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24th April 2026
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THE HOT STORY

IRS updates Form 990 for nonprofits

The Treasury Department announced that the IRS will revise Form 990, which is used by tax-exempt organizations, to enhance transparency and combat fraud. Treasury Secretary Scott Bessent stated: "Public money and tax-exempt status demand public accountability," emphasizing the need for clearer reporting on funding sources and uses. The revisions aim to address concerns regarding "fiscal sponsorship arrangements" that may obscure project control and funding. The IRS plans to publish proposed regulations and seek public input before finalizing changes. Treasury Assistant Secretary Ken Kies added: "Tax-exempt status is not immunity from scrutiny," highlighting the expectation for organizations to disclose financial control and allocation. This initiative follows a recent IRS whistleblower alert urging reports of misuse of federal funds by tax-exempt entities.

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INDUSTRY

IPSASB proposes key accounting changes

The International Public Sector Accounting Standards Board (IPSASB) has proposed updates to its standards for government entities to align with recent business guidance from the International Accounting Standards Board (IASB). The two exposure drafts released, ED 95 and ED 96, invite public comments by June 30th 2026. ED 95 focuses on minor improvements to accrual basis IPSAS standards, while ED 96 addresses the definition of an operation and the recognition of certain liabilities in IPSAS 40, which pertains to public sector combinations.

Iowa house pushes property tax bill

The Iowa House has passed a property tax bill, but significant differences with the Senate's version persist. Key disagreements include local government revenue caps and a proposed gas tax increase. House Republicans assert their plan will provide a $435m property tax cut next year and $4bn in relief over six years. Rep. Carter Nordman said: "This proposal... focuses on real, tangible relief for all Iowans." However, Democrats argue the bill merely shifts costs without providing actual tax relief. The House's vote of 64-23 sends the bill back to the Senate, where lawmakers seek a compromise. Senate Majority Leader Mike Klimesh expressed optimism for a collaborative solution, emphasizing the need for substantial property tax relief for Iowans. Negotiations continue as both chambers aim to finalize a bill before the legislative session concludes.

Kentucky opens new CPA pathways

The Commonwealth of Kentucky has enacted House Bill 45, creating an alternative pathway for CPA licensure. This legislation allows candidates to qualify with a bachelor's degree and two years of CPA-verified work experience, while still maintaining the traditional 150-credit-hour requirement. Signed into law by Governor Andy Beshear on April 3, the new licensure options will be effective from July 16th 2026. Darlene Zibart, chief executive of the Kentucky Society of CPAs, stated, "HB45 represents a thoughtful and proactive response to the evolving needs of the accounting profession." The bill aims to address declining CPA candidate numbers and enhance accessibility for nontraditional students and career-changers, ensuring the long-term sustainability of Kentucky's accounting workforce.

Tax pros lend a hand in Alaska

In late February, Melissa Wiley, a partner at Kostelanetz, joined a six-person team from the ABA Tax Section to assist remote Alaskan villages with tax returns. The team prepared over 150 tax returns in villages like Napaskiak and Goodnews Bay, where they experienced the warmth and generosity of the local communities despite harsh conditions. Wiley noted: "We all know how complex and intimidating tax can seem; imagine the impact if we all committed to helping demystify the process for just one taxpayer each year." The trip highlighted the profound need for tax professionals in isolated areas and the personal connections formed through this essential work.

FIRMS

KPMG to axe 10% of U.S. audit partners

KPMG will reduce the number of partners in its U.S. assurance business to enhance productivity and align staffing with market needs. The decision follows the firm's previous offers of early retirement packages to partners. KPMG said: "This action is connected to a multi-year strategy to align the size, shape and skills of our team to the power of our audit platform." The firm aims to better serve clients and protect capital markets through the restructuring.

ECONOMY

New jobless claims edge higher but labor market remains stable

The Labor Department has reported that new applications for unemployment benefits totalled 214,000 in the seven days to April 18th, up 6,000 from a week earlier, and ahead of the 210,000 expected among economists surveyed by the Wall Street Journal. The four-week moving average of claims rose 750 to 210,750, while continuing claims increased from 1.81m to 1.82m. 

U.S. business activity rebounds as Iran conflict drives inflation pressures

U.S. business activity has recovered in April, with the S&P Global Composite PMI rising to 52.0 from 50.3 in March, indicating a return to expansion after near-stagnation, driven by a surge in manufacturing activity, where the PMI reached a 47-month high of 54.0 as firms increased production and built inventories amid concerns over supply disruptions and rising costs. The improvement was supported by stronger new orders and a modest rebound in the services sector to 51.3, though overall growth remains subdued, with economists noting the economy is still struggling to sustain annualized growth above 1%. At the same time, the conflict involving Iran has significantly disrupted global supply chains, particularly shipping through the Strait of Hormuz, leading to longer supplier delivery times and sharp increases in input costs for commodities such as oil, fertilizers, and metals. This has pushed businesses’ input prices to an 11-month high and output prices to their highest level since mid-2022, signalling mounting inflationary pressure.

REGULATORY

Treasury cuts ties with Booz Allen over IRS data leak fallout

The U.S. Treasury has canceled all contracts with Booz Allen Hamilton after losing confidence in the firm’s ability to vet and manage contractors, following a major IRS data leak in which a former Booz employee disclosed confidential tax records of high-profile individuals between 2018 and 2020. Treasury Secretary Scott Bessent said the decision reflects concerns over inadequate screening and safeguarding of sensitive taxpayer data, despite the incident occurring on government systems, while Booz Allen defended its role, noting it cooperated with the investigation and does not store IRS data, with the terminated contracts previously totaling $21m in obligations.

INTERNATIONAL

President Trump threatens tariffs on U.K. over digital services tax

President Trump has warned that he may impose significant tariffs on the United Kingdom if it does not scrap its 2% digital services tax on major U.S. tech firms, including Google, Meta, and Apple. The U.K. government has defended the levy, which raised around £800m in 2024–2025, but Trump criticized it as unfairly targeting American companies, raising the prospect of renewed transatlantic trade tensions ahead of an upcoming state visit by King Charles III.

Goldman Sachs settles shareholder lawsuit over 1MDB scandal

Goldman Sachs is to settle a class-action lawsuit which accuses ​the bank of defrauding shareholders about its work ‌for 1MDB, the Malaysian sovereign wealth fund at the center of a corruption scandal. In a letter filed in Manhattan federal court, the Wall Street lender and the ​shareholders said they had reached an agreement-in-principle to settle, and plan ​to submit a settlement for preliminary approval by May ⁠20.
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