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Accountancy Slice
USA
28th November 2025
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THE HOT STORY

Megadeals hit new record as Wall Street’s animal spirits roar back

Transactions of $10bn or more have doubled so far in 2025 compared to 2024, according to LSEG, after President Donald Trump’s deregulatory push unleashed Wall Street’s animal spirits and a blitz of global dealmaking. Total deal value in the U.S. so far this year is up more than 40% from the same period in 2024 to about $1.9tn. However, antitrust leaders Gail Slater at the Justice Department and Andrew Ferguson at the Federal Trade Commission have made clear they are most concerned about protecting competition in cost-of-living sectors, such as healthcare and housing. “Companies are taking advantage of this window to pursue the larger transactions that they’ve long wanted to do and have been expected by the market,” said Ivan Farman, global co-head of mergers and acquisitions at Bank of America. “When you see big deals being struck in your industry, you don’t want to be left out when the chess pieces move.”

TECHNOLOGY SURVEY

Survey Says: 74% of Firms Plan to Add New Services

Accounting firms aren’t just planning for growth. They're already moving. A survey from CPA.com and BILL shows firms adopting high-tech strategies and targeted investments designed to win market share. 74% have a detailed plan to launch new services in the next 12 months, and 73% already have a roadmap to adopt new technologies.

Discover how to capture this momentum to enhance client advisory services, improve efficiency, and overcome existing roadblocks. 

Download the full report today to maximize your technology ROI.

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TAX

IRS eases tax rules for workers

The U.S. Department of the Treasury and the IRS recently issued guidance that provides temporary relief for employees and employers regarding tax deductions on tips and overtime. The guidance allows workers to deduct up to $25,000 in tips and $12,500 in overtime under the 2025 budget reconciliation bill. The IRS acknowledged that “many of these employers, a significant number of which are small businesses, have not previously had to make such a determination” regarding specified service trades or businesses. Employers will receive penalty relief for the 2025 tax year while providing accurate information on qualified tips and overtime compensation. Attorneys at Ogletree Deakins emphasized the importance of employers preparing for these changes, saying: “employees expect to receive this information from their employers so that they can take advantage of these deductions.”

Oregon transport tax hike faces voter challenge

Opponents of tax increases approved by Oregon Gov. Tina Kotek in a recent transportation funding bill have collected over 150,000 signatures to challenge the measure in a referendum next year. The funding plan, signed on November 10th, raised taxes and fees to maintain Oregon's transportation infrastructure. Senate Republican Leader Bruce Starr said: “Republicans offered real alternatives that maintained our roads and bridges without massive new taxes.” The group aims to gather at least 200,000 signatures before the December 30th deadline for the November 2026 ballot. Ms. Kotek emphasized the necessity of the fee increases for Oregon's transportation system, warning that if the petition is certified, emergency funding for infrastructure will be suspended.

INDUSTRY

AICPA offers feedback on state partnership income sourcing rules

AICPA has submitted a letter to the Multistate Tax Commission (MTC) advocating for revisions to its proposed state tax sourcing approach for partnership income. The letter emphasizes the need for clarity on partnership structures and their tax implications, saying: "We understand the complexity of partnership structures, special allocations, and related-party transactions." The AICPA also requests that the MTC clarify the application of sourcing rules at the partner level and incorporate recent legal decisions, such as Rawat v. Commissioner of Internal Revenue. Additionally, AICPA suggests that taxpayers should have the option to use both item-based and distributive share-based approaches for apportionment factors. Ning Yim, senior manager for tax policy and advocacy at AICPA, highlighted the challenges faced by taxpayers and practitioners in navigating these complex issues.

Treasury and IRS retreat on tax preparer rules

The Treasury Department and IRS have withdrawn proposed regulations concerning the eligibility of tax return preparers for obtaining a preparer tax identification number (PTIN). Initially released in 2012, these rules aimed to introduce two new categories of tax preparers with minimum qualification requirements. However, a 2014 court ruling in Loving v. Internal Revenue Service restricted the IRS's ability to regulate tax preparers, leading to the withdrawal of these proposed regulations.

IRS seeks input on OBBBA tax credit scholarship program

The Treasury Department and the IRS are seeking public comments on a new federal tax credit scholarship program established under the One Big Beautiful Bill Act. This initiative aims to support school choice and assist students with educational expenses, particularly for low- and middle-income families. Starting January 1st 2027, individual taxpayers can claim a nonrefundable federal tax credit of up to $1,700 for contributions to scholarship granting organizations (SGOs) that provide scholarships for K-12 education. SGOs, defined as tax-exempt 501(c)(3) organizations, will manage the funds and can retain up to 10% for administrative costs. The IRS is particularly interested in comments regarding the certification of SGOs and their reporting requirements, with a deadline for submissions set for December 26th 2025.

ECONOMY

Surge in new orders for durable goods surprises Wall Street

New orders for U.S. manufactured durable goods increased by more than expected in the month of September, according to the Commerce Department, growing 0.5% on the back of a surge in contracts by the military for jet fighters and other aircraft. Non-defense capital goods orders excluding aircraft rose 0.9%, well above the 0.2% expected among economists polled by Reuters.

LEGAL

Second Circuit upholds ruling on tax deadline extensions

The Second Circuit has upheld its August ruling that allows taxpayers to petition the U.S. Tax Court beyond the standard 90-day deadline, stating that this period can be subject to equitable tolling. The IRS had requested a reconsideration of this decision, arguing it deviated from longstanding precedent and congressional intent. However, the court reaffirmed its stance, emphasizing the importance of taxpayer rights. The decision marks a significant shift in how deadlines are interpreted in tax law.

HEALTHCARE

New Hampshire Senator works to save ACA subsidies

Sen. Jeanne Shaheen (D-NH) has been leading bipartisan efforts to secure a temporary extension of enhanced Affordable Care Act subsidies, which she originally helped create. Despite no deal emerging during the government shutdown, Shaheen secured a Senate vote on a Democratic healthcare proposal. She is working with both Republican and Democratic lawmakers on a compromise package that includes tighter eligibility criteria. The debate comes as many Republicans oppose the subsidies, while some Democrats are threatening political consequences if the deal fails. Talks continue amid rising premium concerns and a year-end deadline.

INTERNATIONAL

Switzerland's wealth tax proposal will test public appetite

Switzerland will vote on a proposed wealth tax on Sunday which aims to impose a 50% levy on inherited fortunes exceeding 50 million Swiss francs. The initiative, backed by the youth wing of the Social Democrats, seeks to fund climate change projects. However, polls indicate that up to 66% of respondents oppose the tax. Critics warn the tax could drive wealthy individuals out of Switzerland, diminishing tax revenues. "I hope it doesn't pass," UBS CEO Sergio Ermotti said during a business event in Zurich last weekend. "But how it's rejected, what the outcome is, that's important. Because . . . it does give an indication of where Switzerland is heading."

JPMorgan to build new Canary Wharf office tower

JPMorgan Chase has said it will build a new 3m sq ft tower in Canary Wharf in a strong show of support for London as a financial center by one of the world’s largest lenders. "The U.K. government's priority of economic growth has been a critical factor in helping us make this decision," JPMorgan' chair and chief executive Jamie Dimon said, after praising U.K. finance minister Rachel Reeves' budget on Wednesday that spared banks from fresh taxes. The building will be more than double the floorspace of Britain's current tallest building, The Shard in London, and will also cover more space than JPMorgan's recently-completed 2.5m sq ft global headquarters on New York's Park Avenue.

E.U. court denies official's tax break appeal

The European Union's top court has dismissed an appeal from Michael Heßler, a European Commission official, who sought a tax break for his daughter despite her being over 26. He argued that she was still a student when he filed for the rebate, which he wanted retroactively from 2021. However, the court ruled that Commission staff can only receive the child tax break if they qualify for the child allowance, which ceases once the child turns 26 or is no longer in full-time education. This ruling comes as the Commission reviews its 32,000 staff's working conditions, amid calls for shorter hours and improved work-life balance.

World's central banks are cautious of AI

The world's central banks are wary of artificial intelligence amid concern that AI-driven behavior could "accelerate future crises," according to a survey by the Official Monetary and Financial Institutions Forum. "AI helps us see more, but decisions must remain with people," one participant was quoted as saying in the report from a working group of 10 central banks from Europe, Africa, Latin America and Asia managing roughly $6.5 trillion. More than 60% of respondents said that AI tools are not yet supporting core operations. although most central banks are using AI mainly for basic work, such as summarizing data or scanning markets. "Most early applications centered on routine analytical tasks rather than risk management or portfolio construction," the report said.

AND FINALLY...

Black Friday loses its midnight magic

Black Friday is losing its appeal as shoppers no longer rush to stores after Thanksgiving, according to some retailers, with online shopping and early discounts diminishing the excitement of in-store sales. Despite this, it remains the busiest shopping day in the U.S. Analysts and mall executives have spoken of solid momentum in recent weeks, with foot traffic at the Mall of America in Bloomington, Minnesota, surpassing the comparable period in 2019. Mastercard SpendingPulse, which tracks spending across all payment methods, predicted a 3.6% increase in holiday sales from November 1st through December 24th. That compares with a 4.1% increase last year. “Clearly, there’s uncertainty,” Mastercard chief economist Michelle Meyer said. “Clearly, consumers feel on edge. But at the moment, it doesn’t seem like it’s changing how they are showing up for this season". Online sales, meanwhile, are expected to rise 6% year-on-year to $8.6bn, according to Salesforce. 
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