Briefs
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Personal Finance
A 10-year TIPS matured today after paying a 0.045% real yield
Bought at auction in July 2016, it returned 3.381% a year in nominal terms. The nominal note sold beside it yielded 1.59%.
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Tax
AICPA finalizes independence rules for tax services to audit clients
PEEC approved revisions to the Tax Services interpretation of the ethics code, effective January 15, 2027.
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Small Business
Alabama's 2% state grocery tax came back on July 1
A two-month suspension under Act 2026-604 expired, and retailers resumed collecting the state rate on SNAP-eligible food.
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Technology
EU General Court dismisses Apple's challenge to its DMA gatekeeper status
The App Store and iOS designation stands. The court ruled the iMessage complaints inadmissible.
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Technology
ASML raised its 2026 sales guidance for the second time this year
Full-year sales are now guided to 43 to 45 billion euros, against 36 to 40 billion previously.
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Finance
Mortgage lending rose about 30 percent at the three biggest US bank originators
Chase originated $17.2bn, Wells Fargo $9bn and Bank of America $3.5bn in first mortgages in the second quarter.
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Finance
Bank of America profit rose 27 percent to $9.1bn as trading revenue hit $7.1bn
Revenue rose 15 percent to $31.6bn. Equities trading revenue rose 70 percent, to $3.6bn, a record.
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World
Bank of Canada holds at 2.25% as gasoline lifts inflation to 3.2%
The overnight rate stays at 2.25%. Consumer prices rose 3.2% in May, or 2.2% excluding gasoline.
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Finance
BlackRock crossed $15tn in assets under management for the first time
Assets reached $15.34tn on $192bn of net client inflows in the quarter, a record for the firm.
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Finance
Bank of England says equity market leverage has risen significantly since December
The FPC held the countercyclical capital buffer at 2 percent and flagged AI-linked credit demand and cyber risk.
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World
Brent settles at $84.73 after US strikes on Iran and a renewed naval blockade
WTI settled at $79.34, up 1.5 percent. Trump dropped a proposed 20 percent fee on cargo crossing Hormuz.
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Tax
IRS adds digital notices and EIN letters to Business Tax Account
The summer 2026 update lets business users download CP575 EIN verification and pay toward an offer in compromise.
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Accounting
Audit partners rate client AI governance as early stage
Nearly 90 percent of surveyed audit partners called their largest client's AI governance developing or early stage.
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World
China consumer prices rose 1% in June while producer prices rose 4.1%
Consumer inflation slowed from 1.2% in May and missed forecasts. Producer prices grew at their fastest since 2022.
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World
China's economy grew 4.3 percent in the second quarter, below Beijing's target
Growth slowed from 5 percent in the first quarter and missed the official 4.5 to 5 percent target range.
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Finance
Citigroup shares fell 5 percent after executives signaled heavier spending ahead
Citi posted net income of $5.8bn on revenue of $24.8bn, then told analysts investment spending could accelerate.
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Technology
Commerce official says very few H200 chips have reached China so far
Jeffrey Kessler told a House committee that shipments against H200 licences amount to a very small quantity.
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Small Business
IRS says a conditional deficit restoration promise buys a partner no basis
Chief Counsel Advice 202628009 holds that an obligation the general partner can choose not to call is not a payment obligation.
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Economics
Consumer prices fell 0.4 percent in June as energy costs dropped
Annual CPI inflation slowed to 3.5 percent, from 4.2 percent in May. Core CPI was flat on the month.
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World
Container freight to North Europe is up about $3,000 a box in six weeks
Asia to North Europe is near $5,800 per forty-foot container. Drewry's index hit its highest since September 2024.
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Tax
Treasury finalizes rules making some charitable trust deals listed transactions
Final regulations require participants and material advisers to disclose certain CRAT and annuity arrangements.
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Tax
Tax Court denies above-the-line deduction for credit reporting legal fees
FCRA claims do not involve unlawful discrimination under section 62(a)(20), the Tax Court held in Eiler.
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Small Business
ERC refund suit survives without pleading the specific shutdown order
A Mississippi federal court let a $5.4m employee retention credit refund claim proceed but dismissed the declaratory judgment count.
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Technology
EU top court upholds Google's €4.1bn Android fine, ending the appeal
The Court of Justice dismissed the appeal by Google and Alphabet on July 2. No further appeal is available.
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Technology
EU preliminarily finds Instagram and Facebook design breaches the DSA
The Commission points to infinite scroll, autoplay and push notifications. No final decision has been made.
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World
The EU side of the 15% tariff deal with Washington took effect on July 1
The EU dropped all duties on US industrial goods. The US rate on most EU goods is a 15% all-inclusive ceiling.
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Accounting
FASB proposes that funds discount shares they are contractually barred from selling
Comments close July 17. Investment companies would disclose the discount attributable to sale restrictions.
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Economics
Marc Andreessen and Mervyn King will co-lead the Fed's five policy task forces
The Fed named 15 outside co-leads across task forces on communications, the balance sheet, data, jobs and inflation.
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Economics
The US is paying about $24bn a week in interest on the federal debt
Interest cost $857bn in the first nine months of fiscal 2026, up 13 percent, as the deficit neared $1.4tn.
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Small Business
Groups with local chapters must file a new IRS form each year, by fax
Form 15644 replaces the old supplemental group ruling submission. It is due 30 to 90 days before the year closes.
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Personal Finance
Four groups lose charitable status, and gifts to them stop being deductible
Announcement 2026-12 revokes four section 501(c)(3) determinations, with effective dates going back to 2022.
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Accounting
UK will let Chinese auditing standards be used for London Stock Connect GDRs
The FRC direction covers audit reports signed between 1 September 2026 and 1 September 2028.
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Accounting
FRC fines Forvis Mazars £577,125 over the Studio Retail Group audit
The audit partner was fined £33,412. Both admitted serious breaches and received severe reprimands.
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Accounting
FRC study finds AI use in UK corporate reporting is cautious and uneven
Generative AI shows up in narrative reporting. Use inside the financial statements stays limited.
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Accounting
Former Virgin Money chief named preferred candidate to chair the FRC
Dame Jayne-Anne Gadhia would succeed Sir Jan du Plessis, who steps down on 30 September 2026.
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Finance
Goldman Sachs reports record quarterly net revenues of $20.34bn
Second-quarter diluted EPS reached $20.98, up from $10.91 a year earlier. Equities trading brought in $7.42bn.
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Finance
Hayfin raised more than €15bn for a direct lending fund, doubling its last vintage
Direct Lending Fund V beat a target of about €8bn and more than doubled the €6bn raised in 2023.
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World
War risk cover for a Hormuz transit now runs 2% to 6% of a ship's value
Insuring a $100 million tanker through the strait can cost $6 million. Requests for quotes have dropped.
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Small Business
Importers have been paid about $71bn in tariff refunds, with an appeal still running
CBP has wired roughly $71 billion including interest through its CAPE system since the Supreme Court voided the IEEPA tariffs.
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Accounting
IESBA publishes ethics guidance on AI and emerging technology
The staff publication groups technologies by traits such as opacity and autonomy rather than by name.
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Accounting
IMA launches an index scoring how much employers value management accounting
Financial services scored highest and construction lowest. Small firms rated financial reporting least important.
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Economics
The IMF cut 2026 global growth to 3.0 percent and raised inflation to 4.7 percent
The Fund said global disinflation has stalled and assumes Hormuz shipping normalises from mid-July.
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World
India's consumer inflation accelerated to 4.38% in June
Prices rose faster than the 4.30% economists expected, up from 3.93% in May, on food and transport.
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Tax
IRS to grant penalty relief automatically to compliant taxpayers
The IRS will abate three common penalties without a request from taxpayers who have three clean years behind them.
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Tax
IRS raises business mileage rate to 76 cents for the second half of 2026
The business standard mileage rate rises to 76 cents from 72.5 cents for travel on or after July 1.
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World
Japan set a 4% coupon on 30-year debt, up from 3.4% in January
The July 7 auction drew 2,070.0 billion yen of bids against 454.9 billion accepted, a cover ratio of 4.55.
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World
Japan reported no yen intervention in the month to June 26
The Ministry of Finance posted zero for May 28 to June 26, after 11.73 trillion yen in the previous window.
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Finance
JPMorgan reports second-quarter net income of $21.2bn
Reported revenue was $57.3bn. The board approved a higher quarterly dividend of $1.65 a share.
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Small Business
Minimum wages rose July 1 in Alaska, Oregon and the District of Columbia
Alaska went to $14.00 from $13.00, DC to $18.40 from $17.95, and Oregon reset its three regional tiers.
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Economics
Existing home sales fell 2.4 percent in June while the median price hit a record $440,600
Sales ran at a 4.09 million annual rate. It was the 36th straight month of year-over-year price gains.
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Economics
June Fed minutes show a few officials saw a case for raising rates immediately
The 12-0 hold at 3.5 to 3.75 percent concealed a committee split on where rates should sit in December.
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Economics
Employers added 57,000 jobs in June and April and May were revised down by 74,000
The unemployment rate fell to 4.2 percent as participation dropped 0.3 points, to 61.5 percent.
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Tax
Court of Federal Claims strikes down a GILTI rule on disqualified basis
Judge Tapp held Treasury lacked authority under section 7805(a) to bar amortization deductions in the GILTI disqualified period.
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Tax
The Kwong refund claim window closed on July 10 with no refunds paid
The IRS opened an electronic Form 843 route on July 1, nine days before the protective claim deadline, and is appealing Kwong.
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Personal Finance
IRS removes a death benefit tax trap from life insurance policy swaps
Final rules undo a 2019 regulation that could have made a death benefit taxable after a routine 1035 exchange.
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Accounting
Lightyear Capital takes majority stake in Prosperity Partners
Unity Partners keeps a minority position in the Chicago firm. Terms were not disclosed.
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Small Business
Marginal well gas credit is set at 81 cents per Mcf for 2026
Notice 2026-42 puts the section 45I reference price at $2.20 per 1,000 cubic feet for tax years beginning in 2026.
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Economics
The trade deficit widened to $77.6bn in May as capital goods imports hit a record
The gap rose $23.0bn from a revised $54.6bn in April. Capital goods imports reached $127.9bn.
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Technology
Meta expands its Louisiana data centre to 5GW and more than $50bn
The Richland Parish site was costed at $27bn in October. Meta adds more than $1bn for local roads and water.
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Accounting
Missouri opens a bachelor's degree route to CPA licensure
Senate Bill 1233 adds a bachelor's plus two years of experience path to licensure, effective August 28.
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Economics
Money supply is back in the Fed's monetary policy report under Warsh
M2 ran 4.7 percent higher in the first five months of 2026 than a year earlier, closer to the range seen in the 2010s.
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Finance
Morgan Stanley posts record net revenues of $21.3bn as equities trading rose 69 percent
Net income reached $5.58bn, or $3.46 a share. Equities net revenues rose to $6.30bn, from $3.72bn.
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Finance
M&T Bank earned a record $818m as commercial lending grew across every category
Diluted EPS of $5.32 was the highest in the bank's history. M&T raised its full-year loan target by $1bn.
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Technology
National Grid Ventures to pay $1.75bn for 35% of power developer Joulent
The deal targets dedicated generation for US data centres. Joulent's lead project supplies a Microsoft-operated site.
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Accounting
New AICPA audit standard requires confirming cash held by third parties
SAS No. 150 makes external confirmation of cash and cash equivalents a requirement, with limited exceptions.
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Technology
New York pauses permits for large data centers for up to a year
Executive Order 62 halts state environmental permits for data centers drawing 50 megawatts or more.
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World
New Zealand raises its cash rate to 2.50%, a first increase since 2023
The Monetary Policy Committee agreed on 25 basis points on July 8. Headline inflation is seen peaking at 3.9%.
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Tax
IRS sets 2026 inflation factors for nuclear, hydrogen and clean fuel credits
Notice 2026-41 publishes the section 45U, 45V and 45Z inflation adjustment factors and applicable amounts for 2026.
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World
Oil above $85 complicates the ECB rate decision due on July 23
Brent September futures traded above $85 on Wednesday, after trading closer to $70 last week.
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World
Seven OPEC+ producers will add 188,000 barrels a day in August
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met by video on July 5 and agreed the increase.
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Personal Finance
Lawyers warn NYC second-home buyers could inherit a seller's pied-a-terre tax bill
The surcharge took effect July 1. The rules that say who owes it are still in draft.
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Personal Finance
World Cup bets may be taxed differently on prediction markets than at a sportsbook
Sportsbook losses face a new 90 percent deduction cap. Event contracts may sit outside it. The IRS has not ruled.
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Tax
IRS moves QDOT bond filings out of the estate tax return
Final regulations under section 2056A change where QDOT bonds and letters of credit must be filed.
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Economics
Credit card balances shrank in May after two months of double-digit growth
Revolving credit fell at a 4.7 percent annual rate. Total consumer credit was unchanged, at $5,154.5bn.
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Small Business
SBA borrowers can now stack 7(a) and 504 loans to $10 million
Effective July 4, the cumulative ceiling across the two programs doubled from $5 million to $10 million.
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Small Business
Small business optimism rose to 97.4 in June, a four-month high
The NFIB index gained 2.1 points from 95.3 in May. Inflation is now the top problem for 21 percent of owners.
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Personal Finance
Social Security COLA estimates for 2027 drop to between 3.7 and 3.8 percent
Cooler June inflation cut one 2027 estimate to 3.7 percent, from 4.7 percent a month earlier.
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Finance
SpaceX's $85.7bn listing handed Wall Street banks a second-quarter fee windfall
Fees from the largest IPO on record lifted investment banking revenue at Goldman Sachs and Bank of America.
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Technology
SpaceX shares slipped below their $135 IPO price for the first time
The stock fell for a fourth session on Wednesday and closed at $135.27, about a month after listing.
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Small Business
Two rubbers join the Superfund excise tax list on October 1
Notice 2026-43 adds two synthetic rubbers to the section 4672 list at $9.46 and $9.64 a ton for importers.
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Tax
Caring for a dying parent does not toll a tax refund deadline
The Court of Federal Claims held section 6511(h) financial disability covers only the taxpayer's own impairment, not a relative's.
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Personal Finance
The Tax Court is weighing whether COVID stopped interest on old tax debt
Wepplo asks whether section 7508A(d) barred interest from accruing between January 2020 and July 2023.
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Finance
The Treasury sold 30-year bonds at 5.058 percent, the highest auction yield since 2007
Indirect bidders took $17.07bn of the $21.95bn awarded competitively. The bid-to-cover ratio was 2.44.
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Tax
IRS waives gift tax returns for most Trump account contributions
Rev. Proc. 2026-25 treats qualifying cash gifts to a section 530A account as present interests, removing the Form 709 duty.
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Personal Finance
Trump accounts opened on July 4 with one fund and no choice yet
Treasury named five ETFs on July 1. Every contribution goes into the default until the other four are switched on.
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Technology
TSMC June revenue rose 67.9% from a year earlier to NT$442.68bn
The monthly figure was 6.2% above May. First-half sales reached NT$2,404.48bn, 35.6% above the same period of 2025.
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Personal Finance
SSI recipients get two payments in July and none in August
August 1 is a Saturday, so the August payment lands on July 31. It is a calendar rule, not a raise.
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Technology
UK proposes default midnight social media curfews for 16 and 17 year olds
Curfews from midnight to 6am and autoplay switched off by default, expected to take effect by spring 2027.
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World
US Treasury sanctions a financier it says holds assets for Iran's leader
OFAC designated Ali Ansari, a Saint Kitts holding company, and several Iranian exchange houses on July 10.
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Economics
Warsh told Congress the Fed has no tolerance for persistently elevated inflation
In his first testimony as Fed chairman, Warsh gave no rate signal. The target range stands at 3.5 to 3.75 percent.
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Finance
Wells Fargo profit rose 17 percent to $6.4bn as charge-offs kept falling
Net income reached $6.4bn, or $2.00 a share, and the net charge-off rate fell to 0.34 percent of average assets.
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Economics
Wholesale prices fell 0.3 percent in June, the first monthly drop since August 2025
The producer price index declined against a consensus for no change. Annual PPI ran at 5.5 percent.
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Tax
New York's convenience rule survives a second Zelinsky challenge
An appellate court held that a pandemic office closure is not employer necessity, so remote pay stays New York source.
