Tax Pro Roundup: December Edition
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SurePrep integrates with leading tax software to streamline the 1040 process for tax pros and taxpayers.
CPA Practice Advisor
[12/9] The AICPA & CIMA have announced the first graduates of the Registered Apprenticeship for Finance Business Partner program, designed to address the skills gap in accounting and finance by developing a pipeline of skilled professionals. Graduates Daniel Grufferman and Jeffrey Culp enhanced their expertise through this program, which is the first of its kind in the U.S. and based on the CGMA Finance Leadership Program.
"'The battle for talent is increasing, making the need for more skilled accounting and finance talent even more pressing,' said Tom Hood, CPA/CITP, CGMA, Executive Vice President of Business Engagement & Growth at the AICPA. 'How we address the needs of our finance teams today will better position us for tomorrow. Our apprenticeship combines a world-class learning program with mentorship and on-the-job training, which helps employers recruit and grow their own, providing the kind of workplace the 21st century workforce expects – diverse, inclusive, collaborative, and innovative.'"
CPA Practice Advisor
[12/5] Dean Dorton, a top-100 accounting firm, has enhanced its forensic accounting and valuation services by acquiring Shilts CPA, based in Jacksonville, FL. Josh Shilts, the founder of Shilts CPA, has joined Dean Dorton as a director in their Valuation and Forensic Services practice.
"'Bringing Josh Shilts and his team into Dean Dorton represents a pivotal step in our strategic growth,' Dean Dorton President and CEO David Bundy said in a statement. 'By adding these resources to our current outstanding group, we can increase service offerings to our clients. We are now positioned to better serve our clients in valuation, financial litigation, and fraud detection. We are excited about the opportunities this presents for our clients and our firm.'"
CPA Practice Advisor
[12/13] Millennials are starting to lose their "youth status" in the workplace, but, for accounting firms, that might just be a good thing. Millennial-age CPAs can combine tech familiarity with accounting fundamentals to fill leadership roles and steer the industry toward success.
"Gen Z craves autonomy and quick feedback. They’ve grown up with instant access to information and expect the workplace to mirror that … Boomers and Gen X might prefer more structured workflows and face-to-face communication … Our role isn’t just about managing tasks—it’s about fostering collaboration between these distinct generations."
CFO Dive
[12/4] EY America's technology and transformation leader Daren Campbell talked with CFO Dive to diagnose the talent dilemma in accounting and speculate on how technology can help. Campbell emphasizes that not only is it critical to choose the right technology, but to implement the right training protocols that ensure successful adoption.
"While newer entrants to the field may have the AI technical know-how, as the talent pool in the space shrinks, the domain knowledge and 'core tax and accounting skill set is more important than ever,' Campbell said."
PE Hub
[12/24] Private equity (PE) had a big year across the board in 2024, but there are certain sectors where large-scale PE investment had an especially large impact. Major PE deals have impacted entertainment, food, patient care, onshoring, and accounting.
"'We believe growth trends in the CPA space are compelling,' Jason Barg, a partner at LMP said. In October, his firm invested in Cohen & Company. 'We are living in a world with growing regulatory complexity and the need for best-in-class advice is more pronounced than it has ever been.'"
Yahoo Finance
[12/19] There's no exact science to becoming a successful CFO in a constantly evolving industry, but stakeholders have long debated whether accounting or business is a preferable background. According to Shawn Cole, president and founding partner of executive search firm Cowen Partners, the answer lies somewhere in between.
"'The best CFO profile is the reporting CFO who became an operating CFO,' Cole said. For example, they have an accounting foundation, but acquired operational experience having helped run departments like IT, and have led M&A, he said."
Insurance Journal
[12/16] Since the workplace has shifted to a mostly digital environment, cyberattacks have exploded in the form of phishing and malware schemes. While IT professionals are seen as the main vanguard against this development, accountants could also play a vital role.
"Accountants play a key role in helping organizations develop data policies. These policies establish rules and guidelines for managing data, such as how long to retain information, how to protect it and when to delete it."
Forbes
[12/19] The rise of deepfakes, a subset of AI designed to imitate humans, poses a unique threat to the financial sector as it makes client verification especially tricky. There are several best practices your firm can employ to safeguard client information against increasingly sophisticated phishing attempts.
"Advanced algorithms have been developed to detect digital anomalies typical of deepfakes. Training ourselves and our teams to use these tools to identify unnatural blinking, facial inconsistencies and mismatched audio frequencies in suspicious videos or calls can enhance security."
Thomson Reuters
[12/16] Today’s accounting industry offers small- and mid-size firms a chance to gain a competitive edge by shifting from traditional compliance tasks to a more advisory-focused approach. Becoming trusted year-round advisors is helping firms increase revenue. Strategies for identifying ideal clients and transitioning to advisory roles are key to building long-term connections.
"Introducing advisory services to your clients requires a strategic and thoughtful approach. Consider first engaging with clients who have complex financial needs or have expressed interest in strategic planning. These clients are more likely to see the value in advisory services."
RSM
[12/4] Section 45X of the Internal Revenue Code (IRC) was implemented to incentivize the production and sale of solar, wind, and battery components in addition to critical minerals. This new tax credit has implications for a large list of companies and the accounting firms that service them.
"The 45X credit has stimulated new investments in states across the country, particularly in areas with a strong Republican constituency. Accordingly, we could potentially see favorable modifications to the 45X credit in the coming administration, such as expansion to include new eligible components."
Thomson Reuters
[12/10] Agentic AI can independently perform tasks and make decisions, surpassing traditional AI's rule-based operations. This technology is set to revolutionize tax and accounting firms by transforming workflows and client services.
"The integration of agentic AI in the tax industry opens up exciting possibilities for pioneering new service models. As AI handles routine tasks, tax professionals can explore innovative ways to add value, such as developing predictive tax strategies or creating customized financial ecosystems for clients. This shift may also spur the creation of new specializations, blending tax expertise with AI management."
Journal of Accountancy
[12/12] Interest in generative AI (GenAI) tools among CPA decision makers has grown—with 30% of business executives now experimenting with these technologies (up from 23% last year), according to the quarterly AICPA & CIMA Economic Outlook Survey. And AICPA & CIMA’s Tom Hood thinks those not considering GenAI dropped significantly, suggesting a shift toward broader adoption.
"Introducing advisory services to your clients requires a strategic and thoughtful approach. Consider first engaging with clients who have complex financial needs or have expressed interest in strategic planning. These clients are more likely to see the value in advisory services."
领英推荐
Binghamton University
[12/3] AI has become essential across various business sectors, prompting questions about its impact on accounting. Six Binghamton University accounting students explored this through a project examining AI use in several firms, including the Big Four, gaining unique insights into how these companies maintain their innovative edge.
"The students learned that in 2015, 10% of organizations used or planned to implement AI soon. By 2019, that number jumped to 37%. After analyzing some of the ways accounting firms have adopted AI into their business strategy, the six students presented their findings to classmates in Assistant Professor of Accounting Flora Sun’s cost accounting class."
Thomson Reuters
[12/27] How do you audit cryptocurrency transactions when its compliance landscape is still new and evolving? Thomson Reuters covers challenges, best practices, and software considerations to keep in mind if your firm plans to audit clients with cryptocurrency activity.
"While capital gains and losses are significant for tax compliance, auditors must also consider the broader implications of crypto events and transactions for financial statement (GAAP) reporting. Auditing crypto activities presents unique challenges, especially given that cryptocurrency wallets, which most clients possess, are not inherently designed with financial reporting in mind."
Thomson Reuters
[12/19] The IRS introduced a new set of reporting guidelines for growing digital assets such as cryptocurrency. With crypto on the rise and an extremely low percentage of traders reporting their activity, your firm should know some key details to navigate compliance.
"Automated workflow tools not only streamline compliance by ensuring accurate, timely, and efficient reporting, but they also empower firms to elevate their service offerings in the digital asset domain."
Accounting Today
[12/27] Were you one of the countless CPAs cramming to earn CPE credits before the end of 2024? Maybe it's time to reevaluate this process. CPA Drew Carrick of Accounting Today suggests some new alternatives to current CPE requirements.
"The discussion is just getting going. CPE platforms like Earmark, which is providing a variety of CPE in more listener friendly formats, and FloQademy, which is experimenting with never-used-before content types for free, are convenient options for knocking out the requirements. Naturally, these came out of CPAs who were frustrated with how things were done."
The CPA Journal
[12/24] Alexis Colucci, Tax Advisory Consultant at PricewaterhouseCoopers (PwC), shares her perspective on sustainability accounting. She argues that it's more than just a buzzword or feel-good obligation, but rather an opportunity for accountants to make meaningful, long-term change.
"Sustainability accounting has relevance across industries, positions, and companies, simply because it is what the public requires of us. As accountants, we must maintain the public trust we’ve worked so hard to build and aid in this reporting that will benefit our planet. Accountants provide credibility, and it is up to Gen Z to continue this tradition as we enter the workforce."
Inside Public Accounting
[12/18] So what's next for the accounting industry? Jeff Call, CEO/Managing Partner at Bennett Thrasher, gives his take on how tax policy, client service, private equity investment, and staffing struggles could evolve in the coming years.
"Whether it’s a face-to-face meeting, thoughtful email or timely advice, the moments that build relationships cannot be automated. Firms that successfully combine technological efficiency with personalized service will be best positioned to thrive. It’s not about choosing between innovation and tradition – it’s about integrating the two."
Business Insider
[12/12] Initially a biochemistry major with plans for medical school, Nicholas Larson realized that the lengthy education and training wasn’t for him. Encouraged by his parents, Larson switched to accounting due to its logical nature, job security, and positive lifestyle. And then he caught up on credits to pursue a CPA license.
"Some people say that ‘accounting isn't sexy’ and that it's hard to get people to become accountants. My parents told me — and my accounting professors reinforced — that an accounting degree was one of the fastest and surest ways to a comfortable upper-middle-class life, and I believe that's true."
CPA Practice Advisor
[12/13] Industry experts Brian Tankersley and Randy Johnston discuss Thomson Reuters’ Synergy conference, why the company could make strides in the audit space, how its AI-powered software is impacting the accounting industry, and more. (Podcast)
"APIs are kind of a nice way to pass data in and out, and we are recommending that, particularly in bigger firms, that you leverage the APIs, as Brian would call them, digital plumbing."
Accounting Today
[12/5] PE’s increasing role in the accounting sector has led to significant capital opportunities for firms aiming to expand, although concerns about the long-term costs persist. Notably, firms such as Armanino LLP and Cohen & Co. have embraced PE investments following the pioneering deal between EisnerAmper LLP and TowerBrook Capital Partners in 2021.
"Philip Whitman, CPA and CEO of advisory firm Whitman Transition Advisors LLC, said PE activity has only grown since that first investment, with 2024 being the year that investors have become more eager to invest in or partner with CPA firms. 'To date, our team has met with over 150 private-equity groups that have a desire to find foundational firms in the accounting/CPA firm arena. … Not a week goes by that I am not hearing a pitch or new thesis by at least three or four private-equity groups that are considering entering the accounting-firm space,' Whitman said."
Medium
[12/5] In 2020, Nicholas Bird left accounting and felt that the industry seemed stuck in minor advancements with little change to core financial data interactions. But the introduction of OpenAI's GPT-4 marked a transformative shift, offering deeper understanding and contextual insights beyond traditional automation. Now Bird is looking forward to applying his skills on accounting technology again.
"The accounting industry I left in 2020 was stagnant. The one I’m returning to in 2024 is on the cusp of its biggest transformation since the invention of double-entry bookkeeping. And this time, I want to be part of that change."
Accounting Today
[12/4] Give a round of applause to the professionals who made their mark on the accounting industry this year. Here are the top nine people from Accounting Today’s “Top 100 Most Influential People in Accounting” list for 2024.
"PCAOB chair Erica Williams garnered accolades for leading the Public Company Accounting Oversight Board's ambitious standard-setting agenda, modernization of existing audit standards, and the significant impact that will have on the profession moving forward."
Marquette Today
[12/5] Some young accountants are using their recently-acquired expertise to help their community. A group of graduate students at Marquette volunteered on a forensic accounting project meant to assist fraud victims in preparation for an upcoming trial.
"The three, along with co-professor Andrea Golvach, meet at the Wauwatosa Police Department to work on the case, poring over police reports and bank statements to trace the flow of transactions."
CPA Practice Advisor
[12/6] Two recent IDC Marketscape reports named Thomson Reuters as a leader in SaaS and cloud- enabled tax automation software and value-added tax management applications in 2024. Recently TR-acquired company Pagero was also recognized in these reports.
"'In today’s rapidly evolving global marketplace, tax compliance has become increasingly complex for multinational corporations. At Thomson Reuters, we’re committed to empowering our customers with cutting-edge technology that not only ensures compliance but also enhances their competitive edge,' said Ray Grove, head of Corporate Tax and Trade at Thomson Reuters."
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