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Corporations are set to claim $16bn in tax breaks this year for investments made before the Republican-backed “One Big Beautiful Bill Act” was passed in July, according to the Joint Committee on Taxation (JCT). The legislation reinstates 100% bonus depreciation, allowing companies to immediately deduct the full cost of capital investments like equipment and facilities. Though aimed at stimulating investment, the provision was made retroactive to January 19th, the day before Donald Trump began his second term, prompting criticism that it serves as a windfall rather than a genuine economic incentive. Over the next decade, the JCT estimates the rule will cost $362.7bn and boost GDP by 0.4%. Critics including Sen. Elizabeth Warren (D-MA) argue it disproportionately benefits large corporations, with over 80% of prior claims made by firms earning more than $1bn annually.

 

Washington Post

The Guide to 2026 Tax Season

Tax laws change every year, and keeping up can be challenging...even for the most experienced professionals.  

With the 2026 tax season right around the corner, now is the time to make sure you have the insights you'll need to guide your clients with confidence.  

Join us on December 16th, and we'll share everything you need to know to tackle the season head-on.  

In this session, you'll:

• Get a clear overview of the most important individual tax changes for the 2026 season
  
• Understand how new IRS updates may impact your clients
  
• Know what to prepare now so you’re ready when filing season begins  

* Join live for 1 CPE credit!  

Register Now

 

Michael and Susan Dell have pledged $6.25bn to support the Trump Accounts initiative, which aims to provide $250m to 25m low-income children under 11. Announced on GivingTuesday, this historic commitment is one of the largest charitable donations in decades, targeting families in low-income ZIP codes. Michael Dell stated: “We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come.” The Trump Accounts program, launching on July 4th 2026, will allow eligible children to access funds for education, homeownership, or starting a business. In an FAQ released Tuesday, the White House said that IRS Form4547 can be used to make the election to establish an initial Trump Account for the exclusive benefit of a child who is eligible, and also to make an election for the $1,000 pilot program contribution from the U.S. Treasury to the child’s Trump Account. Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents' employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities don't count toward that total. Initially, the money will go to children who were born in 2016 through 2024. They also have to live in ZIP codes where median household incomes are below $150,000 per year.

 

New York Post

Los Angeles Times

NPR

New York Times

In a press conference on Tuesday, Chicago Mayor Brandon Johnson expressed his frustration over the City Council's rejection of his corporate head tax proposal, which aimed to generate $100m for community safety programs. "Poverty sucks," he stated, emphasizing the urgency of addressing food insecurity in Chicago. Johnson criticized council members for prioritizing corporate interests over struggling families, saying: "Corporations are making a killing right now." He challenged the business community to engage in honest dialogue about the proposed tax, which he believes is essential for a balanced budget that does not burden working people. Johnson's emotional appeal highlights the ongoing budget stalemate and the need for equitable solutions in the city.

 

Chicago Sun Times

Arkansas is set to join at least 24 states in easing the requirements for becoming a CPA. Marsha Moffitt, executive director and chief executive of the Arkansas Society of CPAs, stated that the state will offer an alternative route that eliminates the need for 150 college credit hours, traditionally seen as a barrier to entry. Gov. Sarah Huckabee Sanders approved a draft change to the CPA licensing rules, allowing candidates to qualify with a bachelor's degree in accounting, two years of professional experience, and passing the CPA exam. Moffitt expressed confidence in the changes, stating: “The change will happen, and we do not foresee opposition to it.” Once implemented, candidates will have three pathways to licensure, including the new route, the existing 150-hour route, and a master's degree option.

 

CFO DIve

Top consultancies have frozen starting salaries for a third consecutive year as artificial intelligence starts to reshape the industry and forces firms to reconsider their traditional “pyramid” structure.

 

Financial Times

U.S. consumers spent a record $14.25bn on Cyber Monday, bringing total online sales during Cyber Week to $44.2bn, up 7.7% year-on-year, according to Adobe Analytics, ahead of its forecast of $43.7bn. According to the National Retail Federation (NRF), 202.9m shoppers participated, with average spend rising to $337.86, driven by widespread discounts from Amazon, Walmart and Target. "This year's record turnout reflects a highly engaged consumer who is focused on value, responds to compelling promotions, and seizes upon the opportunity to make the winter holidays special and meaningful," said NRF chief executive Matthew Shay.

 

Reuters

Hunter Biden, son of former President Joe Biden, is facing disbarment in Connecticut due to his recent convictions on federal firearms and tax-related charges. The Connecticut Judicial Branch's Office of Chief Disciplinary Counsel has initiated proceedings against him, with arguments scheduled for December 15 at the state Superior Court in Waterbury. Hunter Biden, a member of the Connecticut bar since 1997, has not opposed the disbarment, as stated by his attorney, Ross Garber. Following his guilty pleas to felony and misdemeanor tax offenses, grievances were filed by Paul M. Dorsey and Daniel R. Suhr. Dorsey remarked, “At that point, there was no doubt in my mind.” Additionally, Hunter Biden received a sweeping pardon from his father, covering various offenses. He was previously disbarred in Washington, D.C.

 

CPA Practice Advisor

A California taxpayer successfully avoided income tax on approximately $210m by demonstrating that the funds were tax-exempt withdrawals from a Roth IRA account, rather than taxable income from a trust company. The California Office of Tax Appeals revealed on October 6th that the Trust Company of Oklahoma likely misclassified the distributions as taxable. Evidence included a letter from the company acknowledging an error in completing Form 1099-R, which reports retirement account distributions. The ruling aligns with California's tax regulations, which conform to federal law that exempts Roth IRA distributions.

 

Bloomberg Tax

President Donald Trump said Tuesday that he will announce his pick to lead the Federal Reserve “early next year”, as he touted Kevin Hassett, the top White House economic official, as the “potential” new head of the U.S. central bank. Trump’s team informed candidates that interviews scheduled for Wednesday with Vice President JD Vance had been canceled, according to people familiar with the matter. No reason was given for the decision, although a person familiar with the matter said it was due to a scheduling conflict for Mr. Vance. Whoever eventually ultimately succeeds Jerome Powell could inherit a rate-setting committee that remains especially divided over how to balance the risks of a sharp slowdown in the jobs market, with the risks of higher and more persistent inflation. 

 

Financial Times

Reuters

Washington Times

Wall Street Journal

ChatGPT's influence on e-commerce referrals has increased, according to a report from mobile app researcher Apptopia. Referrals to retail mobile apps rose by 28% year-over-year during the Thanksgiving weekend, with the majority sending traffic to larger retailers like Amazon and Walmart, which saw their shares grow significantly. ChatGPT referrals accounted for only 0.82% of all sessions this year, up from 0.64% last year.

 

Techcrunch

Prosecutors in Switzerland have filed charges against Credit Suisse and its owner UBS over alleged organisational “deficiencies” linked to a $7m (€6m) payment at the centre of the Mozambique $2bn (€1.72bn) “tuna bonds” scandal. The Office of the Attorney General said Credit Suisse, which was taken over by Swiss rival UBS in a state-engineered rescue in 2023, failed to maintain adequate controls and did not report the suspicious transaction until 2019. UBS said: “We firmly reject the Office of the Attorney General’s conclusions and will vigorously defend our position.” 

 

Financial Times

Financial Times

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Wall Street Journal

The Guardian