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AICPA and the National Association of State Boards of Accountancy have approved new model legislation to create an alternative path to CPA licensure. This initiative aims to attract more individuals to the accounting profession while ensuring public protection. The new pathway requires a baccalaureate degree with an accounting concentration, two years of experience, and passing the Uniform CPA Examination. Susan Coffey, CEO of AICPA, stated, "By aligning our model legislative framework with the laws recently adopted in certain states, we're encouraging removal of outdated barriers." The updated Uniform Accountancy Act will be released this summer, allowing states to adopt these changes to meet their specific needs. Currently, 14 states have enacted similar legislation.

 

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Journal of Accountancy

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The proposed Republican tax cuts are estimated to cost $3.8tn over the next decade, but independent analysts warn the actual figure could be much higher. According to Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget, “The entire reason they did this temporarily was to reduce this cost.” The plan includes temporary measures that could lead to a cumulative deficit increase of $5.2tn if extended. Critics argue that the bill's structure obscures the true fiscal impact, raising concerns about future borrowing needs as the national debt is projected to exceed 118% of GDP by 2035. Despite these warnings, Republicans assert that the tax cuts will stimulate economic growth and generate additional revenue through tariffs and deregulation.

 

Bloomberg Tax

Republicans in Congress have proposed a measure that would enable President Donald Trump's administration to revoke the tax-exempt status of nonprofits deemed to support terrorism. This controversial provision, included in a reconciliation bill from the House Ways and Means Committee, raises concerns about arbitrary standards for punishing charities that oppose the administration's agenda. Diane Yentel, chief executive of the National Council of Nonprofits, warned that it grants “unchecked power” to officials to target organizations without due process. Lia Holland from Fight for the Future described the legislation as a “five-alarm fire for nonprofits nationwide,” indicating that any group misaligned with Trump's views could be at risk. The proposal also includes provisions that could further strain nonprofit funding and resources, raising alarms among advocacy groups.

 

US News and World Report

Republican leaders in Iowa have introduced a revised property tax plan, Senate Study Bill 1227, which extends the phaseout of the property tax rollback to 10 years and offers a 25% exemption on assessed home values up to $125,000. The bill also caps tax growth at 2%, potentially limiting local services and allowing the state to assume $426m in K-12 funding currently sourced from property taxes.

 

The Gazette Cedar Rapids Iowa

Montana's property tax system has been described as "the most complicated" in the U.S., according to Sen. Greg Hertz. During the recent legislative session, over 1,700 bills were proposed, with 884 passing, leading to significant changes in property and income taxes. Hertz noted that while some changes may benefit new homeowners, they could increase taxes on secondary properties by 50%-100% over four years. Both Hertz and Sen. Ellie Boldman discussed the need for a statewide sales tax to help offset rising property taxes, with Hertz stating, "We need to scrape some money off of [the tourists]." The state budget grew by 18% in the last biennium, with nearly 47% of it reliant on federal funding. The Legislature will not meet again until 2027, but special sessions can be called if necessary.

 

Billings Gazette

As New York City prepares for its May 20th lien sale, concerns about the impact on struggling homeowners are rising. Property tax delinquencies have increased from $575.5m in fiscal 2022 to $785m in fiscal 2024. Albert Scott, chair of the East New York Homeowners' Association, stated, “What we're seeing is homeowners are still struggling.” Advocacy groups urge the city to end lien sales for family homes and create a debt-resolution program. The city has introduced an “easy exit” program for homeowners with incomes below $107,300, but only 209 of 437 applicants were approved. Critics highlight the disproportionate effect on communities of color, with the city six times more likely to sell liens in majority Black neighborhoods. Finance Commissioner Preston Niblack maintains that the lien sale is an effective tool for debt recovery, stating, “We need this vital enforcement tool to recover funds from delinquent accounts.” The city is also exploring reforms to improve the process for vulnerable homeowners.

 

Bloomberg Tax

According to the Association of Chartered Certified Accountants' 2025 Global Talent Trends Survey, over half of North American accounting and finance professionals aspire to become entrepreneurs, with 78% of Gen Z respondents sharing this ambition. Additionally, 66% of participants expressed interest in accounting careers focused on environmental issues. Jillian Couse, head of ACCA North America, stated, “The talent trends report offers valuable insights for sector employers on the concerns, aspirations, and preferences of finance professionals.” The survey also highlighted that 71% of respondents prefer hybrid work arrangements, while 41% are concerned about the cost of living. Mental health challenges persist, with 46% reporting work-related stress. The data indicates a significant shift in career aspirations, particularly among younger professionals.

 

CPA Practice Advisor

The second annual Vision2027 forum, held on May 8th in Indianapolis, brought together accounting professionals, educators, and business leaders to discuss the future of the accounting profession. INCPAS president and chief executive Courtney Kincaid emphasized the need for collaboration, commenting: “We need to continue collaborating with a broader range of partners to build a sustainable profession.” The event focused on innovative workforce strategies and the new CPA licensure pathway established by Indiana's House Enrolled Act 1143, which will allow candidates to obtain licensure with a bachelor's degree and relevant experience starting January 1st 2027. This initiative aims to make the profession more accessible and adaptable, particularly for underrepresented groups. Additionally, INCPAS and NABA launched ConnectIN to strengthen talent pipelines and address workforce shortages in accounting and related fields.

 

CPA Practice Advisor

The Financial Times reports that U.S. authorities are poised to announce one of the biggest cuts in banks' capital requirements in over a decade. Regulators are preparing to reduce the supplementary leverage ratio (SLR), according to people familiar with the matter cited by the newspaper. The SLR  is a rule that requires big U.S. banks to keep an extra layer of loss-absorbing capital, and an overhaul could enable more lending or other activities, and could incentivize banks to assume a larger role in intermediating Treasury markets.

 

Financial Times

Reuters

In a recent ruling, the United States District Court for the Northern District of Ohio amended its enforcement order regarding an IRS summons issued to Eaton Corporation. The Court initially required Eaton to produce performance evaluations from its Irish affiliate for a tax audit concerning potential transfer pricing violations. However, after an in camera review, the Court determined that evaluations for certain non-technical employees were irrelevant and need not be produced, stating, "there is no good reason to require the production of irrelevant documents in violation of foreign law." While the evaluations of technical employees were deemed relevant, the Court found their importance diminished. Ultimately, the ruling reflects a balance between U.S. tax interests and the EU's privacy protections under the General Data Protection Regulation (GDPR).

 

Tax Notes

Required minimum distributions (RMDs) can be challenging for retirees, especially due to their tax implications. Keith Fenstad, vice president at Tanglewood Total Wealth Management, suggests a strategy that allows retirees to delay tax payments until year-end, which can simplify the process. By taking smaller distributions earlier in the year without withholding taxes, retirees can make a larger withholding later, potentially avoiding unnecessary losses if the market recovers. Mark Stancato from VIP Wealth Advisors describes this as a "calculated risk," emphasizing the importance of timing in relation to market conditions. Other advisors, like Tim Witham, recommend in-kind withdrawals to minimize tax liabilities. Michael DeMassa from Forza Wealth advises that retirees should have a portion of their IRA in liquid assets to avoid selling equities during market downturns.

 

Accounting Today

At the Saudi-U.S. Investment Forum, BlackRock chief executive Larry Fink observed that approximately $23tn is currently held in cash by investors due to ongoing uncertainties surrounding the U.S. economy and its deficits. He said: "When there is uncertainty, you are going to keep more and more money in cash," as he highlighted cautious sentiment among global investors. Despite the volatility, Fink noted that many investors remain overweight on U.S. assets, although there is a growing interest in markets including Europe, the Gulf region, India, and Japan.

 

Reuters

Tokyo-based climate tech company Asuene has acquired carbon management platform nZero, marking its entry into the North American greentech market. Founded in 2019, Asuene serves around 10,000 clients globally, offering services that support net zero targets, including CO2 emissions measurement and reduction. nZero, established in 2021, provides a real-time carbon management platform that automates energy data collection and optimizes costs and emissions. Asuene founder and chief executive Kohei Nishiwada stated, “Partnering with nZero marks a significant milestone in Asuene's journey toward becoming the world's leading climate tech company.” The acquisition allows Asuene to expand its reach and enhance its capabilities in the U.S., where nZero's solutions are already in use across over 20 cities and states. Josh Weber, CEO of nZero, emphasized the importance of this alliance in accelerating GHG emissions measurement and implementing reduction measures.

 

ESG Today