KPMG LLP

EDU · Education

Legislation adding accounting to STEM definition including the Accounting STEM Pursuit Act (H.R. 2911 and S. 3784). Implementation of Sec. 81001. establishment of loan limits for graduate and professional students and parent borrowers in the One Big Beautiful Bill Act, P.L. 119-21.

Literal federal measure citations: H.R. 2911, S. 3784

ACC · Accounting

Issues impacting the accounting and auditing profession. PCAOB matters, including disciplinary proceedings, legislation related to the Sarbanes Oxley Act and proposed amendments to Auditing Standards. Implementation of the Corporate Transparency Act. Digital assets attestation issues related to proof of reserves and stablecoins legislation. Issues related to Artificial Intelligence (AI) accountability and attest. Single audit of nonfederal entities federal award money. Independence of accounting standard setting.

TAX · Taxation/Internal Revenue Code

Legislative proposals on tax simplification, tax reform, and technical tax changes. Implementation of the One Big Beautiful Bill Act, P.L. 119-21. Implementation and extension issues regarding the Tax Cuts and Jobs Act, P.L.115-97, including SALT cap passthrough entity-level taxes. The taxation of digital assets, digital assets reporting, including the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, P.L. 119-27. Partnership taxation issues. Accounting profession tax matters related to the 2025 budget reconciliation. Beneficial ownership information reporting issues.

GOV · Government Issues

Federal government financial statements and the Fiscal State of the Nation (H.R. 7026). An original bill to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes (S. 4784).

Literal federal measure citations: H.R. 7026, S. 4784

LBR · Labor Issues/Antitrust/Workplace

Antitrust liability issues and occupational licensing reform.