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Monday Morning Accounting News Brief: EY Wants to Buy; Losers Dump NFTs For Tax Purposes; CPA Demand in 2031 | 1.9.23

Going Concern

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. The median annual salary for CPAs was $77,250 in May 2021.

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Friday Footnotes: PwC Slashes Partner Class; Accounting Firm Rescues Dog; Do We Still Need CPAs? | 4.19.24

Going Concern

CPAs Have a Branding Problem for the Younger Generation [ CPA Journal ] By Jason L. Ackerman, CPA, CFP, CGMA Probably the hottest topic in the profession over the past few years has been the pipeline problem: Firms can’t find qualified individuals to handle the increasingly complex world that CPAs deal with on an ongoing basis.

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CPAs to Clients: The IRS is Coming for Cryptocurrency

CPA Practice

Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners. There’s different tax implications depending on the answer to that,” Ms. Connolly said. And that’s just the beginning.

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Meeting the Staffing Demands: How Automation is Transforming Accounting Firms

CPA Practice

The demand for skilled tax practitioners in the accounting profession has never been more critical. It provides essential services due to the complexity of tax laws and the importance of offering valuable tax-saving advice to clients; and that’s just the tax half of the industry. By Richard Lavina and Ralph Carnicer.

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Extending Outsourcing Contracts Can Alleviate Shortage of CPAs

CPA Practice

Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023. The demand for accountants has steadily increased due to business growth and tax regulation complexity, while fewer students pursue accounting as a profession.

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How Offering Financial Planning Can Enhance Your Credibility as an Accountant

CPA Practice

According to the American Institute of CPAs, the demand for financial planning services is at an all-time high. Bureau of Labor Statistics predicts that the need for financial advisors will grow 15% between now and 2031. Clients will see that your expertise extends far beyond tax preparation. In fact, the U.S.

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Legal Tax Expert Discusses AI in IRS Auditing and the Future of the ERC

ThomsonReuters

“I think that’s where I’m more worried about it,” James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, began. ” However, there is some uneasiness about the use of AI in IRS audits by not realizing the full picture of a tax return. Will practitioner guidance change?

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