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The Republicans’ “big beautiful” budget package is aimed at ushering in “a new golden age in America” through a combination of tax and spending cuts, according to House Speaker Mike Johnson. But a new analysis from the nonpartisan Congressional Budget Office finds that the bill may prove less golden for some Americans.The lowest-earning 10% of U.S. households are likely to see their financial resources reduced by $1,600 per year, or almost 4% of their annual income, according to the June 12 CBO report. The analysis, which tallies the impact of the bill’s tax breaks, reductions in funding for federal programs and changes in…

The International Financial Reporting Standards Foundation has posted profiles of 17 of the 36 jurisdictions around the world that have either adopted or used International Sustainability Standards Board disclosures or are in the process of finalizing steps to introduce the IFRS Sustainability Disclosure Standards in their regulatory frameworks.The jurisdictional profiles include information about each jurisdiction’s stated target for alignment with ISSB standards and the current status of its sustainability-related disclosure requirements. “Why is the IFRS Foundation publishing these jurisdictional profiles, which set out by country or jurisdiction their approach to sustainability reporting. It’s really because we see this as part of…

The Senate confirmed Billy Long, a former Republican congressman from Missouri, as the new Internal Revenue Service commissioner after a series of acting commissioners have cycled through the role amid staffing and budget cuts at the agency.Long was confirmed Thursday by a vote of 53-44 to lead the IRS. Long had once sponsored legislation to abolish the IRS while he served in Congress. Last month, he went through a contentious confirmation hearing in which Democrats on the Senate Finance Committee questioned him about his promotion of dubious Employee Retention Credits and so-called “tribal tax credits” after leaving Congress, where he…

Director of the Office of Management and Budget (OMB) Russell Vought attends a cabinet meeting at the White House in Washington, D.C., U.S., April 10, 2025. Nathan Howard | ReutersThe Federal Reserve’s inspector general is reviewing the Trump administration’s attempts to lay off nearly all Consumer Financial Protection Bureau employees and cancel the agency’s contracts, CNBC has learned.The inspector general’s office told Sen. Elizabeth Warren, D-Mass., and Sen. Andy Kim, D-N.J., that it was taking up their request to investigate the moves of the consumer agency’s new leadership, according to a June 6 letter seen by CNBC.”We had already initiated…

The Public Company Accounting Oversight Board today sanctioned Heaton & Co. and one of its partners, Kristofer Heaton, for failing to properly document five audits.The firm violated AS 1215, Audit Documentation, by failing to assemble the proper documentation for five issuer audits. Two of those audits resulted in the firm making significant modifications and additions to the workpapers just before a PCAOB inspection. Although the firms generally disclosed in the workpapers that they had created and modified them after the respective completion dates, those additions and modifications were not adequately documented. For the other three issuer audits, one contained numerous incomplete…