May, 2025

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Top 5 priorities for modern tax and accounting firms

ThomsonReuters

Jump to Top 5 priorities for tax and accounting professionals The impact of AI in tax and accounting firms Navigating the future of tax and accounting The landscape of the tax and accounting industry is evolving rapidly, driven by technological advancements and a growing demand for value-added services. According to the 2025 State of Tax Professionals Report by Thomson Reuters Institute , tax, audit, and accounting firms are focusing on several key priorities to stay competitive and meet the ch

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Accountants need to transform in the face of AI

Accounting Today

The growing capabilities of artificial intelligence mean the profession can't afford to be complacent, one expert says.

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Improve Your Accounting Practice with Canopy Certifications

Canopy Accounting

May 7, 2025 SALT LAKE CITY Canopy , the leading practice management platform for accounting firms, today announced the launch of Canopy University , a new certification and training program designed to help customers use the Canopy platform with greater confidence and skill.

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Ranking the Best Accounting and Tax Tech for 2025: Professionals Vote for Their Favorites in the Readers’ Choice Awards

CPA Practice

The qualities necessary for success in the fields of accounting and tax have always included a natural inquisitiveness, a keen eye for details, being comfortable working with complex inter-related data, and sometimes working long hours, either due to reporting seasons or project deadlines. These traits are still necessary, but several other factors have grown critical.

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Accounting becomes gateway to entrepreneurship

Accounting Today

A report by the Association of Chartered Certified Accountants found 54% of North American respondents say they have career ambitions to be entrepreneurs.

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Why M&A Is Reshaping the Future of Accounting — and What Firms Must Do About It

Accounting Insight

Accounting might not be known for drama but right now, its having a bit of a plot twist. The M&A wave isnt just rolling in; its redrawing the landscape. It is no longer about firms getting bigger, but about how they are being reimagined. M&A has shifted from a growth tactic to something much more fundamental: a strategic response to a profession in flux.

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Choosing Outsourced Accounting Services: What Every Business Owner Should Know

AccountingDepartment

Opting for outsourced client accounting services can significantly conserve time and resources for your business. Nevertheless, locating a reliable outsourcing partner can be difficult. But how can you be sure youre choosing an outsourced accounting service you can trust? A few characteristics of trustworthy, competent, and reliable accounting services will help you know the provider you chose is the right one.

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Will AI Take Over Accounting Anytime Soon?

Ryan Lazanis

I’m sure you’ve heard this question before. With more accounting firms relying on artificial intelligence than ever, will it replace […] The post Will AI Take Over Accounting Anytime Soon? appeared first on Future Firm.

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What Is an Owner’s Draw in Accounting?

Patriot Software

As a business owner, you likely pay wages to employees. But when it comes to paying yourself, what do you do? Depending on your type of business structure, you might be able to pay yourself an owners draw. What is an owners draw?

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M&A is Hot. Are You Prepared When an Offer Comes In?

BurklandAssociates

Scaling a startup takes vision and hustle. But when its time to negotiate its acquisition you need a new playbookone built on precision, preparation, and strategic leadership. The post M&A is Hot. Are You Prepared When an Offer Comes In? appeared first on Burkland.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Q-commerce and sales tax: the latest

TaxConnex

E-commerce began and soon exploded as a spinoff from brick-and-mortar retail. Now the spinoff is large enough to generate its own spinoffs, one of which is quick commerce, or q-commerce. This pairing of e-commerce and brick-and-mortar retail, sometimes called on-demand delivery, means a mouse click and digital payment initiate delivery within an hour or two.

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IRS leveraging AI for audits amid layoffs

Accounting Today

The Internal Revenue Service is expected to lean more heavily on artificial intelligence technology to select cases as it carries out widespread layoffs.

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Ex-PwC Partner Says AI Is Coming For Big 4 Jobs in a Big Way

Going Concern

Business Insider published an article early this morning that blatantly suggests AI is a huge threat to the Big 4 revenue machine. Let’s include the intro here so you can see where they intended to go with it: The Big Four Deloitte, PwC, EY, and KPMG are a select and powerful few. They dominate the professional services industry and have done so for decades.

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Pramata Rolls Out Tariff Risk Analyzer, a Contract AI Tool to Navigate Supply Chain Disruptions 

CPA Practice

Tariff Risk Analyzer uses a companys contract data to calculate the impact of newly established tariff structures on supply chain business relationships and then provides recommended next steps.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

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Breaking Down the Tax Reform Bill’s Impact Across Industries

Withum

On Monday, May 12, 2025, the House Ways and Means Committee released additional details about its proposed tax legislation, The One, Big, Beautiful Bill. While the bill may undergo further changes in the Senate, it lays the foundation for 2025 tax reform. Heres a breakdown of key provisions and their potential impact across various industries. House Ways and Means Committee Unveils Tax Reform Bill With Business and Real Estate Provision Authored by: Michael Hurwitz , CPA The House proposal spec

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Modeling Dilution to Plan Smarter Fundraises

BurklandAssociates

Every round affects your ownership. This guide helps you model dilution and make smarter fundraising decisions. The post Modeling Dilution to Plan Smarter Fundraises appeared first on Burkland.

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SaaS taxability: A comprehensive guide

TaxConnex

How do states look at SaaS (software as a service)-oriented businesses and sales tax requirements? The short answer is, Many ways. The longer answer is, Many, many, many ways. The complexity of sales taxes and SaaS is a confluence of factors, including almost a decade of upheaval in states tax statutes and the advent and lightning development of whats become everyday technology (and how the technology is delivered).

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DOGE downsizing, IRS commissioner switch complicate tax season

Accounting Today

The IRS continued layoffs, changed its acting commissioner, and ended its Direct File program as Tax Day arrived.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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Investigation Finds It Was Deloitte Credentials That Allowed Hackers Into the Rhode Island Benefits System

Going Concern

Oops. Late last year, the state of Rhode Island discovered nefarious individuals had gained access to their state benefits system RI Bridges, a system built and managed by Deloitte. This meant hackers got their hands on the personal information of Rhode Islanders who’d used state programs such as Medicaid, SNAP, Medicaid, health coverage purchased through HealthSource RI, and at-home care services provided by the state, among other things.

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IRS and Federal Government Will Stop Accepting Paper Checks as Payments

CPA Practice

In addition to halting issuing of paper checks, the government will no longer accept paper checks as payment.

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Protected: The Top 50 Modern Accounting Firms of 2025

Ryan Lazanis

There is no excerpt because this is a protected post. The post Protected: The Top 50 Modern Accounting Firms of 2025 appeared first on Future Firm.

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Recovery, Deferral, Mitigation – Options to Limit Tariff Impact and Optimize Working Capital

Withum

When tariffs disrupt supply chains, companies face an important decision of how best to weather the storm. Tariffs can be majorly disruptive and increase complexity, including rising costs, sourcing and supplier challenges and increased compliance hurdles. For many businesses, tariffs will strain working capital and may even cause undesired customer or supplier turnover.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

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Clothing taxation – and major exemptions

TaxConnex

Sales tax rules on clothing are some of the most complex nationwide, as a patchwork of states offer complete exemptions, no exemptions and everything in-between for specific types of clothing. One size sure doesnt fit all. Worn by humans Almost all states with a statewide sales tax treat sales tax on clothing differently, and a few states dont levy a statewide sales tax it at all (including, of course, the NOMAD states).

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PwC lays off 1,500 in U.S.

Accounting Today

The job cuts amount to about 2% of PricewaterhouseCoopers' U.S. workforce of approximately 75,000 employees.

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From Chaos To Clarity: The Right Construction Job Management System

Randal DeHart

Running a business involves countless moving parts, which can feel overwhelming. From managing projects and keeping the team on the same page to ensuring profitability, have you ever sent an email about a critical update only to find that team members missed it? With a job management system, those headaches disappear. Given the industry's complexity and unique challenges, effective job management is crucial for construction contractors.

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Massachusetts Society of CPAs Names 19 to Board of Directors

CPA Practice

MassCPAs Board of Directors is a group of elected members that sets policies, manages programs and oversees activities that benefit the 11,500-member organization and accounting profession in Massachusetts.

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.

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QuickBooks Desktop Cancellations: What Happens Next and How to Stay Ahead

SchoolofBookkeeping

What Happens When Your QuickBooks Pro or Premier Subscription Lapses or Is Cancelled? So, you’ve been living the dream with QuickBooks Desktop Pro or Premier, but now you’re staring down the barrel of a lapsed subscription—or worse, cancellation. What happens next? Does your data just vanish into the ether? Does Intuit send you a “Thanks for playing!

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VDI for Accounting Firms: What to Know and Why It Matters

Ace Cloud Hosting

The accounting industry has long been known for its relentless work ethic. With the evolution of the global business landscape, companies now dont look at accountants as just number crunchers.

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TAXCONNEX WINS BEST OF ACCOUNTING AWARD FOR SERVICE EXCELLENCE FROM CLEARLY RATED FOR THIRD CONSECUTIVE YEAR!

TaxConnex

I am excited to announce that TaxConnex has won the Best of Accounting Award for providing superior service to our clients for the third consecutive year! ClearlyRated's Best of Accounting Award winners are chosen based entirely on ratings provided by by clients in an annual survey sent through ClearlyRated. On average, clients of 2025 Best of Accounting winners are 1.6 times as likely to be satisfied than those who work with non-winning firms.

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Improper payment rate still too high at IRS

Accounting Today

The Internal Revenue Service has not yet satisfied the goal of the Payment Integrity Information Act to reduce improper payment rates to less than 10%.

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Data Talks, CFOs Listen: Why Analytics Are Key To Better Spend Management

Speaker: Claire Grosjean, Global Finance & Operations Executive

Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.