Compliance
CBP Announces Four-Step Tariff Refund Process, Advancing IEEPA Tariff Refund System Development
U.S. Customs and Border Protection (CBP) has established a four-step process to refund fees collected from importers under the International Emergency Economic Powers Act (IEEPA) tariffs, which were struck down by the Supreme Court last month. CBP outlined this process in a filing submitted to the U.S. Court of International Trade on Thursday, and revealed that it is developing new features in the Automated Commercial Environment to calculate and deliver refunds.
EY Tax Technology Leader: CFOs and Tax Executives Need to Restructure Data Strategy in the AI Era
With the advancement of new regulations such as Pillar 2 and AI technology, tax and finance departments are seeking to restructure how they access data. Daren Campbell, EY Americas Tax Technology and Transformation Leader, says that new regulations provide an opportunity to secure budget, but data silos and rigid processes remain the main obstacles to achieving AI transformation.
GAO Report: Most Tax Preparation Service Personnel Lack Professional Standards, Leading to Costly Errors
A recent U.S. Government Accountability Office (GAO) report indicates that most paid tax preparation service personnel are not subject to uniform education or professional testing standards, and their error rates are significantly higher than those of self-filers or certified professionals, leading to billions of dollars in improper tax credits annually and exposing taxpayers to audit and penalty risks. The report recommends that Congress authorize the IRS to establish uniform professional standards.
Businesses Await More Tax Details from the 'One Big Beautiful Bill Act'
Tax professionals note that U.S. businesses should closely monitor subsequent tax guidance from federal agencies related to the 'One Big Beautiful Bill Act.' The act retains the 21% corporate income tax rate originally set to expire in 2026 and significantly adjusts cost recovery rules. However, the Treasury Department and the IRS still need to provide further explanations on definitions of key terms, with related details expected to be issued in the coming months.
How Compliance Visibility Becomes a Strategic Advantage for CFOs: From Systemic Challenges to Governance Assets
Compliance is no longer a checklist for financial leaders but a systemic issue. When compliance workflows, data, and oversight form a unified system, organizations can gain intelligence beyond efficiency, strengthen governance, optimize decision-making, and achieve value compounding. This article analyzes the shift from reactive reporting to proactive intelligence, emphasizes the synergy between AI and human expertise, and provides a practical path for CFOs.
FASB Revisits Goodwill Accounting Challenges, May Restart Shelved Project
The Financial Accounting Standards Board (FASB) revisited goodwill accounting treatment at its February 4, 2026 meeting, marking the first formal deliberation since the project was shelved in 2022. A majority of board members supported staff conducting additional research, but no vote was taken on whether to add the goodwill project to the technical agenda. Staff presented five possible solutions, including amortization, expanding the private company alternative, immediate write-off, enhanced disclosures, or simplifying the impairment model. FASB Chairman Richard Jones personally favors the amortization approach but is skeptical about its passage.
Trump's "Tax-Free Tips" New Policy Opens a New Era for W-2 Forms
Trump's "tax-free tips" promise has been written into law, but the implementation details are complex. 2025 is a transition year, and the IRS has not yet adjusted the W-2 form, but it is expected to add new reporting codes for tips and overtime pay in 2026. Employers need to record cash and third-party payment tips and maintain proper documentation.
IRS Budget and Staff Cuts May Keep Tax Gap Near $700 Billion
The annual report of the IRS advisory committee states that budget and staffing cuts could keep the tax gap near $700 billion in 2026, and warns taxpayers of an uncertain filing season.
SEC ends eight-year fraud lawsuit against former Rio Tinto CFO
The U.S. Securities and Exchange Commission (SEC) on Friday asked a federal court to dismiss pending charges against former Rio Tinto Chief Financial Officer Guy R. Elliott, with both parties reaching a joint agreement, ending an eight-year lawsuit initiated in 2017 involving fraud allegations over coal asset valuations. Elliott's lawyers called it a "full vindication," while the SEC stated the decision was based on the specific circumstances of this case and does not represent a stance on other cases.
FTC rescinds enforcement order against AI startup Rytr, citing Trump administration AI policy guidance
The U.S. Federal Trade Commission (FTC) announced on December 22 that it rescinded a Biden-era enforcement order against AI writing tool provider Rytr LLC, citing that the allegations did not meet the requirements of the FTC Act and that the order imposed an undue burden on AI innovation. This move echoes the White House's AI action plan released in July 2025.