In this week’s newsletter, we have a piece highlighting the strategic choices of independent accounting firms to remain independent, an article on growing concerns about the expiring Tax Cuts and Jobs Act provisions, and the Tax Foundation’s comprehensive state tax comparison resource. Additionally, we have news on the new auto tariff announcements and the IRS’s latest guidance on the Employee Retention Credit as time runs out for pandemic-era claims.
Did you miss last week’s edition? You can find it here.
Industry News
Accounting Firms Declare Their Independence
(Danielle Lee for Accounting Today)
In an accounting profession swirling with acquisitions and private equity investments, California-based Sensiba has decided to remain independent — a choice the Top 100 Firm makes over and over again. A whole cohort of firms would answer the same way, continuing to grow their practices organically and through strategic acquisitions while opting out of the capital offered by private equity or larger firms seeking their own buying opportunities. Most would also agree that not having access to the capital and resources provided by larger entities requires independent firms to be very strategic — continuously outlining, communicating and executing on plans — to remain competitive.
What happens next with the TCJA? Tax professionals are concerned
(Martha Waggoner for the Journal of Accountancy)
Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax.
Facts & Figures 2025: How Does Your State Compare?
(By the Tax Foundation)
How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to US taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
Trump Announces 25% Tariff on All Imported Cars
(Grant Schwab, Breana Noble and Luke Ramseth for the The Detroit News)
President Donald Trump announced 25% tariffs on autos not produced in the United States on Wednesday afternoon. The announcement came after days of swirling speculation about how the president will levy “reciprocal tariffs” on U.S. trading partners. The administration has repeatedly said those tariffs will take effect April 2, with Trump referring to that day as “Liberation Day” for the American economy.
As time runs out for pandemic-era ERC, IRS adds 5 FAQs
(Martha Waggoner for The Tax Adviser)
The IRS added five FAQs about the employee retention credit (ERC) on March 20, mainly discussing how to handle the pandemic-era credit on tax returns under various scenarios. The FAQs are not authoritative guidance but do “provide us with answers to some of the questions we’ve been having around the issue of the statute of limitation expiring,” April Walker, CPA, CGMA, lead manager–Tax Practice & Ethics, AICPA & CIMA, said on an episode of the Tax Section Odyssey podcast that she hosts.
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