Here’s what you’re looking for: CPA Trendlines Research

Cornerstone

Battling the Staffing Crisis: Is a Little-Known, But Controversial, Visa Program the Answer for 2025 Hiring?

Cornerstone Report: H-1B Hiring and Salary Trends in Tax, Accounting and Finance

  • The Jobs Outlook, Salary Trends, and Election Year Politics.

    • Plus: Comprehensive Guides for Accountants and CPA Firms

CPA Trendlines Research estimates and illustration

What it is. How it works. And what CPA firms are doing.

By CPA Trendlines Research

The H-1B visa program is vital for U.S. companies to hire highly skilled foreign workers in specialty occupations, including tax, finance, and accounting.

CPA Trendlines Research estimates that as many as 46,000 tax, accounting and finance professionals work at U.S. firms under the H-1B program. This figure has received scant attention in the profession but is critical to its infrastructure. To the extent that it has received attention, critics say the program holds down salaries for U.S. workers.

In 2024, the Biden administration eased restrictions on the H-1B visa program while clamping down on abuses. By 2025, with the Trump Administration, it had become a lightning rod of controversy.

The nation’s tech industry has a huge stake in the outcome. Despite fluctuations in the number of H-1B workers requested and approved, the demand for H-1B workers in computer-related occupations remains strong, and H-1B workers play a critical role in the workforce.

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ADVISORY & CONSULTING

Ten Things Your Tax Clients Need to Hear | Listicle

https://cpatrendlines.com/category/checklist/listicle/By CPA Trendlines Research

Everybody resolves to get organized at the start of a new year. January 2 is the day to tell tax clients what they need to do for a hassle-free tax return. Here’s a list of 10 things to tell them.

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1. Gather Your Documents

Collect all tax-related documents, such as W-2s, 1099s, mortgage interest statements, charitable contribution receipts, and any other income or deduction records. (Give them a complete list.) Remind them where they can find these documents or when to expect them from employers, banks, etc.

2. Add Filing Deadlines to Calendars

List key filing deadlines, including the standard filing deadline and any relevant extension deadlines. You can also give them deadlines for sending you information and documents.

3. Verify Personal Information

Encourage clients to double-check their personal details – including Social Security numbers, addresses and dependent information – on all documents, as errors can delay processing.

4. Track Recent Life Changes

Discuss how significant life changes like marriage, divorce, having a child, change in dependents, or moving can affect tax situations and deductions.

5. Estimate Quarterly Taxes

For self-employed clients or those with significant non-wage income, review estimated tax payments and remind them that the fourth-quarter payment is due January 15.

6. Maximize Contributions

Remind clients they can still contribute to IRAs, HSAs and other accounts for the prior tax year up until April 15. Tell them to record and document their contributions, ideally before they plan to file their return.

7. Review Deductions and Credits

List deductions and credits they may qualify for, such as the Child Tax Credit, Earned Income Tax Credit or education-related deductions. Consider whether specific clients have special deductions and credits.

8. Be Aware of New Tax Laws

Update clients on any changes in tax laws or IRS regulations that could impact their filing this year. (Update yourself, too!)

9. Set Up Direct Deposit

Recommend clients provide direct deposit information for faster refunds if they’re expecting one.

10. Avoid Common Mistakes

Educate clients on common tax filing mistakes, such as math errors, missed deductions, or failure to sign and date forms. Give them a list. This might be part of a tax-prep seminar.

Taxpayers and tax preparers can both get stressed out at tax time. You can minimize the stress by helping clients stay in control.

OUTLOOK & ANALYSIS

Business Model Evolution Accelerates

two men talking in an office

Change is needed in mindset and skillset.

By Scott Moore
The Rosenberg National Survey of CPA Firm Statistics

Leading firms will continue to proactively evolve their business models to include more digital process automation, bundling of services with subscription-style pricing, strategic outsourcing, and upscaling of talent along the client value continuum.

EDITOR’S NOTE: Every year, The 2024 Rosenberg National Survey of CPA Firm Statistics asks the profession’s top consultants two sets of questions:

    • How do you think the next 12 months will unfold? Trends? Predictions? Other thoughts?
    • How would you assess the last 12 months? Trends? Observations? Struggles?

MORE: Accounting Firms Must Consider Capital Resources | Firms Not Keeping All Their Clients | Accounting Still Short on Staff and Students | Artificial Intelligence Plays Role in Analytics, Optimization | Challenges for the Accounting Profession: Private Equity, Offshoring, Training New Hires | Recalibration Is Key for Accounting Profession | People Development Still a Concern | Focus on Intentional Growth | Accounting Firms Upshift to Corporate Model | Tech Anxiety Paralyzing Some Accounting Firms | What’s Going to Happen? Lots, Say Consultants | Growth and Complacency Must Concern Accounting Firms This Year | Solving Staffing Requires Intention | How Accounting Firms Are Handling the Staff Shortage
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This will set the pace for the profession as a whole, as more firms follow suit in these areas in their efforts to keep up with client expectations and market dynamics. An increase in M&A activity and consolidation will increase this effect, as strategic investments target firms with the highest potential to achieve maximum market value.
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OUTLOOK & ANALYSIS

Accounting Firms Must Consider Capital Resources

Firms of $20 million to $50 million in revenue will be presented with many opportunities.

By Gary Thomson
The Rosenberg National Survey of CPA Firm Statistics

Continued exploration of capital resources will be a hallmark of the next 12 months. Determining the cost of strategic priorities will drive a better informed exploration of the basic question: “From where will we get our needed capital?”

EDITOR’S NOTE: Every year, The 2024 Rosenberg National Survey of CPA Firm Statistics asks the profession’s top consultants two sets of questions:

    • How do you think the next 12 months will unfold? Trends? Predictions? Other thoughts?
    • How would you assess the last 12 months? Trends? Observations? Struggles?

MORE: Firms Not Keeping All Their Clients | Accounting Still Short on Staff and Students | Recalibration Is Key for Accounting Profession | Accounting Firms Upshift to Corporate Model | Growth and Complacency Must Concern Accounting Firms This Year | The Future of Fees | How Accounting Firms Are Dealing with Retirement | What’s Your Firm Worth? Private Equity Wants to Know
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Those sources include, but are not limited to, owners, banks, private equity, mergers, ESOPs, etc. The potential sources are abundant … determining what’s right for your firm is a unique and focused effort to get it right.
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ADVISORY & CONSULTING

Ten Ways to Use the Holiday Season to Prepare for the Tax Season | Listicle

https://cpatrendlines.com/category/checklist/listicle/By CPA Trendlines Research

You want to hit the busy season running, not getting organized. The holiday season provides an excellent slow-time opportunity for tax offices to get ahead on tax season preparations.

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Here are 10 ways you can leverage this time:

  1. Organize Client Information: Contact clients to ensure you have updated contact information, financial records and relevant documentation. Resolve any missing information from previous tax years. Confirm that you’ll be doing their taxes again.
  2. Schedule Year-End Tax Planning Meetings: Meet with clients to review their financial situation and discuss year-end strategies, such as charitable donations, retirement contributions or capital gains harvesting, which could reduce their tax liability. Also help them prepare to deliver timely tax information.
  3. Update Tax Software and Tools: Make sure your tax software is up to date. Prepare any templates, checklists or tools you use for tax preparation. Confirm that everything works.
  4. Train or Update Staff: Conduct training sessions to familiarize your team with any changes in tax law, software updates or new procedures. Discuss client handling and workflow management.
  5. Review Changes in Tax Legislation: Update yourself and staff on recent tax law changes at the federal, state and local levels. Consider how these changes will affect your clients and adjust your strategies accordingly. Inform clients as necessary.
  6. Send Out Year-End Reminders: Send emails or newsletters reminding clients of important deadlines, year-end financial considerations and any last-minute tax-saving opportunities. Later, remind them again.
  7. Organize Internal Workflows: Refine your tax season workflow, including document intake, file management and communication protocols. Identify and rectify bottlenecks.
  8. Prepare Engagement Letters: Draft and send out engagement letters to clients for the upcoming tax season, outlining services to be provided, fees and other important terms. Include checklists. Suggest deadlines.
  9. Update Client Portals: If you use a client portal, make sure it is ready for tax season, with clear instructions on how clients can upload documents, complete checklists or communicate securely. Consider asking clients to use it in a trial run.
  10. Market Tax Services: Use the holiday season to promote your tax services through social media, newsletters and local networking events. Offer early-bird discounts or consultations to attract new clients.

The holiday season is a special time with a psychology all its own. It’s slower and happier. Try to combine the holiday spirit with staff preparation. Avoid coming back from the holidays and needing to start organizing for the busyness that’s right around the corner.