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The House of Representatives and President Donald Trump have ended a record 43-day government shutdown by approving a spending bill that funds the government through January 30th, restores federal layoffs, and sends furloughed employees back to work, while postponing the central dispute over extending enhanced Affordable Care Act subsidies. The bill passed the House 222–209 after earlier Senate approval, with a handful of Democrats joining Republicans and two GOP members voting no. Democrats, who had pushed to include subsidy extensions in the deal, vowed to continue that fight after reopening the government, while Republican leaders argued negotiations could only occur once operations resumed. The package also drew bipartisan criticism for a provision enabling senators to seek large damages if investigators obtain their phone records. The shutdown caused significant disruption - from delayed flights to halted economic data - and although its overall economic damage was modest, analysts noted that its costs and operational strain on federal workers and services were steadily growing. Tens of thousands of IRS employees are returning to work after a record-long government shutdown, but they face significant challenges. The shutdown ended with a House vote of 222-209, following Senate approval. With nearly half of IRS workers furloughed, the agency must quickly prepare for the upcoming tax-filing season under the new GOP tax law. As one source noted, "there are likely to be delays" in processing due to the backlog.

 

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The IRS has disclosed two previously withheld documents related to its taxpayer information sharing agreement with the Department of Homeland Security's Immigration and Customs Enforcement. Acting “in the spirit of transparency and cooperation,” the IRS filed these disclosures at the U.S. District Court for the District of Columbia. One document is a communication from the then-acting IRS chief counsel addressing deficiencies in an ICE information request, while the other is an IT memorandum discussing the agency's response to ICE's mass data request.

 

Bloomberg Tax

In a bid to alleviate the housing market's stagnation, former GASB board member Girard Miller suggests targeted state and federal tax incentives for first-time homebuyers and older homeowners looking to downsize. He notes that "half of surveyed mayors call housing affordability their biggest challenge," highlighting the urgent need for reform. While many states have implemented property tax caps, the current system disproportionately benefits wealthier homeowners, creating inequities. Miller proposes specific measures, such as tax exemptions for first-time buyers and a once-in-a-lifetime capital gains exclusion for older sellers, to stimulate the market. He emphasizes that a combination of these strategies could help address the national shortage of affordable housing while ensuring fairness in the tax system.

 

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The FASB has introduced an accounting standards update to enhance the accounting for purchased loans, addressing concerns raised during a review of its 2016 credit losses standard. Stakeholders criticized the existing guidance for its complexity and lack of comparability, particularly regarding purchased credit-deteriorated (PCD) and non-PCD assets. The new update expands the use of the "gross-up approach" for acquired loans, aiming to improve consistency and better reflect the economics of these financial assets. FASB chair Richard Jones said: "We're always happy to engage with people if they have any concerns about our statements." The amendments will take effect for annual reporting periods starting after December 15th 2026.

 

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Accounting Today

The Accounting Industry Leadership Council, established in January 2020, is aiming to make strides in combating Alzheimer's disease despite the challenges posed by the COVID-19 pandemic. Founded by a passionate philanthropist and chairman of the Alzheimer's Association's NYC - Manhattan Chapter, the Council has successfully united accountants nationwide to support the cause. The Council raises $1m-$1.5m annually from around 40 participating firms, reaching tens of thousands of accountants through educational programs. Members actively participate in over 600 Walk to End Alzheimer's events, with funds supporting research and care initiatives. "Together, a world without Alzheimer's and all other dementia is possible," states the Council's mission.

 

Accounting Today

BDO USA and RSM US are supporting the FASB's draft plan aimed at clarifying how companies report certain dividends to shareholders. The initiative seeks to enhance comparability in financial reporting while minimizing costs and compliance burdens. Christine Klimek, a spokesperson for the FASB, mentioned that the board will review the feedback at an upcoming meeting. CliftonLarsonAllen LLP noted that FASB's proposed guidance is “straightforward, relying on information readily available.” The proposal aims to provide a consistent accounting method for companies regarding dividend payments.

 

Bloomberg Tax

CBIZ has launched its 2026 Tax Planning Guide to assist businesses and individuals in adapting to the significant changes introduced by the One Big Beautiful Bill Act (OBBBA). Joseph Perry, national leader of tax services at CBIZ, said: "The OBBBA represents one of the most significant overhauls to tax policy in recent years." The guide outlines key changes, including immediate deductibility of domestic research expenses, expanded tax incentives for manufacturers, and new provisions for individual taxpayers. It also emphasizes the importance of strategic tax planning as a growth driver rather than a mere checklist. A webinar featuring insights from experts, including former IRS commissioner Chuck Rettig, will be held today from 1-3 p.m. EST to discuss the implications of these tax changes.

 

Accounting Today

CPA Practice Advisor

Voter dissatisfaction with affordability significantly influenced Democratic victories in recent state and local elections. A Harris Poll for Bloomberg News revealed that 55% of employed Americans are worried about job security, with major layoffs announced by companies like Amazon and Target. Additionally, 62% of respondents noted rising costs of everyday items, with nearly half struggling to cope. As job growth slows and inflation remains high, the administration's narrative faces skepticism. Michael Reich, an economics professor, said that if economic trends continue, “the party in power will be blamed,” posing a threat to Republicans in the upcoming midterms.

 

Los Angeles Times

The recent ruling in North Wall Holdings LLC v. Commissioner emphasizes the importance of adhering to deadlines set by the Tax Equity and Fiscal Responsibility Act (TEFRA). The court determined that these deadlines are jurisdictional, meaning they cannot be excused under equitable tolling. As Robert M. Romashko, leader of Husch Blackwell's tax practice, noted: "Practitioners should take great care to comply with Tax Court filing deadlines." The ruling affects audits for partnerships ending on or before December 31st 2017, and highlights the necessity for tax matters partners to act promptly. Failure to meet these deadlines could lead to dismissal of cases, underscoring the need for vigilance among practitioners. The case may be appealed, and its outcome could influence future interpretations of jurisdictional deadlines in tax law.

 

Bloomberg Tax

The U.S. Consumer Financial Protection Bureau (CFPB) has proposed changes to anti-discrimination rules under the 1974 Equal Credit Opportunity Act. The move aims to eliminate disparate-impact liability, which has been crucial in combating racial and gender discrimination in lending. Consumer advocates warn that this could hinder efforts to prevent discrimination across various sectors. The proposals, which include narrowing Special Purpose Credit Programs, are open for public comment for 30 days.

 

Reuters

U.S. regulators have agreed on the terms to ease a set of capital requirements that could potentially allow banks to hold more Treasuries. The eased requirements would mean the biggest banks have to hold less capital relative to total assets, and are largely in line with a proposal unveiled in June. Officials from the Federal Reserve and other agencies recently submitted a final plan for a key capital reserve ratio to the White House for review, and officials aim to formally adopt the measure in the coming weeks, pending White House sign-off.

 

Bloomberg

President Donald Trump has defended the H1-B skilled worker visa program in an interview with Fox News in which he said the United States doesn’t have workers with “certain talents” to fill jobs needed domestically. The channel's Laura Ingraham asked Trump whether his administration would reduce H1-B visas amid concerns it would depress wages for American workers. Trump said: “I agree - but you also do have to bring in talent.” When Ingraham responded: “We have plenty of talented people here,” Trump replied, “No, you don’t, no you don’t . . . you don’t have certain talents, and people have to learn. You can’t take people off an unemployment line and say, ‘I’m going to put you into a factory where we’re going to make missiles.’” In September, the White House imposed a $100,000 one-time fee on H1-B visas, in a move that marked a win for immigration hard-liners on Capitol Hill, NBC News notes

 

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Sovos has announced significant enhancements to its artificial intelligence platform, introducing features like product tax code classifications and data mapping. The new Global Tax Determination feature utilizes AI to analyze product attributes from ERP and ecommerce systems, such as SAP and Oracle, to suggest accurate tax codes with confidence scores. This automation reduces the need for extensive manual reviews. Additionally, the VAT Filing Services feature streamlines data mapping, allowing users to adapt to regulatory changes without waiting for Sovos' intervention. Kevin Akeroyd, chief executive of Sovos, said: "With the launch of Sovi AI, we set out to re-examine how compliance is managed inside an organization." The new capabilities will be available to early adopters starting December 2025.

 

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The International Energy Agency (IEA) has said that global oil and gas demand may continue to increase until 2050, in contradiction of earlier predictions of a rapid shift to cleaner energy. The IEA's latest report projects that oil demand could rise to 113m barrels per day by mid-century and highlights a significant growth in liquefied natural gas (LNG) supply, which is expected to increase by 50% by 2030. Additionally, the IEA warns that the world is on track to exceed the critical 1.5 degrees Celsius temperature rise target set by international climate agreements.

 

Reuters

The U.S. has officially ceased penny production, marking the end of a 230-year tradition. “God bless America, and we're going to save the taxpayers $56m,” said Treasurer Brandon Beach during the final minting event in Philadelphia. While billions of pennies remain in circulation - with 3.2bn having been produced in the last fiscal year alone - and will still be legal tender, new coins will no longer be produced. The decision, influenced by rising production costs and the coin's diminishing value, has sparked nostalgia among many Americans. However, Jeff Lenard from the National Association of Convenience Stores expressed concern over the abrupt phaseout, saying: “We have been advocating abolition of the penny for 30 years. But this is not the way we wanted it to go”. The penny's discontinuation reflects broader trends in currency management, similar to Canada's decision to stop minting pennies in 2012.

 

Chicago Tribune

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