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Accountancy Slice
USA
30th April 2026
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THE HOT STORY

Bipartisan bills aim to modernize IRS

The House has passed a series of bipartisan tax-related bills aimed at improving IRS operations, including customer service and taxpayer privacy. The Taxpayer Experience Improvement Act, introduced by Rep. David Schweikert (R-AZ) and Rep. Don Beyer (D-VA), seeks to modernize IRS services by providing real-time information on call volumes and wait times. "Taxpayers should not have to spend an afternoon on hold just to find out whether the IRS received a document or when their refund is coming," Schweikert stated. The bill also proposes expanding online taxpayer accounts for easier access to tax documents and responses. If approved by the Senate, these changes could significantly enhance taxpayer experience and efficiency by 2028.

FILEFORMS - KWONG v U.S.

The IRS May Owe Your Clients Refunds — Meet PenaltyBack by TaxNow

A landmark federal court ruling, Kwong v. United States, established that the IRS failed to properly suspend tax payment and filing deadlines during the COVID-19 disaster period (January 20, 2020 to July 10, 2023). As a result, failure-to-file and failure-to-pay penalties, along with underpayment interest assessed during that window, may have been improperly charged.

The IRS has already refunded $1.2 billion through limited programs, yet most eligible taxpayers have not filed claims. The deadline to file is July 10, 2026.

Don’t let clients ask, “Why didn’t my advisor tell me about this?”—especially when it also represents a meaningful revenue opportunity for your firm.

PenaltyBack by TaxNow enables bulk eligibility scans or a white-labeled, self-service tool, identifying qualifying taxpayers, calculating refunds, and supporting Form 843 preparation and submission.  

Let’s see who qualifies

 

TAX

Property tax compliance costs exceed six figures annually for most large enterprises

According to a report by Avalara, titled Paying to Stay Behind: The Hidden Cost of Outdated Property Tax Compliance Strategies, many organizations are struggling with property tax compliance. The report reveals that six in 10 organizations spend between 81 and 160 hours monthly on compliance, equating to two to four full-time workweeks. Despite significant investments, many still face financial penalties and missed savings. Carl Hoemke, general manager of property tax at Avalara, said: “Penalties and interest have simply become the norm.” While modernization is a priority for many, only a small percentage currently utilize dedicated software solutions, leaving most reliant on outdated methods. The complexities of property tax compliance are impacting strategic business decisions, highlighting the urgent need for effective solutions.

FIFA nears tax break for World Cup teams after U.S. talks

FIFA is close to securing a U.S. federal tax exemption for all 48 teams competing in the 2026 World Cup following negotiations with the Treasury, allowing national associations to apply for nonprofit status that could save millions, although state and local taxes may still apply. The move comes alongside a 15% increase in tournament payments to $871m, with each team guaranteed at least $12.5m, helping address concerns over the rising costs of participation.

Tax filing made easier with autofill

Rep. Bill Foster (D-IL) has introduced the Autofill Act, a voluntary tax filing program that allows taxpayers to access a secure IRS website to download prepopulated tax forms. The initiative aims to simplify the tax filing process by using information already collected by the IRS from employers and financial institutions. Foster said: "It's long past time to make the tax filing process more efficient and less expensive for the American people." The Autofill Act is designed to be accessible to all income levels and will replace the Direct File program, which was discontinued last year. A December 2024 report from the Government Accountability Office highlighted the success of Direct File during its pilot test, although it noted challenges in IRS staffing. The new program promises to modernize tax filing and save taxpayers time and money.

FIRMS

CBIZ beats Q1 earnings forecast, boosting shares

CBIZ has reported first-quarter 2026 earnings per share of $2.50, beating forecasts of $2.25 and rising from $2.33 a year earlier, while revenue increased 1.3% year over year to $849m but slightly missed expectations. The results were driven by operational efficiencies and improved cash flow, with adjusted EBITDA rising to $244m and free cash flow increasing by $64m, although performance was mixed across segments, with growth in Financial Services offset by a 4% decline in Benefits and Insurance, and the stock rose 2.12% in after-hours trading amid optimism around future artificial intelligence-driven initiatives.

Platform Accounting Group expands reach in Northeast

Platform Accounting Group has expanded its presence in Pennsylvania by welcoming St. Clair & Associates into the Keystone Advisors network. This marks Platform's second location in the state, enhancing its reach in the Northeast marketplace. St. Clair & Associates has been serving the community for over 50 years, offering services such as accounting, bookkeeping, tax preparation, and payroll for small businesses and individuals. Bill Kirwan, principal at St. Clair & Associates, expressed enthusiasm about the partnership, saying: “We are thrilled for this next chapter as part of the Platform ecosystem.” With Platform's resources, they aim to provide even greater support to their clients.

ECONOMY

Fed holds rates steady as Powell signals post-chair role amid policy divisions

The Federal Reserve held interest rates steady at 3.5% to 3.75% at Jerome Powell’s final meeting as chair, but deep internal divisions emerged over the future policy path, with four officials dissenting on guidance. While most supported maintaining an easing bias that suggests eventual rate cuts, others opposed it, and one policymaker favored an immediate cut, highlighting uncertainty as inflation risks persist. Mr. Powell also announced he will remain on the Fed’s board after stepping down as chair in May, breaking with precedent, citing concerns that legal and political pressures on the institution are undermining its independence. His successor, Kevin Warsh, will inherit a complex environment shaped by ongoing inflation around 3%, new energy-related shocks linked to geopolitical tensions, and questions over whether current policy is sufficiently restrictive.

Single-family housing starts hit 13-month high but outlook signals slowdown

U.S. single-family housing starts rose 9.7% in March to a seasonally adjusted annual rate of 1.03m units, marking a 13-month high and contributing to a broader 10.8% increase in overall housing starts to 1.5m units. The Commerce Department said the gain, alongside an 8.9% year-over-year rise in single-family construction and strong growth in multifamily activity, points to a short-term rebound in building activity. However, forward-looking indicators suggest the improvement may be temporary. Permits for future single-family construction fell 3.8% to 895,000 units and were down 7.9% year-over-year, while overall building permits dropped 10.8%, reflecting weakening momentum. Builder confidence has also deteriorated, with rising mortgage rates, higher material and energy costs, and ongoing tariff pressures weighing on sentiment. Mortgage rates have climbed above 6.2% in recent weeks, further dampening affordability and demand. While increased inventories and recent construction gains offer some support, the combination of higher borrowing costs and elevated input prices suggests housing activity could face renewed pressure in the coming months.

U.S. goods trade deficit widens to $87.9bn as import surge outpaces exports

The U.S. goods trade deficit widened more than expected in March, according to the Commerce Department, rising 5.3% to $87.9bn, as a sharp increase in imports outpaced export growth and pointed to a potential drag on first-quarter economic performance. Imports climbed by $9.6bn to $299.3bn, driven by strong demand across categories including motor vehicles, food, capital goods, and industrial supplies, while exports rose by a smaller $5.2bn to $211.5bn, with gains in vehicles, energy-related goods, and capital equipment partly offset by a decline in consumer goods shipments. The Commerce Department also reported Wednesday that U.S. durable goods orders increased 0.8% to $318.9bn in March, exceeding forecasts and ending a three-month decline, driven by gains across key categories. Orders excluding transportation rose 0.9%, while shipments also increased 0.7%, indicating a modest rebound in manufacturing activity.

PERSONAL FINANCE

Consumers push back as price rises reshape spending habits

U.S. consumers are increasingly altering their spending behavior in response to rising prices, cutting back sharply on goods where inflation has been most pronounced while maintaining or even increasing spending on services and experiences. Data shows that categories such as clothing, furniture and sporting goods have seen notable declines in inflation-adjusted spending, down around 5%-7%, at the same time as prices in those areas have risen between 7% and 16%, highlighting a clear resistance to higher prices. This shift suggests that current inflation is being driven less by strong consumer demand and more by companies passing on higher input costs, including those linked to tariffs and supply chain pressures. Economists note that, unlike during the pandemic when demand surged, consumers are now more selective and price-sensitive, pushing back when goods become too expensive. They also warn that as income growth slows and elevated prices persist, particularly for energy, consumer spending is likely to weaken further, with inflation continuing to shape purchasing decisions across the economy.

STRATEGY

Tax-free debt exchanges gain importance despite regulatory uncertainty

Tax-free debt-for-equity and debt-for-debt exchanges are playing an increasingly important role in corporate spin-offs and split-offs, enabling parent companies to reduce debt and monetize assets without triggering tax liabilities. Their use has grown alongside rising demand for “pure-play” businesses and deconglomeration strategies, although evolving and less predictable IRS guidance has created uncertainty around acceptable structures, prompting companies to rely more heavily on expert tax advice when executing these complex transactions.

INTERNATIONAL

Millions of Canadians delay tax filing as deadline hits

A new survey by H&R Block Canada shows that 28% of Canadians, or nearly 9m people, had yet to file their taxes ahead of today's deadline, up from 22% last year, with most citing procrastination or lack of time. While 69% of those still to file say they plan to meet the deadline, others expect to file late due to disorganization or technical issues, despite penalties that include an immediate 5% charge on unpaid taxes and additional monthly fines, as tax experts stress that filing on time is essential to access government credits and avoid escalating costs.
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