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September 4, 2025
As of early September 2025, major updates in financial, tax, and accounting news include the recently passed “One Big Beautiful Bill Act” (OBBB), ongoing IRS security efforts, and new financial reporting standards. Financial markets are also reacting to court rulings on tariffs and signals from the Federal Reserve.
Latest news on tax returns
One Big Beautiful Bill Act (OBBB)
Signed into law in July 2025, the OBBB permanently extends many provisions of the 2017 Tax Cuts and Jobs Act (TCJA).
- Permanent tax brackets: The seven individual federal income tax brackets (10%, 12%, 22%, 24%, 32%, 35%, and 37%) are now permanent.
- Increased standard deduction: The standard deduction is permanently increased, with inflation adjustments for 2025: $15,750 for singles and $31,500 for married couples filing jointly.
- Temporary tax deductions:
- A temporary deduction for qualified tip income is available for tax years 2025–2028, with a maximum of $25,000 and income phaseouts.
- A temporary deduction for qualified overtime pay is also available for 2025–2028, with a maximum of $12,500 and income phaseouts.
- Seniors age 65 or older can claim an additional $6,000 deduction for tax years 2025–2028, with income phaseouts.
- Energy credits expire: Most energy-efficient home improvement and electric vehicle credits from the Inflation Reduction Act of 2022 were terminated, effective for tax years beginning in 2025.
- Increased SALT cap: The cap on the State and Local Tax (SALT) deduction was increased to $40,000 for tax year 2025 for joint filers with adjusted gross incomes below $500,000.
Other tax updates
- IRS tax relief: The IRS has announced tax relief for individuals and businesses affected by recent natural disasters in Missouri and Texas.
- IRS security warnings: The IRS and its Security Summit partners reminded tax professionals to have a Written Information Security Plan (WISP) to protect client data from identity theft.
Latest news on accounting and financial reporting
FASB standards
The Financial Accounting Standards Board (FASB) has issued several Accounting Standards Updates (ASUs):
- Expense disaggregation: ASU 2024-03 requires public companies to provide disaggregated information about certain income statement expenses in the footnotes of financial statements. This is effective for annual periods beginning after December 15, 2026.
- Crypto asset accounting: ASU 2023-08, regarding the accounting for and disclosure of crypto assets, became effective in 2024.
Audit developments
- PCAOB quality control: The Public Company Accounting Oversight Board (PCAOB) postponed the effective date of its new quality control system, QC 1000, to December 15, 2026.
- Regulatory actions: Chinese regulators fined PwC $62 million for its audit work related to the collapsed real estate firm Evergrande.
Financial market headlines
- Market volatility: US stocks began September with a decline amid a global bond sell-off triggered by renewed inflation and debt concerns.
- Tariff uncertainty: A US court ruled against most tariffs imposed by the Trump administration this year, creating additional market uncertainty. An expedited appeal to the Supreme Court has been requested.
- Interest rates: The Federal Reserve has held interest rates steady but continues to monitor inflation and the labor market.
- Tech and AI: Earnings reports from tech giants like NVIDIA continue to influence market sentiment, reflecting ongoing investment in artificial intelligence.
- Inflation data: Recent Personal Consumption Expenditure (PCE) inflation data showed that core inflation in July was higher than the prior month, but markets are still pricing in potential Fed rate cuts.
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