In the News - December 8, 2025

December is off to a busy start for the profession. Between major IRS guidance on new “Trump Accounts,” fresh AICPA advocacy on passthrough reporting, a wave of firm combinations, free CPE opportunities, and national recognition for accounting tech leaders, there’s a lot to keep an eye on. Here’s what’s happening this week.

What’s Happening at Woodard

How to Actually Get the Most Out of Your Woodard Membership (The Woodard Report)

This practical guide walks members through how to fully tap into Woodard’s coaching, education, and community. It covers where to start inside the membership, how to choose the right learning path, ways to engage in community spaces, and how to use office hours and support to move from “consuming content” to truly transforming your firm. Read more...

From Root Canals to Real Purpose: Dr. Short’s Journey of Identity and Impact (The Woodard Report Podcast)

In episode 150 of The Woodard Report Podcast, Joe Woodard talks with Dr. Rico Short, a world-class endodontist, about identity, purpose, resilience, and the power of mentorship. While his story is rooted in dentistry, the themes are deeply relevant to accountants and firm owners who are navigating career transitions, leadership challenges, or a search for deeper meaning in their work. Read more...

IRS & Policy Updates

Treasury, IRS issue guidance on Trump Accounts established under the Working Families Tax Cuts; notice announces upcoming regulations (IRS.gov)

The IRS released IR-2025-117 (Dec. 2, 2025), providing initial guidance on new Trump Accounts, a type of investment account for eligible children created under the Working Families Tax Cuts. The notice explains eligibility, timing, and high-level rules, and announces forthcoming regulations. Contributions generally cannot begin until July 4, 2026, and are intended to support long-term savings and investing for children. Advisors should begin tracking which clients may qualify and how these accounts might fit into broader planning. Read more...

AICPA tells Treasury to simplify passthrough entity reporting requirements (CPA Practice Advisor)

Building on its ongoing advocacy, the AICPA has urged Treasury and the IRS to simplify passthrough entity (PTE) reporting, especially for complex and tiered structures. The Institute highlights heavy compliance burdens, tight timelines, and “time compression” for preparers and recommends a more streamlined and transparent vetting process before new reporting demands are rolled out. The goal: maintain accuracy while reducing unnecessary complexity for partnerships and S corporations. Read more...

Trump says he’ll sign an executive order restricting states’ ability to regulate AI (MSN / multiple outlets)

President Trump said he plans to sign an executive order this week to create a single national framework for AI regulation and curb state-level rules. The order is expected to push for one federal “rulebook” for AI systems, arguing that a patchwork of 50 different state regimes would slow innovation. Critics, including some state officials and legal experts, question whether the White House has authority to override state law in this way and expect legal challenges if the order is issued. Read more...

Practice Mergers and Acquisitions

Per CPA Practice Advisor, the accounting profession saw a flurry of M&A activity this month, with several regional and Top 200 firms expanding their footprints across key markets. In Massachusetts, LGA completed dual mergers with Cohen Cohen & Co. and Ziner & Murphy, strengthening its presence in Greater Boston and deepening its tax and advisory capabilities. In the Midwest, Adams Brown acquired Stafford & Westervelt, extending the firm’s reach into Arkansas and further solidifying its multi-state client base. Meanwhile, Carr, Riggs & Ingram (CRI) continued its aggressive Texas growth strategy by adding longtime Austin firm DK Partners. And in the Intermountain West, Squire announced its acquisition of HintonBurdick. This move will make Squire one of Utah’s largest firms and extend its reach into Arizona and Nevada beginning January 1, 2026. Together, these mergers underscore the ongoing trend toward consolidation as firms scale to meet growing client demands and competitive pressures.

Technology and Events

Xero featured in CBS’s 50 American Leaders Series (Xero / CBS)

Xero has been featured in the CBS documentary series “50 American Leaders,” highlighting its role in supercharging small business growth through accounting tech, AI-driven tools, payments, analytics, and strong partnerships with accountants and bookkeepers. The segment underscores how cloud platforms and advisors work together to improve financial literacy and survivability for small businesses. 

Register for Ensuring Success 2025 (EnsuringSuccess.com / CPA Practice Advisor)

Dates: December 10 - 11, 2025

Ensuring Success is back for its 11th year as a free, two-day online CPE conference, offering up to 14 hours of CPE (with some sessions also qualifying for IRS CE). Sessions span tax, technology, firm management, payroll, and more. This is an easy way to top off year-end CPE without travel or hotel costs and hear from the profession's top thought leaders. Register now...

Wrap Up

From new child-focused Trump Accounts and PTE reporting advocacy to rapid firm consolidation, national recognition for accounting tech, and free CPE opportunities, December is already shaping planning conversations for 2026. It’s a good week to brief your team, touch base with key clients, and make sure your own education and community plans are set for the year ahead.

This article was written with the assistance of AI and edited by a human.