Accounting
State CPA societies clear misconceptions about 150-hour requirement
Leaders from the six largest CPA societies coauthored an
As the profession begins reevaluating the 150-credit-hour requirement to address the ongoing shortage of accountants, discussions have sparked both questions and misconceptions. Addressing 10 common misconceptions were Geoffrey Brown from the Illinois CPA Society, Jennifer Cryder from the Pennsylvania Institute of CPAs, Denise LeDuc Froemming from the California Society of CPAs, Calvin Harris Jr. from the New York State Society of CPAs, Jodi Ann Ray from the Texas Society of CPAs and Shelly Weir from the Florida Institute of CPAs.
“Change can be challenging, but it is also necessary,” said the article. “The CPA profession has always evolved to meet the needs of the business world, and this latest step ensures that future CPAs will be well-equipped for success. As leaders of the CPA profession in our respective states, we are committed to supporting candidates, educators and employers through this transition.”
The top 10 misconceptions are:
- “We are lowering the standards, and the 150-hour requirement is dead;”
- “The licensure pathway is changing, but mobility is not being addressed;”
- “An accounting concentration is the same as an accounting major;”
- “This change can right all past issues in the profession;”
- “This licensure change alone will solve the talent shortage;”
- “This change is easy and without risk;”
- “Once we change licensure laws; everything else will fall into place;”
- “A single state can implement these changes alone;”
- “This just another minor adjustment;” and,
- “The decision was made without broad input.”
The article also highlights the importance of the CPA license as a symbol of trust, expertise and accountability, and emphasizes the need for changing the licensure requirements.
“The business landscape has transformed dramatically in recent years, with advancements in technology, evolving regulatory requirements and increasing market complexities reshaping the role of CPAs,” the article reads. “The CPA licensure model must adapt to ensure that new professionals are equipped with the skills and knowledge necessary to meet these growing demands.”
Accounting Opportunities Experience
Separately, the American Institute of CPAs, along with state CPA societies, announced completion of the annual Accounting Opportunities Experience in November 2024.
The Accounting Opportunities Experience is a combined effort between the profession, state societies, state governments and high schools to dispel stereotypes about accounting and show students how successful they can be in this career. This year’s initiative was the most successful yet, with 44 participating state societies that sent over 1,200 volunteers to 895 schools across the country. They reached 40,851 students, up 70% from the prior year.
“A career in accounting opens so many doors and can offer interesting, fulfilling work while at the same time offering high earning potential,” Christin Hunter, senior manager of CPA pipeline student and candidate membership at the AICPA, said in a statement. “CPA volunteers for the Accounting Opportunities Experience were able to share practical insights into how they navigated their way into the profession, as well as the impact they make each day. It’s important for young people to see examples of who they can become — the more we connect with students, the more we can inspire them to explore this great career.”
The Treasury Department named a pair of Internal Revenue Service agents as special advisors to Treasury Secretary Scott Bessent and plans key roles for them in reforming the IRS after they complained of mistreatment under the Biden administration while investigating Hunter Biden’s taxes.
Gary Shapley and Joseph Ziegler, who were both special agents with the IRS’s Criminal Investigation division,
The two whistleblowers had
“As I noted in my letter to Secretary Bessent last month, if we reinstate whistleblowers who have been retaliated against, it will send a clear signal that pointing out wrongdoing is an honorable thing to do,” Grassley said in a statement Tuesday. “It will help change the culture of our bureaucracy. I’m very grateful to Secretary Bessent for supporting Gary and Joe, and I have no doubt they will be a boon to the Treasury Department in their new roles. Gary Shapley and Joe Ziegler put their entire careers on the line to stand up for the truth, and instead of being thanked, the Biden administration treated them like skunks at a picnic. Far too many whistleblowers share a similar experience of retaliation. I hope today is the first of many redemption stories for whistleblowers who’ve been mistreated. By taking a stand for whistleblowers, President Trump and his cabinet are ushering in a new era of transparency and accountability.”
Bessent hailed their promotion to positions of influence in the Trump administration. “I am pleased to welcome Gary Shapley and Joseph Ziegler to the Treasury Department, where they will help us drive much-needed cultural reform within the IRS,” Bessent said in a statement. “These veteran civil servants join us to help further the agency’s focus on collections, modernization, and customer service, so we can deliver a more effective and efficient IRS experience for hardworking American taxpayers. I appreciate Senator Grassley’s efforts in Congress to support whistleblower protections in order to improve transparency, accountability and root out the culture of retaliation.”
Shapley and Ziegler are expected to transition to senior IRS leadership after their stint at the Treasury Department, according to the
“We are enormously grateful to Secretary Bessent, Senator Grassley, and all of the members of Congress for their leadership and trust,” Shapley and Ziegler said in a joint statement. “We have been motivated by one singular mantra: do what’s right, and do it the right way. It has not been easy, but having a clear conscience is worth the effort. We appreciate the opportunity Secretary Bessent is giving us to put our experience and firsthand knowledge to good use for the American people to eliminate waste and reform the IRS.”
Turkey’s Treasury and Finance Ministry is using artificial intelligence to track down money earned by psychics and fortune tellers as part of a broader drive to combat the informal economy and boost tax revenue.
The ministry has turned its attention to the rapid growth of online services such as astrology, spiritualism, star charting, magic, meditation and numerology — many of which operate without clear regulation.
According to state-run Anadolu Agency, AI technologies have been engaged to track digital footprints across multiple platforms, including social media, online payment systems and messaging services such as WhatsApp and Telegram.
The initiative builds on Finance Minister Mehmet Simsek’s wider
Although earlier efforts to rein in government spending yielded limited results, Simsek’s operation has increasingly focused on revenue generation through measures such as taxing multinational corporations,
An investigation flagged 1,034 individuals as “high risk” and uncovered 1.8 billion liras ($50 million) in undeclared income between 2021 and 2023, Anadolu reported. In addition, 295 individuals were found to be operating without the requisite taxpayer registration.
In a statement on X, Simsek
The Public Company Accounting Oversight Board today appointed members of its two advisory groups: the Investor Advisory Group and the Standards and Emerging Issues Group.
The IAG was established by the PCAOB to provide investors’ perspectives on the Board’s agenda. The SEIAG was also established by the PCAOB to advise on existing standards, proposed standards, potential new standards and some emerging issues. Members are appointed for two-year terms.
“Advisory groups bring insightful and valuable feedback to the PCAOB to support our investor-protection mission,” PCAOB chair Erica Williams said in a statement. “We thank all IAG and SEIAG members for their willingness to serve and for sharing their valuable time and perspectives with us.”
IAG appointments
Terms expiring Dec. 31, 2026:
- Steven Grey
- Satyam Khanna
- Steven Lipiner (He was appointed to the IAG for a one-year term to replace a member who stepped aside prior to the completion of their two-year term, and his term will expire Dec. 31, 2025.)
- Jeffrey Mahoney
- Amy Copeland McGarrity
- Sandra Peters
- Nemit Shroff
- Gary G. Walsh
Continuing members
Terms expiring Dec. 31, 2025:
- James Andrus
- Mary M. Bersot
- Jonathan Grabel
- Ken Goldman
- Tracy Sophia Harris
- Paul O’Brien
- Sanford Rich
- Gina Sanchez
SEIG appointments
Terms expiring Dec. 31, 2026:
- Preeti Choudhary
- Brian Croteau
- James Freis, Jr.
- Robert Hirth, Jr.
- Steven Lipiner (He was appointed to the SEIAG for a one-year term to replace a member who stepped aside prior to the completion of their two-year term, and his term will expire Dec. 31, 2025.)
- Jeffrey Mahoney
- Jamila Abston Mayfield
- Sandra Peters
- Laura Phillips
- Stephen Rivera
- Kurt Schacht
- G. Alan Skinner
- John White
Continuing members:
Terms expiring Dec. 31, 2025:
- Christine Davine
- David Fabricant
- Colleen Theresa Honigsberg
- James Hunt
- Jennifer R. Joe
- Carole McNees
- Steven Morrison
- Dane Mott
- Christian James Peo
- Shivaram Rajgopal
- Kecia Williams Smith
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