A second tax season?!

Congress’s “growth agenda” could mean more work for you

The Net Gains

16 Apr 2025 • 6 min read

Congrats on wrapping up another busy season!

This issue covers a lot of ground—from advisory ambitions to banana tariffs—and we promise it's more interesting than your client's shoebox of receipts.

We've got a smart Q&A about breaking free from compliance work, a must-listen podcast featuring a real-life cyber breach (and what you should definitely be doing to avoid one), plus some sharp insights on fixing the CPA shortage. Oh...and a potential 'second tax season' if Congress passes a new bill (sorry). Let's get into it.

What's your 2025 game plan? ADP recaps takeaways from the Accountant Connect Summit, including why "compliance chaos" might be your new reality.

Tariffs, taxes and the price of bananas. The Accounting Podcast breaks down Trump's tariffs—and how they might cost your clients more than a new Nintendo Switch.

Busy season is done! So is your soul. These memes from @thecaffeinatedcpa on TikTok are uncomfortably accurate and exactly what you need for a mental health break.

When your Big 4 friend touches grass... never. Comedian @sullyfinlay nails the "Sorry. Can't. Working" energy with this painfully relatable reel about trying to hang out with your accountant bestie.

'You must have the heart of a teacher.'

If you're struggling to step beyond transactional and compliance work into the world of advisory, you're not alone—and Adam Lean is someone worth listening to.

Lean co-founded The CFO Project, a done-with-you mentorship program made up of more than 500 accountants, CPAs, bookkeepers and Enrolled Agents who all have one mission: to grow their practices (and careers) by offering outsourced CFO and business advisory services.

Here, he shares how he built a system that helps advisors stop trading time for money and start building more profitable, impactful practices. –Janet Berry-Johnson

What inspired you to co-found The CFO Project?

My business partner, Jeff Prager, and I had a successful CFO Advisory firm. What made us unique was that we did three things differently than other advisors/fractional CFOs.

First, we sold a “productized CFO” service, giving our clients a specific set of deliverables with an unambiguous fee structure. Second, we spent most of our time helping our clients take action (rather than do what most CFOs do and just talk about numbers). Third, we created systems for everything. Systems to get leads, systems to convert those leads to paying clients and systems to provide a CFO Advisory service that got results.

This caught the attention of other accountants and bookkeepers eager to learn our systems, so we decided to launch a training company to help them build and grow successful CFO Advisory firms.

Why do you think some accountants struggle to get started offering advisory services, even when there’s a clear demand from clients?

Most accountants aren’t getting paid to provide advisory services because their plate is full of tax/bookkeeping and other compliance services. Plus, most accountants and bookkeepers are not sure how to provide advisory services beyond surface-level advice like “cut your expenses.”

How can offering fractional CFO services help accountants become more profitable while delivering greater value to their clients?

Instead of charging for transactional work, like tax prep or closed books, they charge for something business owners truly value: advice on growing a successful business.

In addition, we do not advocate for providing “Fractional CFO” services (because you're right back in the trap of trading time for money). Instead, we recommend providing productized “CFO Advisory” services where you’re helping clients get what they want while charging around $2,000 per month and only spending around four hours per month per client.

What steps would you recommend to accounting pros who want to move beyond compliance work and establish themselves as trusted advisors or fractional CFOs?

First, ensure you want to be a business advisor. You must have the heart of a teacher and the ability to influence clients to take action. Second, adopt a system for getting clients and a system for providing a CFO Advisory service that offers real results for clients.

Over the first three months, focus on getting just one CFO Advisory client paying, on average, $2,000 per month. This equates to $24,000 in annual billings. Then, eliminate, sell or delegate $24,000 worth of compliance/ transactional clients off your plate. Rinse and repeat. You’ll have fewer clients but make way more money in less time.

This interview was edited for brevity and clarity.

Bring in the brains

The CPA pipeline is drying up faster than the office donuts disappear on a Monday morning. There are fewer accounting majors in colleges, CPA candidate numbers are way down and firms are scrambling to fill open roles.

Sam Islam, an accounting professor at Elon University, suggests a bold but practical fix: bringing in international students. By reclassifying accounting as a STEM field and extending work opportunities, firms can attract global talent that's eager—and qualified—to fill those empty seats.

Why this matters: Let's be honest: there's no magic wand to solve the talent shortage. But this strategy comes pretty close. More talent, more diversity and maybe fewer all-nighters for your team. (The CPA Journal)

Cyber attacks happen. Are you ready?

Cyber security is something that's all too easy to ignore—until it's too late. In a recent episode of the Federal Tax Updates podcast, host Roger Harris, EA, interviewed Catharine Madeley, CPA, a tax practitioner who experienced a data breach at her firm.

Madeley shared the gut-wrenching story of the attack (during tax season!), how it happened and what she wishes she'd done differently. From one click to full-blown chaos, her first-hand experience is packed with insights, recovery steps and smart advice on data security, cyber insurance and not waiting until "someday" to take action.

Why this matters: Accountants hold the keys to the digital kingdom: names, Social Security numbers, bank info and more. If you're still "ticking the box" on your WISP without a real plan, it's time to get serious. (Federal Tax Updates)

$169,800

The minimum household income for a single earner to be considered "upper class." (MSN)

Congress wants a 'big bill,' and it's got taxes in its sights

In a recent interview, House Speaker Mike Johnson said lawmakers are working to pass a "big bill" that includes a combo platter of tax breaks and spending cuts. He's calling it a "growth and opportunity agenda" and wants it ready by Memorial Day. The bill would address everything from expiring business tax provisions to expanding the Child Tax Credit.

Johnson says the goal is to encourage economic growth without ballooning the national debt. But with a deeply divided Congress, getting it across the finish line will take some serious negotiating.

Why this matters: If this bill contains retroactive tax changes (and all signs point to "yep"), your summer could turn into a second tax season. (PBS)

The Net Gains is your one-stop shop for fresh, FREE accounting insights. You can reach the newsletter team at thenetgains@mynewsletter.co. We enjoy hearing from you.

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The Net Gains is curated and written by Janet Berry-Johnson and edited by Bianca Prieto.