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Welcome to 2025, where younger generations are prioritizing wellness over wealthspecifically, financial wellness. The focus is no longer solely on accumulating wealth but on achieving financial wellbeing. Gone are the days when big paychecks defined success; today, mental clarity, peace, and control over money matters take precedence. This transformation reflects a broader cultural evolution, advocating for sustainable financial wellness over riches.
The next phase of Making Tax Digital is coming. In April 2026, Making Tax Digital for Income Tax (MTD for IT) will be introduced, and its set to shake up the record keeping, reporting and tax requirements for self-employed people and landlords. For those earning more than 50,000 from self-employment and property, MTD becomes mandatory from April 2026 and it will eventually be extended to any small business or sole trader earning over 20,000 annually.
Key Insight: The FinOps Framework has been updated to reflect the present-day practice of FinOps as it evolves to a Cloud+ approach to managing technology spend. The 2025 revisions reflect the addition of Scopes as a core element of the Framework, and include incremental updates to the definition of FinOps and the language used to describe the Principles, Domains, and Capabilities to align with the addition of Scopes.
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Ascend Software has rolled out a powerful enhancement to its AP automation platformdesigned specifically to help nonprofit and healthcare organizations gain full control over their grant-funded expenses. With expanded integration capabilities now supporting a broader set of grant data from Workday, finance teams can ensure that all grant fundingregardless of classificationis accurately captured, tracked, and reported.
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Today, the US tax code is over 6,000 pages. Thats longer than the Bible, War and Peace, and Robert Caros The Power Broker combined. Thats a lot of pages and a lot of complexity. The tax code wasnt always this complicatedover the last 30 years, it has more than tripled in size. Even the Taxpayer Advocate Service has said that, US tax laws are overly complex.
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