AICPA Asks IRS for Guidance on Excise Tax at Nonprofits
The American Institute of CPAs (AICPA) has formally asked the IRS and Treasury for guidance on the new excise tax introduced by the One Big Beautiful Bill Act (OBBBA). The tax, up to 21% on executive compensation exceeding $1 million, now covers all employees of tax‑exempt organizations for fiscal years starting after Dec. 31, 2025. AICPA’s letter urges transition relief to prevent retroactive liabilities and to carve out exceptions for volunteers and short‑term staff. Without such relief, nonprofits could face significant compliance burdens and financial exposure.
Atkins' Folly
SEC Chair Paul Atkins has floated a proposal to cut the frequency of interim financial reports, arguing it would reduce reporting costs. Critics contend that fewer disclosures increase information asymmetry, raising market uncertainty and risk premiums. Higher required returns could...
NYC Tax Plan that Angered Rich Proves Tough to Design
Governor Kathy Hochul has proposed a pied‑à‑terre surcharge on New York City second homes worth $5 million or more, aiming to raise at least $500 million a year and help close the city’s $5.4 billion budget gap. The tax is part of a...
Employers Added 115K Jobs in April, Including 1.2K in Accounting
U.S. non‑farm payrolls rose by 115,000 jobs in April, outpacing economists' forecasts while the unemployment rate held at 4.3%. The gains were led by health‑care, transportation and warehousing, and retail‑trade, with professional and business services adding 7,000 jobs, including 1,200...
Tech News: Digits Announces Schedules for Accrual Accounting Workflows
Digits unveiled Digits Schedules, an AI‑driven system that embeds accrual accounting workflows directly into the general ledger. The tool automatically identifies transactions needing accrual treatment, drafts supporting schedules, and lets accountants approve, edit, or reject them before any journal entry posts....
US Home Solar Bust Worsens After Trump Ends Subsidies
The U.S. residential solar market is collapsing after President Trump ended the federal homeowner tax credit and lease‑subsidy program, prompting bankruptcies at major installers like Freedom Forever and soft sales for Tesla, Enphase, SolarEdge and Sunrun. Analysts forecast a contraction...
Trump's Latest Tariffs Found Unlawful by Trade Court
A three‑judge panel of the U.S. Court of International Trade ruled that President Trump’s 10% Section 122 tariffs are unlawful, granting an injunction that blocks enforcement against two small‑business plaintiffs and Washington state. The court found the administration lacked standing to...
Post‑AI Client Expectations: Why Predictive Insight Is the New Baseline
AI is reshaping accounting from a focus on precision and historical reporting to predictive insight. Clients now expect real‑time forecasts, anomaly alerts, and proactive guidance, pressuring firms to act as strategic partners. Firms that embed predictive tools and advisory touchpoints...
Sage Touts New, Enhanced Products for Advisory, Payroll, More
Sage announced a suite of AI‑enhanced products aimed at accounting firms and their clients, including the expanded Sage Intacct Advisory with industry‑specific templates and automation. The company also launched Sage HCM, a unified HR and payroll platform, and introduced Sage...
SEC, FASB Prepare for Semi-Annual Reporting Option
The SEC and FASB unveiled a proposal allowing public companies to file semi‑annual reports instead of quarterly ones, using a new Form 10‑S and a simple checkbox on Form 10‑K. The rule aims to let issuers focus on material information, reducing the...
4 Steps to Integrate AI Into Your Operations
Artificial intelligence has moved from novelty to a core strategy for accounting firms, with 81% reporting productivity gains and 86% noting reduced mental load, according to Intuit’s 2025 Accountant Technology Survey. Adoption varies, as many firms remain in experimental phases,...
NY Announces $268B Budget Deal Including Second-Home Tax
Governor Kathy Hochul unveiled a tentative $268 billion state budget that adds a proposed levy on second homes in New York City valued over $5 million, projected to generate up to $500 million annually. The plan also provides $1.5 billion in operational aid to...
KLR Adds Restaurant Accounting Solutions
Boston‑based accounting firm KLR announced the acquisition of Restaurant Accounting Solutions, a Yarmouth, Massachusetts specialist in bookkeeping, financial reporting, payroll analysis and back‑office support for restaurant owners. The deal enhances KLR’s capabilities in the restaurant sector and expands its client...
Aprio Enters Cannabis Industry
Aprio, the Atlanta‑based accounting firm ranked No. 20 by Accounting Today, announced it will acquire Phoenix‑based Price Kong effective June 1. The acquisition adds five partners and 40 professionals, bolstering Aprio’s presence in Arizona and marking its entry into the cannabis‑industry advisory...
IRS Plans Settlements in Conservation Easement Cases
The IRS announced a time‑limited settlement program for taxpayers involved in syndicated conservation‑easement transactions that the agency deems abusive. The new website details recent court decisions, highlights inflated valuations, and warns of disallowed deductions, penalties, and back‑dated approvals. Eligible individuals...
Curiosity, the Most Important Skill for Accountants in the Age of AI
Artificial intelligence is reshaping accounting by automating transaction coding, reconciliations and anomaly detection. As routine tasks migrate to software, accountants are transitioning from doers to reviewers who must validate AI output. In this new landscape, curiosity— the drive to question...
Small-Business Hiring Grows in April
Small businesses with fewer than 50 employees added jobs in April, pushing Paychex's Small Business Jobs Index to 99.16, the strongest two‑month gain since February 2023. All four U.S. regions posted higher employment growth, led by the Northeast and West, while...
Private Sector Adds 109K Jobs
ADP reported the private sector added 109,000 jobs in April, with the service‑providing sector gaining 94,000 and the goods‑producing sector adding 15,000. Education and health services led the surge, contributing 61,000 jobs, while professional and business services shed 8,000. Pay...
SpaceX Financials Flagged as Concern to SEC
SOC Investment Group, a pension‑fund adviser, has written to the SEC urging a thorough review of SpaceX’s financial disclosures before its slated IPO, citing concerns over the accuracy of its accounting and auditor independence. The group also wants the agency...
JPMorgan Sees Higher NYC Downgrade Risk Amid Tax Pushback
JPMorgan strategists say New York City’s downgrade risk has risen as New York State appears unlikely to approve new revenue measures. The city faces an estimated $5.4 billion two‑year budget gap, prompting rating agencies to flag a negative outlook. Proposals such...
COSO Offers Risk Management Guidance
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a new report to help firms strengthen enterprise risk management (ERM). The paper, co‑authored with Crowe consultants, draws on a global survey of risk leaders showing that 98% want...
55 Should Be the New 65 for Succession Planning
Ira S. Rosenbloom argues that CPA firm owners should begin succession planning at age 55 rather than the traditional 65. Faster technology adoption, greater operational complexity, and evolving client expectations make waiting too long risky. Starting early gives owners more...
Accounting's AI Arms Race
Accounting firms are racing to embed artificial intelligence across their operations, with the largest firms pouring up to $1 billion into AI over the next three years. Smaller practices are proceeding more cautiously, emphasizing governance and data security while still testing...
Ascend Acquires Jackson Thornton
Accounting firm Ascend has acquired Alabama‑based Jackson Thornton, a Gulf Coast regional leader with six offices and roughly $41 million in revenue. The deal adds about 30 partners and over 160 employees, bringing Ascend’s total to 282 partners and more than...
FASAB Proposes Expedient for Embedded Leases
The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft proposing a practical expedient for embedded leases in federal contracts. Under the draft, eligible contracts could be accounted for as non‑leases, simplifying reporting and allowing group treatment of similar...
Lawmaker Introduces Bill to Expand EITC
Rep. Kristen McDonald Rivet introduced the Working Parents Tax Relief Act, which would expand the Earned Income Tax Credit by up to $5,500 per child under four and raise the income eligibility ceiling to about $100,000 for families with young...
Sikich Acquires Jefferson Wells
Chicago‑based professional services firm Sikich has completed the acquisition of Milwaukee‑based Jefferson Wells for $100 million, closing on April 30. The transaction adds $76 million in annual revenue and more than 300 U.S. employees, expanding Sikich’s footprint in health care, life sciences, manufacturing, distribution,...
Wipfli Acquires Risk Management Firm
Wipfli, the Milwaukee‑based accounting firm ranked No. 21 by Accounting Today, announced the acquisition of CompliancePoint, a Duluth, Georgia‑based cyber‑security and privacy specialist, effective May 1. The deal adds two partners and 52 associates to Wipfli’s advisory team, expanding its risk management...
UK Man Agrees to Plead Guilty in 'Singapore Solution' Tax Case
Roderic Sage, a UK citizen and former CEO of a Hong Kong shell‑bank firm, has agreed to plead guilty to conspiring with Swiss bankers to help U.S. clients hide more than $60 million in offshore accounts. He was extradited from the United...
Kreston Forms Legal Group Alongside Tax Group
Kreston Global, the London‑based accounting network, has launched a Global Legal Group co‑chaired by Pedro Pizá Nerín of Spain and Klaas Stoke‑Borchert of Germany. The new unit will map legal expertise across the network’s 155 member firms, fostering collaboration and aligning services...
AI Can Boost Productivity, but Who Sustains the Customer Economy?
Artificial intelligence is rapidly becoming a core productivity engine for accounting and finance, automating repetitive tasks and lowering costs. However, the authors warn of an "AI efficiency paradox" – if firms replace too many human roles, they may erode the...
Republicans Eye Capital Gains Tax Cut to Ease Voters' Anxieties
Republican lawmakers are weighing a proposal to index capital‑gains taxes to inflation as a way to ease voter concerns about the cost of living ahead of the November midterms. Senators Ted Cruz and Tim Scott have urged Treasury Secretary Scott...
Boomer's Blueprint: The Agentic Workforce Means Big Changes for CPA Firms
The ThoughtSpot 2026 report reveals a "latency crisis" in CPA firms, where 39% wait over 24 hours for a single insight and a quarter wait a week or more. Firms relying on a "dashboard factory" model are losing relevance as clients...
Black Ore's Tax Autopilot Now Generally Available
Black Ore has moved its Tax Autopilot AI platform from early access to general availability, promising end‑to‑end automation of complex tax returns with little to no human intervention. The system ingests a wide range of documents—W‑2s, 1099s, K‑1s, brokerage and bank statements—classifies...
New Bill Would Autofill Tax Forms
Rep. Bill Foster (D‑Illinois) introduced the “Autofill Act,” a bill that would let taxpayers download tax forms already filled with data the IRS receives from employers, the Social Security Administration and financial institutions. The pre‑populated forms would be available both...
CEO Pay Growth Accelerates at S&P 500
A new ISS‑Corporate study of 318 S&P 500 firms shows median CEO compensation jumped 10.6% to $17.7 million in the 2025‑26 filing period, up from a 7.5% rise the year before. Over 74% of CEOs received pay increases, driven mainly by larger...
Platform Adds Pennsylvania Firm
Platform Accounting Group announced the acquisition of St. Clair & Associates, a Pottsville‑based firm offering accounting, bookkeeping, tax, payroll and advisory services. The deal adds one partner and eight staff members, expanding Platform’s footprint in the Northeast and bringing the total to 53...
Mamdani Pushes to Shrink NY Hedge-Fund, Private-Equity Tax Break
New York City Mayor Zohran Mamdani is delaying the city’s $127 billion budget while urging Governor Kathy Hochul to trim the pass‑through entity tax (PTET) credit that benefits hedge funds and private‑equity firms. Mamdani and City Council Speaker Julie Menin propose cutting...
The Scylla and Charybdis of Accounting Technology
Accounting firms are caught between two extremes of technology adoption: doing the bare minimum and over‑investing in every new solution. The article warns that minimal engagement leaves firms vulnerable to talent loss, client dissatisfaction, and competitive lag, while excessive focus...
House Passes IRS Whistleblower Program Improvement Act
The U.S. House approved the bipartisan IRS Whistleblower Program Improvement Act (H.R. 7959) by a 346‑10 vote, sending the measure to the Senate. The legislation tightens the appeals process by allowing new evidence in Tax Court and guarantees anonymity for whistleblowers...
Grow Your Practice without Adding New Clients
Accounting firms can boost revenue by weaving financial‑planning services into traditional tax work. A sizable slice of low‑fee, compliance‑only clients—often 30% of the 60‑90% base—are prime candidates for upgraded advisory engagements that can lift fees from $500 to $2‑5k annually....
Fractional CFO Firm Gets Minority Investment
CFO Selections, a fractional CFO firm serving small and mid‑market companies in Washington, Oregon, Colorado and Texas, secured a minority investment from Seattle‑based family office Laird Norton Company. The partnership brings strategic resources and a 170‑year legacy of building enduring...
NYC's Mamdani Tries Defusing Griffin Blowback to Second-Home Tax
New York City Mayor Zohran Mamdani defended a proposed luxury second‑home tax after a viral video singled out billionaire Ken Griffin’s $238 million Manhattan penthouse. The mayor said the tax targets a narrow group of ultra‑high‑value properties, not any individual, and...
Trump's $10B IRS Suit Hits Snag with Skeptical Judge
President Donald Trump has filed a $10 billion lawsuit against the IRS and Treasury over a 2020 tax‑record leak, alleging damages. U.S. District Judge Kathleen Williams questioned whether the case can proceed, noting that Trump controls both the plaintiff and the defending...
The Future of the Accounting Workforce
Accounting Today host Dan Hood talks with BDO USA chief people officer Cathy Moy about the evolving accounting talent pipeline. While undergraduate enrollments are modestly rising, the profession relies on sustained high‑school and two‑year college outreach to keep the pipeline full....
IRS Panel Calls for Changes in Notices, Forms, Tools
The IRS Taxpayer Advocacy Panel released its 2025 annual report, urging clearer notices, more intuitive forms, and upgraded digital tools after a year of steep staffing cuts. The panel submitted 188 recommendations, including 20 project referrals, to improve self‑service options,...
Tech News: Diligent Touts AI Board Member and Agentic GRC Workforce
Diligent announced its AI Board Member assistant and a suite of agentic GRC tools embedded in the Diligent One Platform. The AI Board Member can retrieve board materials, industry news, and provide tailored guidance on AI, cyber risk, and audit,...
Cannabis Tax Relief Is Here, for Some
On April 23 the Justice Department placed FDA‑approved marijuana products and those sold under a state‑issued medical license into Schedule III of the Controlled Substances Act, marking the first federal rescheduling of any cannabis product in more than 50 years. The move removes...
Hedge Fund Collapse Sparks Global Hunt for Almost $600M
David Choi’s Mars FX US LP hedge fund, which boasted 19% annual returns and no monthly losses, collapsed in early 2025, leaving nearly $600 million unaccounted for. A criminal fraud inquiry has been opened in the United States, and lawsuits are...
Firms Need Systemic Approach to Filter Vendor Hype
Accounting firms are increasingly skeptical of vendor hype and AI‑driven marketing, opting for systematic, problem‑first evaluations. Leaders at YHB, Crete Professionals Alliance, Sikich and others stress piloting tools, measuring KPI‑based outcomes, and demanding API‑first integration before scaling. The process involves...