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21st November 2025
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THE HOT STORY

Intuit reports 18% rise in Q2 revenues

Intuit has reported an 18% rise in revenue to $3.89bn in the second quarter, driven by a 25% jump in QuickBooks revenue as more midsize firms adopted its artificial intelligence-enabled tools. Adjusted earnings per share came in at $3.34, beating analysts’ forecasts of $3.09. Net income more than doubled to $446m from $197m. The global business-solutions group, which includes QuickBooks, saw revenues increase 18% to $3bn, while consumer revenue rose 21% to $894m, supported by growth at Credit Karma. Intuit has reiterated full-year guidance for revenue growth of 12%-13%, and adjusted EPS between $22.98 and $23.18. Additionally, it has inked a multi-year deal worth more than $100m with OpenAI to use the ChatGPT maker's AI models to power the company's AI agents. Chief executive Sasan Goodarzi said the integration of Intuit apps within ChatGPT will involve "no revenue share", and customer data privacy and security principles will remain unchanged.

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TAX

AICPA urges IRS to keep offices separate

AICPA has expressed strong opposition to the IRS' proposal to merge its Office of Professional Responsibility (OPR) with the Return Preparer Office (RPO). AICPA Tax Executive Committee chair Cheri Freeh said: "AICPA strongly opposes any effort to combine OPR and RPO because it would inappropriately consolidate credentialed and uncredentialed return preparers under OPR." The organization argues that such a merger would create confusion among taxpayers regarding the qualifications of tax preparers and undermine the integrity of the tax system. Ms. Freeh emphasized that the two offices serve distinct functions and should remain separate to avoid conflicts of interest and maintain professional standards. The AICPA letter highlights concerns that combining these offices could mislead taxpayers about the authority and ethical obligations of return preparers, ultimately harming public trust in the tax profession.

IRS scrutiny of nonprofits threatens First Amendment rights

The Trump administration has intensified its scrutiny of individuals and organizations, particularly targeting tax-exempt entities for activities protected by the First Amendment. This includes actions perceived as antisemitic or those promoting diversity and inclusion. As noted by Victor Suthammanont, a partner at Kostelanetz, “the current administration's brazenness and open targeting of its perceived political opponents may provide a targeted person or entity with enough facts to mount an early court challenge.” The Supreme Court's decision in Axon Enterprises Inc. v. FTC allows individuals to challenge unconstitutional agency actions before the completion of administrative proceedings, potentially offering a new avenue for those facing civil investigations. Nonprofits and individuals are advised to consult legal counsel early to prepare for possible investigations.

INDUSTRY

Internal audit profession faces existential pressures faced by finance leaders

A global survey of 213 internal audit leaders by AuditBoard has revealed the profession is under acute strain, challenged by stagnant resources, the rapid rise of AI, and a persistent identity crisis. Despite the belief that AI will transform internal audit within five years, only 28% of leaders feel confident in their teams’ ability to audit AI risks, while 63% of organizations lack a formal governance framework for its use. Budget pressures remain intense, with 43% of teams seeing no increase in funding for 2025 and 18% reporting cuts, despite broader responsibilities. Meanwhile, just 24% believe their function is viewed as a trusted advisor. The report calls for a dual strategy: automating routine tasks using AI while enhancing critical human skills like professional skepticism, ethical judgement, and relationship-building.

ECONOMY

Labor Department publishes overdue jobs report for September

The Labor Department has belatedly published its September jobs report, almost seven weeks behind schedule due to the federal government shutdown. U.S. employers added 119,000 jobs, while the unemployment rate hit 4.4%, its highest since October 2021. Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%. The health care sector added 43,000 jobs, bars and restaurants 37,000, and social assistance 14,000. Professional and business services saw a decline of 20,000, transportation and warehousing 25,000, and the federal government 3,000. Employment data for October and November will be published on December 16th. Meanwhile, the Labor Department's latest weekly report revealed that initial claims for state unemployment benefits dropped 8,000 to a seasonally-adjusted 220,000 in the seven days to November 15th. Economists polled by Reuters had forecast 230,000 new claims. The number of people receiving unemployment benefits after an initial week of aid increased 28,000 to a seasonally adjusted 1.974m during the week ended November 8th.

Existing-home sales hit eight-month high

Sales of previously-owned homes in the U.S. rose in October to the fastest pace in eight months, according to the National Association of Realtors, increasing 1.2% to an annual rate of 4.1m. Economists polled by Bloomberg had expected a rate of 4.08m. On an annual basis they were up 1.7%. The median sales price gained 2.1% from a year ago to $415,200. The inventory of homes for sale fell 0.7% to 1.52m units, although this was still almost 11% on an annual basis. Existing home sales in the Midwest led the way higher, surging by 5.3% to an annual rate of 990,000, while in the South they were up 0.5% to 1.860. In the Northeast they were unchanged at 490,000, and fell 1.3% to 760,000 in the West. 

LEGAL

Tax Court reform bill: a closer look

The U.S. Congressional Budget Office (CBO) has released an estimate regarding the impact of H.R. 5349, the Tax Court Improvement Act. This legislation proposes several changes to the operations of the U.S. Tax Court (USTC), including allowing special trial judges to hear cases and granting them limited authority to impose contempt punishments. The bill also introduces provisions for equitable tolling in deficiency cases, potentially extending deadlines for taxpayers. According to the Joint Committee on Taxation (JCT), the enactment of H.R. 5349 is expected to increase revenues by $6m from 2026 to 2035, with a net increase of $9m due to expanded authority for special trial judges, offset by a $3m reduction from equitable tolling. CBO estimates that the administrative costs for implementing the bill will be less than $500,000 over the same period. Phillip L. Swagel, Director of the CBO, emphasizes the uncertainty surrounding these estimates, which depend on various economic projections and taxpayer responses.

REGULATORY

Trump weighs executive order to preempt state AI laws

A draft of an executive order seen by Reuters indicates U.S. President Donald Trump may be seeking to preempt state laws on artificial intelligence (AI) through lawsuits and by withholding federal funding. AI companies say a patchwork of state laws stifles innovation. According to the order, Attorney General Pam Bondi would be tasked with setting up an "AI Litigation Task Force whose sole responsibility shall be to challenge state AI laws, including on grounds that such laws unconstitutionally regulate interstate commerce, are preempted by existing federal regulations, or are otherwise unlawful."

SEC weighs looser independence rules for Big Four auditors

The SEC is looking at revising conflict-of-interest rules for Big Four firms as a way to provide large technology companies with more choices of auditor.

House Panel targets foreign investments in U.S. lawsuits

The House Judiciary Committee has advanced the Protecting Our Courts from Foreign Manipulation Act of 2025 (HR 2675), which aims to restrict non-U.S. investors from financing American lawsuits. The bill, passed with a 15-11 vote, prohibits sovereign wealth funds and foreign governments from funding U.S. litigation, either directly or indirectly. Rep. Ben Cline (R-Va.) said: “My bill safeguards the integrity of our judicial system.” The proposal would also require other non-American investors to disclose their participation.

WORKFORCE

Trump enthuses about training of U.S. workers by skilled immigrants

President Donald Trump has doubled down on his support for skilled immigrants who can train U.S. workers in high-tech industries. Speaking at the U.S.-Saudi Investment Forum in Washington, he emphasized that allowing this is not at odds with his “Make America Great Again” agenda. Trump told an audience of business executives: “I love my conservative friends. I love MAGA. But this is MAGA . . . Those people are going to teach our people how to make computer chips, and in a short period of time, our people are going to be doing great. And those people can go home.” The MAGA movement has opposed expanding H-1B visas, and other programs designed to let skilled immigrants into the U.S.

FRAUD

Judge orders fraud probe at First Brands

A U.S. bankruptcy judge has approved a $7m independent investigation into potential fraud at First Brands, the bankrupt auto parts maker accused of misusing invoice factoring to raise short-term cash. Allegations include double-selling invoices and withholding payments meant for financial institutions. The company has over $10bn in liabilities and is suing its founder Patrick James for allegedly misappropriating hundreds of millions of dollars - claims he denies. Judge Christopher Lopez tasked the U.S. Department of Justice’s bankruptcy watchdog with appointing the examiner, stressing the need for a fast, focused investigation.

TOOLS

Netgain unveils affordable tax solution

Netgain has introduced NetAsset Tax Pro, a fixed asset tax depreciation solution designed for accounting firms. The platform replaces outdated legacy systems, centralizes asset data, and automates compliance with federal and state regulations. Weston Lampe, CPA and general manager at Netgain, said: “Firms have long felt trapped between expensive legacy systems and inefficient manual workarounds.” The solution not only reduces costs but also enhances collaboration by allowing clients direct access for real-time visibility. Adam Riches, CPA and CEO of Netgain, emphasized that the launch reflects the company's commitment to providing affordable, modern tools that deliver lasting value, with some of the largest accounting firms already planning to implement it for the 2026 tax year.

INTERNATIONAL

PCAOB seals audit oversight deal with Lithuania

The PCAOB has established a cooperative agreement with Lithuania's audit regulator, the Authority of Audit, Accounting, Property Valuation and Insolvency Management. Effective November 12th, the Statement of Protocol facilitates information exchange, joint inspections, and collaborative investigations. PCAOB acting chair George Botic emphasized the importance of "open dialogue and cooperation among audit regulators" to address the challenges in global capital markets. The agreement marks the PCAOB's 29th bilateral partnership with a foreign audit regulator, following a similar pact with Slovakia in May. Karen Dietrich, PCAOB director of international affairs, noted that this protocol exemplifies successful cross-border collaboration.

AND FINALLY...

Retailers feel the penny pinch

The U.S. has officially ceased penny production, precipitating a significant shortage that is affecting retailers across the country. The final penny was minted on November 12th, marking the end of over 230 years of production. While the average consumer may not feel the pinch directly, businesses are struggling to provide correct change, with many rounding purchases to the nearest nickel. Dylan Jeon, senior director of government relations for the National Retail Federation, said: "We've heard from our retail members that they have stores in multiple locations . . . that are currently out of pennies. Others are worried that their inventory will be out in the very near future. So it's definitely something that's impacting any cash-accepting business." Retailers are also incentivizing customers to bring in their pennies, offering rewards including gift cards.
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