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Accountancy Slice
USA
11th September 2025
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THE HOT STORY

Accounting firms see revenue surge

According to AICPA's 2025 National Management of an Accounting Practice Survey, accounting firms are experiencing significant revenue growth, with a median increase of 6.7% in total net client fees for fiscal year 2024. This follows a 9.1% growth rate reported in the previous year. Lisa Simpson, vice president of firm services at the AICPA, said: "CPA firms have been focusing on strategic growth opportunities by refining their client base and deepening relationships with existing clients." The survey also highlights a rise in compensation for new graduates, with median salaries increasing nearly 11% for bachelor's degree holders and 17% for master's degree holders. Additionally, firms are exploring artificial intelligence and automation to enhance their services, with many expressing confidence in adapting to these technologies over the next three years.

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TAX

New IRS rules shake up energy credits

The IRS has issued new guidance affecting wind and solar projects, particularly regarding the definition of the beginning of construction (BOC) for tax credits under Sections 48E and 45Y. Companies must now determine their eligibility and potentially adjust their construction timelines. The guidance introduces significant changes, including the elimination of the 5% cost safe harbor for projects over 1.5 megawatts. Ian Boccaccio, a principal at Ryan LLC, emphasizes the importance of understanding these changes, saying: "We would advise builders to move up their construction timeline if possible." The IRS is expected to provide further clarification soon, as uncertainties remain regarding other tax incentives.

WI Gov. Evers rejects federal tax credit program

Wisconsin Gov. Tony Evers has announced he will not participate in a new federal program offering tax credits for donations to scholarship organizations that support students in both private and public schools. Evers described the program as "catastrophic" for public schools, emphasizing the need to focus on improving them instead. The program allows tax credits up to $1,700, with 10% retained by the organization for administrative costs. While it can fund services from public schools, it is primarily backed by conservatives advocating for private school vouchers. Evers said: "Let's just do the best we can with our public schools," highlighting his commitment to public education. Assembly Republicans plan to introduce legislation to compel Evers to opt into the program, which is set to begin in 2027. Evers' decision will be final as he will leave office after the opt-in deadline.

INDUSTRY

CPA firms raise starting salaries

Recent findings from the 2025 National Management of an Accounting Practice (MAP) Survey reveal that CPA firms are enhancing their competitive edge by significantly increasing starting salaries. New hires with master's degrees now earn a median salary of $67,750, a 17% increase from 2023, while those with bachelor's degrees see an 11% rise to $60,834. Lisa Simpson, CPA, CGMA, noted: “Higher starting salaries and more competitive pay across the board will definitely help accounting firms attract and retain more talent.” Despite these salary increases, firm revenue growth has slowed, with median year-over-year increases in net client fees (NCF) across various revenue bands. The survey also highlights a cautious approach to adopting AI and automation, with only 13% of firms successfully implementing these technologies.

FIRMS

Five firms unite under Richey May

Five accounting and advisory firms have merged to create a national platform under the Richey May name, as announced on September 9th. The firms involved are Richey May, WSRP (now Richey May Utah), MKA, Sobul, Primes & Schenkel (now Richey May SoCal), and United States X Advisors (now Richey May Washington). Richey May, a top 200 U.S. accounting firm, focuses on entrepreneurs and alternative investments. The merger aims to enhance client services without disrupting existing relationships. Richey May said: “This merger is about amplifying what already works - giving you access to expanded resources, specialized knowledge, and a national footprint.” Jason Yetter will lead RM Advisory as chief executive, supported by a team of regional leaders. Allan Koltin, CEO of Koltin Consulting Group, praised the merger, noting it positions them as a top 50 CPA and advisory firm.

ECONOMY

Wholesale prices inched downward in August

The Labor Department's Producer Price Index (PPI) for final demand, which measures input costs across a broad array of goods and services, dropped 0.1% in August from July, its first drop in four months. On an annual basis, it was up 2.6%. Goods prices excluding food and energy rose 0.3%. Services costs fell 0.2%. Within services, margins at wholesalers and retailers fell 1.7%, matching the biggest drop in data going back to 2009. The release comes a week ahead of the Federal Reserve's release of its decision on the key overnight borrowing rate, and is considered by some to increase the pressure for a decrease. Separately, the Commerce Department reported Tuesday that U.S. wholesale inventories edged up 0.1% in July, instead of rising 0.2% as estimated last month. Economists polled by Reuters had expected last month's estimate would be unrevised. Sales at wholesalers jumped 1.4% in July after rising 0.7% in June. At July's sales pace it would take wholesalers 1.28 months to clear shelves, down from 1.29 months in June. 

LEGAL

Ruling preventing removal of Federal Reserve Governor appealed

The Trump administration has appealed a federal judge's ruling that temporarily prevents the removal of Federal Reserve Governor Lisa Cook. Cook is accused of mortgage fraud, a claim the judge deemed insufficient for her dismissal. The appeal aims for a resolution before the Federal Reserve's upcoming interest-rate-setting meeting on September 16, 2025. The case raises significant questions about the independence of the Fed from political influence. Cook, who denies any wrongdoing, argues that the allegations are a pretext for her removal due to her monetary policy stance. The legal battle could ultimately reach the Supreme Court.

Judge weighs IRS data sharing lawsuit

In a recent ruling, Judge Colleen Kollar-Kotelly of the U.S. District Court for the District of Columbia indicated that at least one group suing to prevent the Department of Government Efficiency from accessing IRS data on U.S. taxpayers likely has standing. The judge noted that the agency appears to have a policy of sharing taxpayer information. While she did not rule on the organizations' request for a preliminary injunction to block this data sharing, she said: "I still need a copy of the administrative record to make a determination," and has given the government 45 days to provide that record.

U.S. targets $16.9m in unpaid taxes from Florida real estate entrepreneur

The U.S. government is pursuing over $16.9m in unpaid taxes and interest from Florida real estate businessman Richard H. Cullifer, stemming from tax liabilities assessed for 2003 and 2004. A complaint was filed in the U.S. District Court for the Southern District of Florida, highlighting that the IRS had previously assessed $10.8m in taxes in 2015 but failed to collect them. The government is now seeking additional interest that has accrued since then.

REGULATORY

SEC says it has concerns over European ESG rules

The SEC has criticized two recent European laws on companies' disclosures of their environmental, social and governance impacts. SEC chair Paul Atkins said the laws, including the Corporate Sustainability Due Diligence Directive, which requires larger companies to verify whether their supply chains use forced labor or cause environmental damage, could impose costs on investors. "I have significant concerns with the prescriptive nature of these laws and their burdens on U.S. companies, the costs of which are potentially passed on to American investors and customers," Atkins said, adding that European authorities should focus on promoting free enterprise instead.

CFPB faces potential job cuts

The U.S. Consumer Financial Protection Bureau (CFPB) may need to reduce its workforce due to new funding limits imposed by Congress. An internal email revealed that staff should ensure their resumes are up to date in preparation for potential layoffs. The CFPB's funding comes from the Federal Reserve, rather than taxpayer funds. However, Congress this summer reduced the maximum the CFPB may request to 6.5% of the Fed's expenses, rather than 12%, reducing the maximum available to the agency by hundreds of millions of dollars.

OUTLOOK

Deloitte predicts rise in holiday retail sales

Deloitte's 2025 holiday retail sales forecast predicts retail sales will increase by 2.9%-3.4%, totalling $1.61tn-$1.62tn. This growth is attributed to rising disposable income and resilient consumers, contributing an additional $40-$45bn in spending. However, this forecast is lower than last year's 4.2% increase. Akrur Barua, an economist at Deloitte, noted that steady income growth can mitigate economic uncertainties. E-commerce sales are expected to rise by 7%-9%, reaching $305bn-$310.7bn. Brian McCarthy from Deloitte emphasised the need for retailers to adapt their strategies in response to changing consumer behaviour.

INTERNATIONAL

PwC's Tom Seymour deregistered over tax scandal

Tom Seymour, former chief of PwC Australia, has been deregistered by the Tax Practitioners Board (TPB) for failing to act on signs of unethical conduct within the firm. The TPB's report highlighted that Seymour allowed a culture of improper behavior to flourish in the tax division. He denied awareness of any confidential information being shared and said: "I disagree with the TPB finding that I breached the Code of Conduct." The sanction is the most significant in the ongoing PwC tax leaks scandal, which has resulted in numerous departures.

Deloitte U.S. tightens office attendance rules for staff in India

Deloitte U.S. has instructed its staff in India to work in the office at least two days a week, effective from October 1. This change follows the company's shift from flexible work policies established during the pandemic. Non-compliance will be monitored, potentially impacting performance reviews. A spokesperson for Deloitte stated: "We are committed to fostering collaboration and productivity through in-person interactions."

AND FINALLY...

U.S. population growth to slow, following immigration crackdown

The nonpartisan Congressional Budget Office (CBO) reported Wednesday that U.S. population growth will significantly decelerate over the coming decades, due to factors such as declines in fertility rates and net immigration. It found that by 2035, there will be 320,000 fewer people in the U.S. subject to Social Security and 280,000 fewer people in the noninstitutionalized population, the group of U.S. people who aren’t in prison, the military or in long-term medical care. The CBO also estimates that 50,000 immigrants on average will be detained each day between 2026 and 2029 due to heightened border security, restricted access to asylum designations, the revocation of temporary deportation protections, and increased US Immigration and Customs Enforcement arrests and deportations.
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