days to December 13th. Economists surveyed by Reuters had expected 225,000 new claims. The four-week moving average rose 500 to 217,000, while the total number filers for jobless benefits, reported with a one-week lag, grew 67,000 to 1.9m. 

Inflation rate cooled in November to 2.7%

U.S. inflation unexpectedly slowed to 2.7% in November from a year earlier, according to a delayed report from the Labor Department, above the Federal Reserve's 2% target, but below the 3.1% rise expected among analysts polled by Dow Jones. Energy prices surged by 4.2%, while core inflation, excluding food and energy, rose 2.6%. “It’s hard to read too much into the November inflation data. The shutdown clearly had a big impact on data collection,” Heather Long, chief economist at Navy Federal Credit Union, wrote in a note on Thursday. “Inflation did not suddenly improve a lot between September and November. Anyone who has been to the grocery store or paid a utility bill knows this.”

REGULATORY

Fed closes Citi notices on trading risk management issues

The U.S. Federal Reserve has lifted formal supervisory notices that required Citigroup to address weaknesses in its trading risk management. The decision is a significant easing of regulatory pressure on the third-largest U.S. bank, which has spent years working through control and data issues. Reuters notes that one of Citi's biggest difficulties has been the inconsistency of its data, stemming from multiple systems not yet fully integrated after large acquisitions, and causing the bank to trip up on matters that have precipitated several regulatory reprimands.

PERSONAL FINANCE

Philanthropists urged to fund Trump Accounts program

The U.S. Treasury has called on major philanthropic donors to support new investment accounts for children, part of Secretary Scott Bessent's “50 State Challenge” aimed at funding the Trump Accounts program. Notable contributions include a $75m commitment from Ray Dalio and his wife Barbara for children in Connecticut, following a $6.25bn pledge from Michael and Susan Dell for 25m children nationwide. The accounts, established under recent tax legislation, will receive a $1,000 deposit for each child born during President Donald Trump's second term, with additional contributions allowed from family and friends. Funds must be invested in an index fund, accessible for education, home purchases, or starting a business when the child turns 18.

SMALL BUSINESS

AI-lending start-up Slope partners with Amazon to offer credit lines to sellers

Slope, an artificial intelligence (AI)-powered lending platform backed by Sam Altman and JPMorgan Chase, has launched a partnership with Amazon to offer real-time credit lines to U.S.-based Amazon sellers. The initiative allows vendors with over $100,000 in annual revenue to apply directly through their Amazon Seller accounts, using Amazon's proprietary performance data. Loans start at an 8.99% APR with flexible repayment terms. Slope aims to support mature sellers needing bank-grade financing, and expects demand to grow significantly, having already seen a 300% week-over-week increase in applications during early trials.

LEGISLATION

President Trump issues order to reclassify marijuana as Schedule III drug

President Donald Trump has signed an executive order to reschedule marijuana as a Schedule III drug. The change would relieve businesses from the burdens of IRS Code 280E, allowing them to deduct routine expenses like rent and payroll. Jason Tarasek, a Minnesota cannabis attorney, stated, “That is the primary benefit for a business—with rescheduling to Schedule III, it will eliminate what the industry calls the 280E tax penalty.” The order also authorizes a pilot program for Medicare reimbursement of cannabidiol (CBD) and aims to enhance medical research opportunities. However, challenges remain, including banking restrictions and the need for further regulatory changes. Tarasek emphasized that while this is a positive step, it should not be mistaken for full legalization. “Does this mean the federal government is going to legalize marijuana tomorrow? Absolutely not,” he noted.

INTERNATIONAL

Canada audited for effectiveness in combating money laundering

Global financial crime auditors, including officials from the Financial Action Task Force (FATF), interviewed Canadian financial companies and 13 government agencies in November, according to sources with knowledge of the visits. Among those interviewed were executives at TD Bank, which last year paid the largest-ever fine to settle a U.S. money laundering case. Reuters notes that a negative report from the FATF could hurt Canada’s foreign investments and the country’s reputation at a time when Prime Minister Mark Carney is seeking to boost productivity and make the Canadian economy less reliant on the United States.

PCAOB partners with Cyprus for audit oversight

The PCAOB has finalized a cooperative agreement with the Cyprus Public Audit Oversight Board, marking its 30th bilateral agreement with foreign audit authorities. The agreement, effective from December 15th, focuses on enhancing the oversight of auditors across jurisdictions, including inspections and investigations. PCAOB acting chair George Botic said: "This partnership will enhance our ability to further transparency and accountability in the capital markets." The PCAOB currently inspects auditing firms in over 50 jurisdictions outside the U.S., aiming to improve global audit quality for investors' benefit, as noted by PCAOB director of international affairs Karen Dietrich.
Industry Slice

Accountancy Slice delivers the latest, most relevant and useful intelligence to accountants, practice owners, auditors, CFOs and accounting influencers, each weekday morning.

Content is selected to an exacting brief from hundreds of influential media sources and summarised by experienced journalists into an easy-to-read digest email. Accountancy Slice enhances the performance and decision-making capabilities of individuals and teams by delivering the relevant news, innovations and knowledge in a cost-effective way.

If you are interested in sponsorship opportunities within Accountancy Slice, please get in touch via email sales team

Follow us on FacebookFollow us on XFollow us on Linkedin

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe