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Accountancy Slice
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8th October 2025
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THE HOT STORY

EY narrows U.S. leadership race to three candidates

Three candidates are vying to lead EY in the U.S. as the Big Four accounting firm seeks to turn the page on a period of strategic infighting and sluggish growth. Julie Boland, the incumbent, faces mandatory retirement next June, and is likely to be succeeded by either Dante D’Egidio, vice chair for assurance for EY Americas, audit partner Alex Bender, or Shawn Smith, EY Americas’ financial services leader. The firm’s governing board steers the nomination process but partners will ultimately vote on who will get the job

PAYMENT SECURITY

Webinar: Protecting payments with automation & AI

The threat of payment fraud is on the rise, and outdated defenses are no longer enough to protect your clients' financial data. Today’s sophisticated cybercriminals are constantly evolving their tactics, making it crucial for modern firms to stay one step ahead.

Join BILL on October 8th at 10:30 a.m. PT for a free webinar as we discuss the latest trends in payment fraud and how you can safeguard your firm and clients. You’ll learn to identify modern security threats, tackle vulnerabilities, and understand how to leverage the right automation and AI tools to prevent fraud. This session will provide actionable strategies for securing your payment processes, building client trust, and staying ahead of security risks in a rapidly changing digital landscape.

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TAX

New IRS Commissioner nominee on the horizon

The Treasury Department has confirmed to Sen. Chuck Grassley (R-IA) that a new IRS commissioner nominee will soon be submitted to Congress. Currently, the IRS lacks a Senate-confirmed leader following the ousting of Trump appointee Billy Long after just two months. In the interim, Frank Bisignano will manage the IRS's daily operations as chief executive while Treasury Secretary Scott Bessent serves as acting commissioner.

Tax credits for home upgrades set to expire

Tax advisers should inform home service providers about the urgency of educating clients on expiring tax credits for home efficiency upgrades and renewable energy installations. The credits, which include a 30% nonrefundable income tax credit for qualifying expenditures, will end this year. Max Van Benschoten, an associate at Gray Reed, emphasizes that homeowners must have qualifying property operational by December 31st to claim these credits. Additionally, tax advisers must ensure compliance with requirements, including the placed-in-service rule. Home service providers are encouraged to promote these credits to help clients secure savings before the deadline.

INDUSTRY

Empowering future finance leaders

AICPA is set to host the 2025 Accounting Scholars Leadership Workshop (ASLW) on October 15th–17th 2025, at the OKANA Resort in Oklahoma City. This immersive event aims to inspire and equip aspiring accounting and finance professionals. “ASLW really is more than a workshop — it's a launchpad for students who are interested in joining the accounting and finance profession,” stated Crystal Cooke, director of diversity & inclusion for the AICPA. The workshop will feature leadership training, mentorship opportunities, and career insights, all while promoting diversity and inclusion within the profession. Participants will benefit from full sponsorship covering travel, lodging, meals, and training costs, ensuring access for students from varied backgrounds.

FIRMS

Plante Moran namess comptroller Kate Barnes as new CFO

Plante Moran has named Kate Barnes as its new chief financial officer. She has over 25 years of experience in accounting and finance, previously serving as the firm’s controller.

Doeren Mayhew expands in Nashville

Doeren Mayhew is expanding its presence in Nashville by acquiring Carson & McKinney CPAs. The deal, finalized last month, allows Carson & McKinney to operate under the Doeren Mayhew name as of September 22nd. Doeren Mayhew chief executive Chad Anschuetz expressed excitement about the firm's growth in Nashville, stating: “We're committed to strategically positioning ourselves in this fast-growing market.” Carson & McKinney, led by managing principal Chad McKinney, offers tax, assurance, consulting, and outsourced accounting services across Middle Tennessee.

Restructuring group AlixPartners puts stake sale on ice

AlixPartners has halted its stake sale process after failing to secure satisfactory bids, despite a booming market for professional services firms.

ECONOMY

Trump’s tariffs to cut into global goods trade in 2026, says WTO

President Donald Trump’s tariffs will cause a sharp slowdown in the growth of global goods trade in 2026, but the full impact of US trade policy will be felt later than previously thought, the World Trade Organization (WTO) has said. It now anticipates that goods trade will grow at just 0.5% in 2026, compared with an initial prediction of 2.5% in its April forecast. For 2025, it sees trade rising 2.4%, up from a prior forecast of 0.9%. “The tariffs have a significant effect. It’s just the timing that has changed,” said Marc Bacchetta, the WTO’s chief economic modeller. In the first half of 2025, world merchandise trade volume, measured by the average of exports and imports, increased by 4.9% year-on-year, with trade value rising 6% compared to 2% growth in 2024, according to the WTO report. The rush of exporters to send goods including machinery, motor vehicles, and lumber to the U.S. before the tariff increases, alongside a surge in demand for AI-related products, contributed to this growth, the report found.

LEGAL

IRS authority challenged in landmark ruling

The recent decision by the US Court of Appeals for the Eighth Circuit in 3M Co. v. Commissioner marks a significant shift in transfer pricing disputes. The case examined whether the IRS could disregard foreign legal restrictions, specifically concerning 3M's Brazilian subsidiary, which faced limitations on royalty remittances. The IRS attempted to impose taxes on nearly $24m in "phantom" royalties, but the court ruled that the agency overstepped its authority, emphasizing that the IRS cannot tax amounts legally barred from being received. Rezan Ökten, a partner at Dentons, noted that the ruling underscores the necessity for robust documentation to reflect economic realities in cross-border operations. Taxpayers are advised to prepare for potential IRS challenges and ensure compliance with local laws to avoid disputes.

CORPORATE

Jefferies faces scrutiny over First Brands deal

Jefferies is under investigation for its financing arrangement with bankrupt car parts firm First Brands Group, which may breach other lenders' credit agreements.

PERSONAL FINANCE

U.S. consumer borrowing rises at slowest pace since February

U.S. consumer borrowing rose in August at the slowest pace in six months, the Federal Reserve reported on Tuesday, stymied by a pullback in credit-card balances. Total credit outstanding rose by $363m, significantly below both the revised $18.1bn gain seen in July, and the $14bn increase expected among economists surveyed by Bloomberg. Revolving debt such as credit cards dropped around $6bn, while nonrevolving credit, such auto loans and school tuition, rose $6.3bn. The Fed’s report showed the average rate on credit-card accounts with assessed interest was 22.8% as of August, the highest this year. A separate report, from the Federal Reserve Bank of New York, found that consumers expect inflation to be higher in the year ahead, and fewer expect their households’ financial situations to be better off a year from now. Household spending growth expectations also declined

WORKFORCE

White House memo says furloughed federal workers aren't entitled to back pay

The Trump administration is warning federal workers furloughed in the government shutdown that they may not get back pay once the funding impasse ends. A memo prepared by the Office of Management and Budget says a 2019 law signed by President Donald Trump guaranteeing retroactive pay after a shutdown did not apply to employees who have been temporarily asked not to report to work. Trump yesterday said that back pay "depends on who we're talking about" and that some workers "don't deserve to be taken care of." Republican House Speaker Mike Johnson said new legal analysis challenged the requirement to retroactively pay furloughed employees. "It's true that in previous shutdowns, many or most of them have been paid for the time they were furloughed," he said. "There are some legal analysts who are saying that may not be appropriate or necessary."

MERGERS & ACQUISITIONS

NYSE parent to invest up to $2bn in prediction platform Polymarket

Intercontinental Exchange has announced it would invest up to $2bn in Polymarket, the offshore, crypto-based prediction market that counts Donald Trump Jr. sons as a member of its advisory board. The deal values Polymarket, one of the biggest prediction market operators, at about $8bn, up sharply from the $1bn valuation the company fetched in its last fund-raising round, in August. Prediction markets, where users wager on outcomes across sports, entertainment, politics and the economy, including bets on when the U.S. government shutdown will end and the least streamed song on Taylor Swift's latest album, have seen a surge in institutional interest since the presidential election last year.

TOOLS

New Bloomberg tool revolutionizes tax incentive discovery

The Bloomberg Tax Credits & Incentives Tool, developed in partnership with Incentify, provides tax professionals with a comprehensive discovery engine for federal, state, and zone-specific incentives. Announced on October 7th, this collaboration signifies a shift towards proactive value discovery in tax strategy. Laurence Sotsky, chief executive of Incentify, emphasized that the partnership "underscores the essential role of incentive intelligence in tax strategy." The tool allows Bloomberg Tax clients to search for address-level incentives, enhancing their ability to identify eligibility for various programs.

CYBERSECURITY

Salesforce refuses to pay hackers for extortion

Salesforce has confirmed it will not pay a ransom to hacking group ShinyHunters, which claims to have stolen client data via a breach of the third-party Drift app from SalesLoft. Most of the data, taken between August, 8th-15th, involved customer contact details, access tokens, and IT configuration info; it was later compiled and listed for sale on a cybercrime forum. Salesforce said its core platform was not compromised, and integrations with SalesLoft have been re-enabled, excluding Drift.
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