AICPA Town Hall – Episode Summary

Podcast: AICPA Town Hall
Date: January 16, 2025
Episode: Tax and financial planning, BOI news and new AICPA president and CEO Mark Koziel

Overview

This episode of the AICPA Town Hall kicks off 2025 by providing the accounting community with crucial updates on tax and financial planning, the evolving landscape around BOI (Beneficial Ownership Information) reporting, and an in-depth introduction to Mark Koziel, the new AICPA President and CEO. The episode features top AICPA leaders and subject-matter experts discussing the CPA pathway, private equity in accounting, trusted advisor status, legislative and regulatory updates, ongoing BOI challenges, disaster relief and tax planning at the start of filing season, as well as how generative AI is influencing the profession.

Main Segments & Timestamps

• [00:11] Opening & Introduction: Meet the new AICPA CEO, Mark Koziel
• [04:54] Profession Update: CPA pathway, private equity, and the “trusted advisor” role
• [14:12] DC Update: Legislative landscape, Congress, and advocacy
• [26:40] BOI Update: Legal, legislative, and regulatory chaos
• [34:55] Technical Updates: IRS, tax season, disaster relief, and planning
• [40:38] Disaster & Personal Financial Planning: The CPA’s role in times of crisis
• [49:55] Future Focus: AI and advisory in the accounting profession
• [57:00] Closing Lightning Round and Community Feedback

Detailed Breakdown & Insights

Meet Mark Koziel – AICPA’s New President & CEO

Background and Return to AICPA

• Mark Koziel recaps his journey from public accounting in Buffalo, NY (“Main Street America”), to business and industry, to running an international firm association, and now returning to lead the AICPA.
• “It is an important community… the reason for the town hall hasn’t changed any… we need to be making sure we can answer any questions that we possibly can and give them as much information as we possibly can when we know it so that our members are better informed.” – Mark Koziel [02:51]

Vision and Listening Tour

• Mark is embarking on a “listening tour” for his first 90–100 days, inviting direct member feedback on how AICPA can best support careers and the profession.
• “I want to hear from our members about what you’re looking for that AICPA can do to support you, support your career and also supporting the profession.” – Mark Koziel [11:25]

Major Profession Updates

1. CPA Pathway Reform

• Ohio legislation now allows licensure with a bachelor’s degree plus two years’ experience, bypassing the traditional 150-hour path.
• AICPA, NASBA, and the National Pipeline Advisory Group are reviewing responses to exposure drafts on alternative pathways and mobility in the CPA profession.
• Updates expected soon as committees process feedback and prepare next steps.

2. Private Equity’s Bigger Footprint

• Major news: Citrin Cooperman, a private equity-backed firm, was “flipped” to Blackstone, signaling increasing interest from large PE firms in accounting.
• “The size and stature of Blackstone being interested in the accounting profession really opens the dynamic and makes it fairly interesting.” – Mark Koziel [06:26]

3. Trusted Advisor Role Amid Change

• Ongoing emphasis on the CPA as the 'ultimate trusted advisor,' with the expectation of rapid regulatory change in 2025 (tax legislation, tariffs, and economic outlook).

Washington (DC) Update

Congressional Landscape & Skinny Trifecta

• Current Congress has extremely narrow Republican control ("skinny trifecta"):
  • House: One seat majority until special elections fill three open seats in April (all Republican).
  • Senate: Republicans hold a slightly larger majority than usual but 2026 looks competitive.
• “Speaker Johnson has one seat. That means he has to be perfect, which is not easy to do in Congress…” – Mark Peterson [17:30]

Reconciliation and Legislative Priorities

• Two strategies in play: House prefers one big reconciliation bill bundling tax and spending priorities; Senate leans towards two bills (defense/security then tax).
• Timing is uncertain—realistically, tax changes might not be finalized until late in the year (possibly December).
• “Every day there’s going to be something in the news, clients are going to be reading about it. We’re going to do the best we can to keep you informed...” – Mark Peterson [23:36]

BOI (Beneficial Ownership Information) Reporting: Legislative & Legal Turmoil

• Delay in BOI enforcement was cut from the last funding bill at the last minute—uncertainty reigns.
• Pending Supreme Court action could overturn or uphold the current injunction, shifting compliance requirements instantly.
• “We’ve moved from a yo-yo to a roller coaster... maybe a hurricane, maybe some visual representations of whiplash.” – Lisa Simpson [28:19]
• Scams have proliferated, with clients reporting suspicious “filing fees” and penalties from unofficial sources.

Technical, Tax, and Disaster Relief Updates

Tax Season & IRS Developments

• Tax season opens January 27; Annual Tax Compliance Kit and quick reference material available for members.
• National Taxpayer Advocate’s report notes improved taxpayer experience but identifies ongoing issues:
  • IRS phone service variable; persistent backlog in ID theft cases; ERC (Employee Retention Credit) scam activity still high.

Disaster Relief for California Wildfires

• IRS grants tax relief to affected counties—extensions to October 15 for filers and payments.
• Resources highlighted: Disaster Relief Resource Center, new State Disaster Tax Relief Guide, and Benevolent Fund for members in crisis.
• “Sometimes it’s hard to ask for help. We’re so used to giving help, but sometimes we need to ask for that help.” – Dan Snyder [47:01]

Role of CPAs in Disaster Planning & Recovery

• Three phases:
  • Relief (immediate IRS/tax help)
  • Recovery (insurance, forensic, valuation support)
  • Planning (risk mitigation, continuity planning)
• CPAs urged to proactively broaden their advisory roles:
  • “Who better than a CPA for mitigating risk and cash flow?” – Dan Snyder [41:26]
• Non-specialist CPAs should leverage credential directories and referral networks for clients in need.

Practice Management Tip:

• Promotes collaboration and acting as a “conductor” for client solutions—beyond the traditional “quarterback” metaphor [45:38].

Tax and Financial Planning for the 2025 Filing Season

• Reminder to leverage client interactions during tax season to introduce planning topics for after busy season.
• Key opportunities:
  • Roth conversions, bracket management, Qualified Charitable Distributions, RMDs
• "Tax touches 90% of financial planning decisions." – Dan Snyder [54:41]

Generative AI & The Profession’s Future

AI as Equalizer and Disruptor

• Major AI symposium coming; new initiatives (with Blue J) to help firms use Generative AI for tax research and more.
• “Technology is the great equalizer. The cloud benefited small firms… We’re going to be seeing similar types of opportunity and impact from this Generative AI movement.” – Erik Asgeirsson [54:56]
• AI’s role in advancing the advisory services space and tax planning is expected to expand rapidly.

Memorable Moments & Quotes

• “Go Bills.” – Mark Koziel [13:23]
• “It’s amazing to see the amount of respect Mark and his team have in the D.C. community...” – Mark Koziel on advocacy efforts [24:55]
• “Sometimes balance can be good. So hopefully there's positives with all of this.” – Erik Asgeirsson, on Congressional gridlock [19:51]
• “We are definitely in the middle of this conversation regardless the outcome of this. Again, there's going to be a policy interest in addressing money laundering.” – Mark Peterson on the future of BOI [34:40]
• “If you take care of yourselves, you'll be in a better position to really take care of your clients.” – Dan Snyder [47:01]

Resources & Community Engagement

• Ongoing “listening tour” from Mark Koziel: Members are encouraged to submit feedback.
• Major resources available: Disaster Relief Resource Center, State Disaster Tax Relief Guide, Annual Tax Compliance Kit, Benevolent Fund (for personal hardship), discounts on written information security plans and tech tools (e.g., with RightWorks).
• Strong encouragement for members to participate in advocacy via the AICPA PAC:
  • “Pay to play environment in D.C. always and we have to be a part of that.” – Mark Koziel [58:22]

If You Only Remember Three Things:

1. Change is everywhere: CPA licensure pathways, private equity’s role, regulatory whiplash (BOI), and advancing technology all converging in 2025.
2. Member input matters: Mark Koziel’s direct appeal for open feedback and the promise to shape the AICPA’s support around it.
3. Opportunity in disruption: From disaster planning to the impact of AI, CPAs are positioned to lead as trusted advisors—embracing new tools, collaboration, and resourcefulness.

For more details, check links and resource slides in the episode. Rebroadcast available January 21.