As the year draws to a close, accounting professionals find themselves balancing multiple priorities. From assisting clients with their year-end planning to staying ahead of legislative and regulatory updates, the work demands precision, insight, and strategy.

For COCPA members, year-end planning is not just about tying up loose ends; it’s an opportunity to set the stage for success in the coming year. Below, we explore key considerations for year-end planning, legislative trends to watch, and valuable resources to help you navigate this busy season with confidence.

Year-End Planning in Focus

Year-end planning often centers on ensuring compliance and maximizing financial outcomes for both firms and clients. For accounting professionals, this means juggling priorities like:

• Client tax planning: Helping clients assess their financial standing, make last-minute retirement contributions, or adjust withholding to avoid surprises in April
• Compliance deadlines: Meeting reporting requirements for payroll, employee benefits, and other obligations while ensuring clients’ compliance
• Strategic business decisions: Offering insights on profit-sharing plans, bonus structures, and retirement contributions that can reduce tax liability while setting businesses up for long-term growth

While each client's needs are unique, a strong grasp of emerging trends and legislative updates is critical to delivering exceptional service.

Legislative and Regulatory Updates to Watch

Changes in retirement policy and tax legislation often take center stage in year-end planning. For instance, the SECURE Act 2.0, signed into law in 2022, introduced several provisions that impacted retirement planning, such as increased catch-up contributions for older savers and expanded eligibility for part-time employees.

Learn more about the SECURE Act 2.0. 

A provision that takes effect next year involves auto-enrollment. Starting in 2025, most new plans established on or after Dec. 29, 2022 (when the SECURE Act 2.0 was enacted) must include auto-enroll and auto-escalation features. Auto-enroll automatically enrolls all eligible employees into their employer-sponsored retirement plan. Automatic contributions must be at least 3% and may be up to 10% of employee compensation. Contribution rates must increase by 1% each year until at least 10% is reached, but not more than 15%. Plans that were established before Dec. 29, 2022, aren’t required to add auto-enroll or auto-escalation.

Additionally, keep an eye on state-level regulations that could influence retirement plans. Colorado’s SecureSavings Program, for example, expands access to retirement savings for workers whose employers don’t currently offer a plan. Those companies without a plan that meet certain criteria but do not enroll in the program may incur financial penalties. (Learn more by reading the COCPA blog post, December 31 Deadline Approaches for Colorado SecureSavings Program Participation.) 

Staying abreast of such developments helps to ensure your status as a trusted resource for your clients and positions your firm for success.

Trends Shaping the Accounting Profession

Beyond regulatory changes, other trends are shaping the accounting profession:

• Automation and technology: Many firms are embracing tools that streamline year-end processes, from payroll reconciliation to financial statement preparation. Staying updated on these advancements can help you save time and reduce errors.
• Retirement benefits for accounting professionals: Firms are increasingly recognizing the importance of offering robust retirement benefits to attract and retain top talent. Discussing these benefits with clients — and reviewing them within your own firm — is more important than ever.
• Client-centric financial planning: Clients are looking for more than just compliance; they want actionable advice for long-term financial success. Building your expertise in retirement planning, tax strategies, and estate planning can enhance the value you deliver.

A Resource to Support Your Work

To help you navigate these complexities, Human Interest, a COCPA silver-level Preferred Partner, has developed a Retirement Guide for Accounting Professionals. This resource provides actionable insights on:

• Legislative updates that impact retirement planning for businesses and individuals
• Strategies for advising clients during year-end discussions
• Tools to enhance your firm's retirement offerings and attract top talent

Whether you’re helping a small business maximize its tax savings or planning for your firm’s own retirement benefits, the guide offers timely, practical information to support your efforts.

Download the Guide

Preparing for Success in the Year Ahead

As you wrap up this year’s planning, take time to reflect on lessons learned and opportunities for growth. The year-end season is demanding, but it also presents a unique opportunity to position your clients — and your firm — for long-term success.

By staying informed, leveraging tools and resources, and adapting to new trends, COCPA members can thrive in the ever-evolving accounting landscape. Together, let’s finish the year strong and set the stage for an even brighter future.

As a COCPA Platinum Partner, Human Interest offers a simplified, automated, and flexible 401(k) that delivers on the needs of small and medium-sized businesses. Click here to learn more or to view a demo.  

Visit the COCPA Member Savings page to learn more about special member pricing from Human Interest.