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USA
8th January 2026
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THE HOT STORY

Senate GOP nears deal to revive ACA subsidies with new limits and fraud safeguards

Senate Republicans say they are close to reaching a bipartisan deal with Democrats to restore enhanced Affordable Care Act subsidies for two years, after their expiration last year left millions facing higher insurance costs. “We’re in the red zone,” said Sen. Bernie Moreno (R-OH), though he cautioned that doesn’t mean it is a done deal. Sen. Susan Collins (R-ME) echoed his optimism, saying that senators “are close to coming up with a proposal that would be bipartisan,” while Sen Jeanne Shaheen (D-NH) told reporters "We should have a draft ready soon." The framework would reintroduce subsidies with added income caps, antifraud provisions, and potential flexibility for using funds in health savings accounts. A sticking point remains over abortion coverage, with GOP lawmakers demanding stronger restrictions. The proposal would require 60 Senate votes and House approval, and may gain traction as some Republicans express willingness to compromise ahead of the 2026 midterms.

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TAX

IRS CEO ready for tax season challenges

Frank Bisignano has stepped into the role of chief executive of the IRS, taking over as the agency prepares for a challenging filing season. Observers note that his leadership comes at a critical time, with the IRS facing significant staff reductions and the implementation of new tax benefits from the One Big Beautiful Bill Act (P.L. 119-21). Former acting IRS Commissioner David Kautter expressed skepticism about the Trump administration's urgency in appointing a permanent commissioner, saying: “Depending on your view, it could be worth it, or it may not be worth it.” As the IRS gears up for one of its busiest seasons, concerns remain about its ability to manage the workload effectively.

Tax season kicks off early for businesses

The IRS has announced that businesses can begin filing their tax returns on January 13th. While the individual tax filing season typically starts later in January, businesses often get an early start. This upcoming season will test the impacts of the Trump administration's decisions during its second term, which led to a reduced IRS and significant leadership changes. Starting January 18th, five types of business tax returns will be accepted through the IRS's modernized e-file system, including returns for foreign persons, homeowners associations, and estates.

Taxpayers seek clarity on new rules

Taxpayers are looking for clarity on new research and building bonus depreciation rules as they navigate changes stemming from the Tax Cuts and Jobs Act (TCJA) and the One Big Beautiful Bill Act (OBBBA). Scott W. Vance from Skadden, Arps, Slate, Meagher & Flom LLP noted that 2026 is expected to be "an active year for guidance," as many provisions took effect in 2025. The new section 174A allows immediate deductions for domestic research costs, reversing previous TCJA rules. However, taxpayers still have questions regarding the application of these rules, particularly concerning the treatment of multiyear projects and the election to capitalize research costs. Additionally, the OBBBA introduced new bonus depreciation rules for factory buildings, prompting further inquiries about qualifying properties and deduction calculations. Taxpayers are eager for guidance to ensure compliance and optimize their tax positions in 2026.

Nvidia CEO unbothered by proposed California billionaires tax

Nvidia chief executive Jensen Huang, one of the world’s richest individuals, says he is “perfectly fine” with California’s proposed 5% one-time tax on billionaires, which is intended to fund healthcare, education, and food assistance. Despite a potential $7bn bill based on his $155.8bn fortune, Huang affirmed his commitment to Silicon Valley, citing the region’s talent pool. Other tech elite individuals left the state ahead of the January 1st residency deadline. On New Year's Eve, Peter Thiel announced he was opening a Miami office of Thiel Capital as he shifted his residency to Florida. Venture capitalist and current AI czar David Sacks also announced his departure from California for Austin.

Georgia eyes income tax elimination

Georgia is considering eliminating its personal income tax, with Republican leaders in the Senate proposing to phase it out by 2032. The initiative, led by Lt. Gov. Burt Jones, aims to address affordability concerns. He said: “This is the first vote that we are going to get to take to address affordability.” However, the proposal faces skepticism regarding its feasibility without raising other taxes or cutting essential services. The state's Democratic minority argues that the plan primarily benefits high earners and jeopardizes funding for public services. Other GOP-led states, including Iowa and Missouri, are also pursuing similar tax cuts. The potential revenue loss from Georgia's plan could reach $3.8bn in the 2027 budget year, raising questions about its long-term sustainability.

FIRMS

EY names Hala Martin as San Francisco leader

EY has named Hala Martin as office managing partner for its San Francisco office, effective January 2, 2026. A partner since 2015 and with over 25 years at the firm, she succeeds Phillip Mazzie, who becomes growth markets leader for the telecom, media, and technology sector. Ms. Martin will oversee approximately 3,000 professionals in the Bay Area, bringing deep expertise in assurance and advisory services for tech and fintech clients.

Aprio expands into Pacific Northwest

Aprio, a top 25 accounting firm, has expanded into the Pacific Northwest by merging with two CPA firms in the greater Portland area: Delap LLP and Hoffman, Stewart & Schmidt PC. The mergers, effective January 1st, were announced on January 7th, although financial terms were not disclosed. Aprio chief executive Richard Kopelman said: “Delap and HSS share Aprio's vision for helping clients navigate each stage of business growth.” Delap, founded in 1933, brings a strong public company audit practice, while HSS, established in 1979, offers extensive tax and advisory services.

SSC CPAs merges with Harrison Henderson

Topeka, Kansas-based SSC CPAs + Advisors has merged with Harrison Henderson PLLC, an Oklahoma-based public accounting firm. The financial details of the merger remain undisclosed. Founded in 1984, SSC CPAs is a 100% employee-owned firm with over 80 employees across multiple Kansas locations.

ECONOMY

Job openings dropped sharply in November, signaling cooling labor demand

U.S. job openings fell by 303,000 to 7.15m in November, a steeper decline than expected, according to the Labor Department's latest JOLTS report. Hiring also decreased by 253,000 to 5.12m, as economic uncertainty and structural changes such as artificial intelligence adoption restrained labor demand. However, the number of layoffs stood at 1.7m, down from 1.9m in October. The quits rate rose to 2%, from 1.9% a month prior.

Factory orders fell 1.3% in October amid delayed data catch-up

U.S. factory orders declined 1.3% to $604.8bn in October, slightly more than economists’ expectations, according to a delayed Commerce Department report. The dip followed a drop in September and reflects ongoing volatility amid efforts to recover from last year’s government shutdown. Meanwhile, shipments rose 0.1%, and unfilled orders increased 0.2%, continuing a 16-month trend of rising backlogs.

U.S. services sector grows at fastest pace in over a year

U.S. services activity accelerated in December, with the ISM Services PMI rising to 54.4, the highest since October 2024, driven by robust new orders, business activity, and a rebound in hiring. Economists polled by the Wall Street Journal had expected the index to drop to 52.2 The expansion exceeded all economist forecasts, signaling renewed momentum in the largest sector of the U.S. economy.

INTERNATIONAL

Trump withdraws U.S. from 66 international organizations

President Donald Trump has signed an executive order directing U.S. departments to end participation in and funding for 31 United Nations entities and 35 non-UN organizations "as soon as possible." The entities include the Intergovernmental Panel on Climate Change and the UN Framework Convention on Climate Change. The move is seen as likely to diminish the U.S. role in addressing greenhouse gas emissions. The orders were signed on Wednesday after a review into causes that the White House said were "a waste of taxpayer dollars". "These withdrawals will end American taxpayer funding and involvement in entities that advance globalist agendas over U.S. priorities," it said in a statement.

India regulator finds BofA shared confidential information ahead of 2024 block trade

The Securities and Exchange Board of India, India's markets regulator, has found that Bank of America improperly shared material non-public information regarding a $180m block trade of stock and misled the authorities about it. The regulator accused BofA in November of improperly sharing information related to the sale of shares in Indian asset manager Aditya Birla Sun Life AMC. BofA is preparing a response to the claims and is expected to seek a settlement in the millions of dollars without admitting or denying wrongdoing.
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