Accounting
SEC to end shared EDGAR accounts when upgrading EDGAR Next
The Securities and Exchange Commission
“Under previous requirements, registrants had one login per company. This is like having a family passing around one shared login and password for a movie streaming app. You know where that can lead. That’s simply not the most secure system—for filers and the Commission alike—when it comes to information relating to financial disclosure. By contrast, today’s amendments further secure login protocols by requiring every person filing something into EDGAR to login with individual credentials and to use multi-factor authentication,” said SEC Chair Gary Gensler in a statement.
The SEC
The SEC said it would also address certain security vulnerabilities among filers themselves, such as companies actually losing track of who does and does not have access. This is particularly problematic when considering that many entities use third parties, like law firms or software providers, to make EDGAR filings for them.
“Today’s EDGAR Next rulemaking facilitates an important modernization of EDGAR. I hope—to quote the raven in Edgar Allen Poe’s famous poem—that now we will be able to say ‘Nevermore’ to unauthorized filings and, in the process, make life easier for authorized filers,” said Commissioner Hester M. Peirce in a statement.
The SEC noted that some commenters expressed concern about individuals sharing their login information, thus defeating the purpose of individual accounts, so the SEC added a provision that says they’re not allowed to do that, which presumably was felt to be an effective measure against that.
Under the new system, each filer must authorize and maintain at least two individuals with individual account credentials as administrators to manage the filer’s account and to make submissions on EDGAR on behalf of the filer, unless the filer is an individual or single-member company, in which case the filer will be required to authorize and maintain at least one individual with individual account credentials as an account administrator. Account administrators acting on behalf of the filer may authorize and de-authorize individuals with individual account credentials as users, additional account administrators, or technical administrators for the filer, as needed. Accounts will be managed via a dashboard with all the filers’ information on it. Each year, all filers (through the account administrator) are required to confirm annually that all account administrators, users, technical administrators and delegated entities are authorized by the filer to act on its behalf, and that all information about the filer on the dashboard is accurate; maintain accurate and current information on EDGAR concerning the filer’s account; and securely maintain information relevant to the ability to access the filer’s EDGAR account. These accounts will also be equipped with multi-factor authentication, which the current system lacks.
The SEC conceded that the annual confirmation requirement will impose additional compliance costs on filers. It estimated that, in the first year, there will be a one-time cost of approximately $200 per filer, on average, to set-up the filer’s account on the EDGAR Next dashboard. It also estimates that there will be a recurring cost, including in the first year, of approximately $200 per filer, on average, to manage the filer’s dashboard. This cost, though, will likely vary with the number of users and personnel turnover.
The new rules also allow for the optional use of application programming interfaces—software that allows computer systems to communicate with each other—that connect directly with the EDGAR system. Specifically, the SEC plans to make available:
- A Submission API to allow filers to make both live and test submissions on EDGAR
- a submission status API to allow filers to check the status of an EDGAR submission
- an operational status API to allow filers to check EDGAR operational status
- A credential verification API to confirm the validity of all credentials involved in an API-based filing;
- APIs to View Individuals, Add Individuals, Remove Individuals, and Change Roles;
- APIs to Send Delegation Invitations, Request Delegation Invitations, and View Delegations;
- APIs to View Filer Account Information, Generate CCC, and Create Custom CCC; and
- APIs to automate the enrollment process;
These rule changes, plus the new API functionality, will require actual technical changes to the system, which will itself require user testing. To this end, the SEC will open a beta software environment that will reflect the adopted rule and form amendments and the related technical changes. Information about signing up for beta testing and extensive additional information about the rule adoption and related technical changes can be found on
“While the Commission is adopting EDGAR Next today, the agency’s work is only beginning. Changes to EDGAR must be workable and operationally practical. Over the next 15 months, the Commission staff will need to work with filers, filing agents, and the rest of the filing community to carry out – and implement changes from – additional beta testing of EDGAR Next functionalities.Commission staff will also need to ensure that filers are aware of EDGAR Next, including the requirement to enroll by no later than December 19, 2025, and ideally by September 12, 2025. I will be following the staff’s progress on ensuring a smooth transition to, and the implementation of, EDGAR Next,” said Commissioner Mark T. Uyeda in a statement.
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Accounting
Mid-year moves: Why placed-in-service dates matter more than ever for cost segregation planning
In the world of depreciation planning, one small timing detail continues to fly under the radar — and it’s costing taxpayers serious money.
Most people fixate on what a property costs or how much they can write off. But the placed-in-service date — when the IRS considers a property ready and available for use — plays a crucial role in determining bonus depreciation eligibility for cost segregation studies.
And as bonus depreciation continues to phase out (or possibly bounce back), that timing has never been more important.
Why placed-in-service timing gets overlooked
The IRS defines “placed in service” as the moment a property is ready and available for its intended use.
For rentals, that means:
- It’s available for move-in, and,
- It’s listed or actively being shown.
But in practice, this definition gets misapplied. Some real estate owners assume the closing date is enough. Others delay listing the property until after the new year, missing key depreciation opportunities.
And that gap between intent and readiness? That’s where deductions quietly slip away.
Bonus depreciation: The clock is ticking
Under current law, bonus depreciation is tapering fast:
- 2024: 60%
- 2025: 40%
- 2026: 20%
- 2027: 0%
The difference between a property placed in service on December 31 versus January 2 can translate into tens of thousands in immediate deductions.
And just to make things more interesting — on May 9, the House Ways and Means Committee released a draft bill that would reinstate 100% bonus depreciation retroactive to Jan. 20, 2025. (The
The result? Accountants now have to think in two timelines:
- What the current rules say;
- What Congress might say a few months from now.
It’s a tricky season to navigate — but also one where proactive advice carries real weight.
Typical scenarios where timing matters
Placed-in-service missteps don’t always show up on a tax return — but they quietly erode what could’ve been better results. Some common examples:
- End-of-year closings where the property isn’t listed or rent-ready until January.
- Short-term rentals delayed by renovation punch lists or permitting hang-ups.
- Commercial buildings waiting on tenant improvements before becoming operational.
Each of these cases may involve a difference of just a few days — but that’s enough to miss a year’s bonus depreciation percentage.
Planning moves for the second half of the year
As Q3 and Q4 approach, here are a few moves worth making:
- Confirm the service-readiness timeline with clients acquiring property in the second half of the year.
- Educate on what “in service” really means — closing isn’t enough.
- Create a checklist for documentation: utilities on, photos of rent-ready condition, listings or lease activity.
- Track bonus depreciation eligibility relative to current and potential legislative shifts.
For properties acquired late in the year, encourage clients to fast-track final steps. The tax impact of being placed in service by December 31 versus January 2 is larger than most realize.
If the window closes, there’s still value
Even if a property misses bonus depreciation, cost segregation still creates long-term savings — especially for high-income earners.
Partial-year depreciation still applies, and in some cases, Form 3115 can allow for catch-up depreciation in future years. The strategy may shift, but the opportunity doesn’t disappear.
Placed-in-service dates don’t usually show up on investor spreadsheets. But they’re one of the most controllable levers in maximizing tax savings. For CPAs and advisors, helping clients navigate that timing correctly can deliver outsized results.
Because at the end of the day, smart tax planning isn’t just about what you buy — it’s about when you put it to work.
South Africa’s case against executives in the biggest corporate fraud in the country’s history will be moved to a higher court for complex criminal trials, with their next hearing also pushed back to September.
Stéhan Grobler, the head of treasury at Steinhoff International Holdings NV when the furniture giant unraveled almost eight years ago, received extended bail along with two other former executives at Steinhoff subsidiaries and affiliates at a hearing in the Specialized Commercial Crimes Court in Pretoria on Friday.
Their case will be moved to the High Court, with their next hearing scheduled for Sept. 3 when a trial date is likely to be set.
The extra time will allow the prosecution to finalize investigations and secure a racketeering certificate, according to court proceedings, while prosecutors were also waiting for an affidavit from witnesses in Germany that arrived on Friday. A finalized charge sheet will be ready by June 17.
Grobler says he’s innocent of charges already set out by prosecutors including racketeering, manipulation of financial statements and three counts of fraud worth 21 billion rand ($1.2 billion).
The collapse of Steinhoff, once feted for a gutsy entrepreneurial spirit that built a retail empire spanning Australia, Europe and the U.S., rocked South Africa as the company’s share price collapsed in December 2017, hitting everyone from staff and creditors to the government workers’ pension fund. About 230 billion rand was lost on the Johannesburg stock exchange in a matter of days.
Pressure has been building on prosecutors, especially after a 7,000-page report on Steinhoff’s dealings — compiled by auditor PwC in the wake of its collapse — was finally released six months ago. Former Chief Financial Officer Ben la Grange is the most senior Steinhoff executive to be jailed so far, but his plea deal last year — including a requirement to testify in the Grobler case — meant the scandal has yet to be fully aired in court.
Former Chief Executive Officer Markus Jooste died by suicide in March 2024.
Steinhoff, which owned Conforama in France and Mattress Firm in the U.S., collapsed after auditors refused to sign off on its financial statements. That led to the start of police and regulatory investigations in both Europe and South Africa. The probe by auditor PwC uncovered €6.5 billion ($7.4 billion) of irregular transactions with eight firms over eight years.
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