May 2025 Recap: News & Insights in 10 Mins

May 2025 delivered a full-throttle mix of headlines that rewrote the playbook across business, finance, technology, and global policy. From Trump’s tariffs shaking up trade deals to Elon Musk suing OpenAI while championing radical budget cuts, this month proved that innovation and volatility often go hand in hand. Hollywood pushed back on protectionist policies. Wall Street planted deeper roots in the Middle East. And companies from McKinsey to Sony made bold structural moves. As regulatory shifts, AI advances, and capital migrations collide, financial professionals face a landscape that's more dynamic—and less predictable—than ever. In this edition of our News & Insights Recap, we break down the biggest developments across five core categories to help you stay informed, sharp, and future-ready. 

May 2025 Business Updates 

Trump Media Cites ‘Material Weakness’ in Its Financial Structure 

Truth Social’s parent, TMTG, disclosed a “material weakness” in its internal financial controls—and the details are messier than a campaign rally. With ballooning losses, flimsy accounting protocols, and an SEC-blacklisted auditor in its past, the company’s cash pile isn’t enough to paper over mounting concerns. Can flashy ventures like Truth. Read more… 

How Citigroup’s Controls May Have Fueled a $1B Lawsuit 

A billion-dollar lawsuit is dragging Citigroup into the financial spotlight again—this time for its ties to Oceanografía’s forged invoices and phantom oil. Internal control failures and a history of compliance lapses add layers to an already smoky situation. Did Citi overlook the red flags, or was it business as usual behind the scenes? Read more… 

MHA Scoops Up Baker Tilly’s Greece and Cyprus Biz for $27M 

Fresh from its IPO, UK-based MHA is wasting no time—dropping $27M on Baker Tilly Southeast Europe in a bold cross-border expansion. With strategic cultural alignment, audit dominance, and AIM-listed momentum, the move signals MHA’s hunger for scale. But can it juggle integration while under FRC scrutiny for a separate audit probe? Read more… 

Should Businesses Break Out Tariff Costs? 

Sticker shock at checkout? It’s not just inflation—it’s tariffs. As new trade levies reshape pricing, a fiery debate is unfolding: Should companies break those costs on your receipt? Transparency is in vogue, but critics warn it’s a risky PR move. What happens when geopolitics meets price tags? Read more… 

What Big Pharma Is Not Telling Investors About Taxes 

Trump’s executive order to slash U.S. drug prices grabbed headlines, but the real money game might be in pharma’s offshore tax playbook. With billions routed through low-tax zones and pressure mounting for public tax disclosures, Merck and peers are in the hot seat. Will Proposal 5 be the shareholder shake-up they feared? Read more… 

May 2025 Economy Updates 

UK Accelerates Economic Growth Through Strategic Trade Deals 

Facing Trump’s 10% blanket tariffs and a shaky post-Brexit economy, the UK responded with speed, not sulking. Prime Minister Starmer locked in pivotal trade agreements with the U.S., EU, and India—cutting tariffs, rebooting mobility, and reviving investor confidence. But with executive workarounds and regulatory tradeoffs, can this diplomatic dash deliver a long-term economic lift? Read more… 

Everything You Need to Know About Trump’s New Tax Bill 

Trump’s “One Big Beautiful Bill” is part tax party, part regulatory wrecking ball. Tips and overtime pay? Tax-free through 2028. Every baby born 2025–2028? Gets a $1,000 Trump Account—though it’s more gimmick than goldmine, say advisors. But buried deeper is the real bombshell: the bill kills the PCAOB, handing audit oversight to the SEC. Critics call it risky. SALT cap relief throws a bone to blue states, but green energy gets bulldozed—EV credits end by 2026, clean tax breaks disappear, and 30 oil leases pop up in the “Gulf of America.” Ivy League endowments and mega-charities also take a tax hit. And yes, Congress barely skimmed the fine print. Read more... 

May 2025 Accounting & Taxes Updates 

Voight and Stallone Lead Hollywood in Asking Trump for Tax Incentives 

After Trump slapped a 100% tariff on foreign-made films, Hollywood legends Jon Voight and Sylvester Stallone stepped in—not to cheer, but to challenge. Teaming up with unions and studios, they pitched a tax incentive package that revives key deductions and adds a federal credit on top of state ones. Will Washington rewrite this script? Read more… 

Why Volkswagen Investors Are Saying ‘No Thanks’ to EY as Auditor

Volkswagen’s AGM is heating up as shareholders rally against EY’s reappointment, citing the firm’s checkered past with Wirecard and a legal shell game that limits liability. Add global talent freezes at EY-Parthenon, and confidence is shaken. Is Germany’s biggest automaker risking more by sticking with a scandal-stained auditor? Read more… 

Did a Bitcoin Miner Blunder Capital Raise Accounting? 

Bitfarms is under fire for misclassifying crypto revenue and bungling warrants, prompting restatements, class actions, and a full-blown SEC glare. What began as a minor reclass has snowballed into market distrust and legal chaos. Can internal control overhauls restore faith before July’s lead plaintiff deadline? Read more… 

Arkansas Just Made NIL Income Tax-Exempt 

In a bold move, Arkansas is now the first state to exempt NIL income from taxes—making it a magnet for student-athletes. Retroactive benefits, privacy protections, and recruiting incentives are on the table, but critics warn it could gut public service funding. Will other states follow suit—or play defense? Read more… 

Morgan Stanley Fights €124 Million Dutch Tax Evasion Charges 

Morgan Stanley’s facing heat in the Netherlands, where prosecutors are dragging the Wall Street titan into court over a €124 million tax offset linked to Dutch dividends. The alleged scheme? A Dutch-based subsidiary bought shares right before dividend payouts, claimed hefty tax refunds, then sent the shares boomeranging back overseas. Dutch authorities say that’s not just clever timing—it’s tax abuse. And they’re aiming high: European parents and even employees are on the hook. Morgan Stanley’s clapping back, calling the probe flawed and the rules fuzzy. Is this just aggressive tax planning under fire—or the start of something bigger? The verdict’s still out…Click to read more. 

Trump Pardoned Todd and Julie Chrisley After $36M Fraud Conviction 

In a twist worthy of its own spin-off, Todd and Julie Chrisley—convicted of swindling $36 million and dodging taxes—just walked free, thanks to a full pardon from Donald Trump. The former president told daughter Savannah on a now-viral call, “You’re going to be free and clean.” No meetings, no interviews—just pure political spectacle. Rewind to 2022, and Chrisley's were knee-deep in fake documents, lavish spending, and nearly half a million in unpaid taxes. Their story? A courtroom drama meets reality TV meltdown. Even after appeals failed, their celebrity campaign kept them in the headlines. But was this justice… or just showbiz? Read More... 

May 2025 Technology Updates 

Why is Elon Musk after OpenAI? 

A nonprofit with a $300B valuation, a lawsuit from Elon Musk, and a corporate identity crisis—OpenAI’s saga is anything but artificial. From revenue splits with Microsoft to launching a rival social platform, questions swirl: is this still about “benefiting humanity” or just another Silicon Valley gold rush in disguise? Read more… 

How KPMG’s Tariff Modeler Preps You for the Next Trade War 

KPMG’s AI-powered Tariff Modeler is helping companies simulate trade war chaos before it hits. With real-time data and scenario planning, CFOs now have a tool that speaks risk fluently. Meanwhile, KPMG’s VC arm is stacking chips on startups that feed LLMs smarter data. Compliance, meet predictive power. Read more… 

How McKinsey Quietly Built the Most Powerful AI in Consulting 

McKinsey’s AI brainchild, Lilli, is transforming the firm’s century of consulting wisdom into instant insight. Trained on proprietary intel, Lilli slashes research time and boosts content accuracy—no espresso shots required. As clients line up to build their own versions, the question isn’t if AI will reshape consulting—how fast. Read more… 

BDO Unveils $1B AI Strategy to Reinvent Accounting and Advisory 

While giants like Deloitte and KPMG roll out flashy AI dashboards, BDO USA is taking a billion-dollar swing at redefining accounting’s AI game. Their $1B, five-year plan isn’t just about shiny tech—it’s about making AI the default coworker. From ChatBDO (their in-house assistant saving 600K+ hours) to audit coaching tools and client insight engines, BDO’s RAID team is building tools that pros can actually use—not just demo. With a Chief Data & AI Officer at the helm and an “AI Ambassadors” army growing in-house, BDO’s message is clear: let machines handle the grunt work, so humans can do what they do best. Read more... 

May 2025 Finance Updates

Unpacking the Personal Finance Lessons from Musk’s DOGE

Elon Musk’s DOGE program may have been overpromised with its $1–2 trillion savings claim, but its extreme cost-cutting playbook offers surprising personal finance insights. From zero-based budgeting to sniffing out “fake savings,” this scorched-earth strategy is a cautionary tale in cash flow control—just don’t bring a chainsaw to a budget meeting. Read more… 

Is the Dollar Losing Its Safe Haven Status?

Once the MVP of global currencies, the U.S. dollar is now slumping under the weight of soaring debt, credit downgrades, and investor distrust. With capital fleeing to Europe and Asia, the greenback is no longer the automatic port in a storm. What does this mean for your portfolio in 2025? Read more… 

Before You Close the Tabs 

If May was any indication, the second half of 2025 won’t be short on twists. The dollar’s slip from safe-haven status, the unraveling of flashy government cost-cutting, and Big Tech’s identity crises are all signals that financial professionals must stay nimble. Whether it’s understanding how sovereign wealth is reshaping global markets or navigating NIL tax exemptions, the threads of innovation, risk, and reinvention run deep. One thing’s certain—those willing to adapt, analyze, and act quickly will have the upper hand. We’ll continue tracking the moves that matter, the metrics that shift strategy, and the headlines that shape tomorrow’s playbook. Catch you in next month’s recap, where the only guarantee is change—and maybe another Elon headline.