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Accountancy Slice
USA
13th February 2026
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THE HOT STORY

President Trump plans to roll back tariffs on metal and aluminum goods

The Financial Times reports that President Donald Trump is planning to scale back some tariffs on steel and aluminum goods, as he battles an affordability crisis that has sapped his approval ratings ahead of November’s midterm elections. Sources close to the White House say that a review of the list of products affected by the up-to 50% tariffs is underway, citing a belief among trade and commerce officials that consumers are being hurt by higher costs for goods such as pie tins and food and drink cans. That viewpoint is supported by a new report from the Federal Reserve Bank of New York, which says that 90% of the tariffs imposed by the president on imported goods are borne by American consumers and companies. The paper said that between January and August of last year, Americans took 94% of the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.

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TAX

Safe-harbor shifts and foreign entity rules complicate solar and wind tax credits

Recent federal changes have tightened eligibility for the Sec. 48E clean electricity investment credit for wind and solar projects. The 2025 law accelerates the credit’s termination, requiring projects that begin construction after July 4th 2026, to be placed in service by December 31st 2027, to qualify. New IRS guidance also limits most larger projects starting after September 2nd 2025, to using the physical-work test - eliminating the 5% safe harbor in many cases. In addition, new “prohibited foreign entity” rules deny credits for projects that rely too heavily on components sourced from certain foreign entities. Overall, developers must carefully document construction start dates, meet continuity requirements, and evaluate supply chains to preserve credit eligibility.

Selling precious metals? Don’t overlook the tax consequences

As inflation and geopolitical tensions rise, investors are increasingly turning to precious metals like gold and silver, which have seen significant price increases - gold up 13% and silver 19% in early 2026. However, the IRS classifies most precious metals as "collectibles," subjecting them to a maximum federal tax rate of 28% on long-term gains. Taxpayers should be aware that selling strategies, such as using the specific identification method, can help minimize taxable gains. Additionally, clients may consider deferring taxes through strategic planning, such as contributing metals to a partnership before sale.

Michigan Gov. Whitmer's tax plan faces GOP backlash

To address rising costs in administering Medicaid, Michigan Gov. Gretchen Whitmer has proposed six new taxes, including those on tobacco, vapes, sports betting, and digital advertising. The budget proposal, totaling $88.1 bn, aims to raise $800m for Medicaid services, which serves over 2.5m residents. The proposal also includes significant funding for education and health services, but faces opposition from Republicans who argue against increasing taxes and hiring more state employees.

FIRMS

EY Americas names vice chair for assurance

Joe Link will become the new vice chair of assurance for the Americas at EY on April 1, succeeding Dante D'Egidio, who is now the firm's U.S. managing partner. Mr Link, who currently serves as the EY Americas assurance financial services leader, will oversee nearly 30,000 professionals and will be responsible for shaping the future strategy of the assurance service area.

ECONOMY

New jobless claims fall to 227,000, signaling steady labor market

U.S. applications for unemployment benefits fell by 5,000 to 227,000 in the seven days to February 7th, remaining within a historically healthy range, the Labor Department reported on Thursday. The figure was in line with expectations and suggests layoffs remain relatively low despite recent high-profile job cuts at companies such as UPS, Amazon and Dow. The four-week average of claims rose slightly to 219,500, while continuing claims, reported with a one-week lag, increased to 1.86m. Recent data showed employers added 130,000 jobs in January and the unemployment rate dipped to 4.3%, though revisions sharply reduced previously reported job gains for 2024–2025. Economists remain divided on whether the stronger January hiring marks a rebound or a temporary uptick, as uncertainty over tariffs and high interest rates continues to weigh on the labor market.

U.S. home sales suffer sharpest monthly drop in nearly four years

U.S. existing home sales fell 8.4% in January to an annual rate of 3.91 million, marking the largest monthly decline since February 2022, according to the National Association of Realtors (NAR). Snowstorms, high home prices, limited inventory and low consumer confidence contributed to the drop, ending a four-month streak of gains. Although mortgage rates have eased to around 6.1% from 6.9% a year ago, affordability remains strained and buyers are more cautious. The median home price rose 0.9% year over year to $396,800, while homes stayed on the market longer, averaging 46 days. Despite the slowdown, some agents report steady buyer interest, and many purchasers are securing homes below asking price. The upcoming spring season will be key in determining whether the housing market regains momentum. “The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,” NAR Chief Economist Lawrence Yun said in a statement.

CORPORATE

Saks, lenders, and luxury brands seek deal to avoid bankruptcy court clash

Saks, its bankruptcy lenders, and luxury suppliers are in last-minute talks to avoid a court dispute over whether high-end inventory can be used as collateral for the retailer’s $1.75bn debtor-in-possession loan. Suppliers, including major concessionaire Chanel with a reported $136m claim, are seeking assurances that goods supplied on concession or consignment - which remain vendor-owned until sold - will not be claimed by lenders. While a January court order provided some protections, brands fear the loan terms could still allow lenders to assert rights over certain inventory or proceeds. With a deadline approaching to file objections, negotiations are said to be close but unresolved, highlighting the unusual leverage luxury brands hold in Saks’ restructuring given their importance to the department store’s business model.

REGULATORY

U.S. antitrust chief resigns amid tensions with Trump officials

Gail Slater, the head of the U.S. Justice Department's antitrust division, which enforces laws against illegal monopolies, has stepped down less than a year after being appointed by President Donald Trump. Earlier this week, Mark Hamer, the second-in-command at the division, said he was exiting the Trump administration after nearly a year in the role. Reuters says the departures leave the division with few senior leaders at a time when companies facing antitrust investigations have increasingly hired Trump-connected lobbyists to influence the outcomes of their cases. Omeed Assefi, another senior official in the antitrust division, is expected to become its acting director, according to people familiar with the matter.

President Trump revokes U.S. scientific finding behind climate change rules

The U.S. Environmental Protection Agency has announced the repeal of the “endangerment finding,” a scientific determination made in 2009 during Barack Obama’s administration, which empowered the EPA to regulate greenhouse gases. The rule classified carbon dioxide and five other greenhouse gases as a threat to public health. The endangerment finding underpinned regulations that set emissions standards for cars and light trucks, power plants, and oil and gas industry facilities. “This is about as big as it gets,” President Donald Trump said at the White House with EPA Administrator Lee Zeldin. Obama said in a social media post that the Trump administration’s action makes the U.S. “less safe, less healthy and less able to fight climate change - all so the fossil fuel industry can make even more money.”

LEGAL

FTC's expanded merger disclosure rule is blocked

A federal judge in Texas has blocked a rule that expanded the amount of information companies must provide when seeking a merger review. U.S. District Judge Jeremy Kernodle said the rule exceeded the authority of the Federal Trade Commission (FTC). Kernodle, an appointee of President Donald Trump, said the FTC had not demonstrated the benefits of the rule would outweigh its costs. "Though the FTC asserts that the rule will detect illegal mergers and save agency resources, the FTC fails to substantiate these assertions," he wrote.

RECRUITMENT

Some job hunters are paying recruiters to find them jobs

A tough labor market for white-collar workers is turning the traditional recruiting model upside down, and a new trend of “reverse recruiting” has emerged whereby job seekers pay recruiters to find them positions. Reverse-recruiting models vary - some charge a percentage of the first year’s salary upon placement and others charge monthly fees or set rates for sending applications. Some traditional recruiters question the ethics of charging job seekers and the success rate of mass-applying on behalf of candidates.

MERGERS & ACQUISITIONS

Software selloff 'is disrupting some M&A and IPO deals'

Bankers interviewed by Reuters say a months-long rout in software stocks is beginning to disrupt sector deal-making and IPOs as volatility makes valuations unreliable and potential buyers cautious. Mike Boyd, the global head of M&A for Canada's CIBC, said agreeing on price is more difficult when the market is volatile, so negotiating deals becomes more challenging.

CRYPTO

Coinbase swings to $667m quarterly loss as crypto slump weighs on revenue

Coinbase reported a fourth-quarter net loss of $667m, or $2.49 per share, reversing a $1.3bn profit a year earlier, as a sharp downturn in digital asset prices dragged on results. Net revenue fell 22% to $1.7bn, with transaction revenue dropping 37% to $983m amid weaker trading activity following a nearly $2tn decline in the broader crypto market. For the full year, profit fell 51% to $1.26bn on revenue of $6.89bn. While subscription and services revenue rose to $727m in the quarter, including $364m from stablecoins, the company signalled a cautious outlook, citing soft transaction revenue early in the current quarter. 

INTERNATIONAL

Judge blocks Elkann community service deal

A Turin pre-trial judge has rejected Agnelli family scion John Elkann’s request to settle a tax fraud case through community service, increasing the likelihood the matter will proceed to trial. Elkann, chair of Stellantis and Ferrari and chief executive of Exor, had proposed in September 2025 to perform one year of community service and, with siblings Lapo and Ginevra, pay €183m to close the case tied to his grandmother’s inheritance. The judge's rejection of the proposal did not affect the financial settlement, with the Elkanns having already paid to close the administrative, rather than the penal side of the dispute.

AND FINALLY...

Beware of romance scams this Valentine’s Day

As Valentine's Day approaches, the IRS Criminal Investigation unit warns of a rise in romance scams that can devastate victims financially. Amanda Prestegard, special agent in charge of the IRS-CI Denver Field Office, said: “Romance scams are some of the most emotionally devastating financial crimes, often targeting older Americans and individuals seeking a connection.” To avoid falling victim, the IRS-CI advises against sending money to online acquaintances, being cautious about personal information shared online, and verifying identities through trusted sources. The agency reported a significant increase in romance fraud cases, with investigations more than doubling from FY 2024 to FY 2025 and a 225% rise in related indictments. Victims are encouraged to contact local law enforcement or the IRS-CI Denver Field Office for assistance.
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