Tax Pro Roundup: February Edition
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CPA Practice Advisor
[2/19] Almost two-dozen figureheads across the tax and accounting industry met in Dallas, Texas to discuss the pros and cons of AI, staffing challenges, security, AICPA developments, CAS, accounting education, and more.
"Hosted by CPA Practice Advisor, attendees at this year’s event included top firm leaders, tech experts, practice consultants, and Mark Koziel, CPA, the new president and CEO of the American Institute of Certified Public Accountants (AICPA). Koziel, who has been a long-term participant of the event."
Accounting Today
[2/10] President Trump's nominee for SEC chairman, Paul Atkins, has previously supported the idea of eliminating the Public Company Accounting Oversight Board (PCAOB) and folding it into the SEC. AICPA is now preparing for the possibility that this idea becomes a reality.
"'Paul Atkins actually is former PwC, friendly to the profession, so we are hopeful there that we can continue strong relationships with the SEC as we go forward,' said Koziel during a speech at a meeting Monday of the Accountants Club of America in New York."
WIRED
[2/11] Thomson Reuters secured a significant legal victory in the first major AI copyright case in the United States. A judge ruled that the legal AI startup Ross Intelligence infringed upon Thomson Reuters' copyright by reproducing materials from its legal research service, Westlaw, dismissing all of Ross's defenses.
"The generative AI boom has led to a spate of additional?legal fights?about how AI companies can use copyrighted material, as many major AI tools were developed by training on copyrighted works including books, films, visual artwork, and websites. Right now, there are several dozen lawsuits currently winding through the US court system, as well as international challenges in China, Canada, the UK, and other countries."
CPA Practice Advisor
[1/27] Big Four firm Deloitte is continuing to build their cloud infrastructure with the acquisition of SaaS workflow startup SimplrOps, which automates operations and implementations for Workday, SAP, and Oracle.
"'As we fully integrate SimplrOps’ technology into our offerings, we are poised to deliver improved performance that helps our clients maximize ROI in their technology investments,' Simona Spelman, U.S. human capital leader and principal at Deloitte Consulting, said in a statement."
The Wall Street Journal
[1/29] Industry experts forecast that the Public Company Accounting Oversight Board (PCAOB) is set to undergo a much more drastic overhaul than the Financial Accounting Standards Board (FASB) under new?federal leadership. Mark Maurer with WSJ explores why that's the case.
"'The SEC lets the FASB do all the grunt work, research an issue and promote comments so it’s not perceived as being a politically motivated debate,' said W. Robert Knechel, an accounting professor at the University of Florida. 'It’s more of a theoretical, conceptual debate.'"
Business Insider
[2/14] The Big Four consulting and accounting firms—despite employing 1.5 million staff globally and occupying prime real estate—are resisting the shift toward stricter return-to-office (RTO) policies seen in other major corporations like Amazon, AT&T, Dell, and JPMorgan. Business Insider explored their perspectives on maintaining hybrid work models into 2025.
"KPMG?operates a hybrid working model, with employees splitting time between the office, client sites, and home. The firm has permitted some hybrid work since before the pandemic. The exact number of days teams come to the office is at the discretion of each member firm within the KPMG network."
CFO[dot]com
[2/5] Whether it's in the corporate sector or on the firm side, tax and accounting talent is in short supply these days. CFO[dot]com highlights survey results that showcase industrywide staffing struggles and speculates on whether AI and automation could supplement the shortage.
"Another survey finding suggests that the recent trend of return-to-office policies … is less welcome within the accounting and tax profession. Offering flexible work arrangements, including hybrid and remote working models, is among the top steps that 37% of accounting firms are taking to close the talent gap."
CPA Practice Advisor
[2/5] Enrollment rates for accounting majors have been on a worrying decline over the past decade, but perhaps things are starting to look up. A new study from the National Student Clearinghouse Research Center showed a 12% increase in accounting enrollment from 2023 to 2024—an additional 28,672 students.
"'Strong accounting enrollment is heartening,' said Susan Coffey, CEO of public accounting for the American Institute of CPAs (AICPA). 'The larger undergraduate student body presents a bigger opportunity to demonstrate to students the dynamic, rewarding career opportunities accounting can deliver.'"
CPA Practice Advisor
[1/22] Recent research highlights AI's potential to improve decision-making and productivity, leading many large companies to invest in the technology. However, up to 80% of these companies report not realizing the anticipated benefits, partly due to employees' reluctance to adopt AI, a challenge not fully understood as studies often focus on technological limitations or user perceptions.
"'Often employees fail to embrace new AI and benefit from it, but we don’t really know why,' says Assistant Professor?Natalia Vuori?from Aalto University. 'Our limited understanding stems partly from the tendency to study these failings as limitations of the technologies themselves, or from the perspective of users’ cognitive judgments about AI performance, she says.'"
William Blair
[2/19] CPA and global service analyst Andrew Nicholas sits down with the William Blair Thinking Podcast to discuss his team's recent findings from their inaugural accounting survey. He discusses technology use, revenue growth, and M&A trends.
"The largest firms, think about firms that have $500 million in revenue or more, grew 5.5% in 2024. So not as strong as maybe the smaller firms, which maybe is, is somewhat predictable, but still a very healthy growth rate. I think the punch line, though, and yes, for the core takeaway, is that 2025 is expected to be even better."
The CPA Journal
[2/11] Industry experts Garry Carnegie, Lee D. Parker, and Erin Twyford examine what applications accounting could have beyond its narrow definition. Their collective work makes the case for reframing accounting as a more dynamic discipline with implications that expand its value in the world.
"For accounting to retain its social and community legitimacy and maintain the trust of stakeholders, it needs to reflect and account for organizations not only in their economic contexts but also in their social contexts. Accounting is not solely the technical calculative execution of accounting processes."
Accounting Today
[2/18] CFOs have their work cut out for them with staffing shortages persisting in accounting and the Office of Finance continuing to evolve. There are several key developments to monitor for 2025, including lease portfolios, AI, and more.
"Today, 100% of surveyed finance executives are concerned with maintaining control over their lease portfolios, including the ability to maintain compliance with ESG reporting requirements (52%, compared to 44% in 2023), maintaining data accuracy and completeness (49%, compared to 48% in 2023) and reacting to unforeseen circumstances (49%, compared to 46% in 2023)."
Thomson Reuters
[2/6] Thomson Reuters has five time management tips for saving you tons of time this busy season. Automation, the Eisenhower Matrix, and the Pomodoro Technique can help your team work faster.
"One of the most effective time management tips for tax professionals is to prioritize tasks using the Eisenhower Matrix. This framework helps you categorize your tasks into four distinct quadrants based on their urgency and importance. By understanding these categories, you can make more informed decisions about where to focus your time and energy."
Thomson Reuters
[1/31] The National Pipeline Advisory Group (NPAG) has tackled the challenge of strengthening the accounting talent pipeline by studying data and proposing strategies over 13 months. They emphasize that collective talent effort is critical, encouraging individuals, educators, and employers to take the "Pipeline Pledge" by committing to at least two activities that enhance the profession's appeal and retention.
"For example, Michelle Randall, CPA, CGMA, is a pipeline pledge participant who is using her position and passion to influence her network to see the opportunities a career in accounting can offer. She has been finding creative and innovative ways to introduce young middle school students to a career in accounting. Some of her tips on how to get involved include…"
Boomer Consulting
[1/13] The accounting profession is undergoing significant transformation due to evolving client expectations, technological advancements, and increased M&A and private equity activities. These conditions have prompted firms to rethink their business models to remain competitive. As routine tasks become automated, the focus is shifting from compliance-based services to strategic advisory services.
"The work done to modernize your business model can pay dividends in multiple scenarios. If your firm stays independent, you’re poised for organic growth and higher client satisfaction. If you pursue M&A or private equity, your firm will stand out as a strategic and profitable acquisition target.?But now is the time to act. Delaying change could mean falling behind competitors who are already aligning their business models with the future. Let the current trends be a catalyst for action—not a wake-up call once it’s too late."
Accounting Today
[2/20] It's estimated that between 6,000 and 7,000 IRS employees will be receiving the pink slip with tax season underway, roughly 7% of the agency's workforce. This bulk of layoffs includes individuals from enforcement and collection areas of the Small Business/Self Employed division and the Large Business/International division.
"'Indiscriminate firings of IRS employees around the country are a recipe for economic disaster,' said NTEU national president Doreen Greenwald in a statement. 'In the middle of a tax filing season, when taxpayers expect prompt customer service and smooth processing of their tax returns, the administration has chosen to decimate the whole operation by sending dedicated civil servants to the unemployment lines.'"
Thomson Reuters
[2/20] The Corporate Transparency Act (CTA) is back in effect, meaning that beneficial ownership information (BOI) reporting is once again required for the deadline (March 21, 2025). Article includes overview of CTA along with advice on what firms can do to stay compliant.
"LLCs and corporations must file unless they qualify for an exemption, such as being a large operating company with over 20 full-time employees and over $5 million in gross sales, an inactive entity established before January 1, 2020, or a nonprofit with confirmed status."
Thomson Reuters
[2/20] E-invoicing mandates are popping up in more and more jurisdictions across the globe, and firms dealing with international clients need to be prepared. Strategies and challenges highlighted from last year's SYNERGY panel are highlighted to help you tackle e-invoicing compliance with confidence.
"E-invoicing is currently reshaping global tax compliance, with nearly 100 jurisdictions implementing or preparing to implement these systems. Kathya Capote Peimbert, who represented KPMG at the conference in November, states that tax authorities now have real-time visibility of transactional data."
CPA Practice Advisor
[2/17] The Virginia House and Senate have approved legislation to offer an alternative path to CPA licensure, which addresses the barrier of the 150-hour education requirement. Starting January 1, 2026, aspiring CPAs can qualify with a bachelor's degree, required accounting coursework, two years of experience, and passing the CPA Exam, providing an option that emphasizes practical experience over additional educational hours.
"Virginia becomes just the second state behind Ohio to pass legislation with a new CPA license pathway. As a champion of initiatives to support strengthening the CPA pipeline, the VSCPA is thrilled to see Virginia legislators supporting measures to strengthen the workforce."
Thomson Reuters
[2/13] The Trump administration's tariff proposals could have seismic implications for the U.S. economy, and the tax and accounting industry also stands to feel the impact. New tariffs may affect tax compliance and financial planning, but professionals can prepare in several ways.
"The tariffs introduced challenges for businesses in managing their tax liabilities. Understanding the classification of goods subject to tariffs, potential exemptions, and documentation requirements became crucial for accurate tax compliance."
RSM
[2/4] Until recently, generally accepted accounting principles did not offer guidance on environmental credits, but the FASB is changing that. If accepted, their newly proposed Accounting Standard Update would add definitions of both environmental credits and related environmental credit obligations.
"An environmental credit obligation would be defined as a regulatory compliance obligation arising from existing or enacted laws, statutes, or ordinances represented to prevent, control, reduce or remove emissions or other pollution that may be settled with environmental credits. Obligations within the scope of ASC Subtopic 410-30 would not be environmental credit obligations."
Bloomberg Tax
[1/30] Major companies like Apple and Salesforce, along with Big Four accounting firms, have backed the Financial Accounting Standards Board's (FASB’s) proposal to update rules for reporting internal-use software development costs, though some stakeholders worry about potential inconsistencies in interpretation. The FASB's plan seeks to clarify accounting practices for companies creating in-house software and cloud-based tools.
"Under the proposal, businesses would begin capitalizing, or reporting on their balance sheet, costs to make software when their management has authorized and committed to funding the project, and when it’s ‘probable’ the software project will be completed and it will be used to perform the intended function."
Accounting Today
[2/12] QuickBooks Online Accountant's (QBOA’s) new features, automated call summaries, and live cleanup services, are essential for accounting practices using the platform. These tools enhance efficiency by providing detailed logs of client interactions with QuickBooks Live Experts and ensuring accurate, timely preparation of clients' books for tax season. Article includes various tech updates about IBM, Microsoft, Salesforce and more.
"The live cleanup service helps prepare clients' books for tax season by categorizing transactions, checking for any errors, and reconciling accounts to ensure accuracy. Clean-ups are typically performed within 30 days with access to a QuickBooks-certified bookkeeper. These features are available through QuickBooks Online Accountant with a 30% discount for ProAdvisors."
Texas Tech University
[1/22] Sue Yang, an assistant professor of accounting at Texas Tech University, is working to broaden the perception of accounting beyond traditional financial tasks. She emphasizes managerial accounting's role in designing company incentives and management systems and is involved in neuroaccounting, an interdisciplinary field that uses neuroscience to study the impact of managerial decisions on people.
"Yang, along with her co-researchers, recently?published a study in the journal ‘Management Science’?that examines how a team’s composition can impact its creativity. Would a team that was more functionally diverse – think people from different departments within a company – have greater creativity than a team whose members were all from the same area?"
The CPA Journal
[1/28] To expand the accounting profession's pipeline, some leaders propose recognizing accounting as a STEM field to access federal funding and resources, potentially sparking early student interest through a technology-focused curriculum. The bipartisan Accounting STEM Pursuit Act seeks to secure additional funding for accounting education in schools, with the AICPA expressing strong support.
"In June 2021, the Accounting STEM Pursuit Act of 2021 was introduced to the U.S. House of Representatives’ Education and Labor Committee. Representatives Haley Stevens (D-MI) and Victoria Spartz (R-IN) sponsored the bill to promote career awareness within the field of accounting…"
Andreessen Horowitz
[1/30] Firms large and small are looking to grow their Client Advisory Services (CAS), but many lack the bandwidth to do so. Marc Andrusko and Seema Amble discuss how AI can help automate routine tasks to help free up time and labor for more expertise-driven advisory work.
"Many of the activities that constitute outsourced controller services (e.g., helping with month-end closes, transaction reconciliation, expense management, etc.) require a person to repetitively perform rote tasks; we’ve previously referred to these “jobs to be done” as data collection and ingestion."
Accounting Today
[2/3] The Internal Revenue Service's new regulations and potential shifts in cryptocurrency policy under President Donald Trump in 2025 could bring significant changes for accountants handling digital assets. While Trump has shown support for the crypto industry and proposed initiatives like a U.S. government bitcoin reserve, experts are concerned about whether the complexities and costs associated with managing digital assets might outweigh their benefits.
"Digital asset companies such as the accounting solutions provider TaxBit and tax platform Ledgible have already begun incorporating new features or products into their offerings to account for standard changes from the IRS and the Financial Accounting Standards Board."
CPA Practice Advisor
[2/3] The tax and accounting industry is quickly evolving due to advancements in technology and AI. This has created a gap between conventional academic training and practical needs. Nick Boscia, CPA and co-owner of Boscia & Boscia PC, identifies five critical areas to align education with industry demands, ensuring students are equipped for a successful career in the changing landscape.
"Remember, accounting is more than just numbers—it’s about helping people and businesses thrive. By embracing technology, building relationships, and staying adaptable, future accountants can create fulfilling careers that blend growth, balance, and purpose."
CPA Practice Advisor
[2/3] The chief economist at the U.S. Chamber of Commerce predicts that increased productivity, driven by AI adoption and outsourcing, will boost U.S. economic growth this year. As companies face talent shortages, they are turning to AI and Business Process Outsourcing (BPO) to enhance productivity, with the BPO market projected to exceed $152 billion in revenue; this trend is particularly impactful in industries like accounting, cybersecurity, and customer care, where staffing challenges are prevalent.
"The accounting industry is dealing with a yearslong decline in new graduates in the field, so outsourcing is already widely practiced.?Eighty-three percent?of senior leaders surveyed in 2024 said they had a shortage of accounting talent, while another survey of CFOs found that?90% were outsourcing?“at least some accounting functions” in 2024. The survey also found that leaders in the field are cautiously approaching AI…"
Accounting Today
[1/30] Technology is redefining the day-to-day work of most accountants and causing some to question if the fundamentals taught in university programs are becoming outdated. Martin Mulyadi makes the case for incorporating data analytics and visualization courses into the accounting major, arguing that it aligns with the more abstract, big-picture responsibilities that the profession will soon entail.
"Without a skilled storyteller, accounting analytics' ability to identify possibilities, predict trends and highlight subtle patterns is lost in spreadsheets. The most proficient accountants are able to 'speak data' with the same ease as they can in the business language. Spreadsheets and ratios aren't their only tool; they utilize them to create engaging stories that inform strategic decisions."
CSUF News
[2/3] Earning an accounting degree is gaining extra paths at some universities. Cal State Fullerton recently launched a new master's degree program in accountancy that can be completed in as little as 10 months. Assistant professor Megan Grady says the program is designed to give students the time and flexibility to learn in the field via internships.
"'The idea behind the program is to allow students to ‘learn and earn’ in an out-of-classroom experience,' Grady said. 'Additionally, the cohort model offers students the opportunity to easily build a network among peers as they go through the program together.'"
CPA Practice Advisor
[2/3] A team of students from Brigham Young University won Deloitte’s 2025 FanTAXtic national case study competition by analyzing the effects of a proposed corporate income tax rate change on business structure decisions. The competition, held at Deloitte University in Westlake, Texas, also required teams to calculate revised taxable income projections and consider asset depreciation. Baruch College, City University of New York took second place while the University of Florida too third place.
"Each of the 16 teams competing in the national competition secured victory in the Deloitte FanTAXtic contest within their respective U.S. regions. Prior to the final event, 72 teams from over 55 colleges and universities took part in regional qualifier events. Over 315 students participated, representing a 12% increase over 2024. This was driven by an uptick in participating universities, including 13 schools who participated in the competition for the first time."
Show Me Mizzou
[11/8] The Robert J. Trulaske, Sr. College of Business at the University of Missouri has partnered with accounting education leader Becker to launch the Becker Academy. This initiative offers a series of courses aimed at addressing knowledge gaps and providing a robust foundation for those preparing for the CPA exam.
"Combined research by Becker and the?School of Accountancy?at the Trulaske College of Business indicated that there are existing foundational knowledge gaps for many individuals who are beginning or have already begun CPA exam prep. The first Becker Academy course is focused on addressing those issues."
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