In an 8-1 decision, the U.S. Supreme Court ruled that a bankruptcy trustee cannot recover funds fraudulently transferred from a failed business to the IRS to pay shareholders’ personal tax debts. The case, United States v. Miller, centered on $145,000 diverted from a Utah company to the IRS in 2014—three years before the company filed for Chapter 7 bankruptcy in 2017.

The Governmental Accounting Standards Board (GASB) released a Preliminary Views (PV) document on March 19, requesting public input on proposed disclosures related to severe financial stress (SFS) and probable dissolution (PD) for government entities.