Accountancy Slice
Become informed in minutes...
Accountancy Slice
USA
11th June 2026
Together with

THE HOT STORY

Baker Tilly to acquire Anchin and relocate HQ to NYC

Baker Tilly has agreed to acquire Anchin, Block & Anchin LLP, significantly expanding its presence in New York and establishing New York City as the firm's new headquarters. Financial terms were not disclosed, and the transaction is expected to close later this summer. Founded in 1923, Anchin employs approximately 600 professionals across offices in New York, Florida, and India, and serves privately held businesses, investment funds, and high-net-worth clients with expertise in sectors including real estate, financial services, consumer products, professional services, and construction-related industries. The acquisition strengthens Baker Tilly’s position in the middle market, expands its footprint in key growth markets such as South Florida, and enhances its capabilities across major financial and business centers. Following completion of the deal, Russell Shinsky, Anchin’s managing partner, will become Baker Tilly’s New York managing principal, leading the firm’s growth strategy in the region.

TAX PLANNING GUIDE

Download the 2026–2027 Tax Planning Guide.

Master Evolving Tax Laws and Deliver Greater Client Value

Download the 2026–2027 Tax Planning Guide for practical insights and strategies to help you identify tax-saving opportunities and deliver greater value to your clients.

Key Takeaways:
  • Stay current with evolving tax laws and planning strategies
  • Identify tax-saving opportunities for individuals and businesses
  • Help clients make more informed financial decisions
Download the Guide  

 

TAX

World Cup tax breaks cost U.S. states at least $57.8m, analysis finds

Missouri, Georgia, and Florida are set to forgo at least $57.8m in tax revenue after granting FIFA exemptions on World Cup ticket sales to secure hosting rights for 2026 tournament matches, according to analysis by The Athletic. The figure is likely conservative, as it excludes hospitality packages and resale transactions, which could significantly increase the total. The three states passed legislation in 2022 waiving state and local sales taxes on World Cup tickets for matches in Kansas City, Atlanta, and Miami. While state officials projected lower revenue losses at the time, actual ticket prices have far exceeded assumptions based on previous World Cups, resulting in substantially larger tax concessions than originally estimated. The Athletic estimates Georgia will forgo approximately $27.2m in tax revenue, Missouri $15.7m, and Florida $14.9m, with Florida’s total rising to $17.3m when local surcharges are included. In both Missouri and Florida, the projected losses are more than double the states’ original estimates. The findings underscore the growing cost of incentives offered to attract major sporting events, with host cities and states competing aggressively for the economic opportunities associated with the FIFA World Cup.

Tax relief for California fire survivors extended

More than a year after devastating fires in California destroyed over 16,000 structures, fire survivors can now apply for an extended property tax deferment without penalties. This initiative, facilitated by the Every Fire Survivor's Network and supported by Gov. Gavin Newsom's executive order, allows eligible homeowners to delay property taxes until June 30th 2030. To qualify, property damage must exceed $100,000 in current market value. Vibiana Navarro, administrative deputy for the county treasurer, emphasized the importance of making partial payments to avoid a large balloon payment by the deadline. Homeowners can apply for the deferment through the Los Angeles County Assessor's Office website. “We encourage homeowners to make partial payments whenever possible to avoid a balloon payment on June 30th 2030,” Navarro stated.

Wyoming lawmakers weigh tax swap

Wyoming lawmakers are revisiting a proposal to replace property taxes with an increase in sales taxes. During a recent Joint Revenue Committee meeting, they discussed the complexities of existing tax relief measures, which have left many homeowners confused. Ken Guille from the Wyoming Department of Revenue noted that only 44% to 46% of eligible homeowners received a 25% exemption in its first year, leading to an estimated $190m in exempted tax dollars for 2025. The committee is considering more fundamental reforms, including House Bill 118, which aims to eliminate residential property taxes and replace the revenue with a 2% sales tax increase. Sen. Bob Ide emphasized the need for this shift to protect residents from economic volatility, stating, “I think that we're looking for solutions here.” However, concerns remain about the impact on local services and the volatility of sales tax revenue. The committee plans to reconvene in August to review new bill drafts.

INDUSTRY

FASB proposes new accounting guidance for market-return cash balance plans

The FASB has issued a proposed Accounting Standards Update aimed at improving how companies measure pension obligations for certain market-return cash balance plans, following concerns that existing guidance does not accurately reflect the economics of these arrangements. Based on recommendations from the Emerging Issues Task Force, the proposal would require qualifying plans to use the assumed interest crediting rate as the discount rate when calculating benefit obligations, rather than other discount rates that may produce inconsistent results. FASB said the change would generally align a plan’s reported benefit obligation with its hypothetical account balance, improve consistency in practice, and provide a more accurate representation of pension liabilities. Stakeholders have been invited to submit comments on the proposal by August 10th.

CFOs risk losing influence over growth decisions, EY survey finds

A new EY survey finds that many chief financial officers are not playing a central role in major investment, technology, and value-creation decisions, potentially limiting companies’ growth prospects. Although 60% of CFOs believe they should help shape value creation, only 25% lead major investment decisions, and just 26% lead discussions on value drivers. The survey of more than 1,600 finance leaders across 28 countries also found that many CFOs believe traditional performance metrics do not properly capture the value of technology, data, new roles, or long-term investments. Nearly half cited proving return on investment upfront as a major barrier, and 68% said performance metrics need to be redefined. The report urges CFOs to take greater ownership of investment decisions, modernize value measurement, strengthen data and AI skills, and build finance teams that are more adaptable, collaborative, and confident with new technologies.

Accounting enrollment continues to soar

Accounting enrollment at four-year undergraduate programs in the U.S. increased by 8.9% to 205,180 in spring 2026, marking the third consecutive year of growth. According to AICPA this rise outpaces the overall enrollment increase of 1.3% across all majors. AICPA chief executive Susan Coffey stated: “This is the third straight year we've seen increases, so accounting is really showing momentum right now among students.” Overall, total undergraduate accounting enrollment reached 281,992, despite a 3.2% decline in two-year programs. The data highlights a growing interest in accounting as a viable career choice, driven by factors such as rising entry-level pay and the new CPA exam.

FIRMS

TPG backs Smith + Howard with growth investment

TPG has agreed to make a significant investment in accounting, tax, and advisory firm Smith + Howard, supporting the firm's next phase of growth as it expands its national professional services platform. Financial terms of the transaction were not disclosed. The investment, made through TPG Growth, will fund further expansion initiatives, including investments in infrastructure, technology, talent, and enhanced client services. The partnership is also expected to accelerate the adoption of artificial intelligence to improve workflows, increase efficiency, and enhance the client experience.

ECONOMY

Budget deficit narrows, but tariff refunds drive negative customs revenue

The U.S. budget deficit narrowed 7% to $293bn in May, although on an adjusted basis it increased 32% year-over-year, as customs revenue turned negative following refunds of tariffs previously imposed under President Donald Trump’s emergency trade measures. The Treasury Department reported that $21.97bn of customs duty refunds slightly exceeded $21.93bn of gross customs collections during the month, resulting in a net customs outflow of $42m. The refunds follow a U.S. Supreme Court ruling that deemed the tariffs illegal, prompting the repayment of duties collected under the International Emergency Economic Powers Act. Total May receipts fell 10% to $336bn, while outlays declined 9% to $628bn. Government spending was partly driven by a 44% increase in interest payments on federal debt to a record $133bn, reflecting higher debt levels outstanding. For the first eight months of fiscal 2026, the budget deficit totaled $1.246tn, down 9% on an unadjusted basis.

U.S. inflation hits three-year high as energy costs drive prices higher

U.S. consumer prices rose 4.2% year over year in May, the highest inflation rate in three years, as a sharp increase in energy costs pushed overall prices higher, according to data from the Bureau of Labor Statistics. The Consumer Price Index (CPI) increased 0.5% during the month and 4.2% annually, matching market expectations. Energy prices were the main driver, rising 3.9% in May and 23.5% over the past year. Food prices increased a more modest 0.2%, while shelter costs rose 0.3% for the month and 3.4% annually. Core inflation, which excludes food and energy, rose 0.2% in May and 2.9% from a year earlier. The monthly increase was lower than economists had expected, suggesting that broader inflation pressures remain relatively contained despite higher fuel costs. Core goods prices declined 0.1%, while transportation services fell 0.6%. Economists noted that while consumers continue to face higher costs for essentials such as gasoline, food, electricity, and healthcare, underlying inflation trends remain more moderate than the headline figure suggests.

CORPORATE

JPMorgan Chase plans to deploy more powerful AI agents

JPMorgan Chase is set to deploy advanced AI agents later this year that can operate autonomously for extended periods, marking a significant step in corporate AI adoption. Derek Waldron, JPMorgan chief analytics officer, told CNBC: “We've entered now the era of long-running autonomous agents . . . [that] means that agents don't just run for two or three minutes to carry out a goal or some instructions of a human, they can run for an hour or two.” The bank has already seen a 20% increase in private banking gross sales due to AI tools, which have enhanced client interactions by analyzing market activity and client positions overnight. While some jobs may be displaced, Waldron emphasized that the focus is on creating a sustainable competitive advantage rather than merely cutting costs. He noted that the bank is shifting its approach to software development, considering in-house capabilities over traditional vendors, as the competitive landscape evolves.

PERSONAL FINANCE

More than half of Americans say the American Dream is out of reach for most

According to the CNBC and SurveyMonkey American Dream Pulse Survey, over half (51%) of Americans believe the “American Dream” is currently unattainable for most. The survey, which included 4,130 U.S. adults, found that 45% think the “American Dream” - once defined as the “dream of a better, richer and happier life for all our citizens of every rank” - is achievable only for some, while 6% feel it is out of reach for anyone. Elizabeth Suhay, professor of government at American University, said Americans today are “less likely to believe the American economy is meritocratic, that it is fair, that it delivers economic success to a typical hardworking person, [and] that lower-income people can work their way up” than people in previous decades.

Social Security trust fund depletion forecast moved forward to 2032

Social Security’s retirement trust fund is now projected to be depleted by late 2032, one year earlier than previously forecast, according to the program’s trustees. The revised outlook reflects lower expected revenue following tax changes that reduced taxes on Social Security benefits for many retirees, as well as longer-term demographic pressures including lower fertility rates and reduced immigration. If Congress does not act before the fund’s reserves are exhausted, retirement benefits would face an automatic 22% reduction beginning in late 2032, as incoming payroll tax revenue would cover only part of promised payments. The combined retirement and disability trust funds are projected to become insolvent in 2034, at which point benefits would need to be reduced unless additional funding measures are implemented. The worsening outlook highlights the financial strain caused by an aging population, with growing numbers of retirees drawing benefits and fewer workers contributing payroll taxes. 

WORKFORCE

Freelance finance sector's gender pay gap

The finance and accounting sector has the highest gender pay gap among freelancers, as revealed in the recent report by Remitly for Freelancers. Women in these roles earn 26.1% less per hour than their male counterparts, charging an average of $30.77 compared to men's $41.61. The report highlights that women effectively work the first 95 days of the year "for free" compared to men, marking April 5 as Finance & Accounting Freelancer Equal Pay Day. Accounts payable managers experience the largest gap, with women earning 35.3% less, while fundraising consultants nearly achieve pay parity.

MERGERS & ACQUISITIONS

M&A confidence holds firm despite tariff uncertainty

Corporate and private equity dealmakers remain broadly optimistic about mergers and acquisitions activity in the second half of 2026, despite ongoing economic uncertainty and tariff-related challenges, according to Deloitte’s latest M&A Trends Pulse Survey. The survey found that 67% of respondents expect deal volumes to increase over the next six months, while 69% anticipate higher overall deal values. However, sentiment has moderated since late 2025, with more executives now expecting activity to remain steady rather than accelerate significantly, reflecting a more disciplined approach to transactions. Deloitte noted that large transactions continue to dominate the market, with the ten biggest deals accounting for 43% of total M&A value in the first quarter of 2026. The findings suggest that while dealmakers remain committed to pursuing growth opportunities, success will increasingly depend on careful execution, including managing regulatory, tax, supply chain, and integration risks.

INTERNATIONAL

Global finance watchdog urges tighter controls on agentic AI

The Financial Stability Board (FSB) has said it “strongly” encourages boards to consider implementing safeguards to mitigate risks from AI, including from “agentic” AI - systems that are capable of planning, reasoning and executing tasks with limited human oversight. The ​FSB said autonomous AI introduces risks that can “materialise at great ‌speed”, ⁠ and “AI agents pose a distinct challenge for human oversight.” In a report, the global standard setter detailed proposed “sound practices”, and called on ​financial firms to define clear boundaries on AI ​use and ⁠embed safeguards. Firms can consider adapting HR controls and processes to AI agents in a ​way that treats them as "synthetic employees," the FSB said.

Chinese hackers 'pose biggest espionage threat to tech firms'

A report from cybersecurity firm CrowdStrike says China-linked hackers presented the biggest espionage threat to technology companies over the past year, observing that such hacking ​campaigns align with Beijing’s strategic priorities and a sustained interest in technology ‌development, intellectual property, and information with strategic and economic value. Meanwhile, the report said North Korean hacking campaigns have “posed a major threat” in the past year, and Russia and Iran-linked hacking groups also heavily target other countries’ technology sectors for intelligence ⁠collection ​and destructive malware attacks.
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