AICPA Town Hall – March 26, 2026

Unleashing Simplicity and Risk Management Insights

Episode Overview

In this engaging episode of the AICPA Town Hall, hosts Erik Asgeirsson (CEO, CPA.com), Susan Coffey (AICPA), and a revolving panel of experts deliver an update-packed session focused on two main themes: unleashing simplicity within the profession and timely risk management tips for busy tax season. The episode brings perspectives from Washington, industry, and leading practitioners, including a practical deep-dive with Lisa Bodell on how “simplifying wins” in today’s complex professional environment.

The episode features:

• A D.C. legislative and regulatory update
• Actionable strategies for reducing daily complexity with Lisa Bodell
• IRS operations and technical tax season guidance
• Crucial risk management reminders from Aon/CNA experts
• Audience Q&A and sharing of practitioner challenges and solutions

Key Discussion Points & Insights

1. D.C. Legislative and Regulatory Update

Featuring: Mark Peterson (AICPA)
[01:33]–[15:59]

• Current Political Climate:

  • Ongoing partial government shutdowns affecting DHS, TSA, FEMA, and Coast Guard; strong pressure to resolve due to public inconvenience (airport lines, employment background checks).
  • Urgency to reach a deal before the two-week recess for Passover/Easter.
  • "Every day it gets longer, there's more pressure building...They're going to have to reset." – Mark Peterson [02:51].

• Budget Reconciliation & Legislation:

  • Reconciliation as a legislative tactic discussed but difficult due to slim congressional majorities and upcoming recess.
  • Need for broad support, especially for accounting-STEM integration in K-12 education pipeline.
  • Call to Action: Practitioners urged to contact Congress regarding accounting in STEM [05:31].

• Tariff Refunds:

  • U.S. preparing for $166B in tariff refunds after judicial reversal; portal launches mid-April [06:57].
  • Key point: "No action required yet, process still forming." [08:06].
  • Reciprocal negotiations with other countries may affect refund process.

• Other Legislative Moves:

  • Bipartisan bills on disaster relief and IRS accountability progressing—likely to be included in larger legislative vehicles later.

• AI Policy Developments:

  • White House focuses on innovation, avoiding regulation that stifles AI.
  • Emphasizing preemption of state patchwork regulation; focus on data center infrastructure/permitting.
  • "[Policy is] not about being a barrier to innovation, mostly about competition with China." – Mark Peterson [09:59].

• Anti-Money Laundering (FATF) & Beneficial Ownership:

  • Ongoing evaluation of U.S. AML practices; potential follow-up to Corporate Transparency Act.
  • "[FATF] can have a real impact on us in '26..." [12:39].

• National Debt Concerns:

  • Treasury report likens U.S. government deficit to a household earning $52K, spending $72K, with $1.3M in debt [14:02].
  • Call to Action: Encourage Congress to focus on fiscal responsibility.

2. Unleashing Simplicity with Lisa Bodell

[16:01]–[26:26]

Guest: Lisa Bodell (Keynote Speaker, Simplicity Expert & Author, 'Why Simple Wins')

• Key Mindset Shifts to Simplification:

  • "The first step in making a dream come true is to wake up." [17:21]
    • Don’t just organize—simplify. Remove what isn’t essential.
    • Practice subtraction, not just addition—think ‘sculpting.’
    • "Stop living by the clock, start thinking by the compass." [18:00]
    • Block time for 'deep work'—non-renewable resource.

• Action Steps for Simplification:

  • Conduct Zombie Meeting Audits: "I canceled some meetings." – Erik Asgeirsson [20:10]
  • Practice “Stop It” Exercises: Regularly question what to discontinue.
  • Kill Stupid Rules: "You will be amazed what you and your team come up with." – Lisa Bodell [20:24]
  • Use time diets—shorter, more effective meetings.

• Advice to Leaders:

  • "Clarify and communicate to your team that they should subtract just as much as they add." [22:06]
  • Model the behavior—lead by example.
  • Pilot changes—be open to adjusting back if unsuccessful.

• Memorable Quotes:

  • "You’ve got to take back your time because it’s a non-renewable resource." – Lisa Bodell [20:24]
  • "Subtraction matters." [22:06]

• Real-World Example:

  • ‘Kill stupid rules’ session at NBCUniversal cut 60 unnecessary weekly reports after simple conversation [24:17].

3. IRS Operations & Tax Technical Update

Featuring: Melanie Lauritson
[26:46]–[35:53]

• IRS Leadership:

  • Temporary vacancy in IRS Commissioner role; Treasury oversight to continue [26:46].

• 2026 Filing Season Stats:

  • E-filed returns slightly up; preparer E-files down 1.2%, likely due to guidance lag amid major tax law updates.
  • Average refund up over 10% ($350 increase).
  • Direct deposit refunds rose due to new mandates.

• Taxpayer Self-Service Trends:

  • 53% increase in IRS website visits, 20% decrease in calls—indicative of shift toward self-service amid new law complexities [28:44].
  • IRS setting 70% Level of Service target for phone support to help clear correspondence backlogs post-April 15.

• CP53E Notices:

  • Over 1.1M notices about direct deposit e-payment mandates. Only taxpayers, not practitioners, can update info [30:21].

• Kwong Case:

  • Extended statute for refunds/penalties due to COVID crisis. Protective claims (Form 843) may be complex and costly—cost-benefit analysis essential [32:04].

• Digital Assets Update:

  • New 1099-DA forms starting 2027; not necessarily aggregated.
  • Temporary relief for alternative cost basis methods through 2025 (beyond FIFO) [34:45].

• IRS Dirty Dozen Scams:

  • High relevance to practitioners as targets; upcoming CPE session promised.

4. Risk Management for Practitioners

Facilitated by: Lisa Simpson with Sarah Farrens (CNA/Aon) & Nicole Graham (Aon)
[36:28]–[50:35]

• Rising Claims Trend:

  • For three years, over 40% of tax-preparation claims cite late or missing filings—"it's a trend now." – Sarah Farrens [37:36]

• Actionable Risk Management Steps:

  • Robust workflow management systems—track all returns and deadlines.
  • Build in ‘review time’ ahead of crunch periods.
  • If clients file/pay themselves, send written, bullet-pointed instructions with exact deadlines [38:52].
  • Retain critical client emails in permanent records, not just 'sent items'.

• Dealing with Problem Clients (and Scenarios):

  • Untimely/Unresponsive:
    • Secure written permission (email is valid) before filing extensions, and educate clients on what extensions mean [42:41].
  • Piecemeal Clients:
    • Respond in writing, specify missing items, give clear deadlines, and note consequences of delay [43:23].
      • "If you do not provide them, your returns may not be filed by the deadline, and you may be assessed penalties and interest…you will be responsible…" – Nicole Graham [43:48].
  • Ghosting Clients:
    • Do NOT file an extension without engagement/written authorization—could be not your client or may have changed preparers; creates unnecessary risk [46:27, 57:04].
    • Document outreach attempts for your record.

• Favorite Risk Management Maxims:

  • "Take care of your number one client first—your firm." – Sarah Farrens [47:54]
  • "No good deed goes unpunished." – Nicole Graham [48:56]
  • "If it isn’t documented, it didn’t happen." [46:06]
  • "Email is not your client file." [46:01]

• Professional Resources:

  • Stress reduction/mental health toolkits for busy season [51:30].
  • GenAI tax research tools for practitioner efficiency—Bluejay 7-day trial, saving many 30+ hours/month [53:27].

5. Audience Q&A / Open Forum

[54:07]–[60:14]

• Tariff Refund Process:

  • Still under development; unclear how or if downstream buyers get refunds [54:51].

• STEM Call to Action:

  • Will be promoted on LinkedIn to widen reach [55:48].

• CP53E Notice Issues:

  • Members report notices even for those who paid taxes; AICPA following up with IRS [55:54].

• Filing Extensions for Non-Responsive Clients:

  • Avoid extending returns without an active engagement—can create longer statute of limitations, misuse taxpayer info, or inadvertently cause election issues [56:40, 57:04].

• Upcoming Resources & Events:

  • Engage 2026 keynote: Ryan Reynolds & former Costco CFO [58:40].
  • Ongoing stress reduction and risk management reminders.

Memorable Quotes & Moments

• "We don't need to just manage complexity, we've got to get rid of it." – Lisa Bodell [17:21]
• "You’ve got to take back your time because it’s a non-renewable resource." – Lisa Bodell [20:24]
• "No good deed goes unpunished." – Nicole Graham [48:56]
• "[AI policy is] not about being a barrier to innovation, mostly about competition with China." – Mark Peterson [09:59]
• "Take care of your number one client first—your firm." – Sarah Farrens [47:54]
• "If it isn't documented, it didn't happen." – Lisa Simpson [46:06]

Timestamps for Major Segments

• D.C. Update: Mark Peterson [01:33–15:59]
• Simplicity & Leadership: Lisa Bodell Interview [16:01–26:26]
• IRS & Tax Technical Update: Melanie Lauritson [26:46–35:53]
• Risk Management Q&A: Lisa Simpson w/ Aon/CNA [36:10–50:35]
• Open Forum / Q&A: [54:07–60:14]

Resources Mentioned

• Call to action for STEM/accounting pipeline: [Town Hall newsletter & LinkedIn soon]
• IRS Dirty Dozen Scams & CPE: Details in AICPA member comms
• Burnout prevention toolkit: AICPA resources [51:30]
• Bluejay GenAI Tax Research tool: Free 7-day trial (CPA.com)
• Risk management hotline: Available to insured firms (Aon/CNA)
• Engage 2026 conference: Keynote by Ryan Reynolds

Tone & Style

The hosts maintain an approachable, practitioner-focused tone—“kitchen table” plain talk for technical and policy updates, interspersed with motivational, practical advice on managing workloads and practice risk. The message is clear: Be proactive, keep it simple, and leverage professional tools and community support during peak season stress.

Summary

This AICPA Town Hall episode is rich with current events, practical insight, and actionable advice for CPAs facing the dual challenge of a rapidly changing regulatory environment and the relentless demands of tax season. Key takeaways center on cutting through complexity, both in daily workflows and broader regulatory spheres, while always putting risk management and self-care at the forefront.

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