South Carolina enacts “Heirs’ Property Tax Relief Act”
By Maria T. Albanese, JD, LL.M, Checkpoint News South Carolina has enacted the “Heirs’ Property Tax Relief Act”, which creates …
Thomson Reuters Tax & Accounting News
Appeals court upholds disallowance of $23 million conservation easement deduction
The 11th Circuit U.S. Court of Appeals has affirmed that a taxpayer grossly overvalued a conservation easement on a tract …
PCAOB unveils draft strategic plan for 2026–2030, seeks public feedback
The Public Company Accounting Oversight Board (PCAOB) voted unanimously on July 20, 2026, to seek public comment on its proposed …
Federal Student Loan Financial Aid Updates
Background For decades, the federal government has been the primary source of financial aid for students pursuing post-secondary education. Authorized …
August 2026 Applicable Federal Rates released
The IRS has released the Applicable Federal Rates (AFRs) for August 2026, providing various prescribed interest rates for federal income …
Soccer’s biggest transfers are more than superstar deals — they’re balance-sheet events
Soccer’s transfer market has always been famous for its biggest names — Neymar, Kylian Mbappé, Jude Bellingham, Ousmane Dembélé. But …
Amicus briefs urge 5th Circuit to resurrect suit challenging Johnson Amendment
Multiple groups have filed friend-of-the-court briefs with the 5th U.S. Circuit Court of Appeals, arguing that a district court wrongly …
CBO estimates FY 2026 budget deficit hits $1.4 trillion
The Congressional Budget Office (CBO), in its latest budget review, now estimates the fiscal year 2026 federal budget deficit reached …
PCAOB set to consider draft strategic plan as stakeholders push competing priorities
The Public Company Accounting Oversight Board (PCAOB) will hold a public meeting on July 20, 2026, to consider issuing a …
IRS Announces Midyear Increase in Standard Mileage Rates for Business, Medical, and Moving Expense Purposes
IRS Announcement 2026-11, 2026-29 I.R.B. 49 Available at https://www.irs.gov/pub/irs-irbs/irb26-29.pdf The IRS has announced a midyear increase in the standard mileage …
A third of accounting clients’ advisory work is going to rival firms, U.K. study finds
British companies are quietly ditching their accountants for outside help — and cash, surprisingly, has almost nothing to do with …
Bill would provide new tax incentives for affordable housing preservation
In the wake of a bipartisan housing package passing, Representative Mike Carey (R-OH) has introduced legislation to create new tax …
Banks are using AI to review loans, but humans still make the final loss call
Banks are beginning to use artificial intelligence to handle time-consuming parts of the loan-loss process, but they are not letting …