IPO Market Surges-The number of Initial Public Offerings surged this year, with 219 IPOs launched as of August 17, 2025 representing an 87% increase compared to the same period in 2024, according to IPO tracking service stockanalyst.com. The median first-day performance for IPOs raising over $100 million was 19%, the highest since 2020. Venture-backed Tech and AI led the charge, followed by Crypto-related and Healthcare and Biotech IPOs. Special Purpose Acquisition Company IPOs (SPAC) also have rebounded, accounting for 37% of IPOs in the first half of 2025, likely due to increased SPAC regulatory frameworks and investor protections. This 2025 surge in IPO activity, both traditional and SPAC, reflects a broader recovery in market confidence. Though uncertainty about tariff policies created a temporary slowdown in IPOs during Spring 2025, IPOs rose after the markets absorbed and adjusted to the new policies. For IPO stats and to view the current IPO Pipeline see: Hunt Begins for New Fed ChairTreasury Secretary Scott Bessent has announced that interviews for the next Federal Reserve Chair will begin shortly after Labor Day, as the White House narrows a competitive field of 11 candidates. In a CNBC interview August 19, Bessent described the group as “incredible,” comprising current and former Fed officials, economists, and market strategists. Notable contenders include Michelle Bowman and Christopher Waller, who currently serve on the Federal Reserve Board of Governors. Other contenders include Dallas Fed President Lorie Logan, White House economist Kevin Hassett, and former Fed Governor Kevin Warsh. Wall Street figures Rick Rieder (BlackRock) and David Zervos (Jefferies), economist Marc Sumerlin, former Fed Board Governor Larry Lindsey, and former St. Louis Fed President James Bullard round out the list, so far. Although Jerome Powell’s term runs through May 2026, the administration is accelerating the selection process amid calls for interest rate cuts. In the interview, Bessent emphasized that easing monetary policy could spur homebuilding, counteract inflationary pressures from limited inventory, and stabilize prices over the next two years. The Federal Reserve’s next policy meeting is scheduled for September 16–17, where the first rate-cut since December 2024 will be considered. Meanwhile, Powell is expected to deliver a keynote address at the Fed’s annual Jackson Hole Symposium on Friday August 22. The speech may center on the Fed’s five-year policy review but could also signal the central bank’s intentions for the upcoming rate decision. To read Bessent’s interview: IRS Reaffirms Taxpayer RightThe IRS has reminded employees in the agency’s Independent Office of Appeals that they are required to share Appeals Case Memoranda (ACMs) with taxpayers upon informal request. ACMs are internal documents that detail the facts, legal reasoning, and conclusions behind an Appeals Officer’s decision. Taxpayers have often been denied access to ACMs, often based on an IRS employee’s misinterpretation of policy. For years, taxpayer advocates, including Erin Collins of the National Taxpayer Advocate, have urged the IRS to make ACMs automatically available at the conclusion of every case. Collins had emphasized that this lack of transparency undermines the independence of the Appeals process and leaves taxpayers without a clear understanding of how their cases were resolved. For more information: IRS Accepting Applications for CAP ProgramThe Internal Revenue Service (IRS) will start accepting applications for companies to participate in the 2026 Compliance Assurance Process (CAP), which enables eligible companies with assets of over $10 million to interact with the IRS real time during the year to resolve or address tax issues before a tax return is filed. The application window opens September 3 and runs through October 31, 2025, with eligibility decisions expected in February 2026. As part of its eligibility decision, the IRS evaluates whether the applicant company has the capacity to engage in real-time issue resolution. For more information: https://www.irs.gov/newsroom/irs-accepting-applicants-for-2026-compliance-assurance-process FASB’s New Standard for Environmental CreditsThe Financial Accounting Standards Board (FASB) has approved its first formal accounting standard for environmental credits, including carbon offsets, cap-and-trade allowances, and renewable-energy certificates. This landmark rule aims to bring consistency and transparency to how U.S. public and private companies account for these credits, which have grown in importance amid climate-related initiatives and regulatory programs. Under the new standard, companies must apply a uniform model to credits obtained for compliance or voluntary environmental efforts. Credits will be recognized when they are likely to be used to settle obligations or sold and recorded at cost. If a credit is unlikely to be used, companies must assess whether its value should be reduced on the balance sheet. The rule covers various credit types:
FASB scaled back some of its originally proposed disclosure requirements after companies raised concerns about competitive risks and excessive burdens. Firms must now disclose changes in credit usage and related financial impacts but are not required to report total holdings or obligations unless they are material. Expense-related disclosures on the income statement remain largely intact. The rule will take effect in 2028 for public companies and 2029 for private firms, with early adoption permitted. FASB link: https://www.fasb.org/page/PageContent?pageId=/news_and_meetings/past-meetings/08-13-25.html What’s Next?US Government Discontinues Paper Checks, AOL Discontinues Dial-UpSeptember 30, 2025 will mark the end of two legendary services: The U.S. government will stop issuing paper checks for most federal payments, and AOL will discontinue Dial-up Internet. Treasury Secretary Scott Bessent urged remaining recipients of paper checks to switch to electronic methods, and emphasized that the move aims to reduce fraud, theft, and payment delays. The transition fulfills a long-standing bipartisan goal to modernize federal disbursements. In other news, AOL announced that it will discontinue Dial-up Internet service on September 30, 2025. AOL launched its dial-up internet service in 1991, marking the beginning of its rise as a household name in the early Internet era, with service peaking at 25 million subscribers by the early 2000s. According to US Census data, approximately 175,000 American households still use Internet dial-up services, primarily in rural areas. No more paper checks? No more AOL Dial-up? We don’t mean to be alarmists, but they’re probably coming for our FAX machines next. For more information on the Treasury’s announcement: https://home.treasury.gov/news/press-releases/sb0223 For AOL news: https://help.aol.com/articles/dial-up-internet-to-be-discontinued |
© 2025 Weinberg & Company.
