September-October 2021

In this issue:

An Evolving Profession

CEO’s Message

By TXCPA President and CEO Jodi Ann Ray, CAE

TXCPA President and CEO Jodi Ann Ray, CAE Welcome to your digital copy of Today’s CPA! We’re leveraging technology to deliver the latest news and updates directly to you in a format that you can easily access on any device.

I know this past year has been full of constant change, and it’s not stopping or slowing down any time soon. You are part of a vibrant and evolving profession that is rapidly changing. There’s no doubt you see this in your day-to-day work with clients and customers.

In the cover story, you’ll read more about some new changes that impact those in the CPA pipeline and our educators who are preparing the next generation of Texas CPAs. CPA Evolution, an AICPA and NASBA initiative, is taking shape with recommended changes to accounting curriculum and big changes to the CPA Exam and CPA licensure.

The Exam changes are on deck for as early as January 2024. That’s right around the corner. We know this will be a big undertaking for our colleges and universities here in Texas. Read on to learn about CPA Evolution and how AICPA and TXCPA are positioned to help Texas educators and students buckle up for the changes on the horizon.

If you’re interested in supporting the future of accounting education in Texas, I encourage you to consider making a contribution to the TXCPA Accounting Education Foundation. Your gift will provide support to students and educators through scholarships and training.

Please also tell the students you know in your community and internship programs about TXCPA and our free student membership. Being engaged in and involved with TXCPA and their local chapter will help them stay on the leading edge of all the changes that lie ahead.

Stay tuned to your TXCPA communications as we continue to keep you informed about professional issues impacting all CPAs in Texas.

Thank you for your continued support!

Share Your Thoughts

I would love to hear your thoughts on CPA Evolution or any other issue that is top of mind for you. Be sure to drop me a note at jray@tx.cpa.

July-August 2026

In This Issue

women in leadership

Grounded in Faith, Guided by Purpose: The Journey of Angela Ragan

TXCPA’s incoming Chair Angela Ragan has built a career rooted in faith, service and leadership. Inspired by an early interest in accounting, she now helps clients navigate complex tax, business and estate planning matters. Beyond her professional success, Ragan is deeply involved in TXCPA, community service and church leadership. Her story reflects a lifelong commitment to integrity, compassion and serving others.
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CPE: Cryptocurrency Tax Rules and Challenges Explained

As cryptocurrency continues to become more integrated into everyday financial activity, tax compliance for digital assets remains a growing focus for practitioners. This article offers practical guidance on cryptocurrency taxation, emphasizing the importance of continuing education, monitoring regulatory developments, and maintaining records to support accurate and compliant tax reporting.
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Tax Technology
Students

What’s Happening Around Texas - July-August 2026

TXCPA chapters across Texas hosted a variety of events. Highlights included the Brazos Valley Annual Meeting featuring career insights and advocacy updates, and outreach connecting accounting professionals with aspiring CPAs. Houston members celebrated VITA volunteers and strengthened community ties. TXCPA Panhandle raised scholarship funds through its first golf tournament, while South Plains members closed the year with a meeting focused on connections and member recognition.
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Texas Sales Tax Audits: Why Recordkeeping Determines Who Wins … and Who Pays Sales Tax

Texas sales tax audits are becoming more data-driven, making accurate recordkeeping critical to avoiding costly assessments. When businesses lack complete documentation, auditors must estimate liability, often leading to inflated taxes, penalties and interest. Strong internal controls, organized records and experienced audit support are essential to achieving successful audit outcomes.
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Texas Sales Tax
volunteer advocacy

Celebrating a New TXCPA Year

TXCPA's incoming Chair Angela Ragan welcomes the new year, highlighting members’ role in strengthening the profession through mentorship, innovation and engagement. Looking ahead, TXCPA will focus on navigating continued change, supporting members with education and advocacy, and protecting the value of the CPA license.
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What Private Equity and Family Offices Look for in Acquisition Targets

Private equity firms and family offices prioritize acquisition targets with reliable cash flow, strong leadership and clear growth potential. Key factors include clean financials, a capable management team, and a defensible market position supported by loyal customers or exclusive relationships. Overall, businesses that prepare well in advance and strengthen these areas tend to achieve better outcomes in a sale or recapitalization.
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succession planning
risk management

Beyond the 5% Rule: Transforming Audit Materiality with Blockchain and Explainable AI

Traditional materiality benchmarks like the 5% rule are no longer sufficient given modern risks such as ESG issues, financial volatility and cybersecurity. The Adaptive Materiality Framework allows auditors to reassess materiality dynamically when risk events occur. The framework improves consistency, transparency and audit quality while still relying on professional judgment.
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TXCPA Advocacy – A Preview of 2027

Following key victories that expanded CPA licensure pathways and modernized practice mobility, TXCPA is preparing for the 2027 legislative session. We are monitoring potential deregulation efforts across the country that could weaken licensing standards and public protection. As we develop the 2027 legislative agenda, member involvement is key to help advocate for policies that support the profession’s long-term strength.
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volunteer advocacy
Texas Sales Tax

Take Note

In this edition of Take Note: Leadership Nominations; Accountants Confidential Assistance Network (ACAN); TXCPA's Mentor Match Program; Word Game - Texas Sales Tax Audits; Accounting Excellence Award Recipients
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Classifieds

The Classifieds section of Today's CPA provides a one-stop destination to find practices for sale, connect with buyers, and access services that support growth, transition and market expansion.
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succession planning