In the blogs: Ignorance of the law is no excuse
Taxes don't pause; chaotic policy; larger tax burden; and other highlights from our favorite tax bloggers.

SEC creates accounting unit in Enforcement
The specialized enforcement unit will pursue accounting and financial reporting fraud cases, as well as general misconduct in accounting and auditing.

IAASB proposes to revise audit standards for new tech risks
The International Auditing and Assurance Standards Board proposed revisions to three of its International Standards on Auditing.

IRS offers guidance on paid family and medical leave credit
The IRS and the Treasury issued guidance on the permanent extension of the employer tax credit for paid family and medical leave under the OBBBA.

Bonadio adds credit risk management firm
The Top 50 Firm will acquire T. Gschwender & Associates, expanding its ability to serve banks, credit unison and other financial institutions.

FASB proposal could change how investment companies value restricted equity
Investment companies may need to reassess valuation policies, disclosures and financial reporting timelines if the proposal is finalized.

Baker Tilly calls off $3B debt deal
The firm has dropped plans for a roughly $3 billion leveraged loan that was intended to refinance private credit debt and fund a dividend.

Thousands seek NYC pied-a-terre tax relief, City Hall says
The levy targets single-family homes worth $5 million or more and apartments worth $1 million or more.

Private sector added 44K jobs in July as hiring slows
Private sector hiring grew by 44,000 jobs in July, while pay increased 4.4% year-over-year, payroll giant ADP reported Wednesday, as the pace of hiring slowed this summer.

The accounting lesson Congress still hasn't applied to AI
The FRONTIER Act is a meaningful step forward. But without contemporaneous records and truly independent verification, oversight begins too late