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9th March 2026
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THE HOT STORY

AICPA calls on IRS to expand first-time penalty relief

AICPA has urged the IRS to expand and refine its First Time Abatement (FTA) penalty relief program to cover a broader range of tax and information return penalties. In a letter to the IRS, the organization also proposed allowing taxpayers to reverse automatically applied FTA relief if they can demonstrate reasonable cause, preserving their one-time abatement for future use. The AICPA said the changes would reduce administrative burdens, clarify penalty relief options and encourage greater voluntary tax compliance.

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TAX

Navigating tax complexities for the FIFA World Cup

The 2026 FIFA World Cup, hosted by the U.S., Canada, and Mexico, will feature 48 teams and presents significant tax and social security challenges for players, coaches, and support staff. As noted by Daida Hadzic and Rob Fagan from KPMG, "Understanding and addressing the intricate cross-border financial and regulatory issues will ensure a smooth and compliant tournament." Participants may face multiple tax obligations in host countries, with varying rules on income classification. The complexities of double taxation treaties (DTAs) and state-level tax implications further complicate compliance. Proactive planning and expert advice are essential for teams and federations to navigate these challenges effectively, ensuring that the focus remains on the tournament rather than administrative burdens.

Illinois lawmaker proposes statewide bag tax

Illinois is considering a new bag tax under House Bill 5112, introduced by State Rep. Laura Faver Dias. If enacted, the legislation would impose a 10-cent fee per bag starting in 2027, increasing by five cents annually until it reaches 25 cents. The bill also aims to prohibit plastic bags for transporting goods. Exemptions will apply for items purchased through the Supplemental Nutrition Assistance Program. Stores will retain a portion of the fees, with the remainder going to the Department of Revenue for the Carryout Bag Fee Fund.

Iowa Republicans push for tax cuts

Iowa Republicans have proposed property tax cut plans that would limit local government revenue growth to 2%. While proponents argue this will promote efficiency, city officials warn it could jeopardize essential services like public safety and infrastructure. Dubuque Mayor Brad Cavanagh stated: "It means that people are going to not have the same ability to have services and the resources they need." Local governments are already facing challenges in staffing and funding, with Des Moines City Manager Scott Sanders noting that the cap "is not enough to sustain any organization." The proposed caps could lead to significant budget cuts, affecting services across Iowa. As local officials brace for these changes, they emphasize the need for a balance between tax relief and maintaining community services.

INDUSTRY

Accounting firms and educators must collaborate to shape the future

Yvonne Hinson, CEO of the American Accounting Association, emphasizes the need for both firms and educational institutions to adapt to the evolving landscape of accounting. With PwC cutting U.S. entry-level hiring by a third by 2028, the demand for experienced accountants remains high, while new graduates struggle to find opportunities. Hinson warns of a potential "generation-sized gap" in the profession, as AI automates essential training tasks. To address this, educators are embedding AI fluency and critical thinking into curricula, as seen in programs at Georgia State University and Rutgers University.

FIRMS

Block CFO says AI-driven strategy led company to cut 40% of workforce

Block’s decision to lay off about 4,000 employees—roughly 40% of its workforce— is part of a long-term shift toward an artificial intelligence (AI)-driven operating model, according to chief financial officer and chief operating officer Amrita Ahuja. Despite strong financial performance, including $2.9 billion in fourth-quarter gross profit (up 24% year over year), the company concluded it could operate effectively with around 60% of its previous staff after integrating artificial intelligence into its workflows. Over the past two years, Block developed an internal AI agent called “goose” that automates tasks, accelerates software development and streamlines operations. The company believes an AI-native workforce can deliver higher productivity than a larger traditional workforce, and it has even raised its 2026 outlook while cutting jobs. Ahuja said the remaining workforce will be reskilled to work alongside AI tools, reflecting a broader shift in knowledge-heavy industries where technologies like generative AI can significantly boost productivity—though experts warn the tools are most effective when paired with human judgment.

ECONOMY

U.S. economy loses 92,000 jobs in February as unemployment edges higher

The U.S. economy lost 92,000 jobs in February, a sharp miss compared with economists’ expectations for a 50,000 increase and a reversal from January’s gain of 126,000 jobs, according to the Labor Department. The unemployment rate rose slightly to 4.4%, signaling broader weakness across the labor market. Job losses were spread across multiple sectors, including leisure and hospitality down 27,000, healthcare and social assistanc,e down 18,600, manufacturing, down 12,000, and construction, down 11,000. A large healthcare strike also contributed to the decline in that sector. Jefferies economist Thomas Simons called the report “a perfect storm of temporary drags coming together following an above-trend print in January," adding: “We do not think that this is a harbinger of progressively worse jobs prints coming down the road, but the risk of a downturn has certainly increased.”

Retail sales slipped 0.2% in January amid cautious consumer spending

U.S. retail sales fell 0.2% in January to $733.5bn, according to the Commerce Department, continuing a weak trend in consumer spending since late 2025. The decline was smaller than economists’ expectations for a 0.4% drop but followed flat sales in December. The downturn was largely driven by a 0.9% drop in motor vehicle and parts sales. Excluding auto dealers and gas stations, retail sales actually rose 0.3%, with gains at general merchandise stores, up 0.4% and online retailers, up 1.9%. Economists are watching closely for signs of strain among consumers, who have been spending faster than their incomes have grown, reducing savings. With a weak February jobs report and rising unemployment, some analysts warn that households may soon cut back spending, posing risks for the consumer-driven U.S. economy.  

Business inventories edged higher in December

U.S. business inventories rose 0.1% in December after remaining unchanged in November, according to the Commerce Department, reflecting a modest rebound in retail stock levels. The increase matched economists’ expectations. Retail inventories grew 0.1% after falling 0.4% in November, while wholesale inventories increased 0.2% and manufacturer inventories rose 0.1%. Overall inventories were 1.6% higher than a year earlier. Business sales also improved, rising 0.5% in December, following a 0.6% increase in November. At the current sales pace, it would take businesses about 1.36 months to clear inventories, slightly down from 1.37 months the previous month. The inventory gains contributed 0.21 percentage points to fourth-quarter GDP growth, which was reported at a 1.4% annualized rate.

REGULATORY

U.S. draws up strict AI guidelines amid Anthropic clash

The Trump administration has drawn up strict rules for civilian AI contracts requiring companies to allow "any lawful" use ​of their models amid a stand-off between the Pentagon and Anthropic, ‌the Financial Times has reported. The Pentagon had on Thursday designated Anthropic as a "supply chain risk," prohibiting government contractors from using the AI firm's technology in work for the U.S. military. A draft of new government guidelines from the General Services Administration mandates that AI groups that want to do business with the government grant the U.S. an irrevocable licence to use their systems for all legal purposes.

Canaccord Genuity fined over compliance lapses

The Financial Crimes Enforcement Network (FinCEN) has fined Canaccord Genuity $80m for wilful violations of the Bank Secrecy Act, marking the largest penalty ever issued against a broker-dealer for breaches of the US anti-money laundering law. Investigators said that between 2019 and ⁠2022, Canaccord failed to file at least 160 suspicious activity reports covering thousands of ​questionable transactions, with some activity that deserved "red flags" going un-reviewed for months or years. "Today's action should be a wake-up call to broker-dealers that willfully fail to comply with their obligations to safeguard the financial system from illicit actors," FinCEN Director Andrea Gacki said.

LEGAL

Live Nation settles U.S. antitrust case, avoids breakup

Live Nation has reached a settlement with the U.S. Department of Justice in a federal antitrust lawsuit accusing the company of monopolizing the live concert industry. The deal, which still requires court approval, will allow the concerts and ticketing giant to avoid being broken up but will limit its use of exclusive ticketing contracts and make it easier for rival promoters to compete at venues it controls. While around 10 states have agreed to the settlement framework, others may continue pursuing separate legal action against the company.

Western Alliance sues Jefferies over loans linked to First Brands

Western Alliance has sued investment bank Jefferies, alleging breach of contract and fraud over loans tied to the collapse of auto parts supplier First Brands. The Phoenix-based lender said it filed a complaint in the ‌New York Supreme Court against Jefferies and others for "breach of contract and fraud" for "conduct related to a commercial loan collateralized by accounts receivable purchased from First Brands Group." Western Alliance CEO Kenneth Vecchione said: "I can't tell you what's behind Jefferies' motive . . . We are deeply disappointed by Jefferies' conduct." In response, Jefferies said: "We regret that the Bank, as well as a range ​of lenders to and around First Brands, will suffer losses as a result of this fraud. We believe that the lawsuit is without merit and it ​will be defended vigorously."

LEGISLATION

Senate housing bill would force large investors to sell rental homes

A new U.S. Senate housing bill would require large institutional investors to sell newly built single-family rental homes to individuals within seven years, part of a broader effort to make homeownership more accessible. Supporters say the measure would curb investor dominance in housing markets and help ordinary buyers compete, while industry groups warn it could undermine the build-to-rent sector, reduce housing supply and push up rents and home prices. The proposal is included in a bipartisan housing package expected to face a Senate vote soon, though it may require further negotiation with the House.

CRYPTO

Nasdaq teams up with Kraken to launch tokenized stock trading

Nasdaq has partnered with crypto exchange Kraken to develop a platform for tokenized versions of stocks and exchange-traded products, aiming to enable blockchain-based trading with the same governance rights as traditional shares. The framework, expected to launch in early 2027 pending regulatory approval, could support 24/7 trading, faster settlement and automated corporate actions such as dividend payments and proxy voting, as Wall Street firms increasingly explore tokenization to modernize financial markets.

Crypto entrepreneur settles SEC fraud case

The Securities ‌and Exchange Commission ‌(SEC) has agreed to settle its civil ​fraud case against Chinese cryptocurrency entrepreneur Justin Sun. One of Sun's ‌companies ⁠will pay a $10m penalty to resolve the SEC’s claims that its employees manipulated the market for a crypto asset known as TRX. The agency had alleged that Sun’s employees engaged in fraudulent trading, known as wash trading, which made the token appear more liquid and popular with traders. The SEC sued Sun and his ​companies Tron ​Foundation, ​BitTorrent Foundation ‌and Rainberry in March 2023.

INTERNATIONAL

Switzerland votes to end ‘marriage penalty’ in historic tax referendum

Switzerland has voted to introduce individual taxation in a reform that will replace the longstanding system of joint taxation, under which spouses must combine their income and file a single return.
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