Accounting excluded from 'professional degree' classification; consolidation wave continues as Aprio and HBK execute acquisitions; new retirement portal and sales tax platform reshape advisory landscape

The U.S. Education Department's final rule defines 'professional students' under the One Big Beautiful Bill Act student loan classification system as individuals enrolled in one of 11 designated professional degree programs. Accounting is not among them. Source: CPA Practice Advisor, May 6, 2026.

Impact · This exclusion affects how accounting students are classified for federal student loan purposes, potentially making the degree less financially attractive compared to the 11 included professions. At a time when CPA candidate numbers have been declining, this regulatory signal further disadvantages accounting in the competition for talent.

Action · Firm leaders and state CPA society representatives should submit formal comments to the Education Department and coordinate with AICPA lobbying efforts to seek accounting's inclusion in subsequent rulemaking or legislative amendments.

Top-25 accounting firm Aprio has acquired Phoenix-based CPA firm Price Kong, which provides attest, tax, and advisory services to cannabis businesses among other clients. Source: CPA Practice Advisor, May 6, 2026.

Impact · This represents a deliberate strategic bet by a top-25 firm on the cannabis sector — a niche that many larger firms have avoided due to the federal illegality of marijuana and IRC Section 280E complications. The acquisition signals growing confidence that federal cannabis reform or rescheduling will create sustained advisory demand.

Action · Mid-market firms should evaluate whether cannabis advisory is a viable growth vertical for their practice and assess whether the competitive landscape has shifted now that a top-25 firm has committed to the space.

Zamp has launched a sales tax compliance platform that guarantees compliance — covering penalties if it makes errors on filings, registrations, or notices in any jurisdiction. Thomson Reuters Ventures has invested in the company. Source: CPA Practice Advisor, May 6, 2026.

Impact · A penalty-guaranteed sales tax platform backed by Thomson Reuters Ventures represents a direct commoditization threat to CPA firms that derive significant revenue from multi-state sales tax compliance work. The guarantee model shifts liability from the client to the platform, potentially reducing the perceived need for a CPA intermediary.

Action · Firms with significant sales tax compliance practices should evaluate Zamp's platform capabilities immediately and determine whether to partner, compete, or reposition their sales tax services toward advisory and audit defense rather than pure compliance.

President Trump signed an executive order establishing an online portal aimed at workers who lack employer-sponsored retirement plans such as 401(k)s. The order does not create a new type of retirement account but expands access to existing options. Source: CPA Practice Advisor, May 6, 2026.

Impact · This creates a new advisory opportunity for CPAs serving small businesses and individual clients. As millions of workers gain portal-based access to retirement savings options, CPAs will be positioned to advise on plan selection, contribution strategies, and tax implications — particularly for gig workers and small business owners.

Action · Begin developing client-facing materials and advisory packages for retirement planning that address the new portal, targeting small business owners and self-employed clients who currently lack retirement plan access.

Staffing firms report in their latest earnings calls that clients are increasingly turning to contractors as companies evaluate how AI will affect their labor needs. U.S. companies added 109,000 jobs in April — the most since early 2025 — according to ADP Research. Source: CPA Practice Advisor, May 6, 2026.

Impact · This dual signal — strong hiring numbers but a structural shift toward temporary staffing — has direct implications for CPA firms in both their advisory capacity and their own workforce strategy. Clients will need guidance on contractor classification, benefits administration, and workforce cost modeling. CPA firms themselves face the same AI-driven workforce calculus.

Action · Audit your firm's own permanent-to-contractor staffing ratio and evaluate whether seasonal or project-based CPA talent could reduce fixed costs while maintaining capacity for peak periods.