NYC mulls property-tax break for $2.7B Hudson Yards tower
New York is considering a $100 million property tax break for a new Hudson Yards skyscraper proposed by developer Tishman Speyer.

PCAOB relaxes QC 1000 quality control standard
The Public Company Accounting Oversight Board voted to adopt amendments that ease the requirements of its QC 1000 quality control standard for auditing firms.

IIA urges SEC to reject NYSE audit proposal
The Institute of Internal Auditors wants the SEC to reject a proposal to give newly listed companies up to five years to establish an internal audit function.

Sharon Osbourne files to remove accountant as executor to Ozzy's estate
Sharon Osbourne filed to remove Colin Newman, her late husband Ozzy's long-term accountant, as an executor of the rock star's estimated $100 million estate.

GASB proposes digitization of government financial statements
The Governmental Accounting Standards Board released a discussion memorandum on the design of the GASB-GAAP Taxonomy and digitization of government financial statements.

FASB releases standard for mutual fund fair value reporting
The update changes how investment companies such as mutual funds can measure the fair value of an equity security subject to a contractual sale restriction.

Bessent says Trump may speed deficit cut plans if Democrats win
The Trump administration would try to lower the federal budget deficit through Congress by the end of this year if Democrats are able to flip either chamber in the midterms.

Caseware rolls out Excel add-on, client request AI
Caseware announced upgrades that allow users to bring its AI agents into Microsoft Excel, along with an AI-first evolution of its Client Requests feature.

IRS audits hit the richest — and the poorest
Tax audits by the Internal Revenue Service focus overwhelmingly on the richest taxpayers — and on the poorest, leaving middle-income earners the least likely to be audited.

How to teach ownership
Most seasoned accounting professionals know what ownership means in day-to-day work at their firms, but putting it into words can be difficult.