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Accountancy Slice
USA
6th March 2026
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THE HOT STORY

Business leaders report feelings of renewed hope

Business executives who are CPAs are increasingly optimistic about the U.S. economy and their companies, according to the first-quarter AICPA and CIMA Economic Outlook Survey. The survey, which included 236 CPAs in leadership roles, revealed that 39% of respondents are optimistic about the economy's outlook, a rise from 28% in the previous quarter. Tom Hood, executive vice president of business engagement and growth at AICPA, said: "Business leaders are feeling a renewed sense of optimism this quarter." Additionally, 55% of executives expect business growth, up from 48% last quarter. The survey also noted a decrease in the number of executives anticipating a recession, dropping from 52% to 36%. Overall, projected revenue growth for the next 12 months is now expected to be 2.9%.

TAX SOFTWARE

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TAX

States still diverging from GOP tax law as filing season progresses

As tax-filing season progresses, many states are grappling with whether to conform to or decouple from provisions of last year's GOP-led tax overhaul. Scott Roberti, a managing director at EY, highlighted that "at least 17 states have issued some sort of guidance on the conformity issue," while others are still deliberating. Notably, states like Florida and Oregon are moving to decouple from certain corporate tax provisions to safeguard billions in state revenue. The situation is particularly complex in Washington, DC, where a local law aimed at decoupling has faced congressional disapproval, leading to uncertainty. Roberti emphasizes the need for clarity as corporate taxpayers navigate this complicated landscape during the filing season.

Property tax cuts gain momentum across the U.S.

As states grapple with rising property tax bills, many are exploring tax cuts amid an election year. Manish Bhatt from the Tax Foundation notes: “The overwhelming trend across the states is relief for residential property owners.” Proposals for tax reductions are under discussion in states like Iowa, Kansas, and Florida, but face political hurdles. In Georgia, a proposed amendment to cut property taxes by 75% failed due to lack of bipartisan support. Meanwhile, Florida's plan to phase out property taxes for non-school purposes could cost $13bn in revenue. Experts warn that eliminating property taxes is “very unlikely to happen,” as they are crucial for local government funding. Shifting to sales taxes is also being considered, but it may disproportionately affect lower-income families.

Iowa Senate proposes tax increase for Medicaid

Iowa Senate Republicans are advancing Senate File 2464, a bill proposing a $123m tax increase on health insurance companies to address a Medicaid funding shortfall. The tax on health maintenance organizations would rise from 0.925% to 3.5% until September 30th, after which it would revert to 0.95%. Jess Benson, chief financial officer at the Iowa Department of Health and Human Services, said: "The net gain would be a $123m one-time shot." However, private insurers, including Wellmark Blue Cross and Blue Shield, argue this is the "largest single tax increase on an individual Iowa-based company," potentially raising costs for consumers. The bill also allows Iowa to draw more from the Taxpayer Relief Fund to cover a projected $1.3bn budget gap. Lawmakers face a deadline to act before federal changes take effect.

FIRMS

BDO USA appoints Steven Winter as East region tax managing principal

BDO USA has appointed Steven Winter as tax managing principal for its East region. In the role, Mr. Winter will oversee strategic development, operational performance, and collaboration across the firm’s tax operations, with a focus on quality and talent management.

ECONOMY

Weekly U.S. jobless claims remain flat

Initial unemployment claims held steady in the seven days to February 28th, according to the Labor Department's latest weekly report, reinforcing perceptions that the jobs market is stabilizing. Applications were unchanged at 213,000, just below the 215,000 predicted among economists polled by the Wall Street Journal. The four-week moving average fell to 215,750, while continuing claims, reported with a one-week lag, rose 46,000 to a seasonally-adjusted 1.868m. "There is nothing in the latest claims data to change our view that the Fed will keep policy steady until June," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. "The picture of the labor market gleaned from the claims data and other related statistics is not one of deterioration." A separate report from the Labor Department found that labor productivity spiked 2.8% in the fourth quarter of 2025, well above the anticipated 1.9% rise. Unit labor costs also jumped by 2.8%, while real hourly compensation was up 3.1%.

U.S. import prices rose 0.2% in January, beating forecasts

U.S. import prices increased by 0.2% in January, slightly above economists’ expectations of a 0.1% rise, according to the Labor Department. The increase matched an upwardly revised 0.2% gain in December and was driven mainly by higher prices for non-fuel imports, which rose 0.5% during the month. The rise in non-fuel import prices reflected increases in industrial supplies, capital goods, vehicles, consumer goods, and food products, while fuel import prices fell 2.2%, extending declines from December. On a year-over-year basis, import prices slipped 0.1%, following no change in December. Economists note that risks for higher import prices remain due to strong global demand for capital goods, rising oil prices, and earlier dollar depreciation. Meanwhile, export prices climbed 0.6% in January, also exceeding expectations and matching December’s revised increase. Agricultural export prices rose 0.2%, while non-agricultural export prices increased 0.7% for a second consecutive month. Annual export price growth slowed slightly to 2.6% from 3.1% in December.

CORPORATE

U.S. Postal Service hires restructuring advisers

​Postmaster General David Steiner has told Reuters that the U.S. Postal Service (USPS) is hiring restructuring advisers as it could run out of money in early 2027. Consulting firm Alvarez & Marsal was hired for a brief ​engagement to help with planning for all scenarios, Steiner said. "We are out of cash in 12 months if ​we don't do anything different," Steiner explained. "I do not want to be in a ⁠position where we're six weeks out from running out of cash, and we say, Oh heck, what are we going ​to do?"

Eddie Bauer cancels store auction after failing to attract buyers

Outdoor apparel retailer Eddie Bauer has cancelled a planned bankruptcy auction for its 174 brick-and-mortar stores after receiving no bids by the deadline. The company had filed for Chapter 11 bankruptcy in February with about $1.7bn in debt and initially hoped to sell most or all of its retail locations, with an auction scheduled for 6 March. Despite the cancellation, Eddie Bauer said it remains open to offers for some or all of the stores and will continue store-closing sales while marketing its retail leases across 40 U.S. states and six Canadian provinces. The bankruptcy only affects the physical retail stores, while the online, manufacturing and wholesale businesses continue operating separately. Founded in Seattle more than a century ago, Eddie Bauer has faced declining sales, supply-chain challenges, inflation and tariff uncertainty, contributing to the latest restructuring.

LEGAL

U.S. states sue President Trump over new global tariff plan

A coalition of 24 U.S. states has filed a lawsuit against President Donald Trump seeking to block a new 10% global tariff on imports, arguing he lacks the legal authority to impose the measure. The states claim the administration is improperly using Section 122 of the Trade Act of 1974, which allows temporary tariffs to address balance-of-payments crises, despite economists saying the U.S. does not face such a problem. The challenge follows a recent Supreme Court ruling that struck down Trump’s earlier tariffs, and if successful could force the government to refund billions of dollars in tariff revenue. The case adds further legal uncertainty to Trump’s broader strategy of using tariffs to reshape global trade and support domestic manufacturing.

RISK

Inflation is the major risk facing global bond markets, OECD official says

A senior OECD ​official has told Reuters that inflation is the major risk facing global bond markets as energy prices surge amid the U.S.-Israeli air war against Iran. "Now we are having another big ‌stress test," Carmine Di Noia, the OECD's director of financial and enterprise affairs, said ahead of the release of the Paris-based organization's annual debt report on Wednesday. Di Noia said that if that did happen, higher bond yields would "put even greater pressure" on debt markets given financing ​needs and borrowing costs remain high.

FRAUD

IRS warns of 'Dirty Dozen' tax scams for 2026

As tax-filing season kicks off, the IRS has released its annual "Dirty Dozen" list of tax scams for 2026, highlighting threats to taxpayers and tax professionals. Frank Bisignano, IRS chief executive, emphasized the importance of vigilance, saying: “Today, Slam the Scam Day provides a great opportunity to remind everyone to remain vigilant and watch out for scams.” This year's list includes new scams such as abusive undistributed long-term capital gains claims and various phishing tactics. The IRS urges taxpayers to be cautious year-round, as scammers continuously adapt their methods to exploit unsuspecting individuals. Key scams to watch for include IRS impersonation via email and phone, fake charities, misleading tax advice on social media, and identity theft. The IRS encourages reporting suspicious activity to help combat these fraudulent schemes.

INTERNATIONAL

⁠Argentina needs to ⁠overhaul its tax system, Milei says

⁠Argentina's President Javier Milei has said the South American country needs to ⁠overhaul its tax system. In his ‌address opening the ⁠new ⁠congressional session, Milei added that his government would ​seek additional reforms in 2026 that he also considers ​essential. "We need lower taxes because the ⁠tax system ⁠must serve ⁠growth, not ​the revenue needs of whoever is ​in office," ⁠he said.
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