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19th November 2025
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THE HOT STORY

Former IRS commissioners concerned for agency's future

During a panel at the AICPA National Tax Conference on Tuesday, former IRS leaders discussed the agency's significant staffing challenges, with over 25,000 employees having left in recent months, representing more than 25% of the workforce. John Koskinen, former IRS commissioner, expressed concern about the impact on taxpayer service, saying: "I think the level of taxpayer service is going to be very difficult to deal with." Danny Werfel, another former commissioner, highlighted the importance of the now-terminated Direct File program, noting its legacy in modernizing taxpayer interactions. He urged the current administration to create a clear plan for digitizing the IRS experience. National Taxpayer Advocate Erin Collins also addressed the challenges posed by the recent government shutdown, emphasizing the need for patience as the IRS works through a backlog of cases.

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TAX

Tax time tension: interest calculations matter

As the tax year approaches its end, taxpayers must focus on the complexities of interest calculations related to tax deficiencies and refunds. Mary McNulty, a partner at Holland & Knight, emphasizes that "computing interest on the tax deficiency or refund involves nuanced legal and procedural considerations." Recent cases, such as Pitney Bowes, Inc. v. United States, highlight the ongoing disputes over interest on overpayments and installment payments. Taxpayers are likely to continue filing returns reporting overpayments, and if the IRS does not pay overpayment interest, more lawsuits may arise. Additionally, the "same taxpayer" rule complicates interest netting, as seen in Bank of America Corp. v. United States. Taxpayers must navigate various forums for overpayment interest disputes, especially in light of adverse precedents. Lastly, the potential for interest suspensions due to COVID-19 adds another layer of complexity to tax planning.

Georgia's tax debate heats up

In Georgia, the debate over eliminating the 5.19% personal income tax has intensified, with supporters claiming it would stimulate economic growth and provide immediate financial relief to families. State Senator Blake Tillery said: “Families in Georgia are having a hard time paying for gas, groceries and child care,” advocating for the tax cut as a means to give families a “5% raise overnight.” However, opponents argue that this move would lead to increased sales taxes, disproportionately affecting low- and middle-income residents. The Georgia Budget and Policy Institute warned that to compensate for the lost income tax revenue, the state would need to triple the sales tax from 4% to 12.02%, resulting in an average tax increase of $1,000 for 80% of households. The committee studying the issue is expected to present its recommendations by year-end.

INDUSTRY

AICPA honors top tax professionals

At the 2025 AICPA National Tax Conference on Tuesday, two distinguished tax professionals were recognized for their contributions. Arthur Auerbach, CPA, CGMA, received the prestigious Arthur J. Dixon Memorial Award, honoring his 23 years of volunteer service to the AICPA. Auerbach has served in various roles, including vice chair of the AICPA's Tax Practice and Procedures Committee. Cory Perry, CPA, was awarded the Jonathan Horn Distinguished Service Award for his significant contributions as chair of the AICPA's Organisation for Economic Co-operation and Development Task Force. Mr. Perry has been instrumental in providing input on international tax resources and comment letters. The awards celebrate the dedication and professionalism of these leaders in the tax field.

FIRMS

EY: Firms lose 40% of AI gains through poor training

EY has found that companies are missing out on up to 40% of potential AI productivity gains due to insufficient training and fragile talent strategies. Although 88% of employees use AI, only 5% deploy it in transformative ways, with just 12% receiving sufficient training. Shadow AI use remains prevalent, while concerns around skill erosion and rising workloads persist. The survey identifies a “Talent Advantage” among the 28% of firms effectively integrating people and tech strategies. Notably, employees receiving over 81 hours of AI training report higher productivity but are also 55% more likely to leave, underscoring a retention challenge.

YA Group names four new executives

Nashville-based building consulting and forensic engineering firm YA Group has hired Kristin Winford as chief operating officer, Greg Rumsey as chief financial officer, Justin Petzold as general counsel, and Ravi Mehta as head of corporate development and M&A. "The expansion of our executive leadership team marks an important milestone in YA’s growth journey," said YA chief executive Wade Bushman. "Kristin, Greg, Justin, and Ravi bring deep expertise and leadership experience that will strengthen our foundation and accelerate our progress. It is an exciting time for YA as we look to a strong future driven by continued acquisitions, organic growth, and cross-functional collaboration."

BDO Canada appoints new assurance partners

BDO Canada has hired Ratan Verma and Herbert Wong as partners in its assurance practices in Toronto and Vancouver, respectively. Mr. Verma joins BDO from MNP, where he was a partner. Before that, he was a senior manager in Deloitte’s audit practice. Mr. Wong joins from Manning Elliot Accountants & Business Advisors, where he was a partner. Before that, he was a partner at Deloitte.

ECONOMY

Home builder confidence remains in negative territory

U.S. homebuilder sentiment remained subdued in November, according to the National Association of Home Builders (NAHB), with demand impacted by concerns about household finances and the labor market. The NAHB's Housing Market Index, produced with Wells Fargo, inched up one point to 38, ahead of the unchanged 37 expected among economists polled by Reuters but well below the 50-mark separating optimism from pessimism. Sales expectations in the next six months fell three points, while gauges of present sales and prospective buyer traffic each ticked up slightly. The group also said market uncertainty contributed to a restraint in sentiment.

CORPORATE

WH Smith boss resigns after probe flags U.S. accounting errors

The head of WH Smith has resigned after an independent investigation of the U.K. retailer’s accounts found its treatment of its U.S. business was “not consistent with the group’s stated accounting policy.” The group announced this morning that Carl Cowling has stepped down as chief executive, and stepped down as a board director, with immediate effect, and has been replaced on an interim basis by Andrew Harrison, head of its U.K. division. WH Smith previously said it found an overstatement of about £30m ($39.5m) in its profits for North America in the latest fiscal year, a figure it has lifted to as much as £50m based on new figures published in an independent review carried out by Deloitte. "This is an extremely serious matter that has had the Board's full attention, and we sincerely apologize for the shortcomings identified", WH Smith chair Annette Court said, adding the priority was to rebuild trust and to improve profitability of the division.

LEGAL

Meta wins antitrust case over apps

A federal judge has ruled that Meta Platforms does not hold a social media monopoly, dismissing the U.S. Federal Trade Commission’s bid to force a breakup of Instagram and WhatsApp. The FTC alleged that Meta acquired the platforms to suppress competition, but the court sided with Meta, marking a major victory for Big Tech and the first major antitrust setback for U.S. regulators in their recent crackdown. “We are deeply disappointed in this decision,” said FTC spokesperson Joe Simonson. Meta responded: “Our products . . . exemplify American innovation.” The ruling may influence ongoing regulatory actions, including a parallel case against Amazon.

YouTuber Whistlindiesel faces felony tax evasion

Cody Detwiler, known as WhistlinDiesel, was arrested in Tennessee for felony tax evasion related to his 2020 Ferrari F8 Tributo. The 27-year-old internet personality is accused of “unlawfully and willingly” attempting to evade state sales tax, potentially amounting to tens of thousands of dollars. Detwiler was booked into the Williamson County Jail on two felony counts and later released on a $20,000 bond. He is scheduled for arraignment on November 19th. Detwiler took to Instagram to assert his innocence, stating, “I didn't do ANYTHING.” With over 10.1m YouTube subscribers, he is known for his controversial vehicle destruction videos.

STRATEGY

Calpers adopts total portfolio approach

The board of the California Public Employment Retirement System (Calpers) has approved the adoption of a "total portfolio approach," making it the first U.S. public pension fund to fully embrace the strategy. The total portfolio approach views and manages portfolio assets under a single objective, in contrast to strategic asset allocation, in which separate asset classes are siloed and managed separately. “The overall objectives are to ensure that the system is sustainable and . . . improves the likelihood that we generate somewhat higher returns and improve the funded ratio,” said Stephen Gilmore, Calpers’ chief investment officer. “

TECHNOLOGY

President Trump pushes for single AI standard

President Donald Trump has called for a unified federal standard for artificial intelligence regulation, warning that a “patchwork of 50 State Regulatory Regimes” could hinder innovation. He argued that inconsistent oversight threatens to “undermine this Growth Engine” and could allow China to surpass the U.S. in the AI race. Mr. Trump urged lawmakers to include the standard in the National Defense Authorization Act or pass it as a standalone bill. Since beginning his second term, he has prioritized AI advancement and ordered the creation of an AI Action Plan aimed at cementing U.S. global leadership and reducing regulatory barriers.

Over 80% of audit leaders struggle to connect AI vision and execution

Fieldguide has published a report highlighting a growing disconnect between artificial intelligence vision and execution in audit and advisory firms, with 83% of leaders saying their AI ambitions fail to translate into practice. While 94% report faster engagements and 81% link AI to profitability gains, operational barriers like poor data, integration issues, and internal resistance continue to stall firm-wide adoption. The study warns that failure to embed AI risks weakening competitiveness, as firms that invest in clean data and workflow refinement are already seeing compounding benefits.

CRYPTO

IRS questioned on tax treatment of crypto staking

Sen. Todd Young (R-IN) has called on the IRS to review its 2023 guidance on taxing cryptocurrency staking rewards, arguing that taxing such rewards upon receipt rather than sale creates uncertainty for taxpayers and risks distorting forthcoming digital asset legislation. In a letter to Treasury Secretary and acting IRS Commissioner Scott Bessent, Mr. Young requested details on how the guidance was issued and whether it will be reconsidered, aligning with broader industry calls to tax staking rewards only when they are realised through sale or exchange.

AND FINALLY...

Cost of a Thanksgiving dinner down 5% from 2024

The cost of a classic Thanksgiving dinner for ten has fallen 5% from 2024 to $55.18, marking a third consecutive annual decline, according to the American Farm Bureau Federation. This year’s drop, driven by steep discounting on turkey, down 16.3%, brings the total to its lowest since 2021, although prices for half the meal’s components – including sweet potatoes and frozen peas – have risen, by 37% and 17.2% respectively. The total remains 13% higher than in 2019, before pandemic-driven inflation.
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