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Accountancy Slice
USA
12th November 2025
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THE HOT STORY

Obamacare subsidies face uphill battle for renewal

The Affordable Care Act subsidies are facing significant challenges for renewal as Democrats seek bipartisan support from Republicans. With the expiration deadline approaching at the end of the year, millions of Americans may face increased premiums. On Monday, Sen. John Cornyn (R-TX) said: “We start from the premise that Obamacare is a disaster and unaffordable,” highlighting skepticism among some Republicans. A deal struck by eight Senate Democrats with Republicans does not guarantee an extension, leading to a decline in health insurance stocks. The estimated cost to extend the subsidies through 2026 is $23.4bn. As negotiations continue, Sen. Bill Cassidy (R-LA) has proposed an alternative plan to replace the enhanced tax credits with flexible spending accounts for enrollees, which may not gain Democratic support.

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TAX

Georgia's tax dilemma: income or sales?

Georgia's legislators are grappling with the future of the state's income tax, with State Sen. Blake Tillery advocating for the elimination of "corporate welfare" as a potential solution. He argues that instead of providing tax breaks to corporations, the state could lower tax rates for all citizens. “The first step is, stop giving exemptions for corporate welfare at the expense of everyday Georgians,” Tillery stated. However, experts like Kyle Wingfield from the Georgia Public Policy Foundation caution that while eliminating tax breaks may be economically sound, it poses significant political challenges. Georgia currently collects about $16bn from personal income taxes, which constitutes 48% of its tax revenue. The debate continues as the General Assembly prepares for its annual session in January.

Section 899: the tax that vanished

The recent legislative journey of Section 899, part of the One Big Beautiful Bill Act, has concluded with its removal from the final bill signed by President Donald Trump. The decision followed a G7 agreement to treat the U.S. tax regime alongside pillar 2, raising questions about its implementation before the 2026 deadline for U.S. multinationals. Treasury Secretary Scott Bessent emphasized the need for a proactive approach, saying: "It's time to consider better options to resolve countries' concerns about tax competition." The Senate's revisions aimed to alleviate investor fears, but concerns about tax rate increases remained. The G7 agreement, while promising, faces challenges in detailed negotiations among over 140 countries. The future of Section 899 remains uncertain, with Congress signaling readiness to revisit retaliatory measures if necessary.

Last chance for energy tax credits

The One Big Beautiful Bill Act (OBBBA) has officially ended the Energy Efficient Home Credit and the Residential Clean Energy Credit for properties placed in service or expenses incurred after 2025. Homeowners have until December 31st to take advantage of these credits, which offer significant savings for energy-efficient improvements. The Energy Efficient Home Improvement Credit allows up to $3,200 for qualified upgrades, while the Residential Clean Energy Credit provides a 30% credit for investments in clean energy technologies. As the OBBBA said: "the current Congress is not expected to revive either credit," making it crucial for homeowners to act quickly to secure these benefits before they disappear.

INDUSTRY

Accounting leaders tackle wine industry challenges

In a recent discussion, Jon Dal Poggetto, CPA, and Timothy Allen, CPA, MST, shared insights on the challenges facing California's wine industry. Dal Poggetto highlighted logistical issues with estate tasting events, while Allen pointed to a decline in sales due to changing consumer behavior. "Our clients are becoming more creative every day with their sales approach to the DTC consumer," Allen noted. Both experts emphasized the impact of regulatory changes, including tariffs and minimum wage laws, on operational costs. They also discussed the potential positive effects of new subscription service rules on wine club memberships. Overall, the industry is grappling with cash flow issues.

ECONOMY

ADP: Private sector shed 11,250 jobs weekly in October

Automatic Data Processing (ADP) estimates that the U.S. private sector shed 11,250 jobs per week in the four weeks to October 25th, according to a new weekly data series tracking employment changes. In a separate monthly series released last week using different methodology, ADP estimated a gain of 42,000 jobs in October. Alternative statistics like ADP’s have gained prominence amid delays to official data releases during the U.S. government shutdown.

CORPORATE

Senate Dems demand answers from Fiserv

Senate Democrats, including Ron Wyden and Elizabeth Warren, are investigating the role of former Fiserv chief executive Frank Bisignano in the company's recent financial decline. Following a significant drop in Fiserv's stock after a disappointing earnings outlook, the senators have requested information from the new CEO, Mike Lyons, regarding Mr. Bisignano's management and the accuracy of financial projections during his tenure. Lyons said estimates "would have been objectively difficult to achieve even with the right investment and strong execution." Bisignano divested approximately $594m in Fiserv stock before joining the Trump administration, avoiding a potential $300m loss. The senators expressed concerns about Bisignano's effectiveness and transparency, and have requested a response by November 20th.

Bankrupt First Brands seeks out new financing

First Brands Group has sought to raise new receivables-backed financing as it attempts to stabilise operations during bankruptcy, following past misuse of similar tools that led to its collapse. The company, accused of using falsified invoices to secure funding before its Chapter 11 filing in September, has now sued its founder and former chief executive Patrick James for allegedly misappropriating proceeds. 

LEGAL

SCOTUSblog co-founder's home sale blocked by federal judge

Tom Goldstein, co-founder of SCOTUSblog, faces significant legal challenges as a federal judge ruled against his attempt to sell his home to fund his defense in a tax evasion case. U.S. District Judge Lydia Kay Griggsby last week denied six pretrial motions, including the motion to dismiss charges related to payments made to four women at his law firm, which the government claims were improperly classified. Goldstein, a former U.S. Supreme Court litigator, is accused of concealing millions in income and cryptocurrency transactions on tax returns. He faces multiple charges, including tax evasion and making false statements on mortgage applications. Griggsby noted that taxpayers can be charged for failing to pay taxes, even if the owed amount is later settled. She expressed concerns about the vagueness of the tax evasion statute in relation to Goldstein's employment arrangements.

SMALL BUSINESS

U.S. small-biz optimism at six-month low

The National Federation of Independent Business (NFIB) reported on Tuesday that sentiment among U.S. small businesses eased in October to its lowest level in six months, on a deterioration in earnings and less optimism about the economy. The NFIB's optimism index slipped to 98.2 last month, from 98.8 in September, in line with a forecast of economists polled by the Wall Street Journal. Labor quality was the most pressing concern for Main Street, with 32% of all owners reporting job openings they couldn’t fill, while 12% were most worried about inflation. The NFIB also found the net percentage of small business owners expecting better business conditions fell to its lowest level since April, but remains above the historical average.

CRYPTO

IRS opens door for digital staking

The IRS has introduced a safe harbor for investment and grantor trusts to stake digital assets without risking their tax status. This initiative follows numerous requests for guidance on staking, a process where cryptocurrency holders lock their tokens to validate blockchain transactions. Treasury Secretary and acting IRS Commissioner Scott Bessent said: “This move increases investor benefits, boosts innovation, and keeps America the global leader in digital asset and blockchain technology.” The new Revenue Procedure 2025-31 outlines specific requirements for trusts to comply with this regulation.

AND FINALLY...

The world’s weirdest tax

Writing for the Wall Street Journal, Greg Ip considers "what may be the world’s weirdest tax." While most countries promote or even subsidize their exports, Argentina does the opposite, imposing a tax on important exports including soybeans, wheat, beef and corn. The tax helps explain Argentina’s stunted export sector, perpetual shortage of foreign reserves and recurrent currency crises, Mr. Ip writes, noting also that while President Javier Milei has promised to scrap the tax, he has yet to follow through.
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