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Accountancy Slice
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29th October 2025
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THE HOT STORY

IRS refunds drop, but grow larger

The IRS has reported a slight decrease in the number of refunds issued for the 2025 tax season, totaling 102,122,000 compared to 103,185,000 in 2024. However, the average refund increased by 1.6% to $3,052. The agency processed 163,024,000 returns, marking a 1.1% rise from the previous year. The IRS noted, "We have received 163,594,000 2025 returns," reflecting a 1.3% increase over 2024. Additionally, the IRS has phased out paper refund checks, with 93,196,000 direct deposit refunds issued this season.

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TAX

Tax troubles keep SMB owners awake

New insights from Lili's Accountant AI tool reveal that small business owners are primarily focused on tax-related issues. According to data from over 1,200 customers, 52% of inquiries pertained to taxes, with 27% specifically about selecting the best tax structure or maximizing deductions. Additionally, 16% of questions were related to audits, while nearly 20% addressed capital raising and budgeting. The National Federation of Independent Business reported that 19% of SMB owners consider taxes their biggest challenge, highlighting the ongoing need for effective financial guidance.

Operators overwhelmed by tax compliance

A recent report by Avalara reveals that 44% of U.S. lodging operators feel "somewhat confident" about their compliance with lodging tax rules, indicating a sector grappling with increasing regulations. The report surveyed 500 operators and found that 65% of short-term rental operators and 54% of hotel operators spend over 50 staff hours annually on compliance. Bruce Todd, Senior Principal of Indirect Tax Technology at KPMG LLP, said: “This push in legislation is adding yet another layer to an already incredibly complex tax environment.” With nearly two-thirds of hotel respondents facing penalties for non-compliance, the need for effective compliance solutions is urgent.

INDUSTRY

FASB proposes major GAAP updates for public comment

The FASB has proposed a series of changes to the GAAP, addressing 34 specific issues. The proposal is open for public comment, inviting feedback from accounting professionals and stakeholders. This initiative aims to enhance clarity and consistency in financial reporting. For accountants and auditors, these changes could mean adjustments in financial statement preparation and audit processes. Corporate finance departments may need to reassess compliance strategies and financial disclosures. Engaging with the proposal during the comment period is crucial for professionals to influence the final standards and ensure practical implementation.

Accountants: the unsung heroes of finance

According to the U.S. News & World Report, the job of an accountant ranks 90th out of 100 in its 2025 best jobs list. The ranking considers factors such as growth potential, work-life balance, job safety, employment rate, and salary. Accountants earn a median salary of $79,880, with an unemployment rate of 1.4% and approximately 91,400 job openings projected. Patty Pogemiller, managing director at Deloitte, emphasized the importance of problem-solving skills in the profession, stating, “Employers are looking for people who demonstrate an ability to think analytically.” The Bureau of Labor Statistics anticipates a 5.8% growth in employment for accountants from 2023 to 2033. Despite its lower ranking, the profession remains vital, with accountants also placing 11th in the “Best Business Jobs” category.

Capital needs in CPA firms rise

In a rapidly evolving landscape, CPA firms are reassessing their capital needs, driven by factors such as technology investments, partner buyouts, and private equity involvement. "We've never before had external private capital forcing us into this conversation," stated Gary Thomson, founder of Thomson Consulting. Over the past six years, private equity firms have injected over $50bn into CPA firms, with 52 related transactions reported in 2025 alone. While external investments are gaining attention, many firms still rely on internal funding strategies, including enhancing profitability and partner capital. Stacie Kwaiser, CEO of Rehmann, emphasized the importance of having the right funding sources to achieve strategic goals. As firms navigate these changes, they must consider their long-term vision and the necessary steps to secure capital for growth and transformation.

New CPA route opens in Washington

Earlier this year, the Washington State Board of Accountancy introduced a new rule that offers an alternative pathway to obtaining a CPA credential. Traditionally, candidates needed 150 hours of college credit, including specific business and accounting courses. However, under the new rule, graduates with at least 120 hours of coursework and one year of professional experience, who hold a CPA license from another state, can now qualify for the CPA credential in Washington. This change aligns with state reciprocity rules, allowing CPAs to work across state lines.

TECHNOLOGY

PwC revolutionizes audit practices with AI

PwC is transforming its audit practices with new AI-backed tools designed to enhance the scrutiny of corporate America’s financials. The firm is investing approximately $2bn in this technological shift, which aims to allow auditors to focus more on identifying risks within clients' businesses. Kyle Maryanski, a PwC audit partner and next generation audit leader, stated, “It's a transformation of our entire audit practice.” These innovations are set to redefine how audits are conducted, emphasizing a more strategic approach to risk management.

Intuit unveils game-changing accountant suite

Intuit recently launched the Intuit Accountant Suite and Intuit Intelligence at the Intuit Connect conference in Las Vegas, marking a significant advancement in accounting technology. The Accountant Suite is an AI-native platform designed to help accountants manage their businesses more effectively. The suite offers features like consolidated client management and AI-powered insights, while Intuit Intelligence provides virtual AI agents to assist with various accounting tasks. The technology has been beta tested with over 1,100 firms, ensuring a tailored experience for users.

REGULATORY

PCAOB enhances audit oversight

The PCAOB is intensifying its efforts to oversee the audits of public companies. This initiative aims to protect investors and enhance audit quality. For accountants and auditors, this means stricter compliance with PCAOB standards and potentially more rigorous audit processes. The emphasis on audit quality underscores the importance of maintaining robust internal controls and adhering to established auditing standards. Corporate finance departments should be prepared for increased scrutiny and ensure transparency in financial reporting to align with PCAOB's enhanced oversight measures

CORPORATE

Global M&A activity on the increase

Global M&A activity rose by 10% in the first nine months of 2025, reaching a total of $1.938trn, according to a report by the Boston Consulting Group. Despite challenges from geopolitical tensions and U.S. tariff policies, dealmakers have continued to pursue strategic opportunities, although the figures remain over 40% below the highs seen in 2021. Notably, North America accounted for more than 60% of the activity, while Europe experienced a 5% decline, particularly in the U.K., which saw M&A value drop by 35%.

ECONOMY

Trump says he is still considering Bessent for Fed chair

President Trump has said he is “thinking” of picking Scott Bessent to be the Federal Reserve’s next chair, even though the Treasury secretary has ruled himself out. “I’m thinking about him for the Fed,” Trump said of Bessent. “But he won’t take the job. He likes being Treasury. So we’re not thinking about him really.” Bessent is leading the search for the next chair of the Fed.

U.S. workers hit by slowing income growth

Real income growth has slowed to near-decade lows, with young people being hit the hardest, according to a report from JPMorgan Chase Institute. George Eckerd, research director at the institute and a co-author of the report, told the Financial Times: “We’re looking at a level of year-on-year growth that’s actually similar to [the 2010s] when the labor market was a lot weaker and the unemployment rate was higher.”

CRYPTO

Citi and Coinbase team up on digital asset payments

Citi is partnering with Coinbase to create digital asset payment solutions for its institutional clients, with plans to expand offerings to global clients in the future. The collaboration will initially enable users to deposit and withdraw traditional currencies through Coinbase's services, facilitating smoother transitions between fiat and cryptocurrency. Brian Foster, from Coinbase, stated that this partnership aims to "simplify and expand access to digital asset payments," with further details on features such as converting traditional currency into stablecoins expected in the coming months.
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