Summary: AICPA Town Hall – "Federal shutdown, IRS changes and the state of digital assets in accounting"

Date: October 9, 2025
Podcast: AICPA Town Hall
Hosts: Eric Asgeirsson (CEO, CPA.com), Mark Koziel (CEO, AICPA)
Featured Guests: Mark Peterson, Lisa Simpson, Ron Quaranta, Amy Beers

Episode Overview

This episode tackled three urgent issues for the accounting profession: the ongoing federal government shutdown and its policy implications, significant updates from the IRS and other regulatory agencies, and the fast-evolving space of digital assets and blockchain, including updates on accounting, regulation, and taxation. The conversation also featured reflections from the recent AICPA Blockchain Symposium, offered technical updates, and highlighted open questions from the accounting community.

Key Discussion Points & Insights

1. Federal Government Shutdown: Political Dynamics and Professional Impact

[02:22–18:04]

• Current Situation

  • Federal government is in a shutdown due to unresolved appropriations—only 3 of 12 bills passed.
  • Disagreements center on the conditions of a stopgap extension, especially around ACA tax credits and Medicaid funding.

• Political Context

  • Both parties perceive political advantage in standing their ground, making a quick resolution unlikely.
  • Major pressure points include military pay (due 10/15) and essential agency operations.

• Quote:

  "Honestly, it's kind of day to day... There are ways that we could get our way out of this. But we're probably going to be in the shutdown through next week."
  — Mark Peterson, [08:51]

• Impact on Agencies and Practitioners

  • Many agencies, including IRS, HUD, and Labor, are furloughing up to 70% of their workforce.

  • Service delays, halted guidance and compliance activity, and potential postponed payments for contractors and grantees.

  • On IRS: IRS has implemented a five-day contingency plan, then began furloughs. Roughly half the IRS workforce is affected.

  • On Practitioners:

    "It's still hard to believe that if you take 50% of the employees at an agency out of play, there isn't going to be an impact."
    — Mark Peterson, [12:38]

• AICPA Advocacy

  • Issuing formal recommendations to the IRS and Treasury, including penalty waivers, suspending automatic collections, and ensuring online systems remain active.

  • No call to extend the October 15 filing deadline—systems operational, but seeking targeted relief.

  • Quote:

    "It's not realistic to extend the due date... what we want to do is just focus on what the IRS can do quickly that will provide some relief."
    — Mark Peterson, [15:35]

2. IRS Updates & Regulatory Landscape

[21:42–26:11]

• IRS Leadership

  • Frank Bisignano, previously at SSA and the private sector, installed as new IRS CEO (a new, unconfirmed role).

  • Quote:

    "Right now there's been a lot of transition in leadership at the IRS... having some leadership that can come in and help the IRS in a very stressed environment... could be very helpful."
    — Mark Peterson, [22:26]

• Changes & Delays in Other Agencies

  • PCAOB (audit oversight) remains active due to fee-based funding, but anything requiring SEC approval on hold during the shutdown.
  • Commerce, tariffs, and international trade negotiations are impacted.

• Member Resources

  • AICPA has established a central resource hub for shutdown information and is soliciting feedback from members on how each agency’s operations are affecting them.

3. Technical Updates & Cybersecurity

With Lisa Simpson [26:11–34:39]

• IRS Electronic Payments

  • Executive order to discontinue check payments into the Treasury in the works, timing TBD.
  • Refunds: IRS targets 2026 filing season for full electronic refund rollout. Delays for those without e-payment set up; IRS will hold refund for six weeks before mailing a check.
  • Affected groups: international taxpayers, elderly.
  • Resources and infographics are provided.

• Cybersecurity Awareness

  • In observance of Cybersecurity Awareness Month: Watch out for phishing scams targeting tax preparers (e.g., “returns filed under your EFIN are under review”).

    "Don't click on that link. Always make sure you keep your cyber awareness up."
    — Lisa Simpson, [29:46]

• Other IRS Changes

  • PTIN fee dropping to $18.75 (effective 10/16).
  • Two-year pilot of post-appeals mediation.
  • IRS priority guidance: focuses on HR1 implementation, deregulation, tribal tax, digital assets, Secure 2.0.

4. Digital Assets & Blockchain: Symposium Highlights and Regulatory Updates

Panel with Ron Quaranta and Amy Beers [34:39–51:04]

The Growth and Institutionalization of Digital Assets

• 65 million Americans own crypto; 861 million worldwide.

• Crypto is becoming mainstream, touching everything from payroll to retirement accounts and Wall Street.

• Market cap volatility remains, but institutional adoption is growing rapidly.

  • Quote:

    "Retirement accounts are spending an inordinate amount of time trying to understand how crypto can be part of the landscape."
    — Ron Quaranta, [37:54]

Stablecoins and Tokenization

• Stablecoins (crypto tied to assets like USD or Treasuries) are the focus for big financial institutions.

• Real world asset (RWA) tokenization expected to reach $27 billion by mid-2025, covering not just financial but real estate and luxury item markets.

• ETF movement and new staking products are changing the market.

  • Quote:

    "Stablecoins are a tokenization of an underlying asset... These could be new rails for payments or how Wall Street settles transactions."
    — Ron Quaranta, [48:21]

Regulatory and Accounting Updates

• The biggest regulatory milestone: The federal GENIUS Act—the first federal crypto law, requiring stablecoin backing, monthly reporting, and CPA attestations.

• AICPA's Digital Asset Working Group has produced a live, continually updated Practice Aid for accounting and auditing digital assets. Focus areas include FASB updates, client acceptance, and audit guidance for new sectors like crypto lending.

• Attestation work for stablecoins will be an ongoing focus, with new public resources and technical Q&As forthcoming.

  • Quote:

    "Client acceptance is really the most important aspect of whether you get into this space or not... It's a unique space; you need special skills."
    — Amy Beers, [44:31]

Tax Practice for Digital Assets

• IRS reporting for digital assets will require more comprehensive basis reporting starting with the 2026 filing season.
• A new tax-side practice aid for digital assets is coming, aiming to clarify Form 1099-DA/8949 reconciliations.

Memorable Quotes & Moments

• On separating myth vs. reality:

  "Headlines sell subscriptions. What we have to do is navigate between the truth and myth that's out there, and hopefully we can help navigate that."
  — Mark Koziel, [00:48]

• On the misconception that technology obsoletes professionals:

  "I don't know what we did to society to have society say that we're going to be put out of business every time there's a new technology. But blockchain was right in there... before Excel, VisiCalc."
  — Mark Koziel, [36:27]

• On regulatory maturation:

  "This is the maturation of a market... It's astounding how deeply involved the SEC and other regulators were in trying to evolve the industry, protect investors, address their mandate, but allow innovation to thrive."
  — Ron Quaranta, [41:17]

Segment Timestamps

| Segment | Description | |---------|-------------| | 00:10–02:22 | Episode opening, reflections on shutdown stress | | 02:22–18:04 | Mark Peterson: DC Update, shutdown causes, negotiations, agency impacts | | 18:10–21:42 | Agency-level impacts, trade, tariffs, Supreme Court involvement | | 21:42–26:11 | IRS leadership, PCAOB, SEC, resources for members | | 26:11–34:39 | Lisa Simpson: IRS technical updates, e-payments, phishing, digital assets reporting | | 34:39–47:50 | Digital assets deep dive: adoption, stablecoins, accounting/audit best practices | | 47:50–51:04 | Q&A: Stablecoins, tokenization, regulatory/accounting resources | | 51:04–54:52 | Audience Q&A: SEC quarterly reporting, resource referrals, shutdown compliance supplement delay | | 54:52–59:47 | Resources, AI, upcoming conferences, future of profession, cybersecurity, mental health | | 59:47–60:38 | Closing remarks, next steps, town hall schedule |

Useful Resources & Calls to Action

• Shutdown Information Hub: [AICPA website Resource Center]
• Digital Asset Practice Aid: Direct links provided in episode slides
• IRS Updates & FAQs: Links to IRS, FAQs, and AICPA infographics referenced
• Cybersecurity Tools: Risk Response and Remediation toolkit (Cybersecurity Awareness Month)
• AI Tax Research Tools: Partnership with Bluejay, member discounts available
• Conferences: National Tax Conference, Digital CPA, RISE 2040 webcasts

Tone & Language

• Professional, collegial, with a focus on transparency and practical solutions.
• Speakers focused on myth-busting, empathy for members’ real-world stress, and an advocacy-first approach.

For Listeners Who Missed It

This episode provided a pragmatic, up-to-the-minute look at how the government shutdown is shaping accounting practice, what to expect from the IRS in terms of relief and regulatory changes, and a comprehensive primer on where the digital asset/accounting overlap is heading—especially regarding stablecoins, new regulations, and urgent needs for guidance and best practices. Members are encouraged to use the AICPA’s resources, provide feedback on pain points, and stay tuned for rapid developments via the Town Hall newsletter and resource center.