Accounting Today

CohnReznick is planning to expand after becoming the latest major firm to receive a private equity investment, through funds advised by Apax Partners. The deal with Apax was announced late last month and will cause the New York-based Top 25 Firm to set up an alternative practice structure.

The possible rule changes would affect the alternative practice structures set up by accounting firms receiving private equity financing.

Thousands of employees across the IRS's divisions responsible for small business and self-employed filers, enforcement and collection duties and handling processing responsibilities were laid off on Feb. 20, further complicating the IRS's struggles with retaining talent. Most of them were hired by the agency on a probationary basis with funding from the Inflation Reduction Act. Most recently, the IRS is allegedly exploring further cuts that would lay off close to half of the agency's 90,000 staff members. These firings have former IRS commissioners concerned that the agency's progress towards improving filing turnarounds will now be upended, leaving senior staffers to pick up the slack. #tax #accounting

Firms everywhere are adopting alternative practice structures — but who knows what an APS really is? William Kelly, chief counsel at Ascend, dives into the details.

The field of environmental, social and governance reporting and assurance is a natural opportunity for accountants, and one that's ripe for the taking. But they risk losing the opportunity if they don't move more quickly.

CPA business executives' outlook on the U.S. economy appears to be dimming, thanks to persistent inflation and growing worry over tariffs, according to a new survey from the AICPA & CIMA.

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Layoffs and other executive moves at the Internal Revenue Service are the latest in a series of ripples the Trump administration has made in the tax arena, from proposed tariffs to extending the landmark Tax Cuts and Jobs Act of 2017. Accountants and tax pros are left asking how new reporting standards, congressional budget efforts and a thinned-out IRS will impact the ongoing tax season. #tax #accounting