July, 2025

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2025 Tax Reform Highlights – What you need to know about the “One Big Beautiful Bill Act”

CapataCPA

2025 Tax Reform Highlights – What you need to know about the ” One Big Beautiful Bill Act” On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, bringing sweeping changes to the U.S. tax code. The Act extends and enhances several key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), revises energy-related incentives introduced in the Inflation Reduction Act (IRA), and introduces entirely new tax measures across multiple industries.

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The Rise of Non-CPAs in CPA Firm Acquisitions

CPA Practice

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Meet Your New Coworkers: The (Not-so-Secret) AI Agents in QuickBooks Online (But Keep Your Green Eyeshade Handy)

SchoolofBookkeeping

If you’ve logged into QuickBooks Online lately and felt like the platform suddenly got a whole lot smarter, you’re not imagining things. Intuit has rolled out AI Agents—digital teammates designed to help you get more done, faster, and with fewer headaches. But before you hand over the keys to your books, let’s take a look at what these agents actually do, where you’ll find them, and why you still need to keep your accountant’s “trust but verify” mi

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Using a Financial Expert in a Family Law Case

FraudFiles

Family law cases involving complex financial issues often require the assistance of a financial expert for the following issues: Preparing a financial disclosure, including creating a marital balance sheet Comparing balance sheets from period-to-period to evaluate changes in assets and liabilities Analyzing financial disclosures or affidavits prepared by the spouses Calculating the historical income of [.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Protecting Your Financials Starts with Closing the Books Right

Shay CPA

Closing your books is more than just an accounting formality—it’s a safeguard for your business’s financial integrity. For many early-stage tech companies, where growth is rapid and every transaction counts, ensuring that your records remain unaltered once finalized is crucial for accurate reporting and decision-making. In this post, we discuss why it’s essential to secure closed books with passcodes, the risks associated with making unapproved changes to prior periods, and best practices for ha

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From uncertainty to insight: Measuring the ROI of AI for tax

ThomsonReuters

Jump to ↓ The promise of AI: More than just automation Building the ROI framework: What to measure and why Making ROI a habit in your firm From investment to insight Your firm just invested in cutting-edge AI tools. Three months later, partners are asking the inevitable question: “How do we know if this is actually working?” Sound familiar?

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What Is a Reversing Journal Entry And How to Enter it in QBO?

Ronika Khanna CPA,CA

Journal entries can be perplexing for small business owners/non accountants, or accountants/bookkeepers in the early stages of their careers. Reversing journal entries, sound even more complicated. In this post (and related video tutorial), my goal is to show you that they are relatively straightforward and, once understood, an incredibly useful bookkeeping tool.

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Improving productivity when under pressure: Now is the time for UK businesses to truly automate their finance function

Accounting Insight

The changes announced in the Spring Statement, tighter HMRC checks and rising costs demand faster, smarter finance tools The Spring Statement introduced significant fiscal changes for UK businesses. The net result is that UK finance leaders are now facing mounting pressure to adapt – and quickly. Already grappling with rising wage demands and increased National Insurance contributions, UK businesses are being squeezed with rising inflation, which is hitting labour-heavy sectors like manufacturin

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Renew Group: Breaking Free from the Broken Business Model

Canopy Accounting

In this episode of Canopy Practice Success , KC Brothers hosts Shannon Vincent and Colin Dunn—co-founders of Renew Group—to explore the broken business model that plagues many accounting firms. Drawing from decades of experience in public accounting and advisory, Shannon and Colin discuss how traditional firms are often bogged down by the wrong clients, outdated pricing structures, and unsustainable workloads.

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Congress Passes One Big Beautiful Bill – President to Sign on July 4

Withum

With the House passing the Senate version of the One Big Beautiful Bill on July 3, the President is expected to sign the bill into law on July 4 at 5:00 PM EST. The House passed the bill with a party-line vote of 219 to 213, with only two Republican representatives, Reps. Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania, voting with the Democrats.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Addressing Real Estate Assets When Valuing a Business

RogerRossmeisl

It’s important to determine whether a business valuation also calls for a real estate appraisal. While the decision may be relatively straightforward for real estate holding companies, it becomes more nuanced for operating businesses that own or lease real property. In many cases, real estate isn’t just a backdrop for business activity — it’s a core driver of enterprise value.

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Tax strategies to maximize short-term rental profits

Accounting Today

Author Login Subscribe ACCOUNTING Accounting Accounting standards International accounting ESG CAS Accounting Accounting standards International accounting ESG CAS TAX Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes AUDIT Audit Audit standards PCAOB SEC Audit Audit standards PCAOB SEC PRACTICE MANAGEMENT Practice management Recruiting Retention Acc

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Three Accounting Firms Got in Trouble for Breaking PCAOB Rules

CPA Practice

The three firms censured and fined by the PCAOB on July 11 for violating U.S. auditing rules and standards were Goldman & Co. CPAs ($25,000), Raymond Chabot Grant Thornton in Canada ($30,000), and PWR CPA ($60,000).

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Four ways tax and accounting professionals can start using agentic AI right now

ThomsonReuters

The tax and accounting profession is at a crossroads. Relentless deadlines, persistent talent shortages, escalating client expectations, and a continuously shifting and complex regulatory landscape are prompting professionals to search for sustainable ways to stay competitive. The traditional approaches that built successful practices are increasingly insufficient for meeting a pace of change that shows no signs of slowing Enter agentic AI, a technology that has already moved from “nice to

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Friday Footnotes: CPAs Disappearing From CPA Firms; Grant Thornton Tries to Win Grant Thornton | 7.11.25

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Optimizing Tax Strategies for Law Firm Partners

Withum

As a law firm partner, effective tax planning is crucial to maximizing your financial efficiency and ensuring compliance with ever-evolving tax laws. Here are some key strategies, common pitfalls, and tips for optimizing income timing to help you navigate your tax obligations successfully. Tax Strategies for Law Firm Partners Choose the Right Business Structure: Selecting the appropriate business structure, such as an S corporation or a professional corporation (PC), can help reduce self-employm

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Digital Assets and Taxes: What You Need to Know

RogerRossmeisl

As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting. The definition of digital assets Digital assets are defined by the IRS as any digital representation of value that’s recorded on a cryptographically secured distribu

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Scary Numbers: How To Effectively Deal With Tax Notices

Shay CPA

Over the last 20 years of being an accountant, I’ve opened my fair share of mail to find tax notices so daunting they could wake you in cold sweat. These letters—from federal, state, or city agencies—might demand income tax, franchise tax, sales tax, unemployment insurance, or workers’ compensation. Founders and finance teams often tell me these notices cause sleepless nights.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Professionals on the Move – July 2025

CPA Practice

Search for: Home About Us Log In Subscribe for Free My Account Log Out Accounting & Auditing Accounting ESG Financial Reporting Nonprofit Small Business Auditing Audit Standards PCAOB SEC Tax Taxes Income Tax IRS Legislation Sales Tax State Local Taxes Tax Planning Payroll Payroll Benefits Human Resources Payroll Software Payroll Taxes Tech Technology Artificial Intelligence Automation Cloud Technology Digital Currency Hardware Security Software Advisory Advisory CAS Financial Planning Risk

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The five AI teammates every accountant should get to know

Mark Lee

The biggest risk of AI in accounting is the risk of being left behind. One way to avoid this is to better understand the range of technology that incorporates AI; and the different ways in which this may challenge or support accountants in the future. Essentially, AI is an umbrella term. And I recommend being clear as to the 5 distinct types of AI that are impacting the finance and accounting world.

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EY Gets Caught Up in Independence Violations Because Audit Partner Rotation Is For Chumps

Going Concern

We think this was first spotted by Financial Times so h/t to them. Gigantic UK-based energy company Shell announced yesterday it will be updating its 2023 and 2024 Form 20-Fs “due to EY non-compliance with audit partner rotation rules” after EY UK told them they’d discovered a small audit partner rotation issue for those years. Said the news release put out by Shell : On July 1, 2025, EY, Shell plc’s independent registered public accounting firm, advised the Audit and Risk Comm

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Thomson Reuters launches agentic AI for tax advisory, 1040 processing

Accounting Today

Author Login Subscribe ACCOUNTING Accounting Accounting standards International accounting ESG CAS Accounting Accounting standards International accounting ESG CAS TAX Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes AUDIT Audit Audit standards PCAOB SEC Audit Audit standards PCAOB SEC PRACTICE MANAGEMENT Practice management Recruiting Retention Acc

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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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One Big Beautiful Bill Act: Estate and Trust Planning 

Withum

The One Big Beautiful Bill Act (OBBBA) was signed into law by President Donald Trump on July 4, 2025, making several of Trump’s 2017 tax-related provisions permanent, while adding and expanding on those provisions as part of a sweeping tax cuts package that will prove to impact millions of taxpayers and businesses nationwide. Here is an analysis of how the bill affects the estate planning of high-net-worth clients and planning strategies to consider.

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Supercharge your success: Plaid joins forces with Xero for enhanced US bank feeds

Xero

We’re always focused on making your financial management simpler, more secure, and more powerful with Xero. So we’re excited to share news of our collaboration in the US with Plaid , a leading fintech company. This effort significantly improves how your business bank accounts connect with Xero. Our goal is to help you save valuable time and gain a clearer view of your money.

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AICPA News – July 2025

CPA Practice

Search for: Home About Us Log In Subscribe for Free My Account Log Out Accounting & Auditing Accounting ESG Financial Reporting Nonprofit Small Business Auditing Audit Standards PCAOB SEC Tax Taxes Income Tax IRS Legislation Sales Tax State Local Taxes Tax Planning Payroll Payroll Benefits Human Resources Payroll Software Payroll Taxes Tech Technology Artificial Intelligence Automation Cloud Technology Digital Currency Hardware Security Software Advisory Advisory CAS Financial Planning Risk

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The indirect tax professional’s field guide to Brazil tax reform preparation

ThomsonReuters

Amid global politics and uncertain economic futures, the Brazilian government set out last January on an ambitious journey to overhaul its indirect tax regime. For tax professionals, this presents a unique opportunity to lead your organizations through a transformative process. With the sanctioning of Complementary Law No. 214/2025, Brazil is poised to revolutionize its tax landscape.

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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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Researchers Determine That Big 4 Audit Partners Not Named Michael or Jennifer Are More Likely to Bend the Rules

Going Concern

Here at Going Concern we love academic research, even the kind that makes your eyes start watering with its tedious and unforgiving nerdiness. Today we’ve found one for you that’s a bit less dorky and more interesting, or so we hope. And I’m not just saying that because it’s about people with uncommon first names of which I am one (trust I’ll find a way to make this about me at some point in this article regardless).

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The next frontier in accounting: Autonomous AI agents

Accounting Today

Author Login Subscribe ACCOUNTING Accounting Accounting standards International accounting ESG CAS Accounting Accounting standards International accounting ESG CAS TAX Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes Tax Tax preparation IRS Tax Planning Corporate taxes Tax fraud Tax Legislation International taxes AUDIT Audit Audit standards PCAOB SEC Audit Audit standards PCAOB SEC PRACTICE MANAGEMENT Practice management Recruiting Retention Acc

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Pension and OPEB Year-End Checklist: What to Gather, Calculate, and Report

LSLCPAs

Preparing your pension & OPEB journal entries doesn’t have to be a scramble. With the right documentation, a strong process, and a clear understanding of key timelines, you can take the stress out of year-end and set yourself up for a smoother audit. Whether you’re navigating CalPERS, OCERS, SBCERA, or an OPEB trust, this guide. The post Pension and OPEB Year-End Checklist: What to Gather, Calculate, and Report appeared first on LSL CPAs.

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Case study: Touchlight Genetics Limited

Menzies

Menzies LLP - A leading chartered accountancy firm. Client profile Touchlight are a DNA development and manufacturing company that has developed an innovative, synthetic DNA vector and enzymatic manufacturing process, which enables them to produce DNA at unprecedented speed, scale and purity. Using their patented enzymatic DNA production platform, they can support their partners that are advancing genetic medicine.

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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