Aprio, a Top 25 Firm based in Atlanta, has acquired JMS Advisory Group, a firm that specializes in unclaimed property compliance and escheat process development, also based in Atlanta 

Financial terms of the deal were not disclosed. Aprio ranked No. 24 on Accounting Today’s just released 2025 list of the Top 100 Firms, with $485.34 million in annual revenue. JMS Advisory Group is bringing 12 team members and two partners to Aprio, which currently has over 2,100 team members and 205 partners. 

JMS was founded in 2006 and helps clients mitigate risk and capitalize on opportunities through managed unclaimed property compliance. The team includes attorneys, CPAs, CFEs and others.

JMS has a wide range of clients, including enterprise companies, financial institutions, credit unions, insurance companies, hospitality and health care organizations.

“As Aprio continues its rapid growth, we are committed to expanding our services to meet the evolving needs of our clients,” said Aprio CEO Richard Kopelman in a statement Tuesday. “The addition of JMS gives us the opportunity to continue strengthening our position as a future-focused advisory firm. JMS’s focus on escheat management and asset recovery not only enhances our current capabilities but also allows us to deliver even more impactful solutions to help businesses navigate complex compliance challenges.”

JMS president and CEO James Santivanez is joining Aprio as a partner and provides guidance to clients on unclaimed property and state and local tax issues. 

“We created JMS to make an impact nationally in the unclaimed property consulting industry, and I’m proud of our nearly 20-year history of helping clients mitigate risk and capitalize on opportunities resulting from accurate and properly managed unclaimed property compliance,” Santivanez said in a statement. “Joining with Aprio takes us to the next level, allowing us to build upon our success while providing even greater value to our clients. This is an exciting next step in our journey.”

JMS founder and director Sherridan Santivanez is also joining Aprio as a partner. He specializes in representing clients before state enforcement authorities and managing complex audits and voluntary disclosures for some of the world’s largest companies. She provides strategic guidance on audit preparation and navigates interactions with state and third-party auditors.

Aprio received a private equity investment last July from Charlesbank Capital Partners in Boston. The firm recently announced plans to open a law firm in Arizona known as Aprio Legal LLC, in partnership with Radix Law. (KPMG has also recently opened a law firm in Arizona known as KPMG Law US.) Aprio has completed over 20 mergers and acquisitions since 2017, adding Ridout Barrett & Co. CPAs & Advisors last December, and before that, Antares Group, Culotta, Scroggins, Hendricks & Gillespie, Aronson, Salver & Cook, Gomerdinger & Associates, Tobin & Collins, Squire + Lemkin, LBA Haynes Strand, Leaf Saltzman, RINA and Tarlow and Co.

The American Institute of CPAs and the National Association of State Boards of Accountancy are asking for comments on their proposal for an additional pathway to CPA licensure through changes in the Uniform Accountancy Act model legislation used in states.

The AICPA and NASBA proposed the alternative pathway to CPA licensure last month and the UAA changes last September.

The UAA changes would:

• Enable states to adopt a third licensure pathway that requires earning a baccalaureate degree with an accounting concentration, completing two years of professional experience as defined by Board rule, and passing the Uniform CPA Examination;
• Shift to an “individual-based” mobility model, which allows CPAs to practice in other states with just one license; and
• Add safe harbor language to ensure CPAs who meet existing licensure requirements preserve practice privileges.

The proposals come as several states are already moving forward with their own changes, including Ohio and Virginia. Accounting organizations are hoping to increase the pipeline of accountants and make it easier to recruit and train CPAs, including people who come from other backgrounds.

The updates reflect feedback gathered during a late 2024 exposure draft period and forward-looking solutions being advanced by state CPA societies and boards of accountancy to increase flexibility for  licensure candidates while maintaining the integrity of the CPA license.

The AICPA and NASBA are asking for comments on the proposed changes by May 3, 2025. They can be submitted through this form. All comments will be published following the 60-day exposure period.

The UAA offers state legislatures and boards of accountancy a national model they can adopt in full or in part to meet the licensure needs of each jurisdiction.

The proposal would maintain the current two pathways to CPA licensure:

• Earning a  post baccalaureate degree with an accounting concentration, completing one year of professional experience as defined by Board rule, and passing the CPA exam; and,
• Earning a  baccalaureate degree with an accounting concentration,  plus an additional 30 semester credit hours , completing one year of professional experience as defined by Board rule, and passing the CPA exam.

The Internal Revenue Service is reportedly making plans to lay off up to half of its 90,000-person workforce.

The Associated Press reported the layoffs would be in addition to the 6,000 to 7,000 layoffs at the IRS last month, mainly of probationary employees. The AP noted that people of color comprise 56% of the IRS workforce, and women represent 65%. The Elon Musk-led Department of Government Efficiency has been slashing jobs across the federal government. Soon after taking office, President Trump signed an executive order mandating a hiring freeze across the federal government that would last longer for IRS employees. The IRS also rescinded job offers for any employee set to start after Feb. 8. The layoffs come despite a move to prevent IRS employees from taking advantage of a deferred resignation program until May 15, a month after the end of tax season, although that buyout program has since ended.

Many of the layoffs so far have occurred within the IRS’s Small Business/Self-Employed Division, but the Large Business and International Division has also been affected. A number of the probationary employees who were laid off were experienced tax attorneys and accountants who had responded to the IRS’s recruiting drive in recent years seeking people with the necessary skills to do complex audits of wealthy individuals, large partnerships and corporations. Employees who were laid off have needed to set aside the audits and reports they were preparing, according to the International Consortium of Investigative Journalists and ProPublica, and the cases will likely be closed.

“A fair, transparent, and well-funded tax system is vital to a functioning democratic society,” said 

Ian Gary, executive director of the Financial Accountability and Corporate Transparency Coalition, in a statement. “The FACT Coalition is alarmed by reports of cuts of up to half of the 90,000 person IRS workforce. Cuts at such a massive scale would destroy the ability of our nation’s revenue agency to effectively operate. These cuts are also likely to disproportionately affect recent investments and hiring in the tax agency that have greatly improved its capacity to audit wealthy tax cheats and unscrupulous corporations. At the same time, such drastic staffing cuts will affect service levels for ordinary Americans.”

Former IRS commissioners have been criticizing the job cuts at the agency.and the impact on tax season and beyond, recently co-authoring an editorial in The New York Times. Ironically the IRS set a return to office deadline starting next Monday, according to the Federal News Network, even though some facilities don’t have enough office space. Meanwhile, Trump has announced plans to send thousands of IRS agents to police the border as well. 

In response to the recent elimination of thousands of IRS positions, the National Association of Tax Professionals has created a dedicated job resource to help affected tax professionals find new opportunities in the industry. The NATP hopes to bridge the gap between displaced IRS workers and tax firms in need of skilled professionals. The “Looking for Positions” section on natptax.com is a free platform for job seekers to post listings and for firms to connect with experienced candidates.

The NATP noted that the IRS reductions come amid broader efforts to decrease the federal workforce, with many of the affected employees being recent hires and said the reduction in staffing raises concerns about the potential impact on taxpayer services, response times, and the efficiency of tax administration, particularly during the critical tax filing season.

“The sudden elimination of thousands of IRS positions has left many individuals with a tax background in search of new opportunities,” said NATP CEO Scott Artman in a statement. “As the trusted resource for tax professionals, NATP is committed to supporting those affected by connecting them with firms looking for skilled talent. Our goal is to strengthen the industry and ensure taxpayers continue to receive high-quality service.”

Trump will probably need to rely on IRS employees to help with new provisions of the Tax Code that he would like to add as part of the negotiations around the extension of the Tax Cuts and Jobs Act, such as eliminating taxes on tips, overtime and Social Security income. Trump mentioned those proposals during his address to a joint session of Congress on Tuesday night. 

“We had tremendous success in our first term, with a very big part of our plan, we’re seeking permanent income tax cuts all across the board,” he said, according to a transcript in The New York Times. “And to get urgently needed relief to Americans hit especially hard by inflation, I’m calling for no tax on tips, no tax on overtime, and no tax on Social Security benefits for our great seniors. And I also want to make interest payments on car loans tax deductible — but only if the car is made in America.”