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Elon Musk has voiced his discontent with President Donald Trump's tax bill, stating it undermines his efforts to reduce government spending. In an interview with CBS News, Mr. Musk expressed disappointment, saying, “the massive spending bill... increases the budget deficit, not just decreases it," and arguing that it "undermines the work that the DOGE team is doing." In the interview, to be broadcast in full on CBS Sunday Morning at the weekend, he added: “I think a bill can be big or it can be beautiful. But I don’t know if it can be both. My personal opinion.”

 

USA Today

Bloomberg

CBS News

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The recent $3.8tn Republican tax bill passed by the House includes a provision to eliminate the IRS Direct File program, which allows taxpayers to file their federal income tax returns online for free. If enacted, the program will be terminated within 30 days. The bill also mandates the U.S. Treasury Department to form a task force to explore partnerships with private tax service providers to replace existing free filing options. Kemberley Washington, a CPA, notes that “about 90% of taxpayers said their experience was excellent or above average” with the Direct File program. Currently, the program is available to an estimated 30m taxpayers in 25 states for the 2025 tax season, but it has faced opposition from Republican lawmakers and figures like Elon Musk, who criticized its existence.

 

CPA Practice Advisor

Hawaii's new 11% transient accommodations tax on cruise passengers has sparked legal concerns, says maritime attorney Peter Walsh. The tax aims to treat cruise passengers like hotel guests, but it raises complex jurisdictional issues due to the foreign-flagged nature of most cruise ships. Walsh notes: "There's no clear precedent supporting a state's right to tax foreign-flagged vessels for the mere presence of passengers onboard." The law could lead to a patchwork of state taxes that disrupt the cruise industry and increase costs for travellers. As the cruise industry prepares for potential legal challenges, this tax may ignite a broader debate on regulating cruise tourism in the 21st century.

 

Bloomberg Tax

Residents affected by the Palisades and Eaton fires are facing delays in receiving tax refunds due to undeliverable checks. Approximately 9,700 checks totaling $26m have been sent to those whose properties were reassessed after wildfire damage. However, about 330 checks could not be delivered as U.S. Postal Service workers found the homes vacant or destroyed, and residents had not updated their addresses. L.A. County Assessor Jeff Prang expressed concern, stating, “I'm concerned that people probably need that money back right now.” Many residents can update their addresses through the county assessor's website to ensure they receive their refunds.

 

Los Angeles Times

The Texas House gave final approval to a bill increasing the amount of money the state spends to attract film and television productions. However, at $300m, the amount is significantly lower than what the $500m proposed by the Senate. Senate Bill 22, filed by Houston Republican Sen. Joan Huffman, would allow the comptroller to deposit the $300m into a new Texas Moving Image Industry Incentive Fund every two years until 2035. The bill now returns to the Senate which will decide whether to accept the House's changes or go into negotiations with the lower chamber in a committee behind closed doors.

 

The Texas Tribune

Carl Peterson, AICPA's vice president of small firm interests, will retire on June 30th. Joining the organization in 2014, he focused on enhancing relationships with small firms and led initiatives like "Small Firm Updates" and "Small Firm Issues." Susan Coffey, AICPA's chief executive of public accounting, praised Mr. Peterson's ability to connect with practitioners, stating: "He made sure our strategies and policies never lost sight of what matters most to our members operating smaller firms." Mr. Peterson also served as a technical advisor for the International Federation of Accountants. His legacy is characterized by deep connections and a commitment to small firms, as noted by Lisa Simpson, AICPA's vice president of firm services.

 

Accounting Today

McKinsey has cut more than 10% of its staff in the past 18 months in an indication of sharply slowing revenue growth across the broader consulting market, the FT reports. The cuts include 1,400 back-office staff, but a large number of underperforming consultants were put under pressure to leave the company during mid-year performance reviews in 2024, the paper reported.

 

Financial Times

Personnel Today

The Commerce Department reported on Tuesday that durable goods orders declined by 6.3% in April after surging by a downwardly revised 7.6% in March. Economists polled by the Wall Street Journal had expected a 7.8% drop. Transportation equipment orders dived 17.1% on month, dragged by a 51.5% decline in nondefense aircraft and parts. Excluding transportation, total durable goods orders edged up 0.2% in April. "Durable goods orders in April didn't decline as much as anticipated, but the underlying trend in equipment demand is weak amid policy uncertainty and a fading boost from tariff front-running in certain sectors," said Bernard Yaros, lead U.S. economist at Oxford Economics.

 

RTT News

Wall Street Journal

Home prices nationally rose 3.4% in March from the year prior, according to S&P CoreLogic Case-Shiller data published by S&P Dow Jones Indices on Tuesday. Of the 20 metropolitan areas tracked by the index, price trends slowed in 19 compared with February’s annual reading, with the New York metropolitan area being the exception. Prices in New York rose 8% from one year prior, an acceleration compared to February’s 7.8% reading. “Limited supply and steady demand drove prices higher across most metropolitan areas, despite affordability challenges remaining firmly in place,” explained Nicholas Godec, S&P Dow Jones Indices’ Head  of Fixed Income Tradables & Commodities.

 

Barron's

The Conference Board’s Consumer Confidence Index jumped to 98.0 in May, a 12.3-point increase from April and much better than the Dow Jones consensus estimate for 86.0. The present situation index increased to 135.9, up 4.8 points, and the expectations index posted a major surge to 72.8, a 17.4 point gain. Investors also showed more optimism, with 44% now expecting stocks to be higher over the next 12 months, up 6.4 percentage points from April. “The rebound was already visible before the May 12th U.S.-China trade deal but gained momentum afterwards,” commented Stephanie Guichard, senior economist at the Conference Board. “The monthly improvement was largely driven by consumer expectations as all three components of the Expectations Index - business conditions, employment prospects, and future income - rose from their April lows.”

 

ABC News

CNN

CNBC

Reuters

Salesforce announced its acquisition of Informatica for $8bn, marking one of its largest purchases to date. The move highlights the increasing investment in artificial intelligence (AI) among Bay Area companies. Marc Benioff, chair and chief executive of Salesforce, explained: “By uniting the power of Data Cloud, MuleSoft, and Tableau with Informatica's industry-leading, advanced data management capabilities, we will enable autonomous agents to deliver smarter, safer, and more scalable outcomes.” The acquisition aims to enhance Salesforce's AI capabilities and strengthen its position in the $150bn enterprise data market. Informatica CEO Amit Walia emphasized the significance of this partnership in empowering businesses with their data. Following the announcement, both companies saw their stock prices rise.

 

Los Angeles Times

At Home Group is preparing to file for Chapter 11 bankruptcy protection, according to Bloomberg. The Hellman & Friedman-owned home-décor retailer has been facing a cash crunch in recent months, and failed to make an interest payment on May 15th. On May 23rd, it entered a forbearance pact with lenders which runs through to June 30th. At Home is “actively collaborating with our financial stakeholders and have put forbearance agreements in place with respect to certain interest payments under the company’s debt instruments”, a spokesperson for the company said. “These agreements provide us flexibility as we continue to take steps to position At Home for near and long-term success". 

 

Bloomberg

A U.S. judge has permitted a lawsuit from 14 states to proceed against Elon Musk, challenging his authority to implement significant federal spending cuts as head of the government efficiency agency under President Donald Trump. U.S. District Judge Tanya Chutkan ruled that the lawsuit could continue against Musk and DOGE, saying that the claims were "unauthorized by any law." The lawsuit, initiated by the attorneys general of New Mexico and 13 other states, alleges that Trump granted Musk "unchecked legal authority" without Congressional approval. The states argue that Musk's actions, which have led to job cuts and program dismantling, exceed the powers of his position. The White House and Musk have not yet commented on the ruling.

 

US News and World Report

Reality TV stars Todd Chrisley and Julie Chrisley may soon be released from federal prison following a pardon from President Donald Trump. The couple, known for their show “Chrisley Knows Best,” were convicted in 2022 of tax evasion and bank fraud. Their daughter, Savannah Chrisley, shared the news on Instagram, stating, “I have shed so many tears. The president called me personally... that he was signing pardon papers for both of my parents.” Todd was sentenced to 12 years, while Julie received seven years. Savannah has been vocal about her parents' conviction, alleging corruption in the legal process and expressing gratitude for Mr. Trump's intervention.

 

Los Angeles Times

US News and World Report