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The Supreme Court will tomorrow hear arguments regarding President Donald Trump's authority to impose a worldwide tariff regime, a case that could challenge Congress' power over taxation. The Trump administration claims that the International Emergency Economic Powers Act (IEEPA) grants the president broad powers to regulate trade during emergencies. Georgetown Law professor Josh Chafetz observed: “It's going to be a huge blow to Congress if Mr. Trump essentially can try to raise as much money as he wants by levying tariffs.” A ruling in favor of Mr. Trump could undermine congressional authority and complicate future legislative actions. Conversely, a decision against him may pressure Congress to legislate on tariffs, as noted by Molly Reynolds from the Brookings Institution. The outcome could significantly impact the balance of power between the presidency and Congress.

 

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Maryland Comptroller Brooke Lierman has announced that federal employees with existing state tax payment plans can defer their payments until after the government reopens. The decision aims to alleviate the financial burden on federal workers who have been without pay due to the ongoing budget impasse. Lierman said: “We want to make sure that you're able to take care of your family first,” as she emphasized the state's commitment to support its federal workforce. Approximately 230,000 federal employees reside in Maryland, and the shutdown has significantly impacted them. The deferral will last for the duration of the shutdown and up to two months afterward.

 

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Twenty-eight Chicago aldermen have expressed their deep concerns regarding Mayor Brandon Johnson's proposed $21-per-employee head tax on larger companies. The aldermen, who signed a letter opposing the tax, fear it could negatively impact job growth and drive businesses out of the city. They urged the Johnson administration to explore alternative budget scenarios that exclude this tax, emphasizing the need for fiscal stability. Ald. Nicole Lee highlighted the potential harm to Chicago's growth, saying: “That’s $100m. The minute you take something out, we’ve got to come back with something to put back in.” Johnson's $16.6bn budget proposal aims to address a $1.19bn deficit but faces significant pushback from the business community and city officials alike.

 

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IRS alternative dispute resolution options are becoming more popular after years of regulators lamenting underuse of such programs. Use increased 25% in fiscal year 2024 as companies and individuals took alternative avenues to resolve their tax disputes, according to an IRS spokesperson. Participation kept growing in fiscal year 2025, though the agency was unable to provide specific figures due to the ongoing federal government shutdown.

 

Bloomberg Tax

Since Paul Atkins took over as chair of the SEC in April, and Erica Williams resigned as chair of the PCAOB in July, enforcement actions against audit firms have significantly decreased. A report from The Brattle Group reveals that the SEC initiated only one enforcement action in the first nine months of 2025, marking the lowest level since 2024. The PCAOB, however, initiated 32 actions, primarily before Ms. Williams's departure. The report highlights that “the first three quarters of 2025 were a period of transition for auditor enforcement,” according to Alison Forman, co-Leader of Brattle's accounting practice. Looking ahead, both the SEC and PCAOB are expected to focus more on audits of foreign-issuer clients, indicating a shift in enforcement priorities.

 

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The Canadian Public Accountability Board (CPAB) has appointed Sonny Randhawa as its new chief executive officer, effective March 2, 2026. He replaces Carol Paradine, who led CPAB since 2018. Randhawa, previously executive vice-president of regulatory operations at the Ontario Securities Commission, will oversee efforts to enhance transparency in the audit industry.

 

The Globe and Mail

Grant Thornton Advisors has agreed to add Grant Thornton New Zealand to its private equity-backed multinational platform, extending its presence into the Asia Pacific region. The New Zealand firm generates over $40m in revenue and employs more than 300 people. The deal is expected to complete later this year. 

 

Bloomberg Tax

Accounting Today

International Tax Review

The S&P Global U.S. Manufacturing PMI rose to 52.5 in October from a final reading of 52.0 in the prior month, slightly ahead of the 52.2 expected by economists, and remaining in expansionary territory. “U.S. manufacturers reported a solid start to the fourth quarter with production rising at an increased rate in response to an encouragingly robust jump in new orders," commented Chris Williamson, chief business economist at S&P Global Market Intelligence. "However, lift the hood and the picture is not so healthy. Most worrying is the unprecedented rise in unsold stock reported in October, widely linked to weaker than anticipated sales to customers, especially in export markets, which could trigger a downshifting of production in the coming months unless demand revives. Companies have also become less optimistic about the year ahead, with sentiment back down close to the gloomy levels seen around the April tariff announcements." A separate report from the Institution for Supply Management (ISM) found that manufacturing activity contracted last month. The ISM manufacturing PMI slipped to 48.7 in October after edging up to 49.1 in September. The production index dropped 2.8 points to 48.2, while the new orders index rose half a point to 49.4, and the employment index grew to 46, from 45.3 in September.

 

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RTT News

Organizations are increasingly integrating Business Continuity and Disaster Recovery (BCDR) with Identity Threat Detection and Response (ITDR) to enhance resilience. This approach, termed identity resilience, focuses on safeguarding identity systems while ensuring operational continuity. Key strategies include real-time visibility, risk-based alerting, and automated recovery processes. These measures not only prepare for crises but also improve efficiency and compliance. As identity becomes a primary target for cyberattacks, executives must prioritize identity as a strategic asset. "Identity demands the same investment and boardroom oversight as any other mission-critical asset," emphasized a report from Forbes Technology Council.

 

Forbes

U.S. prosecutors have accused three cybersecurity professionals of running a ransomware operation in collaboration with the hacking group ALPHV BlackCat, targeting companies across the U.S. and attempting to extort millions in cryptocurrency. Two of the accused, Ryan Goldberg and Kevin Martin, face charges, with Goldberg already detained and Martin pleading not guilty; the third accomplice remains unnamed. Both of their employers, DigitalMint and Sygnia, have said that they had no prior knowledge of the illicit activities. DigitalMint emphasized its cooperation with the investigation.

 

Reuters

Saudi Arabia has been elected to chair the International Organization of Supreme Audit Institutions (INTOSAI) starting in 2031 for a three-year term. The announcement was made during the 25th General Assembly in Sharm El-Sheikh, Egypt. The leadership role will allow Saudi Arabia to guide global efforts in enhancing transparency and public-sector governance. Dr. Hussam Alangari, President of the General Court of Audit, praised the Kingdom's international standing and expressed eagerness to host global delegations in Riyadh, saying: "We look forward to hosting everyone in Riyadh to shape a global future that promotes transparency, governance and governmental effectiveness."

 

Saudi Gazette

Arab News

U.K. finance chief Rachel Reeves has indicated that she will raise taxes in her upcoming budget, citing a weaker economy than previously understood. In a speech delivered ahead of the November 26th budget, Reeves said: “If we are to build the future of Britain together, we will all have to contribute to that effort.” She attributed the need for tax increases to high interest payments on the U.K.'s £2.6tn national debt and disappointing productivity levels. Critics argue that Reeves' previous tax increases on businesses have worsened the situation. While she did not specify which taxes would be raised, she emphasized the budget's focus on growth, fairness, and strengthening public services.

 

US News and World Report

ExxonMobil chief executive Darren Woods says the U.S. energy giant will not be able to continue operations in the European Union if the bloc does not revise the Corporate Sustainability Due Diligence Directive, a sustainability law that could impose fines of 5% of global revenue. The law mandates companies doing business in the E.U. to identify and address human rights and environmental risks throughout their supply chains. "If we can't be a successful company in Europe, and more importantly, if they start to try to take their harmful legislation and enforce that all around the world where we do business, it becomes impossible to stay there," Mr. Woods said.

 

Reuters

New permanent migration to OECD countries fell by 4% in 2024, following three years of significant increases. Despite the drop, the total of 6.2m new permanent immigrants remains relatively high, at 15% above 2019 levels, according to a new OECD report. The International Migration Outlook 2025 shows that, from 2023 to 2024, permanent migration declined by 56% in New Zealand and 41% in the United Kingdom, and by more than 10% also in Estonia, Finland, Germany, Hungary, Iceland, Israel, Italy, Korea, Lithuania, Norway, Slovenia, the Slovak Republic and Sweden. In contrast, in 2024, permanent migration increased by 20% in the United States, driven by humanitarian flows. Increases of more than 5% were also registered in Chile, Colombia, Costa Rica, Czechia, Ireland and Japan.

 

Euronews.com

Financial Times

OECD