The CPA Journal is a publication of the New York State Society of CPAs, and is internationally recognized as an outstanding, technical-refereed publication for accounting practitioners, educators, and other financial professionals all over the globe. Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in today’s business environment. The path became clear after a conversation with Paul Young, CPA, CGMA, senior executive vice president and CFO of Connecticut-based Liberty Bank. Young was the first to sign on for the new registered apprenticeship program for finance business partners that the U.S.

Taxation

This is particularly valuable in specialized areas like tax compliance, where firms using advanced automation can handle more returns during tax season without increasing staff size. The resulting capacity allows firms to maintain service quality during peak periods without the traditional stress on personnel and systems. IPA adoption also has important talent implications, especially among younger professionals less interested in the repetitive work that has traditionally made up much of a young accountant’s workload. By automating mundane tasks, firms create more engaging roles centered on problem-solving and client interaction, making accounting careers more attractive. What makes IPA particularly attractive for accounting professionals is its ability to execute the judgment-intensive processes that characterize modern accounting work.

• A federal appeals court extended its stay of a nationwide injunction on tariffs imposed by a trade court and proposed a schedule that would include oral arguments on July 31 in the challenge to the president’s authority.
• As the pipeline dries up, 83% of senior leaders report a talent shortage this year, up from 70% in 2022, with 10% this year saying it’s worsening, according to a CFO Pulse report released on Aug. 6 by accounting solutions provider Personiv.
• “But over 15 or more years, pay stagnated; accounting salaries went from being the highest or among The highest to below the median,” said Taylor, an NPAG member.
• The July webcast explored proposed revisions to the fraud auditing standard, evolving frameworks for AI assurance, and recent developments affecting not-for-profit financial reporting.
• Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours.

The majority of companies represented in a survey said they plan to pass along most, if not all, costs created by tariffs to their customers. In this Journal of Accountancy-branded podcast, a senior wealth strategist and managing partner share advice on how to initiate conversations with business clients about transition and succession planning. The organizations, on behalf of CPAs, responded to a request for feedback from the California Air Resources Board with recommendations related to guidance on the reporting and assurance requirements of recent legislation. An author of the JofA’s Professional Liability Spotlight column explains why the answer to the question “Should I disclose my use of generative AI to clients?

• The system can recognize changes in tax law and client circumstances, suggesting adjustments accordingly.
• Jason Marx, CEO, Wolters Kluwer Tax & Accounting, offers advice for firms looking to grow their business.
• In this Journal of Accountancy-branded podcast, a senior wealth strategist and managing partner share advice on how to initiate conversations with business clients about transition and succession planning.

AICPA & CIMA Business Resilience Toolkit — levers for action

Commissioner Billy Long explained his management philosophy at the 2025 Tax Summit of the National Association of Enrolled Agents, where he said IRS employees will be able to implement the OBBBA’s tax provisions. In a notice issued Tuesday, the IRS said it intends to partially withdraw proposed regulations and issue revised proposed regulations. The already growing firm agrees to a “significant minority investment” from New Mountain Capital, an active player in the growing world of private-equity investment activity among large firms.

Calculating AI’s impact on CPAs: New study quantifies time savings

Engaging a CPA to conduct a SOC 2 examination is one of the most effective ways to mitigate risk and protect sensitive information. Accounting firms and finance departments can implement an IPA solution that combines RPA with machine-learning capabilities to transform the audit workflow. The system can automatically retrieve client financial data from various sources (e.g., ERP systems, banking platforms, and spreadsheets), normalize it, and perform preliminary analytical procedures.

AICPA unveils new QM resources to help firms meet Dec. 15 deadline

Automated processes follow consistent protocols, reducing the likelihood of human error in calculations or regulatory filings. Improved audit quality will support auditors in meeting GAAS and PCAOB standards, while also helping their clients or employers better comply with GAAP requirements. These improvements not only protect firms and companies from potential liability but also enhance client and executive confidence in the reliability of financial information.

Discover how a one-day University of Memphis program empowers nontraditional accounting students to stick with their major and embark on accounting careers. The bipartisan bill would make accounting part of STEM, a federally funded program for science, technology, engineering, and mathematics education. An AICPA leader focused on the accounting talent pipeline reminds established CPAs of their role in helping to grow the profession. This implementation can reduce compliance penalties and help the tax department shift from reactive filing to proactive planning.

While mean starting salaries for majors like computer science and mathematics and statistics increased about 20% and 26%, respectively, accounting bachelor’s degree holders’ mean starting salaries rose about 16%. During the same period, the Consumer Price Index climbed 19.8%, meaning that accounting graduates saw a decline in earning power. Two Boise State University accounting professors created a podcast series to attract new talent by taking students on professional journeys. Interest accounting articles globally is also rising, according to a survey of nearly 300 business schools. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.

At Connecticut-based Liberty Bank, Paul Young, CPA, CGMA, senior executive vice president and CFO, decided to establish a new, unconventional pathway at the bank to attract and retain talent interested in an accounting and finance career. Starting salaries that are not competitive are among the biggest contributors to the talent shortage in accounting. NPAG’s national survey identified raising starting salaries as the most effective tactic to encourage people to choose an accounting career — 84% of professionals and 85% of students agreed. For multinational corporations, an IPA solution can help with continuous monitoring of changing tax and regulatory requirements across multiple jurisdictions.

The AICPA updated its SQMS No. 1 practice aid, released a new resource on monitoring and remediation, and is hosting live webcasts to help firms implement the new quality management standards by Dec. 15. Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance. A Globally, the trend most likely to impact how firms achieve their revenue growth goals centers on the pace of technology advancements and digital transformation.

ADP, The Register claims, is no worse, but so far, no one reported losing data. Administrator RegistrationAdministrators (practitioners) can now securely access ADP services from any computer (private or shared) and on any supported browser. For details about administrator access and security management, refer to the New Administrator Access Quick Reference Card. The views expressed on this blog are those of the blog authors, and not necessarily those of ADP.

It says affected stores may have had customer data exposed, including basic contact information, such as email, name, and address, as well as order details, like products and services purchased. Credit card and other financial information was not affected by the incident, it adds. The posting of these activation codes online is what likely caused the breach. InstaCart, a grocery and home essentials delivery service, denies a data breach is the source of customer information being sold online on hacker forums.

Here are steps every employers should take to prevent a similar cyber security hack.

The company stressed that hackers need more than just tax data to actually open an account in another person’s name and said the data was not extracted from its systems. This leak caught national attention yesterday when Krebs’ report came out because of ADP’s widespread reach into the payroll and administrative sectors as the company handles those aspects for more than 640,000 companies. Bank, which recently discovered that some of its employees had tax data compromised.

Broadcom urged everyone to turn on MFA and any other security settings that their financial institutions provide. However, in December 2024, the two firms discovered the stolen data on the internet. ADP’s adp hack Global Security Organization continues to actively monitor and respond to this developing situation as it does with all reported vulnerabilities. Clients are encouraged to visit ADP’s website at /trust to see Security Alerts to learn more about how ADP protects data, and how clients can help protect themselves.

#BHUSA: 1000 DoD Contractors Now Covered by NSA’s Free Cyber Services Program

The hacked companies reset the passwords of the affected accounts and notified the affected users of the breach. The website with the most passwords stolen was Facebook with 318,000, however the hacked company that possesses the biggest risk to businesses is ADP, which is a popular payroll management app. By way of inserting a malicious code into the software, hackers managed to access information provided by customers making purchases. Dave, an overdraft and cash advance service, confirms data breach resulting in the theft of a database containing 7.5 million user records.

Ransomware Attack on ADP Partner Exposes Broadcom Employee Data

Bancorp, with the total number of affected individuals not explicitly mentioned. The personal information needed to open the account was not stolen from ADP, Cloutier stressed. But the tactic is an increasingly prevalent one, according to Carl Wright, EVP and general manager of TrapX Security. As a small or midsize business with limited resources, it may be beneficial for your entire team to have a day where they can keep their heads down and focus on their tasks without worrying about meeting interruptions.

How do I report an ADP system vulnerability?

The second step is activating the account, and ADP sends activation codes to the companies that set up accounts with them. Unfortunately, some companies are not careful with their activation codes, and wind up placing them in the public domain, where they can be scooped up by ever-watchful hackers. I’ve been direct depositing to the same account for at least 10 years, and filing late in the year, you would think the IRS would take note of that before blindly sending a direct deposit to some thief’s account. And, whatever happened to all of the “know your customer” rules that banks are supposed to have before opening up such an account to receive the money? It seems that the accounts opened for tax anticipation loans must not need to know the customer.

The breach was discovered after several customers reported fraudulent transactions made through ADP’s self-service portal, with at least one institution, U.S. Rather, the workflow itself was breached, and the hackers took advantage of the fact that some companies weren’t as careful as they should have been with their activation codes. Using a process called “Flowjacking”, hackers were able to determine the work and data flow of ADP’s internal processes. They found out, for example, that setting up a user account with the company was a two-step process. The first step involves setting up the account, which requires social security numbers and other personal data that hackers are very good at getting their hands on.

Much has been said in the recent past about the growing sophistication of hacking attacks, and this latest, sadly successful attack on ADP is a perfect example of that sophistication. ADP emphasized that the fraudsters needed to have the victim’s personal data — including name, date of birth and Social Security number — to successfully create an account in someone’s name. ADP also stressed that this personal data did not come from its systems, and that thieves appeared to already possess that data when they created the unauthorized accounts at ADP’s portal. US Bank’s Ripley then admitted that the bank made the company code accessible by publishing the link to an employee resource online. In January 2020, the Meadville Medical Center in Pennsylvania had a security breach with their payroll system which resulted in unauthorized exposure of employee personal data and their dependents’ personal information. Payroll processing giant, ADP, recently divulged a breach that exposed tax information of employees of some of its clients, exposing them to tax fraud and identity theft.

• However, specific details about ADP’s enhanced security measures remain unclear.
• In the email, a hacker posing as Spiegel requested payroll information for existing and ex-employees.
• For the second time, ADP sponsored the Major League Hacking (MLH) Hack Girl Summer Hackathon to encourage female software engineers to pursue their dreams.
• The hackers made off with W-2 data, so tax refunds and returns could be impacted, but these stolen identities are being bought and used by other cyber mafias for increasingly targeted phishing attacks.
• The files stolen from Broadcom were posted on the BlackLock leak site, as well.

of US Companies Hit by Insider Data Breaches

To register to the portal, a cybercriminal with malicious intent needs personal identifiable information like names, dates of birth, and Social Security numbers. Such data, according to the ADP, were not harvested from its systems, but must have already been in the hands of the crooks. Using personal information gathered from other sources, hackers were able to round up data from about 724,000 compromised taxpayer accounts. ADP provides payroll, tax and benefits administration for over 640,000 companies.

• ADP has thus far not released information on how many records were put at risk by this hack against them, and security experts stress that ADP itself was not hacked.
• It turns out that HR giant ADP, which provides payroll, tax and benefits administration for more than 640,000 companies, was vulnerable to an ID theft scam.
• ADP’s Global Security Organization continues to actively monitor and respond to this developing situation as it does with all reported vulnerabilities.
• ADP has reportedly confirmed that a subset of its customers have been the victim of tax fraud perpetrated by hackers posing as customer employees on ADP’s portal.

Data was leaked online in December, but Broadcom wasn’t informed until May 2025. The El Dorado ransomware group claimed responsibility for the breach, which occurred as Broadcom was transitioning payroll providers. Follow the steps to enter your registration code, verify your identity, get your User ID and password, select your security questions, enter your contact information, and enter your activation code. You will then have the ability to review your information and complete the registration process. For more information, please refer to the Employee Self Service Quick Reference Card.

ADP Data Breach: What & How It Happened?

In response to the data breach, ADP took several measures to secure its platform and prevent future incidents. This included monitoring the web for any other clients who may have shared their signup links and unique company codes, and turning off self-service registration access if such codes were found. ADP’s Chief Security Officer, Roland Cloutier, assured the rest of its massive customer base that they had “aggressively put in some security intelligence” to address the issue. Additionally, ADP investigated the unauthorized access after receiving reports of fraudulent transactions made through its self-service portal and worked with a federal law enforcement task force to identify the perpetrators.

They could also locate an employee’s tax documents, which could be used to file fraudulent tax returns on the worker’s behalf and redirect the funds to attackers’ accounts. This same kind of assurance didn’t go the way of the two recently-targeted companies. In fact, this is not the first time third-party providers were used as a channel for compromise.

The data exposed in the breach included tax information of employees of some ADP clients. When you implement these time hacks for your employees, you take a vital step toward ensuring that your small to midsize business is a success. Small and midsize business owners are often looking for ways to become more operationally efficient. By implementing the following time hacks for your employees, you can encourage your entire company to maximize productivity. Broadcom serves a diverse range of customers across various industries, including technology, finance, healthcare, and telecommunications. Some of the biggest names include Apple, Samsung, Cisco, British Airways, and many others.

Selecting a solid CPA service is about simplifying your financial tasks and equipping yourself with the tools needed for growth. Keep these points in mind when deciding on CPA services that align with your startup’s goals. It can be difficult to understand the benefits of partnering with an outsourced CFO before starting to work with one.

Tips to Run Effective All Hands Meetings in a Growing Startup

Taxes can be confusing and stressful, especially for startups without a financial expert. Tax rules change often, and many new businesses miss out on tax benefits simply because they don’t know about them. A CPA makes sure your startup is filing taxes the right way, avoiding penalties, and using every possible tax deduction to save money. OpsArmy helps match companies with virtual accounting firms for startups finance professionals who understand the unique demands of startup life. The best way to identify performance gaps and improve service effectiveness is to conduct consistent financial reviews.

• Between tracking expenses, managing taxes, and forecasting cash flow, founders quickly realize they need expert help—but hiring a full-time accountant is rarely budget-friendly in the early stages.
• Differences in language, accents, and cultural norms can create misunderstandings that affect task clarity and deadlines.
• Among all these day-to-day activities, it can be difficult to find time for your accounting, even though you know how important it is to your business.
• Pilot is not a public accounting firm and does not provide services that would require a license to practice public accountancy.
• Outsourcing to OpsArmy means access to a remote pro without the stress of recruiting or micromanaging.

Increased Financial Clarity

• Incorporating advanced software tools can streamline processes and reduce manual effort.
• Smaller businesses might get by with a basic Quickbooks set-up, but once you start growing, building a more sophisticated financial infrastructure is vital.
• Controllers are more advanced finance professionals that are usually responsible for managing the day-to-day financial operations of a business.
• Early-stage companies are not all the same – a SaaS business is very different from a biotech company, and a hardware company is not at all similar to an ecommerce company.
• It is ideal for businesses aiming to reduce expenses on routine accounting tasks like bookkeeping, tax preparation, and payroll processing.
• With forty-two percent of accountants shifting away from work because of a lack of staff, outsourcing fills the gaps.

Expertise Accelerated offers bookkeeping, AP/AR, reporting, tax prep, and virtual CFO services. They connect companies with top USA finance pros for cost-effective, easy collaboration. Upwork offers robust filtering and search options so you can easily narrow down your search to accountants located in a specific country or region. This feature is incredibly useful when you require professionals who have a deep understanding of local accounting regulations, tax laws, and compliance requirements. Maintaining adherence to financial regulations is crucial for any organization aiming to thrive. Engaging with external experts can significantly simplify the complexities involved in compliance management.

• Deloitte offers specialized outsourced CPA services tailored to meet the dynamic needs of startups and growth-stage companies.
• Wishup takes great pride in providing highly skilled virtual assistants who are experts in bookkeeping.
• Having access to their knowledge can help emerging businesses to thrive and establish a strong foundation.
• We’ll help you navigate complex financial decisions and optimize your financial operations.

What are CPA outsourcing services?

Performing frequent financial assessments helps identify trends and potential risks early, guiding strategic decision-making. Regular evaluations of CPA services can inform necessary adjustments to better align with evolving business goals. This dynamic flexibility enables startups to move quickly when market opportunities arise, making outsourced CPA services not just a service option, but a strategic advantage. Typically, small businesses pay between $1,000 to $5,000 annually for accounting services. trial balance PwC, a global leader in professional services, operates in 151 countries with a team of over 364,000 people. They have a rich history of helping organizations and individuals build trust and solve complex problems.

Advantages of Working With An Outsourced Controller

This includes full-service bookkeeping, a dedicated finance expert assigned to your business, financial reporting and burn rate calculations. Businesses with expenses of $200,000 or more will have to sign up for Pilot’s Plus service, which has customized pricing starting at $1,500 a month. Unfortunately, the prices increase to $549 and $749 for the monthly and weekly plans if you’re using accrual accounting. In today’s digital age, a CPA partner must utilize advanced accounting technologies and cloud-based platforms. This enables real-time data access, efficient bookkeeping, automated reconciliations, and secure information sharing.

To Hire U.S Based Accounting Professionals

Outsourced CPAs offer a range of tax services, Accounts Receivable Outsourcing including tax return preparation, tax advisory, and strategic tax planning tailored to the needs of startups. Leveraging CPA insights can lead to improved budgeting and forecasting practices, ultimately supporting growth and financial clarity. They are recognized as one of the best outsource CPA services for startups, offering comprehensive support in tax and financial advisory services. They help startups and businesses by providing tailored financial strategies, compliance solutions, and more to drive growth and manage risks effectively.

See how one client streamlined operations and scaled 50% faster with virtual talent support. For a curated, faster solution, consider OpsArmy’s on-demand finance support where you’re matched with remote talent who meets your criteria. If you’re using platforms like QuickBooks, Xero, or Wave, they can manage or oversee your bookkeeping remotely. These tasks are more strategic in nature than the work typically performed by bookkeepers. Deciding to outsource accounting depends on various factors, which you should consider.

Controllers are more advanced finance professionals that are usually responsible for managing the day-to-day financial operations of a business. They have a wide range of responsibilities, from managing bookkeeping staff to working on more strategic initiatives. But as your business grows and your financial needs evolve, it’s common to find that your initial approach to bookkeeping is no longer delivering the results you need. At the same time, bookkeeping is a relatively manual, labor-intensive process that takes up a significant amount of time. Organizing all of your business’s financial data into a centralized, accurate record is a monotonous task. Although technology has streamlined the process somewhat, bookkeeping remains a challenge for many business owners.