Accounting
Key wealth management legal cases to watch in 2025
This year may not bring as many consequential Supreme Court decisions as the last one for financial advisors, but there are several pending lawsuits with big potential industry implications.
Ongoing uncertainty around the reporting of “
“What we’ve seen is,
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In the wake of
The victories by President-elect Donald Trump and his Republican allies in Congress
The path ahead for another new law requiring companies to disclose their ownership to the Treasury Department’s
“The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking and money laundering. The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and makes it harder for bad actors to exploit loopholes in order to gain an unfair advantage,” according to
“The government continues to believe — consistent with the orders issued by the U.S. District Courts for the District of Oregon and the Eastern District of Virginia — that the CTA is constitutional and will continue defending the law as necessary,” the agency said.
But the constitutional questions about whether the law extends beyond the federal government’s legally mandated oversight of interstate commerce could one day reach the high court, according to Carney.
“Most Americans are hesitant to share information that they would otherwise expect to keep private, just as a matter of good security practices,” she said. “The constitutional argument is that, because it’s requiring a report of entity formation, it’s not within the scope of regulating business because an entity may be formed and may not be doing any business.”
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Another unit of the Treasury, the IRS, is fighting a legal case filed by 3M disputing an agency rule about companies’ allocations of corporate income. The U.S. Court of Appeals for the Eighth Circuit heard arguments in the case this past fall.
It and another case before the Tax Court filed by Abbott Laboratories represent the next struggles over a substitute framework for the Chevron deference taken away from agency rulemaking as part of last year’s decision in the
“Two lines of inquiry are likely to emerge: First, does the regulation embody a policy choice or factual determination? If so, courts also are likely to defer to the agency’s regulation as long as it reflects reasoned decision-making,” Ross and Spiegel wrote. “Otherwise, if the regulation is interpreting the statute, courts may move to a second question: Does the Treasury have discretionary authority to interpret the statute through regulations? If so, the agency’s interpretation may still be entitled to deference. If not, the court would interpret the statute without deference to the regulation and could hold the regulation invalid.”
In light of Chevron’s demise, Congress could “easily fill the gap with legislation” that addresses the possible level of deference for agency rulemaking, Carney said. The incoming Trump administration may single out certain rules for non-enforcement as well, by “targeting regulations that are likely to be challenged” after the Loper Bright case, she said.
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Trump’s administration and its allies in Congress are likely
“The IRS has been making it a priority to enforce the economic substance doctrine recently,” she said. “The litigation climate may make that harder.”
Mark Alberts, founder of Alberts Actuarial Consulting LLC, has also joined Noble as a vice president to expand Noble’s actuarial services. With the addition of Rector & Associates and Alberts, Noble plans to introduce additional services.
Rector offers transactional, financial, and compliance services for insurance companies, litigation support and expert witness services, regulatory compliance for insurance brokers and agents, and more. Alberts will lead development of an in-house actuarial department at Noble, which will provide financial examination, actuarial analysis, and form and rate review services to regulatory clients, valuation and appointed actuary services to insurers, and more.
Rector & Associates was founded in 1991 and provides insurance regulation and financial solvency consulting. Sarah Schroeder and Ed Dinkel of Rector are joining Noble as managing directors. Neil Rector, who founded Rector & Associates and is a former deputy director of the Ohio Department of Insurance, will provide ongoing consultation services to Noble.
Alberts has provided actuarial consulting services in the life insurance, annuity and supplemental health practice areas since 2008. He and his team of actuaries have worked with Noble on a contract basis for many years.
“We’re thrilled to welcome Sarah, Ed, Neil, and Mark to the Noble team,” said Noble CEO Mike Dinius in a statement. “Their exceptional expertise and client-focused approach are a perfect fit for Noble as we expand our services. Adding an in-house actuarial department is a major step, allowing us to deliver broader, more impactful services to both regulators and insurance companies. This move strengthens our ability to meet the evolving needs of our clients and ensures we remain at the forefront of the industry.”
Financial terms of the deal were not disclosed, and Noble’s revenue figures were not disclosed either.
KSM ranked No. 49 on Accounting Today‘s 2024 list of the Top 100 Firms, with $144.8 million in annual revenue. Noble employs 70 people. The combination with Rector adds two full-time people — Schroeder and Dinkel — and two contractors, including founder Neil Rector.
Springline Advisory, a financial and business advisory firm backed by the private equity firm Trinity Hunt Partners, has partnered with Fiske Advisory LLC, a South Florida-based business accounting, tax, business valuation and advisory services firm.
Through the partnership, Fiske will get greater access to the resources of a larger firm. Springline Advisory will in turn expand its firm portfolio with Fiske’s business advisory services such as forensic accounting, litigation support, business valuation and tax.
“Joining forces with Springline Advisory is a natural fit,” said Sheri Fiske Schultz, managing partner of Fiske Advisory LLC, in a statement Tuesday. “Their commitment to delivering exceptional client service and their strong cultural alignment with our values of professionalism, integrity and personalized attention make this partnership a powerful opportunity. Together, we’re excited to provide even greater value to our clients, increase professional development opportunities for our teams, and to build on our legacy of excellence.”
Founded in 1972, Fiske offers litigation support accounting, business valuation, and other specialized services, Fiske is consistently ranked among the top 25 litigation support accounting firms, top local providers of business valuation services, and top women-owned businesses in the region.
“We’re thrilled to welcome Fiske as a Springline founding firm. Their sterling reputation for providing exceptional advisory services, employee-centric culture, and entrepreneurial spirit complement our shared vision for growth,” said Springline Advisory CEO Tim Brackney in a statement. “This combination underscores our dedication to forging strategic partnerships that strengthen the capabilities of traditional accounting firms, allowing us to offer a broader range of services that meet the business demands of today’s dynamic middle market.”
“My focus in advising Fiske was to find a partner that could really accelerate their growth as an advisory business while continuing to nourish and support their strong culture,” said Gary Thomson, managing partner of Thomson Consulting and advisor on the deal. “Springline Advisory’s strategic approach to growth is impressive. Partnering with Fiske, whose solid reputation in specialized areas like litigation support and business valuation is built on years of experience and deep industry knowledge, positions Springline as a high-impact player in the accounting and advisory space and elevates their competitive advantage as demand in the market continues to grow.”
The announcement follows recent strategic transactions for Springline Advisory with Dallas-based
Trinity Hunt Partners, a Dallas-based PE firm,
Insero Advisors LLC, a firm based in Rochester, New York, has received a strategic investment from Rallyday Partners, a private equity firm in Denver, to accelerate its growth and expand its service offerings.
With the investment, Insero plans to enhance its advisory services, integrate advanced technologies into its operations, double down on its “people-first” culture, and broaden its reach across new regions. Insero’s strategy will include partnering with other like-minded public accounting, advisory, and professional services firms and adding more service lines for clients.
Following the closing of the transaction, Insero will operate an alternative practice structure in which Insero & Co. CPAs, LLP, a licensed CPA firm, will provide attest services, and Insero Advisors, LLC, will provide business advisory, tax and other non-attest services.
“Insero has always been committed to helping our clients succeed by providing solutions that address their unique challenges and opportunities,” said Insero CEO Nancy Catarisano in a statement Tuesday. “We are excited for this next step as we lead the reinvention of the public accounting and consulting industries at a national level. This partnership with Rallyday is going to enable us to get to this vision faster and smarter, and we could not be more thrilled.”
Insero & Company CPAs has frequently been ranked among Accounting Today’s Best Firms to Work For over the past decade. Beyond enhancing client services, Insero plans to continue its investment in its people, offering employees opportunities to learn, innovate, and contribute to impactful projects with a great sense of purpose.
“We are honored and inspired to partner with Nancy and the team at Insero as they redefine what it means to be a modern accounting firm,” said Rallyday managing partner Ryan Heckman in a statement. “Their clients consistently praise the firm’s ability to deliver exceptional results through a unique blend of technical expertise, operational savvy, and unwavering integrity. Insero’s commitment to innovation and personalized service truly sets them apart in the accounting and advisory space. They also share our dedication to the human side of business — prioritizing both employee development and meaningful client relationships — which makes this partnership even more compelling for Rallyday.”
M&A roundup: KSM and KDG expand
Springline Advisory invests in Fiske Advisory
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