Updates on financial regulations and compliance requirements
The US Supreme Court may rule on Trump's worldwide tariffs as early as Friday, ending a 100-day delay since oral arguments. Over $130 billion collected. Refund mechanisms unclear. CFOs have been filing protective claims.
Treasury issued Notice 2026-15 on 12 February, providing safe harbours for CFOs to test whether prohibited foreign entities are torpedoing their clean energy tax credits. Comments due within 45 days. This matters if you're claiming §45X, §45Y, or §48E credits and have Chinese, Russian, Iranian, or North Korean connections anywhere in your supply chain.
HMRC's voluntary cryptoasset disclosure service has collected just £4.15m since November 2023, despite sending over 100,000 nudge letters to investors. The low yield arrives as new reporting rules took effect on 1 January 2026, requiring platforms to report user data or face £300-per-user fines.
![CFO seats turned over at 1 in 5.5 Fortune 500 firms in 2025 [US]](/placeholder.svg)
Internal promotions hit 65% as CFO turnover climbed 17.7% year-on-year across Fortune 500 and S&P 500 companies. If you've been eyeing the CFO chair, the odds improved. Slightly.
The IRS rolled out business-level features for Tax Pro Account on 9 February 2026. Firms using Centralised Authorisation File systems can now manage employee access, link CAF to EIN, and withdraw authorisations digitally. Sole proprietorships without CAF are unaffected.
The AICPA has asked Treasury to scrap or simplify Notice 2025-75's 'determine and document' requirement for controlled foreign corporation dividends. The rule demands proof that dividends increased US taxable income, but doesn't clarify what analysis or substantiation actually counts. Many affected transactions already closed before the notice dropped on 4 February.
A California couple claimed nearly $200,000 for donating 4,000 cycling items. The Tax Court rejected the entire deduction despite Form 8283 filing. Missing: adequate item descriptions and required appraisals for high-value property.
Rep. Kevin Kiley introduced legislation blocking states from taxing former residents retroactively, directly targeting California's proposed 5% wealth tax on billionaires. The measure adds federal weight to a debate already splitting Democrats and prompting exit plans from Zuckerberg, Page, and Brin.
Italy's Guardia di Finanza raided Amazon's Milan headquarters and KPMG's offices on 12 February 2026, investigating whether Amazon maintained an undisclosed permanent establishment in Italy from 2019 to 2024. KPMG provided opinions on the matters under scrutiny but is not itself under investigation.
HMRC's Making Tax Digital for Income Tax hits 864,000 sole traders and landlords on 6 April 2026. That's 49 days to get software sorted, test quarterly filings, and explain the new points-based penalty system to clients who think Self Assessment is still annual.
Senate Bill 6346 passed Monday, imposing 9.9% on income over $1 million from 2028. The bill now heads to the House with three weeks until adjournment and legal challenges already anticipated.
KPMG Australia caught 28 staff using AI to cheat on internal exams since July, including a partner who uploaded training materials to pass an open-book AI test. The partner is paying $10,000 out of pocket, with more sanctions likely from Chartered Accountants ANZ.