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Most U.S. public companies would continue providing investors with quarterly financial updates even if the SEC allows them to make formal regulatory filings only twice a year, according to a KPMG survey of 156 finance executives. Thirty-nine percent of respondents said they would issue quarterly earnings releases while switching to semiannual regulatory filings, while another 39% would retain their existing quarterly 10-Q filings and earnings releases. Just 3% would move entirely to semiannual reporting, while 7% would provide selected interim financial data. Although supporters argue that less frequent filings could reduce costs and administrative work, many companies question the potential savings, with more than half of those surveyed bound by financing agreements requiring quarterly information and 94% planning to maintain quarterly internal governance and oversight. Some executives also warned that less frequent reporting could reduce transparency, weaken financial discipline, and make companies less attractive to investors.

 

Wall Street Journal

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Mark Cuban has criticized Congressman Ro Khanna's proposal to lend money to billionaires for paying wealth taxes, calling it "insane." Mr. Cuban argued that such loans would not generate any additional revenue for the state, questioning the purpose of the plan. Mr. Khanna supports a one-time 5% tax on billionaires' wealth in California, which has sparked controversy and prompted some billionaires to leave the state. He suggested that the government could offer loans in exchange for shares, with terms that are "long but not infinite." Mr. Cuban, who has a fortune of $10.6bn, expressed skepticism about the proposal, saying: "only idiot startup founders stay in Cali" if the tax passes.

 

Los Angeles Times

Some of Texas’ largest cities are considering property tax increases, service reductions, and job cuts as slower tax revenue, rising costs, and state-imposed revenue limits strain municipal budgets. Dallas faces a $51m gap, Fort Worth a $94m shortfall, San Antonio a $158m deficit over two years, and Austin a structural deficit that had been projected to exceed $122m early next decade. Austin has raised its property tax rate to the maximum allowed without voter approval, increasing the average homeowner’s annual tax bill by $195, while San Antonio and Fort Worth are also considering higher rates alongside spending reductions. Dallas, meanwhile, is proposing a slight tax cut while laying off more than 100 employees and reducing library hours. Cities are also eliminating vacant positions, raising fees, and exploring other savings as public safety, employee compensation, and health care costs rise. Longer term, experts argue that cities may need to reconsider tax incentives, contract out some services, control spending growth, and permit denser housing to expand their tax bases. Further pressure could come from the Texas Legislature, where Republican lawmakers are considering tighter limits on local budgets and property tax increases, while critics argue that existing state restrictions have constrained cities’ ability to fund services and infrastructure.

 

The Texas Tribune

The 2025 tax law has created both opportunities and challenges for taxpayers as the Treasury Department, IRS, and Congress continue to develop guidance, implementation details, and technical corrections. AICPA argues that CPAs have a critical role in helping clients navigate this uncertainty by translating complex developments, setting realistic expectations, and providing practical advice rather than waiting for definitive answers. Tax professionals are encouraged to use a structured framework that distinguishes what is known, what remains uncertain, and what actions clients can take now. This can include modeling tax and cash-flow scenarios, monitoring regulatory developments, explaining assumptions and alternatives, documenting the reasoning behind recommendations, and revisiting decisions as new guidance emerges. AICPA also emphasizes professional judgment when clients face decisions involving income and deduction timing, estimated taxes, transactions, penalty exposure, and disclosure requirements. Clear, ongoing communication, supported by tools such as client portals, IRS notice tracking, and issue-management systems, can help advisers strengthen client relationships while managing the risks associated with an evolving tax environment.

 

Bloomberg Law

The PCAOB has published its first Canadian audit inspection reports of 2026, finding no significant deficiencies in the audits it reviewed at Deloitte Canada and Vancouver-based De Visser Gray. The U.S. watchdog inspected five Deloitte audits, focusing primarily on revenue and related areas, and three De Visser Gray audits, focusing on cash, cash equivalents, and long-lived assets. Deloitte voluntarily disclosed potential independence issues involving an audit team member’s investments in audit clients and prohibited bookkeeping services provided to an affiliate of an issuer audit client, but said its objectivity and impartiality were not impaired. The findings broadly align with recent favorable inspections by Canada’s audit regulator, the Canadian Public Accountability Board. The reports come as the PCAOB operates with fewer resources following a 9% budget reduction and an approximately 5% staff reduction. Its accounting support fee has fallen 18.4% to $306m, while a newly established Inspections Modernization Council is considering changes including greater use of automation and artificial intelligence, and an increased focus on firms’ quality control systems.

 

Canadian Accountant

U.S. homebuilder sentiment edged up in August but remained firmly negative as elevated construction costs, borrowing expenses, and mortgage rates continued to constrain the housing market. The National Association of Home Builders/Wells Fargo Housing Market Index rose 1 point to 35, marking the 16th consecutive month below 40, while the gauge of current sales increased 2 points to 39. Builders continue to rely heavily on incentives to support demand, with 63% offering sales incentives in August and 35% cutting prices, compared with 37% in July. Price reductions have now been reported by at least 30% of builders for 16 consecutive months, while incentives and higher materials costs are putting additional pressure on profitability. Builder sentiment improved slightly in the South, West, and Northeast, but expectations for future sales and prospective buyer traffic were unchanged, signaling continued caution across the new-home market.

 

Bloomberg

Wall Street Journal

Manufacturing activity in New York strengthened sharply in August, with the Empire State Manufacturing Index rising to 20.60 from 15.60 the previous month and significantly exceeding the forecast of 10.60. A reading above zero indicates improving conditions, making the latest result a strong signal of expansion among the state’s manufacturers. The better-than-expected reading indicates improving business conditions in New York’s manufacturing sector and could bolster confidence in the broader U.S. economy. The report said the result may also be viewed as supportive of the U.S. dollar and could influence investor expectations around monetary policy.

 

Investing

Rebel Creamery, which sells its low-carb Rebel Ice Cream through major U.S. retailers including Walmart, Target, and Kroger, has filed for Chapter 11 bankruptcy protection as it seeks to restructure its debts following a $23.8m judgment in a trademark dispute. Rival ice cream brand Van Leeuwen sued Rebel in 2021, alleging trademark infringement and copied branding, with a court subsequently ordering Rebel to redesign its packaging and awarding Van Leeuwen $23.8m in disgorged profits. Rebel’s bankruptcy petition lists both assets and liabilities of between $10m and $50m.

 

Cincinnati Enquirer

The Securities and Exchange Commission has been urged to reconsider a proposal to scrap a longstanding rule requiring the execution of stock trades at the best available price. Citadel Securities said the regulator's proposal could divert trading from public exchanges, ​harm retail investors and reduce market liquidity. "We urge the Commission ​to reconsider this Proposal, including the far less risky alternative of imposing a minimum volume threshold for exchanges to receive ​protected quote status," the market-making firm said.

 

Reuters

Changes stemming from the SECURE 2.0 Act are altering the tax treatment of catch-up retirement contributions for some higher-earning workers. Employees aged 50 or older who earned more than $150,000 in 2025 FICA wages from the same employer generally must make 2026 catch-up contributions to that employer’s 401(k), 403(b), or governmental 457(b) plan on a Roth, or after-tax, basis, removing the immediate income tax deduction previously available on those contributions. For 2026, the standard 401(k) contribution limit is $24,500, with workers aged 50 and older able to contribute an additional $8,000, while those aged 60 to 63 can make larger “super catch-up” contributions. Although affected high earners may face higher current tax bills under the Roth approach, qualified withdrawals can be tax-free in retirement, shifting rather than eliminating the tax benefit. Affected workers should review their retirement strategies, particularly whether their employer offers a Roth option, and consider how the change affects their mix of pre-tax and after-tax savings. IRS transition guidance has led some employers to adopt the new framework early, despite final regulations generally applying to contributions in taxable years beginning after December 31, 2026.

 

CEO World

Canada is preparing for new 50% U.S. tariffs on nearly $20bn of goods from Wednesday as negotiations with Washington remain far from an agreement, raising concerns over further job losses and weaker investment. The duties will cover products including wine, furniture, dairy, cement and clothing, affecting about 5.2% of the $383bn of U.S. goods imports from Canada in 2025, and will apply even to products qualifying for preferential treatment under the U.S.-Mexico-Canada Agreement. Auto tariffs and Canada’s dairy system remain key sticking points in wider negotiations, while businesses have warned that a 50% levy could make some Canadian products uncompetitive in the U.S. and particularly hurt smaller exporters. The dispute also threatens to complicate the future of the USMCA after President Donald Trump declined to extend the agreement for another 16 years, leaving it subject to annual reviews.

 

US News and World Report

A correction in U.S. technology stocks is likely and could threaten the financial stability of the Eurozone, according to a blog post by a team of European Central Bank economists. "Economic research on past technological revolutions points to a worrisome ​conclusion: a correction of current stock market valuations is likely," ⁠said the post, which added that even if AI does live up to expectations and profits rise, stocks may still fall because it is ​hard to fulfil markets' excessively optimistic profit growth bets.

 

Financial Times

Reuters