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SEC
A CPA Walks into Enforcement: The SEC Announces a New Reporting Unit [JD Supra]
On August 5, 2026, the SEC announced a new Financial Reporting and Accounting Unit within its Division of Enforcement. Staffed by both attorneys and accountants, the unit is purpose-built to pursue financial reporting fraud and misconduct in the accounting and auditing space—signaling that these matters will now receive dedicated expertise and focus inside Enforcement.
The Powers That Be
NASBA Announces Updated 2026–2027 Leadership Slate [NASBA]
Acting in accordance with NASBA’s Bylaws, the NASBA Nominating Committee approved Katrina L. Salazar, CPA, CGMA, as chair nominee and J. Andy Bonner, Jr., CPA, as vice chair nominee.
Tax
In ancient Rome, tax fraud was punishable by death [Popular Science]
Archaeologists in western Turkey recently discovered a detailed account of 1,600-year-old tax fraud so brazen that ancient Rome made it a deadly offense. Initially believed to be funerary ode inscriptions, the Late Antiquity stone tablets actually provide vital missing information in a notably widespread corruption case that spanned more than a decade—and even implicated the estate of Emperor Valentinian III’s daughter, Placidia.
3M Win Offers Companies a Roadmap for Similar Fights With IRS [Bloomberg Tax]
When the US Tax Court formally wiped out 3M Co.’s contested $4.85 million-plus tax bill this week, it capped off a legal victory for the company that practitioners say could be replicated by other multinationals locked in transfer pricing disputes with the IRS. “It may be remembered as one of the first major transfer pricing cases illustrating” how the Supreme Court’s Loper Bright ruling could reshape judicial review of Treasury regulations, said Sid Paruthi, a principal at Baker Tilly specializing in transfer pricing.
Union representing IRS workers asks judge to block Trump tax audit immunity deal [AP]
The labor union representing Treasury Department and Internal Revenue Service workers asked a judge Thursday to block a sweeping tax audit immunity agreement for President Donald Trump, arguing it would force career employees to choose between following a political order and abiding by the law.
AI tax debate misses the threat that’s already here [Brookings Institution]
On Thursday, Senator Wyden (D-Ore.) proposed limiting tax benefits for new data centers and levying a new excise tax “to help the communities and workers most impacted as data center construction continues.” He is one of many lawmakers who want to use taxes to address worries that AI could eliminate jobs, inflict environmental harms, and have broader negative consequences for society and global security. Proposals so far range from taxing the computing power to build or use AI models, the energy they consume, or the windfall profits accruing to AI companies themselves. But the debate has jumped to “which tax?” before answering two fundamental questions: What are lawmakers trying to accomplish? And what can a tax actually do about it?
New York City Homeowners Sue Over Mamdani’s Pied-à-Terre Tax Rollout [Wall Street Journal]
A group of aggrieved New York City homeowners are suing to delay Mayor Zohran Mamdani’s looming pied-à-terre tax, an early legal challenge to the new surcharge that took effect about a month ago. The lawsuit isn’t arguing against the tax as a whole. Rather, the suit argues the law has to date been improperly executed. It alleges the Department of Finance hasn’t done proper due diligence to identify owners of luxury pieds-à-terre. Instead, the suit claims, the city is illegally placing the onus on property owners to prove that they don’t owe the tax rather than forcing city officials to verify that for themselves.
The Higher Your State Income Tax Rate, the More Expensive Your Burrito [Americans for Tax Reform]
Americans for Tax Reform compared the state personal income tax rates of the top 20 most expensive burrito locations vs. the state personal income tax rates of the 20 least expensive burrito locations.
CONSUMER ALERT: Viral video promotes fake federal property tax form [Douglas County Colorado]
The Douglas County Assessor’s Office is warning older homeowners about a viral online video spreading false claims about a nonexistent federal property tax relief program. The video claims that Congress passed a law providing significant property tax savings for older homeowners. It directs viewers to contact their county assessor and request a “Senior Homeowner Tax Review Request,” which the video claims is “mandated by federal law.” There is no federal form, federal law or federal stimulus program called the “Senior Homeowner Tax Review Request.”
AI
KPMG Intern Pulse Survey: As AI Reshapes Entry-Level Work, Gen Z Prioritizes Career Growth and Critical Thinking [KPMG]
76% of the 906 summer interns tapped for the KPMG Intern Pulse Survey say future career success will require both human skill and knowing how to direct AI well.
Companies Adopt AI Faster Than They Can Govern It, Deloitte Says [Bloomberg]
Nearly six in 10 finance chiefs in a recent Deloitte survey said pressure to deploy AI quickly while managing risks was a key concern. Almost half of respondents pointed to cost uncertainty or a lack of visibility into how AI is being used internally, underscoring how governance is increasingly focused on understanding where AI is deployed, what it costs and whether it is delivering measurable returns.
Law & Order
KPMG Stuck With SVB Investors’ Fraud Claim in Bank Failure Suit [Bloomberg Law]
KPMG LLP must defend against Silicon Valley Bank investors’ allegations that the major accounting firm issued misleadingly clean audits when the regional bank was on the brink of collapse. The investors adequately alleged an inference of intent or recklessness for their securities fraud claim, Judge Noël Wise said Wednesday, allowing them to proceed with an amended complaint and rejecting KPMG’s motion to dismiss it.
Firm Watch
One of Nation’s Largest Accounting Firms Moving to Downtown [Urban Milwaukee]
Wipfli will relocate its headquarters and 169 employees from Wauwatosa to the sixth floor of the Huron Building at 511 N. Broadway. “After 22 years in our current office, moving our headquarters to the Huron Building marks a significant new chapter for Wipfli,” said CEO Kurt Gresens in a statement. “Milwaukee is our headquarters and establishing our home in the Historic Financial District reflects our confidence in the city and our long-term commitment to our people, our clients and the Milwaukee community.”
Office Space
PwC’s Embankment HQ to get major makeover ahead of Canary Wharf move [City AM]
The current headquarters of Big Four giant PwC at 1 Embankment Place is set to be transformed into a “sustainable workspace” in a bid to attract and retain major firms as renters, as it awaits planning permission. City-based property and asset management firm Bridgemont said on Friday it has submitted a planning application to Westminster City Council to “transform” the current air-rights development located above Charing Cross Station, which PwC will leave in 2030 as the firm relocates to Canary Wharf.
