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PROFESSIONAL ISSUES
Contributors
Barry Melancon, CPA, CGMA administrative resources to manage client expecta-
CEO, Association of International tions and the client experience within their service
Certified Professional Accountants, delivery workstream,” she said.
representing AICPA & CIMA One of the big winners in 2023 may be the
solo or small practitioner who could benefit from
the client-culling efforts of larger firms by trading
their client base up but keeping it manageable, and
establishing higher fees and higher-quality relation-
ships, Wilson added.
And consolidation will be on the rise as leaders at
Jennifer Burns, CPA small and medium-size firms feel increasing pressure
AICPA chief auditor to move their succession and buyout challenges to
larger firms, she said.
Wilson noted that the difference between firms
that will thrive and those that will falter will be the
degree of self-interest with which the leaders make
decisions that affect their firms and their future.
“The firms that continue to allow existing partner
compensation processes, long-held partner buy/sell
expectations, and the desire of traditionalist partners
to maintain control until they retire may find they
Tom Hood, CPA/CITP, CGMA are risking their overall sustainability,” Wilson said.
Executive vice president–Business
Engagement & Growth at the TAX
Association of International Top of mind for tax professionals will be the Infla-
Certified Professional Accountants, tion Reduction Act, P.L. 117-169, which was signed
representing AICPA & CIMA into law in August. Brenda Graat, CPA, a partner
with Baker Tilly in Milwaukee, said that while the
Inflation Reduction Act will result in significant
changes in 2023, it was not as far-reaching as
anticipated.
Jennifer Wilson “The act did not modify a large number of items,
Partner and co-founder of but one positive aspect of it is the renewable energy
ConvergenceCoaching LLC credits to offset costs and reduce carbon emissions,”
she said.
The Inflation Reduction Act also includes the
new 15% alternative minimum tax for corporations
with a three-year average adjusted financial state-
ment income in excess of $1 billion.
TECHNOLOGY
Brenda Graat, CPA Declining capacity and expanded services are stress-
Partner with Baker Tilly ing day-to-day workloads at many accounting firms.
To help alleviate that workload stress, automation
will continue to be a prominent trend in 2023, said
Wesley Hartman, founder at Automata Practice
Development, director of technology at Kirsch
Kohn & Bridge in Los Angeles, and a contributor to
the JofA’s Technology Q&A column.
“I think RPA [robotic process automation] is
going to help firms compensate for the capacity
8 | Journal of Accountancy December 2022
