The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have announced this year’s winners of the Elijah Watt Sells Award. This award is granted to CPA candidates who obtain a cumulative average score above 95.50 across four sections of the Uniform CPA Examination, pass all four sections on their first attempt, and completed testing in 2025.
An extraordinary group of six candidates met the rigorous criteria to receive the Elijah Watt Sells Award this year, underscoring their dedication to excellence within the profession. In 2025, more than 87,000 individuals sat for the CPA Exam.
The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam and to honor Elijah Watt Sells, one of the country’s first CPAs. A founding member of the firm now known as Deloitte, Sells played a significant role in advancing the accounting profession, particularly in education and professional standards.
The individuals listed below are the 2025 Sells Award winners, in alphabetical order, followed by their Board of Accountancy affiliation, education and present employer:
- William Baker (Kansas), a graduate of The University of Kansas with a Bachelor of Science in Accounting and Business Analytics, is employed with Wendling Noe Nelson & Johnson LLC in Topeka, Kan.
- Lauren Dever (North Carolina), a graduate of Dickinson College with a Bachelor of Arts in International Business and Management and a Master of Accounting from UNC Kenan-Flagler Business School, is employed with HealthEdge in Boston.
- Stephanie Guei (Texas), a graduate of the University of Houston with a Bachelor of Science in Kinesiology and a Master of Science in Accountancy, is employed with Weaver and Tidwell, LLP in Houston.
- Allison Hinaman (Texas), a graduate of the University of Florida with a Bachelor of Science in Accounting and a Master of Accounting, is employed with the Financial Accounting Standards Board in Norwalk, Conn.
- Sophie Kapler (Michigan), a graduate of Oakland University with a Bachelor of Science in Accounting, is employed with Ally in Detroit.
- Xin Jie Yu (California), a graduate of Washington University in St. Louis with a Bachelor of Science in Business Administration in accounting, is employed with KPMG in Santa Clara, Calif.
Economic Optimism Slips While Company Confidence Holds Firm Amid Ongoing Uncertainty, AICPA and CIMA Survey Finds
Business executive sentiment reflects a growing divide between macroeconomic concerns and own-company optimism, according to the second-quarter AICPA and CIMA Economic Outlook Survey. The survey, which polls chief executive officers, chief financial officers, controllers, and other CPAs in executive and senior management roles across U.S. companies, shows U.S. economic optimism declined from 39% in Q1 to 32%, while global optimism fell to 19%. At the same time, 49% of executives expressed optimism about their own organizations’ prospects, signaling continued confidence at the company level.
Cost pressures have moved back to the forefront, with employee and benefit costs again emerging as a primary challenge, alongside inflation and rising materials, supplies, and equipment costs. Availability of skilled talent remains steady, reflecting ongoing workforce challenges, and energy costs have climbed into focus as a newer area of concern.
Cybersecurity continues to gain prominence, while regulatory pressures have moderated slightly. Notably, global economic conditions have re-emerged as a concern after falling off in recent quarters. This marks the first time since Q2 2025 that global conditions have returned to the list, pointing to renewed sensitivity around international volatility and the interconnected nature of today’s economic environment.
Challenges remain elevated but are shifting in priority. Domestic economic conditions continue to lead, while cost pressures from labor and materials have intensified, and inflation concerns have eased from prior highs.
Despite these pressures, business leaders are maintaining a steady growth posture. Expansion plans held firm, with 54% of executives expecting growth over the next 12 months. Hiring sentiment also remained largely consistent with recent quarters as talent gaps persist, but fewer executives are hesitant to hire, and more are moving forward with staffing plans, even as a modest increase report having excess staff.
The AICPA survey is a forward-looking indicator that tracks hiring and business-related expectations for the next 12 months. In comparison, the U.S. Department of Labor’s May employment report looks back on the previous month’s hiring trends.
Other key findings of the survey:
- Fifty-one percent of executives note that we are already in a recession or will be by the end of 2026, up from a decline to only 36% last quarter.
- The overall hiring picture remains largely similar to recent quarters — 55% (56% in Q1) of business executives saying they have the right number of employees and 28% (31% in Q1) noting too few.
- Profit and revenue both gave back some gains this quarter. Projected revenue growth for the next 12 months is now expected to be 2.6% (down 3% from Q1) and profit expectations are now projected to be at 1.1% this quarter (down from 1.6% in Q1).
AICPA Launches National Brand Campaign to Champion the CPA Profession
The American Institute of CPAs (AICPA) today launched a national brand campaign that puts the country’s most trusted financial professionals front and center. The campaign will sharpen public understanding of what CPAs do and build demand for CPA expertise among business leaders and the families and individuals that CPAs serve.
The campaign responds to a clear opportunity to address a gap in understanding of the varied roles CPAs play. This initiative, developed in collaboration with state CPA societies, seeks to deepen recognition of the profession’s full range and value.
The main components of the campaign include:
- National cable advertising. A flagship commercial appearing during Squawk Box, Fox & Friends and Morning Joe in June will kick off the campaign and introduce the central message, CPA: Where Trust Meets Expertise, to a broad audience. The ads will showcase how every decision begins with trust, and how CPAs serve as trusted partners for what matters most. The commercial can also be viewed on the campaign website, TrustedCPA.org.
- Major news network partnership. A digital media partnership will extend the campaign’s reach with business leaders and others.
- Digital and paid social. Targeted digital and social media will meet audiences where they get their news and highlight real stories of CPA impact.
U.S. Accounting Undergraduate Enrollment Continues to Outpace Growth Rate for Business Majors Overall
Accounting undergraduate enrollment in U.S. colleges and universities showed strong growth in spring 2026 and continued to eclipse the performance of business-related fields of study in aggregate, according to recent data from the National Student Clearinghouse Research Center.
Accounting enrollment at 4-year undergraduate programs rose 8.9% to 205,180 in spring 2026, the third consecutive year-over-year increase.
Overall accounting undergraduate enrollment including community colleges and other programs grew 5.7% year over year in the spring 2026 semester.
Accounting’s increase compares to 1.3% for enrollment across all majors, data from the research center’s Clearinghouse Enrollment Insights: Final Spring Enrollment Trends shows. Overall growth for undergraduate enrollment in business, management and marketing majors was also 1.3% in the semester.
The spring 2026 increase in undergraduates within accounting programs follows a 12.7% rise in spring 2025 and a 4.8% increase in spring 2024
Among the highlights from the clearinghouse’s most recent data:
- Total undergraduate accounting enrollment in 2026 was 281,992 students, compared to 266,868 last year. That includes enrollment at 4-year colleges and universities, community colleges, and hybrid institutions that primarily offer associate’s degrees.
- Accounting enrollment at 2-year and related undergraduate programs fell 3.2 percent to 64,900.
Beyond the accounting enrollment increases, positive trends for the profession include CPA Exam volume:
- In 2025, first-time CPA Exam candidates were at their highest level since 2018, except for the 2023 spike in volume preceding the change to the new exam format.
- Exam passers (candidates passing all four sections) and unique Exam candidates were at their highest since 2017, with the same exception.
Seven CPAs Recognized at AICPA ENGAGE 2026
The American Institute of CPAs (AICPA) honored seven CPAs during the AICPA’s ENGAGE 2026 conference in Las Vegas this week. The awards highlight CPA efforts in a specific accounting specialty area, excellence in volunteer efforts, or significant contributions to the accounting profession.
Mathieu Lupien Technology Advisory Volunteer of the Year
Named in memory of Mathieu Lupien, an AICPA volunteer who passed away from cancer in December 2025, this new recognition reflects the passion, expertise, and steady advocacy he brought to the technology advisory space in his numerous contributions as a CITP credential holder. Each year, this award will recognize a volunteer who embodies the collaborative spirit, innovative mindset, and deep commitment that Mathieu exemplified.
Lupien was recognized as the inaugural recipient of this award during the ENGAGE 2026 conference.
His more than 25 years of finance experience included serving as President and Co-Founder of Simfiny Solutions, headquartered in Montreal, as well as senior finance roles in domestic and international companies. He held the CPA designation in Canada and added the CITP credential in 2019.
Standing Ovation Honors
The AICPA honored six CPAs for contributions to their specialty areas with the Standing Ovation award.
The AICPA’s Standing Ovation program recognizes young CPAs who exhibit exemplary professional achievement in personal financial planning, business valuation and forensic accounting, and information management and technology assurance. Beyond making a notable contribution to the profession, nomination requirements include maintaining an active CPA license, being an AICPA member in good standing and holding either the Personal Financial Specialist (PFS), Certified Information Technology Professional (CITP®), Certified in Financial Forensics (CFF®), or Accredited in Business Valuation (ABV®) credential.
Personal Financial Planning Standing Ovation
The two recipients of the 2026 Personal Financial Planning (PFP) Standing Ovation hold the PFS credential. They are (in alphabetical order):
Mitch Kennedy, CPA/PFS, MS, CFP® – Senior Wealth Advisor at Mariner, Novi, MI
Victoria Thayer, CPA/PFS -Founder and CEO of Novii CPA, Madison, WI
Technology Advisory Standing Ovation
The four recipients of the 2026 Technology Advisory Standing Ovation award all hold the CITP credential. They are (in alphabetical order):
Jeffrey Cook, CPA, CITP, Legacy Financial Services, Palm Beach Gardens, Florida
Marnie Feffer, CPA, CITP, CISA, Director, IT Governance, Risk & Compliance, Mizuho, Hewlett, NY
Jared James, CPA, CITP, CISSP, CISA, Cybersecurity Principal, Baker Tilly, Seattle, WA
Jenny Trotta, CPA, CITP, CISA, Principal, Plante Moran, Southfield, Michigan
AICPA Submits Comments on Accounting Method Change Procedures
In a letter sent to the Department of Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) identified some additional items that should be changed in the updated method change procedures found in Revenue Procedure 2015-13. These additional items supplement recommendations made previously that sought to encourage voluntary compliance with proper tax accounting methods, while limiting the administrative burdens on taxpayers when complying with the method change rules.
The AICPA’s letter recommends the IRS:
- Expand a taxpayer’s opportunity to correct erroneous methods of accounting even while under examination by changing to an “issue under consideration” standard.
- Delete section 3.08(4) from Rev. Proc. 2015-13, which provides a different “issue under consideration” standard for foreign corporations, and apply the definitions applicable to domestic corporations in section 3.08(1) of Rev. Proc. 2015-13 to all taxpayers, including CFCs. noted
- The IRS delete section 8.02(1)(a)(iii) from Rev. Proc. 2015-13. and allow CFCs to utilize the three-month window exception applying rules consistent with domestic corporations.
- Restore a controlled foreign corporation’s ability to use the 120-day window to file an accounting method change when an exam ends, regardless of whether the CFC continues to be under exam, if the issue is not under consideration, similar to the rule applicable to domestic corporations.
- Eliminate the 150 percent test restriction on receiving audit protection for CFCs.
- Permit automatic section 9100 relief for a taxpayer that filed the Odgen, UT copy of Form 3115 within three months of the due date (including extensions) of the federal income tax return for the year of change when the taxpayer timely filed the federal income tax return, implemented the requested change on the return, and attached the original Form 3115 to the return.
- Allow taxpayers to elect to accelerate positive section 481(a) adjustments related to accounting method changes made in prior years when an eligible acquisition transaction occurs.
AICPA Survey Cites Change Management for Technology and AI as Top Long-Term Issue Facing Accounting Firms
Managing change due to technology in general and the rise of artificial intelligence (AI) in particular is the leading issue for CPA firms of all sizes in terms of anticipated impact over the next five years, a biennial survey by the American Institute of CPAs’ firm practice management section found.
The CPA Firm Top Issues Survey, conducted by the AICPA’s Private Companies Practice Section (PCPS), pools results into six firm-size groups, a recognition that perspectives of small firm practitioners are often substantially different from those of CPAs employed by a midsize or larger firm. Survey respondents are asked to rate the top issues they’re currently facing and those they expect to be most impactful over five years. Despite varying priorities among the groups, the results often identify trends and emerging concerns across the profession.
The charts below reflect the Top 5 concerns of each firm-size group – other choices did not make the cut.
Among the findings from the current-issue rankings:
Solo practitioners and firms with 2-10 professionals
- The two groups have the same mix of Top 5 issues, although in a slightly different order.
- Both cited managing tax law complexity as the top current issue.
- Both have cybersecurity risk/data privacy in their Top 5.
Firms with 11-30 professionals
- Hiring experienced staff was the No.1 issue. Firms in this group represent almost a third of survey respondents and are a significant portion of U.S. firms overall.
- As with the group’s smaller peers, IRS challenges made it into the Top 5.
- Managing staff workload and capacity came in at No. 3 and was the same or slightly less of an issue for larger firms, as well.
Firms with 31-100 professionals
- Finding the next generation of leadership, a key concern for midsize to large firms, is the top-ranked issue in this group.
- The group had a three-way tie at No. 4: Hiring experienced staff, leveraging technology to improve client services and managing firm workflow.
Firms with 101-500 professional
- The group’s top three issues were all tech-related, with technology adoption and integration in the top slot.
- Managing staff workload and firm leadership development rounded out the list.
Firms with more than 500 professionals
- Managing change due to technology and AI came in No. 1.
- Staff retention came in at No. 3. All firms except solo practitioners listed staff retention as a top issue in terms of impact over the next five years, with staff recruitment also appearing in four of the six size-group lists for those rankings.
AICPA Urges Families to Learn the Basics of “Trump Accounts” Before Contributing
The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to receive a $1,000 federal deposit.
Trump Accounts are federally authorized investment accounts for children, designed to help families build long-term wealth. Unlike a traditional savings account, funds are invested in low-cost stock market index funds, allowing for potential long-term growth.
How to Open and Fund a Trump Account
Open the account early Parents or guardians can start the process to open an account by visiting TrumpAccounts.gov before July 4, 2026, so they are ready to receive contributions and any eligible government deposit. First, they will need to fill out Form 4547 to make the election to set up the account. Then, an activation email will be sent to officially set up the account. Contributors will need identification for themselves and the child, including Social Security numbers. There can be one account for each eligible child.
Account control Parents or legal guardians open and manage the account, maintaining control until the child turns 18.
Launch date Contributions and government deposits begin on July 4, 2026. The $1,000 government deposit is available for children born between Jan. 1, 2025, and Dec. 31, 2028, with a valid Social Security number.
Contribution limits A total of $5,000 can be contributed from family, friends, and employers. Employers may contribute up to $2,500 per year (counts toward the $5,000 limit) and not treated as taxable income. Charities and state/local governments may contribute without counting toward the annual cap.
Rules of Withdrawal The funds in a Trump Account are generally intended for a child’s future goals such as higher education, buying a first home or starting a business and do not allow withdrawals before age 18 in most cases. The funds grow tax-deferred and beginning in the year the child turns 18, the account begins to function similarly to a traditional IRA. Withdrawals may be subject to tax and penalties, depending on how the funds are used.
How Trump Accounts Compare to 529 Plans Trump Accounts have a broader use for future goals while a 529 Plan is designed to be used for education expenses. Trump Account funds grow tax-deferred and withdrawals will be taxed while a 529 Plan’s grow tax-free and withdrawals are tax-free for qualified education costs.
Prepare for Potential Taxes Converting the funds in a Trump Account into a Roth IRA after the child turns 18 could trigger certain taxes. Once a child’s unearned income (which would include income from a Roth conversion) exceeds the current threshold of $2,700, taxes could apply based on the parents’ marginal income tax rate, rather than the child’s and may apply in certain cases for children between the ages of 18 and 24 if they are still a dependent on their parents’ tax return.
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Tags: Accounting, AICPA, awards, CPA exam, Elijah Watt Sells Award
